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BEML Limited (500048) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of BEML Limited ₹1,072, price ₹1,961, upside -45.4%, quality 43 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Industrials · IN · ISIN INE258A01016

BL Thin data Sep 24, 2026

BEML Limited

500048 · BSE

Weakest SetupStrongly overvalued and low quality.

!Fair value ₹1,072 · Strongly overvalued (−45.4%)
!Quality 43/100
!Weak Growth (revenue 5y +5.9 %/yr)
!Thin margins · 2.6% net margin (TTM)
✓Low debt
!1.0% dividend yield · Token dividend
!Narrow moat 30/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

₹2,570 ₹471.71 Fair Value ₹1,072 May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range ₹471.71 – ₹2,570 · fair‑value band ₹545.37 – ₹1,370 · the ₹1,961 price screens above the ₹1,072 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

BEML Limited provides products and services to the mining and construction, rail and metro, and defense and aerospace sectors in India.

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BEML Limited provides products and services to the mining and construction, rail and metro, and defense and aerospace sectors in India. The company offers mining machinery for opencast and underground mines; dozers, excavators, backhoe loaders, front end loaders, and motor graders; hydraulic pumps and cylinders, hydro-pneumatic suspensions, and control valves; transmission, axle, and bevel gear powerline systems; diesel engines and generator sets; backhoe dredgers and dredger spares; and dump trucks, shovels, pipe layers, tire handlers, and water sprinklers. It also provides passenger coaches, electrical multiple units, inspection cars, track laying equipment, rail buses, spoil disposal units, treasury vans, mil rail coaches, wagons, utility track vehicle, and metro cars. In addition, the company offers armored recovery and repair vehicles, engineering mine ploughs, and surface mine clearance systems; BMP transmission and final drives, BMP refurbishing products, assembly hydrogas suspension units, and transmission products; wagons and milrail coaches, and ejectors and air cleaners; and aircraft towing tractors, ground handling and ground support equipment, crash fire tenders, aircraft weapon loaders, jigs and fixtures, and gears. Further, it provides mobility vehicles, all-terrain vehicles, command post vehicles, pinaka launchers, pontoon bridge systems, sarvatra bridge systems, heavy recovery vehicles, and trailers, as well as snow cutters and aircraft weapon loading trolleys. The company also exports its products to approximately 68 countries worldwide. The company was formerly known as Bharat Earth Movers Limited. BEML Limited was founded in 1964 and is based in Bengaluru, India.

Stock analysis

BEML Limited (500048) currently trades at ₹1,961, while our model-based Fair Value estimate is ₹1,072, 45.4% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of ₹1,194 per share, and 0 of the 8 models we run sit above the ₹1,961 price.

Bear case: the Dividend Discount group reads lowest at ₹189.95, and 8 of the 8 models stay below the price. Evidence for this calculation is low.

Scenario range: ₹545.37 (bear) to ₹1,370 (bull), the price of ₹1,961 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 43/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

BEML Limited reported revenue of ₹40.2B in FY2025 versus ₹35.6B in FY2021, a compound +3.1%/yr. Reported net income was ₹2.9B in FY2025, compounding +43.5%/yr from FY2021.

Key figures

Market cap ₹25.7B (≈ $267M) · P/E ratio 35.7 · P/S ratio 2.60 · EPS (TTM) ₹17.40 · Dividend yield 1.0% · Net margin 7.3% · Return on equity 3.5% · Return on assets (EBIT) 5.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 12% below its 52-week high and 44% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −16% fair-value upside, at −45%, 500048 screens richer than that median.

Fair Value models

Bear ₹545.37 Fair Value ₹1,072 Bull ₹1,370
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (₹11.40 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Owner Earnings ₹319.86 ₹411.71 ₹516.66 78
Residual Income ₹558.20 ₹597.91 ₹667.40 76
Gordon GGM ₹142.37 ₹202.54 ₹255.02 69
All 8 models by family
DCF Models
Owner Earnings ₹319.86 ₹411.71 ₹516.66 78
Earnings-Based
Graham-Dodd ₹477.74 ₹1,072 ₹1,370 65
Dividend Discount
Gordon GGM ₹142.37 ₹202.54 ₹255.02 69
DDM Multi-Stage ₹142.37 ₹189.95 ₹233.03 67
Multiples
P/E Multiple ₹1,107 ₹1,475 ₹1,844 63
P/B Multiple ₹895.75 ₹1,194 ₹1,493 55
Asset-Based
NCAV (Graham) ₹346.67 ₹464.54 ₹693.34 54
Economic Profit
Residual Income ₹558.20 ₹597.91 ₹667.40 76

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Quality Score breakdown

Overall quality 43/100

Of which business quality 43 · Market factors (momentum, volatility) 50

Profitability 46
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 12
Earnings quality: real cash, not paper profit
Fin. Strength 55
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 43
Calm price path (market factor)
Momentum 57
Price trend over the last 3–12 months (market factor)
52W Momentum 46
Distance to the 52-week high (market factor)
Net Issuance 40
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 33/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−0.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.9%
Start year 2020 (pandemic). Over 10 years: +3.7% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.0%
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+19.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+18.1%
Dividend (yield on the price)1.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.0% → 11%
⚠ Revenue per share shrinking 7.9%/yr over ~6Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

