BENGALURU — BEML is the only company in India’s large defence complex that is still losing money, and this month it was the best performing stock in that complex. Both of those sentences are true, and reconciling them is the whole exercise for anyone looking at this share price.
BEML closed Monday, August 24, 2026, at ₹1,915 on the National Stock Exchange, down ₹20.40 or 1.05 percent. On the BSE it settled at ₹1,913.30, down 1.14 percent. Volume was 1.43 lakh shares, the thinnest session of the month by a wide margin, and it was the third consecutive down day.
Three down days is not much set against what came before them. From an intraday low of ₹1,670.50 on August 6, the day before its June quarter, BEML ran to ₹1,984 by August 19, a gain of 18.8 percent in nine trading sessions. It did that on a quarter in which it reported a net loss of ₹27.01 crore.
BEML Share Price Today: NSE and BSE Close for August 24, 2026
| Measure | NSE · BEML | BSE · 500048 |
|---|---|---|
| Closing price | ₹1,915.00 | ₹1,913.30 |
| Previous close | ₹1,935.40 | ₹1,935.30 |
| Change | -₹20.40 (-1.05%) | -₹22.00 (-1.14%) |
| Open | ₹1,940.00 | ₹1,947.90 |
| Day’s high | ₹1,954.40 | ₹1,954.00 |
| Day’s low | ₹1,908.00 | ₹1,908.65 |
| Volume traded | 1.43 lakh shares | – |
| 52-week high · low | ₹2,275.75 · ₹1,355.00 | |
| Market capitalisation | ₹16,059 crore | |
| Trailing P/E · Price to book | 90.0 · 5.4 | |
| ROCE · ROE | 7.71% · 4.86% | |
| NSE and BSE closing prices for August 24, 2026. BSE figures are from the exchange’s own quote feed, timestamped 16:00 IST. Valuation ratios and market capitalisation are Screener’s. | ||
Those two bottom rows are the argument. A trailing price to earnings ratio of 90 on a return on equity of 4.86 percent is the most expensive combination in the sector by a distance. Mazagon Dock returns 29.2 percent and trades on 35.8 times. BEML returns roughly a sixth as much and costs two and a half times more per rupee of profit, largely because there is so little profit to divide into.
BEML Stock Code on NSE, BSE and Global Data Feeds
| Exchange or provider | Code | Notes |
|---|---|---|
| NSE (National Stock Exchange) | BEML | Series EQ |
| BSE (Bombay Stock Exchange) | 500048 | Scrip code |
| Google Finance | NSE:BEML · BOM:500048 | The exchange-prefixed format Google requires |
| Yahoo Finance | BEML.NS · BEML.BO | Suffix marks the exchange |
| Face value | ₹5 | After a 1:2 split effective November 3, 2025 |
| The November 2025 split changed the company’s ISIN, and the older identifier still circulates on several data services, so it is deliberately left out of this table. Incorporated in 1964 as Bharat Earth Movers, headquartered in Bengaluru. The Government of India held 54.03 percent at March 31, 2026, the smallest state holding of any Ministry of Defence undertaking in the group. | ||
Not Really a Defence Company
The single most useful thing to know about BEML is that defence is one of three businesses and not the largest. The company runs Mining and Construction, Rail and Metro, and Defence and Aerospace. It builds 205-tonne haul trucks for coal mines and metro coaches for Kolkata, Bengaluru and Mumbai alongside military vehicles and bridging systems. When the Nifty India Defence index moves, BEML moves with it, and roughly two thirds of what BEML does has nothing to do with the Ministry of Defence’s procurement calendar.
That matters because the two ends of the business behave differently. Mining equipment tracks coal capital expenditure and commodity cycles. Metro coaches track state government tenders and urban transport funding. Only the defence third responds to the kind of order flow that moves Bharat Electronics or Hindustan Aeronautics. Buying BEML for exposure to India’s defence build-out means buying two other cyclical businesses to get it.
