Mumbai, May 21 -- The upgrade comes on the back of a robust Q4 performance and a strong growth outlook. The brokerage highlighted higher localisation, a favourable product mix, and operational efficiencies as key levers driving BEL's growth trajectory.

On a consolidated basis, BEL's net profit jumped 18.35% to Rs 2,127.04 crore on 6.83% rise in revenue from operations to Rs 9149.59 crore in Q4 FY25 over Q4 FY24.

As of 1 April 2025, BEL's order book stood at a solid Rs 71,650 crore, including $359 million in export orders. For FY26, the company anticipates fresh orders worth Rs 27,000 crore, excluding the much-awaited QRSAM (Quick Reaction Surface-to-Air Missile) order pegged at Rs 30,000 crore, which is expected to be finalized around Q...