We attended Bharat Electronics (BEL)’s Q2FY24 earnings call. Key points: 1) FY24 guidance for revenue growth, EBITDA margin and order inflow reiterated. 2) Revenue of INR4bn has spilled over to Q3FY24. 3) INR8bn capex likely in FY24. 4) No significant impact expected from the ongoing Israel-Palestine conflict at this stage.