The management maintained their guidance of ~15% revenue growth with ~27% EBITDA margin and ~Rs270bn+ order intake (ex. QRSAM) in FY26. Bharat Electronics (BEL) reported a modest 5.2% YoY revenue growth, impacted by a revenue deferment of ~Rs2.0bn to the next quarter due to supply chain constraints. EBITDA margin expanded by 576bps YoY to 28.1%. Domestic demand remains strong, supported by a healthy tendering pipeline and a continued push for higher indigenization. Additionally, BEL stands to...