Excellent Margins Led by Strong Revenue Growth: Revenue Analysis: Total order backlog as on Oct 01, 2016 stood at Rs. 347 Bn, out of this, export order back log is US$ 0.1 Bn. Incremental orders received during Q2FY17 was to the tune of Rs. 41 Bn. BELs standalone Revenue for Q2FY17 grew by 16.2% (YoY). On the back of Indian governments focus on defense and increasing reforms in the defense sector, we expect the BEL consolidated revenues to grow at a CAGR of over 9.5% during FY16-18E to reach Rs. 90522 Mn in FY18E.