BEML shares slip from 52-week high as ICICI Securities sees 39% upside

what happened

Shares of BEML Limited closed 1.23% lower on Friday, November 13, at Rs 2,098.20 on BSE. The stock had touched a 52-week high of Rs 2,236.20 on November 11. Over the week the shares still gained 7.64%, and they are up about 13.52% so far in 2026, according to a report published by Moody's and drawing on ICICI Securities research.

The defence PSU's net revenue from operations rose to Rs 1,191.61 crore in the quarter from Rs 839.09 crore a year earlier. However, expenses climbed to Rs 1,150.39 crore, and consolidated net profit fell 30.5% to Rs 33.34 crore from Rs 48.03 crore, as stated in a filing to BSE. Analysts linked the pressure on profitability to higher cost of revenues.

BEML is shifting toward rail and metro-led growth. Its order book stood at Rs 21,388 crore as of September 2026, and management is targeting Rs 20,000 crore of order inflows for FY27, with rail and metro expected to make up around half. ICICI Securities maintained its Buy rating with a target of Rs 2,765 per share and expects revenue and profit to grow at roughly 26% and 102% CAGR over FY26 to FY28E.

why it matters

For investors, the key point is the longer horizon: the order book provides multi-year revenue visibility, while near-term profit remains under cost pressure. The brokerage's target price reflects its own assumptions and is not a forecast of where the shares will trade.

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