Shares of Bharat Electronics Ltd (BEL) fell 2 per cent in Friday's trade ahead of the defence PSU's September quarter results. As per consensus data compiled by Bloomberg, BEL is expected to report a 4.63 per cent year-on-year (YoY) rise in standalone net profit at Rs 1,346 crore for the September quarter, on a 13.27 per cent jump in standalone net sales at Rs 6,528 crore. Ebitda is estimated at Rs 1,792 crore.

Heading into results day, the stock had an average target price of Rs 482.32, based on estimates from 22 analysts, implying 32.4 per cent upside over the next 12 months. Recent targets included Macquarie's Rs 550, Aditya Birla's Rs 470 and Antique's Rs 532.

The BEL stock fell 2.27 per cent to hit a low of Rs 363.55 on BSE.

Kotak Institutional Equities expects BEL to deliver 16 per cent YoY revenue growth in Q2, broadly in line with its FY27 guidance. Ebitda margin is seen improving sequentially by 390 basis points to 28.9 per cent on stronger gross margins.

"Investor focus is likely to remain on the Rs 300 bn QRSAM order awaiting CCS approval, particularly as YTD order inflows of Rs 7,300 crore are down 44 per cent YoY, making timely order conversion critical for maintaining growth visibility," the brokerage said.

MOFSL, which sees Q2 profit rising 9 per cent YoY to Rs 1,403 crore, also expects revenue growth of 16 per cent YoY, led by healthy execution of the opening order book of Rs 72,000 crore.

Key monitorables, it said, include updates on large orders such as QRSAM, Uttam radars, next-generation corvettes and P75I submarines, as well as the status of the AMCA prototype.

"We expect margins to fall by 170 bps YoY to 27.7 per cent, due to execution of a changing product mix. The finalisation of orders, execution of the huge backlog, incremental share of exports, and further indigenisation of modules and subsystems will remain key focus areas," it said.

Nuvama expects BEL to report modest execution growth of 13 per cent YoY. It believes BEL's backlog provides strong medium-term revenue visibility. Margins are likely to remain structurally healthy at 28 per cent, supported by operational efficiencies and increasing localisation.