Transcript of the Conference Call heid on 27.07.2026.

^ TT^ T / TO, «.1 ^TT^r^rSTFE^Q- MI1%.° NationalStockExchange ofIndia Ltd. q^T^rMTWT xff-1, ®cii=h , WTZcT $e) ctg/Pic ]hH Exchange Plaza, C-l,BlockG, BHARATELECTRONiCS Bandra Kurla Complex Bandra,East, TTTCcT $cl <*£lP |cR| felfn^ S - 400051 (^MKd TRcfjR cJ5T 75TT Mumbai, Maharashtra- 400051 cfrrafcnr : y41 =t> / Symbol: BEL SUvJdV f >hT Tte,HMNWI, - 560045, ’>TRct t.No. 17565/6/SE/NSEC/SEC Bharat Electronics Limited $=TTt/ To, (Govt,ofIndiaEnterprise,MinistryofDefence) 4t.x^r.t BSE Limited RegisteredOffice:OuterRingRoad, Nagavara,Bangalore-560045,INDIA. OIN:L32309KA1954GOI000787 P J Towers, Dalai Street, tcfft^ra/Telefax :+91(80)25039266 xjrt- 400001, t-WE-mail :secretary@bel.co. in Mumbai- 400001, Maharashtra. WWeb : www.bel-india.in Tts/ScripCode: 500049 t .No.17565/4/SE/MUMC/SEC f^ TPT/ Date: 28.07.2026 Dear Sir/Madam, Rq-H-Rdid ) 27.07. 2026Tt3n41RmR^ffFhl/RsRqll% JTP4 :HRRR | Sub: Transcript of the Conference Call with Investors / Analysts held on 27.07.2026. (q ?1<Hl<=l 3IK) RR <4H, 2015 % RR- M- H 30 46 % 3I^K,^PTT *fW 47T, 27 ^TTf, 2026 +-I<ritT +TlrflM 3H1^C(|<vj HI- I^R'RRT uRtN Rll +)4 s sUTT 31141Pin tl- Hcld 4TRT yRRft 30 2026Tt ti-nm R- HI^l%RxfhrHRUII +TI 4T %f^nr ^r^rsrTnti Pursuant to Regulation 30 and 46 of SEBI (LODR) Regulations, 2015, please find enclosed herewith the transcript of the conference call hosted by M/s. Motilal Oswal Financial Services Limited on Monday, 27th July, 2026 for discussion on Financial Results for the quarter ended 30thJune,2026. 3fn% ^ 14 MRRIR www. bel-india. in 4T t%%^r=r- t-dl =r > RtWls % 3(d4 iff 3w ®sr^ For your kind information, the aforementioned transcript is made available on the website of the Company www. bel-india.in under Investors - Stock Exchange Disclosure tab. 4if 3m=f] 3fh: f i Thisis for your information and record. *T£M4K / Thanking you, wfpr/Yours faithfully, 4TTcT^ 'tiTR 'KH R |R <4s For Bharat Electronics Limited x^r ’sftRfarrcr/S Sreenivas Company Secretary XRTfT-w I/Ends: Asstated Above. STFZcJgeJcrcy/oJcr BHAfiATELECTRON/CS QUALITY TECHNOLOGY INNOVATION “Bharat Electronics Limited Q1 FY27 Earnings Conference Call” July 27, 2026 SLEZcfgoJctcJ/oJcfEL molilal BHAPATELECTRONICS oswali C H O U QUALITYTECHNOLOGY. INNOVATION MANAGEMENT: MR. MANOJ JAIN – CHAIRMAN AND MANAGING DIRECTOR – BHARAT ELECTRONICS LIMITED MR. DAMODAR BHATTAD S – DIRECTOR FINANCE AND CHIEF FINANCIAL OFFICER – BHARAT ELECTRONICS LIMITED MR. S SREENIVAS – COMPANY SECRETARY – BHARAT ELECTRONICS LIMITED MODERATOR: MS. TEENA VIRMANI – MOTILAL OSWAL FINANCIAL SERVICES Page 1 of 20 Bharat Electronics Limited BHAMreucr/tON/cs July 27, 2026 QUALITY,TECHNOLOGYINNOVATION Moderator: Ladies and gentlemen, good day and welcome to the Q1 FY27 Earnings Conference Call of Bharat Electronics Limited, hosted by Motilal Oswal Financial Services. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. This conference may contain certain forward-looking statements about the company which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements do not guarantee the future performance of the company and may involve risks and uncertainties that are difficult to predict. I now hand the conference over to Ms. Teena Virmani from Motilal Oswal Financial Services for the opening remarks. Thank you, and over to you, ma'am. Teena Virmani: Thank you, Alaric. Good evening, everyone. On behalf of Motilal Oswal Financial Services, I welcome you all for Bharat Electronics Quarter 1 FY27 results con-call. I would like to thank the management for giving us the opportunity to host the call. And from the management side, we have with us Mr. Manoj Jain, Chairman and Managing Director; Mr. Damodar Bhattad, Director Finance and CFO; and Mr. Sreenivas, Company Secretary. Without taking much time, I hand it over to Mr. Manoj for his opening remarks, and after