500048 screens overvalued: fair value 45% below the price. Compare with 3M Company →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Conglomerates · 358 stocks

Beats the industry median on 1/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 43 · Below median
Fair Value upside −82.7% · Bottom 25%
Profitability
Return on equity (TTM) 3.5% · Below median
Return on assets 0.5% · Below median
Net margin (TTM) 2.6% · Below median
Operating margin (TTM) 1.3% · Below median
Growth and dividend
Revenue growth −3.4% · Below median
Dividend yield (TTM) 1.0% · Below median

Valuation Multiplesvs Conglomerates median · lower = cheaper

P/E (TTM) 35.7× · Priciest 25%
P/B 0.89× · Cheaper than median
P/S (TTM) 0.91× · Pricier than median
EV/EBITDA 25.1× · Priciest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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BEML Limited · Fair Value
₹1,072 −45%Fair Value
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Cite: Fair Value Calculator (2026). "BEML Limited Fair Value". https://www.fairvalue-calculator.com/stock/500048

Frequently asked questions

Is BEML Limited (500048) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹1,072 versus a price of ₹1,961, about −45% upside (overvalued).
What is the fair value of 500048?
Our model-based fair value for BEML Limited is ₹1,072 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹1,961.
What is the quality score of 500048?
BEML Limited has a Quality Score of 43/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for BEML Limited (500048)?
Our model-based price target is the fair value of ₹1,072 (as of Sep 24, 2026) from 8 valuation models. Cautious scenario ₹545.37, optimistic scenario ₹1,370. It is a calculation from audited fundamentals, not an analyst target.
What is the BEML Limited stock forecast for 2026?
Our models put fair value at ₹1,072, about −45% upside versus a price of ₹1,961 (overvalued). Cautious scenario ₹545.37, optimistic scenario ₹1,370. The calculation is refreshed regularly with new filings.
What is the revenue of BEML Limited (500048)?
BEML Limited reported trailing-twelve-month revenue of about ₹28.1B (latest available figure, as of Sep 24, 2026).
Does BEML Limited pay a dividend?
BEML Limited currently shows a dividend yield of about 0.98% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of BEML Limited (500048)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BEML Limited it is ₹1,072 per share (as of Sep 24, 2026), against a price of ₹1,961. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is BEML Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 500048 trades above its calculated fair value: price ₹1,961, fair value ₹1,072, a gap of about −45% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 500048?
No. The price is what the market pays today (₹1,961); the fair value is what the company's own numbers justify (₹1,072). For BEML Limited the two are ₹889.17 per share apart. That gap is exactly why we show both numbers side by side.
How much is BEML Limited worth?
The market values BEML Limited at about ₹25.7B (market capitalisation, as of Sep 24, 2026). Per share that is ₹1,961; our models calculate a fair value of ₹1,072 per share.
What do the bullish and bearish scenarios say about 500048?
Our models span a range for BEML Limited: cautious scenario ₹545.37, base ₹1,072, optimistic ₹1,370 per share (as of Sep 24, 2026, price ₹1,961). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 500048?
BEML Limited trades at a price-to-earnings ratio of 35.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹1,072 is built from several models across several years. Other multiples: P/B 0.9, P/S 0.9, EV/EBITDA 25.1.
How solid is the balance sheet of BEML Limited (500048)?
Balance-sheet figures for BEML Limited (as of Sep 24, 2026): return on equity 3.5%. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is 500048 from its 52-week high?
BEML Limited trades at ₹1,961, about 12% below its 52-week high of ₹2,231 and 44% above the low of ₹1,366 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,072 is for.
Which stocks are comparable to BEML Limited?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, CITIC Limited, Swire Pacific Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is BEML Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹1,961, calculated fair value ₹1,072 (−45%), Quality Score 43/100, from 8 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 500048 calculated?
We run BEML Limited through 8 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹1,072, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. BEML Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of BEML Limited (500048)?
The closing price on Oct 1, 2026 was ₹1,961. Our model-based fair value is ₹1,072, about −45% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BEML Limited right now?
The price sits above even our optimistic bull case (₹1,370). The favourable scenario is already priced in. Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (₹545.37 to ₹1,370) leaves room in how you read the outcome.

Key figures of BEML Limited

How large is the market capitalisation of BEML Limited (500048)?
The market capitalisation of BEML Limited is ₹25.7B (≈ $267M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of BEML Limited (500048)?
The price-to-sales ratio of BEML Limited is 2.60 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of BEML Limited (500048)?
Earnings per share at BEML Limited are ₹17.40 (price ÷ EPS = P/E 35.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of BEML Limited (500048)?
The dividend yield of BEML Limited is 1.0% (payout 110%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of BEML Limited (500048)?
The net margin of BEML Limited is 7.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of BEML Limited (500048)?
The return on equity (ROE) of BEML Limited is 3.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of BEML Limited (500048)?
On an EBIT basis the return on assets of BEML Limited is 5.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of BEML Limited (500048)?
The operating margin of BEML Limited is 1.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BEML Limited (500048)?
Revenue at BEML Limited is growing −3.4% versus a year earlier (3y avg −2.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
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