BEML Limited has released the transcript of an Analysts/Investors meet hosted by Elara Capital on December 12, 2025, in Mumbai. The transcript is available on the company's website. The management discussed the company's order book, which stands at approximately ₹16,300 crore, with 65% from Rail and Metro, 30% from Defense, and 5% from Mining. They anticipate ending the current financial year with an order book exceeding ₹20,000 crore, primarily driven by Rail and Metro, and to some extent, Defense. For the Rail and Metro sector, the company expects a significant revenue increase in the next financial year, with bulk production of Bangalore Metro expected to commence soon, followed by Chennai Metro and Mumbai Metro in FY26-27. Defense revenue is projected to grow by 70% to 80% this year, with further uptake expected next financial year as several systems move into bulk production. The company is also venturing into the maritime crane business, aiming for a revenue of ₹4,000 to ₹5,000 crore annually in the long term. The company is focused on diversifying its revenue streams to reduce dependence on Coal India and achieve a more equitable distribution of revenue across quarters. They are exploring opportunities in sustainable and green mining, including surface miners and continuous miners, and are actively seeking partnerships. A significant tender from Mumbai Rail Vikas Corporation, valued between ₹35,000 to ₹40,000 crore, is anticipated next year. Regarding future growth, the company believes a 20% growth in FY26 is achievable, with an expected uptick in performance during the third and fourth quarters, driven by contributions from mining, defense, and rail sectors.