that, we will open the floor for Q&A. Over to you, sir. Manoj Jain: Thank you, madam. Good afternoon, all. So, financial results for Quarter 1 are just uploaded. Actually, our Board meeting ended at 3:45, so after that, we have just uploaded and you might not have seen till now. So, I will just brief the major highlights of the Quarter 1 of financial year '26-'27. The revenue from operations has increased to INR5,533 crores up to Q1 as compared to INR4,417 crores in the previous year Q1, with a growth of 25.27 percentage. The profit before tax increased to INR1,403 crores as compared to INR1,289 crores in the previous year at the same quarter, with a growth of 8.81%. The profit after tax has increased to INR1,048 crores up to Q1 as compared to INR969 crores up to Q1 previous year, with a growth of 8.17%. The EBITDA margin up to Q1 is 25.83%. The earning per share increased to INR1.43 up to Q1 as compared to INR1.33 previous year at the same time. The order book position as on 1st July 2026 is INR72,258 crores and orders acquired in this quarter is INR3,754 crores. So, this is the brief financial highlight of Q1 '26-'27 from my side. So now the floor is open for Q&A. Moderator: Thank you. We will now begin the question-and-answer session. The first question comes from the line of Amit Dixit with Goldman Sachs. Please go ahead. Page 2 of 20 Bharat Electronics Limited BHAMreucr/tON/cs July 27, 2026 QUALITY,TECHNOLOGYINNOVATION Amit Dixit: Yes, hi. Good evening, everyone, and thanks for the opportunity. Couple of questions from my side. The first one is with respect to order inflow that we have witnessed in this Q1 – in this quarter. If I compare it with Q1 FY26 and Q1 FY25, the order inflow has been pretty lean. Just wanted to understand the reasons for that, whether you see a more structural component to it or it is just, the timing of the orders. Just wanted to get a little bit more understanding on that and also QRSAM order which seems to have been delayed? That is my first question, sir. Manoj Jain: Yes. So, let me tell you, last year, you may be knowing that we were supposed to get orders by 31st March, but one or two orders we got in the week of April. So, that is why we could not meet our actually previous year target, but our first quarter orders were very good, but actually, that was more of a spillover of the January to March quarter. This year, it was more structured. So, whatsoever we were going to get by January to March, actually we got -- actually INR2,000 to INR3,000 more, I can tell you, because we thought around INR25,000, but we finally landed in around INR30,000 plus. So, that is why there was no backlog per se. Actually, one or two orders were taken from this year first quarter also. So, this year whatsoever we have received, INR307 plus crores it is what was we planned, that only. So, as such, there is nothing to worry. We are definitely going to meet the guidance given about the order inflow for this year. And QRSAM, we told we were highly optimistic to get it by March, but procedural delays we knew, that is why we told it may go to Q1/Q2, maximum by September we will get and I am still sticking to that. Just CCS only is waiting for all of us and hopefully, when CCS meets, I think they will clear QRSAM. Our side all inputs, every activity is over from all of our side. So, we are just waiting for the CCS approval and that time we will get the good news about QRSAM. Amit Dixit: Great, sir. The second question is around Project Kusha. We have seen that there has been testing of M1 interceptors, there has been some movement around RFP of M2 also. So, just wanted to get your thoughts on when will the testing be complete, when do we expect to get the order and what could be our portion in that? Manoj Jain: As I told earlier also, the Kusha [Showing first 8,000 characters — download PDF for full document]