Analysts/Institutional Investor Meet/Con. Call Updates

PRTP / TO, R3TT SfRi <41f%. National Stock Exchange ofIndia Ltd. dcfg/PicfXi trsRT^r wrsiT,Rff-1, ®^ff =F^ff, VTYcT $ Exchange Plaza,C-l,Block G, BHARATELECTRONICS 4tsT-^RlfTTRpW,Tf ?T^ 'HNcT 5elg^lPl JeiPic^ Bandra Kurla Complex Bandra,East, (+rrraRRci>rc cjii xjem,Renn^icm) - 400051 tjrnrfenr : Mumbai,Maharashtra- 400051 Street ft+TRt3,^FIctRT, ^ MCJ< - 560045, TTRcT TRfpF/ Symbol: BEL Bharat Electronics Limited RI.No. 17565/6/SE/NSEC/SEC (Govt ,ofIndiaEnterprise,MinistryofDefence) pTTp/ To, RegisteredOffice:OuterRingRoad, Nagavara,Bangalore-560045,INDIA. .fafife* BSE Limited CIN:L32309KA1954GOI000787 Pf.P .ERR?, R P tcft^ Rl/Telefax :+91(80)25039266 P JTowers,Dalai Street, ^f-4 /e Wr/E eb-mail : :wse wc wre .bta er ly -i@ ndb iae .l i. nco.in gsrf- 400001, 4$Kig Mumbai- 400001,Maharashtra. PTTT^/Scrip Code: 500049 RT.No 17565/4/SE/MUMC/SEC f^ TTT/ Date:06.11.2026 / 4$k Dear Sir/Madam, 03.11.2026gjt %R T P T T T R T M p l P l P l l Sub: Transcript of the Conference Call with Investors / Analysts held on 03.11.2026. PP ("ORT^itsTR) RP) <4H, 2015 % PPi <4+1 30 sffR 46 % SFJRTTR, ffwr TOTT, 03 T4TR, 2026Tt*tRTRf ^TRT spffpjR RF*tRR^TRT =Pt yPPiPl 30Pid «tR, 2026TtRFTRTP +tl^l%PxTl HR ^IIHI TRRRf%f% XTRRR47^ Pursuant to Regulation 30 and 46 of SEBI (LODR) Regulations, 2015, please find enclosed herewith the transcript of the conference tall hosted by M/s. ICICI Securities on Tuesday, 03rd November, 2026 for discussion on Financial Results for the quarter ended 30th September,2026. 3(N% ^jjTTPf TrfxF ^PPiPi www. bel-india. in TR f^% 3F7- RRTT f% R4R7T37Rts %SRFfcTRff 'dHxloST^ 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. S|IH4 >1 RJRR73TTRSrf^ Rf% This is for your information and record. RTSRRTC / Thanking you, ?R# 4/Yours faithfully, fPl 4TRRT sRcfilPl 'tRI Pipit 'S For BharatElectronicsLimited XTRT^PMH/S Sreenivas wftRlf^ T/CompanySecretary RRTT-RT^rr 3TRlt7 l /Ends: As stated Above. “Bharat Electronics Limited Q2 FY27 Earnings Conference Call” November 03, 2026 MANAGEMENT: MR. MANOJ JAIN – CHAIRMAN AND MANAGING DIRECTOR – BHARAT ELECTRONICS LIMITED MR. DAMODAR BHATTAD – DIRECTOR (FINANCE) AND CHIEF FINANCIAL OFFICER – BHARAT ELECTRONICS LIMITED MR. SREENIVAS – COMPANY SECRETARY – BHARAT ELECTRONICS LIMITED MODERATOR: MR. VIKASH SINGH – ICICI SECURITIES Page 1 of 32 Bharat Electronics Limited November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to BEL Q2 FY27 Earnings Conference Call, hosted by ICICI Securities Limited. As a reminder, all participant lines will be listened on remote and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and zero on a touch phone. Please note that this conference is being recorded I now hand the conference over to Mr. Vikash Singh. Thank you, and over to you, sir. Vikash Singh: Thank you. Good evening, everyone. A very warm welcome on Bharat Electronics Q2 FY27 Results Concall. On behalf of ICICI Securities, I would like to thank the management for giving us the opportunity to host them. From the management side, we have with us Mr. Manoj Jain, Chairman and Managing Director; Mr. Damodar Bhattad, as Director, Finance and CFO; and Mr. S. Sreenivas, Company Secretary. Without taking any much time, I'll hand over to Manoj, sir, for his opening remarks. Over to you, sir. Manoj Jain: Thank you. So I will just briefly summarize the financial highlights for H1, means Q1 plus Q2 combined for the years '26-'27. The revenue from operations increased to INR12,824 crores up to Q2 as compared to INR10,180 crores with a growth of 25.97%. The profit before tax has also increased to INR3,467 crores up to Q2 as compared to INR3,023 crores with a growth of 14.66%. The profit after tax has increased to INR2,589 crores up to Q2 as compared to INR2,255 crores previous year up to the same time with a growth of 14.80%. The EBITDA up to Q2 is 27.43%. The earnings per share