Bharat Electronics Ltd.

And how much was the capex this year? And what is the guidance for capex for F '27? Manoj Jain: Definitely, as you rightly told, if we have to have a good growth, we should have a good investment plan also. So, it is not only the project, it is the capacity also has to be augmented. And that is a continuous journey in BEL. But knowing our large base now and with that large base, this type of a growth, double-digit growth require further investments. We had already done a good plan for that. And last year, I think we had INR900 crores capital expenditure was booked. This year, anyway, I will tell you at the end, it will be definitely much more than that. But we have much more bigger plans for the next 3 years. Some big projects at Palasamudram, at Chitrakoot, and Vellore facility, they are in pipeline for us in addition to our Ghaziabad and Bangalore. Large investments are planned to upgrade the facilities for diversified products and the new dimension of the product which we are going to enter. And that large capex projects are in pipeline. So that put together all definitely will make sure that we don't have a capacity limitation when we execute the project for years to come.

And to do that, do you see any bottlenecks, whether in terms of technology access or local component ecosystem, testing cycles, capabilities with local vendors, etcetera? Manoj Jain: Indigenous content, as you know nowadays, Government of India policy itself is minimum 60% in all our new projects. So, we are of the order of 80% to 85% mostly in our indigenous content for various programs. So, it depends upon the different type of product and product Teena Virmani: But in terms of the advances that you get from the incremental order inflow because order inflows for the company has been fairly good in last couple of years.

And whether we will have similar set of margins as compared to our existing business or margins could be lower in initial stages and probably it could be more back ended in terms of higher margins? Manoj Jain: Okay. So, as I told last time also, we were actually hopeful that by last year, last quarter itself, we may get or else the first quarter of this year. So, we are still fully optimistic that before June end, we may get this order. There is only 5% to 10% chance that it may slip to July. But otherwise, we are confident as on today also that by June end, we may sign this contract. All the formalities, all other evaluations, all technical CMCs, etcetera, different stages are there. They all are over now in the process of necessary approvals at various stage in ministries. So, we are confident that in next 1, 1.5 months, it should be over. Worst case, it may slip by 1 more month. So, we are not expecting more than that delay as of today. And regarding the program, once we sign the program within 18 months, we are supposed to give the first of production model. So, we have already started gearing up the initial homework what is required for this, we have already started, so that we don't want to slip on this first target of 18 months. We will definitely give our first of production model within 18 months of signing the contract. And after that, only the real bulk supplies will start. Regarding the margins, etcetera, it is too early to say whether it will be a bit more than that or a bit less than that because once we finalize contracts -- back-to-back contract with our Tier 1, Tier 2 suppliers, then only we can come to know how much may be that. But definitely, it will be similar orders only. May not have too much change, but exact quantification of the project, we will come to know once we sign that contract with our Tier 1 and Tier 2 suppliers. Umesh Raut: Understood. My last question is more of on the bookkeeping side. If I look at other expenses for the quarter gone by, those were up by about 36% year-on-year. Any one-off provisioning that you did during the quarter?

BEL has invested heavily in computing infrastructure (CPU/GPUs), of the order of minimum INR100-plus crores in the last 2 years, with around INR100 crores to INR200 crores worth of investments in different stages of approval.

BEL: consolidated net profit changed by 8.8% in the quarter ending 30 June 2026, compared with the quarter ending 2025-06-30.