Bharat Electronics (BEL) reported weak Q4FY18 numbers that were below estimates. The company reported revenues of | 3608.5 crore, down 9.5% YoY. Weak performance was due to lower order booking (revenues spread across Q2FY18, Q3FY18) and a higher base impact EBITDA came in at | 796.2 crore, down 18.7% YoY. We estimated EBITDA of | 830 crore for the quarter. EBITDA margins came in 22.1% vs. 24.6% YoY. Lower margins were on account of booking of low margin orders like voter verifiable paper audit trail, etc. Gross margins...