has increased to INR3.54 up to Q2 as compared to INR3.09. The order book position as on 01/10/2026 is INR68,717 crores, and orders Page 2 of 32 Bharat Electronics Limited November 03, 2026 acquired until 1/10/2026 in this financial year, till now, is INR7,334 crores. So that is a brief financial highlights of H1, which includes Q1 and Q2 combined. That is a brief from my side. Moderator: We will now begin with the question-and-answer session. The first question is from the line of Amit Dixit from Goldman Sachs. Amit Dixit: First of all, congratulations for a very good set of numbers. Sir, 2 questions from my side. The first one is with respect to QRSAM. If you can mention when can we expect to get this order. And recently, one of the companies in their con call mentioned that there is a chance of QRSAM being allotted to private companies as well. So any thoughts on whether our share that we have been mentioning around INR250 billion would see a decline because of that? That is the first question, sir. Manoj Jain: Yes. So as you know, QRSAM was developed jointly by BEL and DRDO. BEL was a nominated production agency, and we invested during design phase also. So a lot of learnings have gone in the last 10- plus years. I think roughly, it started in 2014. And then we have submitted our bid based on the RFP issued to us. So as such, and based on our inputs also, order is expected on us very shortly. Hopefully, in next CCS, they may clear. They are clearing one by one all the big projects. So hopefully, we may get very, very soon, this order. Private company rumor, I think that was mainly because there was one statement somewhere that all the missile orders will be now open to private sector also. But QRSAM is not missile alone. It is actually a complex missile system where missile is only one portion of the total project, but it is a complete area defense system. It is an air defense system consisting of different type of radars, launchers, communication systems, interconnection of this and connecting this to Page 3 of 32 Bharat Electronics Limited November 03, 2026 the backbone. So overall, it is a complex system of system, I should say, and for which the expertise are acquired over a period of time by BEL right now. So I don't think at this point, that private thing is possible. Technically, may not be definitely, because it is a period of 10 to 12 years of cumulative experience of this type of complex system of system, which we have developed over a period of time. Of course, our guru is DRDO, jointly with them only, but we had put our R&D teams from day 1 in this program. So this program, as of now and more than 99%, I am confident it is coming to us very soon. But yes, in future, if government decides and if private sector comes up to that level, definitely, there will be chances of getting different type of orders to them and may start with some missiles as told in some of the public statements and later on migrate to complex systems also. If private sector comes up, it will be a really win-win over a period of time. I hope I have answered your question. Moderator: Mr. Dixit, are you there? As there is no response, we move on to the next participant. The next question is from the line of Mahesh Raut from Nomura India Limited. Mahesh Raut: This is Mahesh Raut here from Nomura. Congrats on a very good strong operating performance in second quarter FY27. My first question is pertaining to Next Generation Corvette. Given that the contract was now signed with GRSE and Goa Shipyard yesterday, how soon we can expect a subsystem level awarding for advanced sort of weapons, sensors and navigations for you? And whether that awarding will happen on a competitive route or a nomination base? And given that I think now total ordering contract size has increased from about INR38,000 crores to INR53,000 [Showing first 8,000 characters — download PDF for full document]