Bharat Electronics shares traded 3.6 per cent lower on Tuesday following the company’s Q1FY27 results. The stock traded at ₹395 on the NSE at 9.56 am, after hitting a day’s low of ₹392.10, compared with the previous close of ₹407.15.The company reported standalone PAT of ₹1,048.33 crore in Q1FY27, up 8 per cent from ₹969.13 crore in Q1FY26.Revenue from operations stood at ₹5,533.06 crore in the quarter under review, up 25.2 per cent from ₹4,416.83 crore in Q1FY26.CLSA maintained an outperform rating on the stock with a target price of ₹522. It said Q1FY27 order inflow was weak as the government was busy with the ME conflict, adding that the best was yet to come. CLSA noted that revenue grew 25 per cent despite a flat backlog. It said the company reiterated FY27 guidance across parameters, including lofty growth in order inflows and margins at 28 per cent, which should soothe investor nerves. It added that the winning joint bid to support the building of India’s 5th generation fighter aircraft costing US$12 billion with L&T and the Indian S400 system are important to sustain a rerating.Jefferies maintained a buy rating, while lowering its target price to ₹550 from ₹585. It said Q1 EBITDA was in line with expectations, with an 8 per cent revenue beat offsetting lower-than-expected margins at 25.1 per cent, down 300 basis points y-o-y, though management maintained 28 per cent-plus guidance for FY27E. FY26 margin was 29.2 per cent versus 27 per cent-plus guidance.Goldman Sachs maintained a buy rating, while lowering its target price to ₹470 from ₹475. It said Q1 was ahead of estimates. Management expressed confidence in achieving FY27 order inflow guidance of ₹550 billion-plus despite a lean Q1. Management attributed weak Q1 order inflow to timing differences, including order advancement into Q4FY26 and procedural delays in select programmes. On margins, while EBITDA margin of 25 per cent undershot, management attributed it to the execution mix. Goldman Sachs said management kept FY27 guidance unchanged across all parameters.JP Morgan maintained an overweight recommendation with a target price of ₹525. It said the product mix impacted margins in Q1, while FY27 guidance was maintained. JP Morgan said Bharat Electronics remains its top pick in India’s defence sector. It also highlighted medium-term margin sustainability and the impact of the Pay Commission, along with a large order pipeline comprising NGC, P75I, Hammer, Shakti and EW Systems.Nomura maintained a neutral rating with a target price of ₹454. It termed Q1 mixed, as a sales beat offset margin drag. PAT estimates remained unchanged, with FY26-29F CAGR at 15 per cent. Nomura said management remains confident of achieving order inflow of ₹550 billion in FY27E led by QRSAM. Emerging opportunities and indigenisation are key focus areas for Bharat Electronics, it added. The stock is trading at 44x/38x FY27F/28F EPS.More Like ThisPublished on July 28, 2026