The Quarter: A Narrower Loss and Three Crore of EBITDA
BEML reported its June quarter on August 7. Revenue from operations rose 29.2 percent to ₹819.62 crore from ₹633.99 crore. The consolidated net loss narrowed to ₹27.01 crore from ₹64.11 crore. Order inflow in the quarter was ₹1,181 crore against ₹435 crore a year earlier, and the order book stood at ₹16,284 crore at June 30.
| Metric | Q1 FY27 | Q1 FY26 |
|---|---|---|
| Revenue from operations | ₹819.62 crore | ₹633.99 crore |
| Net loss | ₹27.01 crore | ₹64.11 crore |
| EBITDA | ₹3 crore | Negative |
| Order inflow in the quarter | ₹1,181 crore | ₹435 crore |
| Order book at June 30, 2026 | ₹16,284 crore | |
| Revenue cover | About 3.7 years | |
| Results reported August 7, 2026. Revenue cover is our own calculation from the disclosed order book and FY26 revenue of ₹4,351 crore. | ||
The line that got the attention was EBITDA of ₹3 crore, which the company noted was its first positive first-quarter EBITDA in ten years. That is a genuine milestone for a business that has spent a decade unable to cover its operating costs in the June quarter, and it is why the stock rose 7 percent on the day and kept going for a week.
It is also ₹3 crore on ₹819.62 crore of revenue. An operating margin of 0.37 percent is a rounding error, not an inflection, and BEML still lost money once depreciation, interest and tax were accounted for. The first quarter is seasonally BEML’s weakest, which cuts both ways: the milestone is real, and the bar it cleared was on the floor.
The order inflow is the more substantial number. ₹1,181 crore in a quarter, against ₹435 crore a year earlier, is a 171 percent increase and takes the book to ₹16,284 crore, about three years and eight months of revenue at last year’s run rate. That is more cover than Bharat Electronics has and more than Mazagon Dock has. On backlog alone, BEML is not the weak name in this group.
BEML Share Price: The Levels After a Nine-Session Run
The rally that started on results day topped out at ₹1,984 on August 19 and has been drifting since. Monday’s low of ₹1,908 is the nearest support, with the August 17 close of ₹1,908.50 sitting on the same line. Above, ₹1,984 is the level to reclaim and the 52-week high of ₹2,275.75 is 18.8 percent further on.
| Date | Close (₹) | Change | Volume |
|---|---|---|---|
| August 7, 2026 · Q1 results | 1,787.80 | +3.63% | 12.54 lakh |
| August 10, 2026 | 1,884.40 | +5.40% | 26.39 lakh |
| August 18, 2026 | 1,965.50 | +2.99% | 7.24 lakh |
| August 19, 2026 | 1,966.90 | +0.07% | 4.22 lakh |
| August 20, 2026 | 1,962.80 | -0.21% | 2.32 lakh |
| August 21, 2026 | 1,935.40 | -1.40% | 2.38 lakh |
| August 24, 2026 | 1,915.00 | -1.05% | 1.43 lakh |
| NSE closing prices and volumes. The 52-week high of ₹2,275.75 is 18.8 percent above Monday’s close. | |||
Volume tells the same story as the price. The move up ran on 12.5 lakh and 26.4 lakh shares; the drift down has run on 2.3, 2.4 and 1.4 lakh. Nobody is selling BEML with any conviction. The buyers who arrived on the EBITDA headline have simply stopped adding, and in a stock with a free float this thin, that is enough to take the price down on its own.
What the quarter did not settle is the thing that has to be settled. BEML has been within touching distance of operating breakeven before and slipped back. One positive June quarter, at a margin of a third of one percent, does not establish that the mining and metro businesses have stopped consuming what the defence business earns. The order book says the work exists. Ten years of accounts say converting it profitably is the part BEML has never reliably managed, and a single quarter has not changed that record.
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