Rs 35.50 Dividend In 12 Months: Not IRFC Or RVNL, BUT Accumulate This Miniratna Railway Stock For Rs 4,860 TP

BEML management where it reiterated robust growth prospects, issuing orderbook target of ~INR 220-230bn by FY26, led by finalization of large ticket orders with a margin expansion guidance of 150bp YoY supported by operating leverage coupled by richer product mix and better cost optimization measures.

Furthermore, BEML expects 20% YoY revenue growth in FY26, led by seamless execution of Bengaluru Metro and Vande Bharat with nine train sets left to be delivered with a prototype of maiden train set being cleared in April.

With a robust outlook and a promising order pipeline for FY26, Elara Capital's note said, "we reiterate our positive stance on the stock. We retain our Accumulate rating with a TP of INR 4,860 on 37x March FY27E P/E."

BEML Limited is a leading multi-technology 'Schedule A' company under the Ministry of Defence, which plays a pivotal role in serving India's core sectors like Defence, Rail, Power, Mining and Construction by offering world-class products. BEML operates in three verticals viz.