Bharat Electronics (BEL) reported weak Q1FY17 numbers, which were below our estimates on all fronts. On a standalone basis, the company reported revenues of | 871.4 crore, down 20.4% YoY (our estimates: | 1239 crore for the quarter). This was primarily on account of delayed booking of orders. The same is also visible in inventory accretion for the quarter . BEL reported an EBITDA loss of | 46.7 crore in Q1FY17 vs. loss of | 5.4 crore in Q1FY16. They estimated positive EBITDA of | 33.3 crore for the quarter. Hence, EBITDA margins came in at -5.4% for the quarter. ICICI Securities Limited value BEL at | 1560 (unchanged TP) i.e. 25x P/E on FY18E EPS of | 62.4 and retain BUY recommendation on the company.Trendlyne has 8 reports on BEL updated in the last year from 5 brokers with an average target of Rs 1433.8. Brokers have a rating for BEL with 1 price downgrade and 1 price upgrade in past 6 months.