BEML has won a bullet train order worth over ₹5,400 crore from National High Speed Rail Corporation Limited to deliver and maintain high-speed rolling stock for the Mumbai–Ahmedabad corridor.

Officials at BEML’s Aditya rail complex beside a display of the B28 high-speed train
Officials visit BEML’s Aditya high-speed rail complex in Bengaluru beside a display of the B28 train. Photo: South Western Railway / Bengaluru Division.

The package also includes allied works. BEML reported the award to the National Stock Exchange of India and BSE on 18 September 2026 in a disclosure under SEBI listing rules. The company said the order came in its normal course of business.

What the disclosure leaves out

The filing gives a single combined value for the whole package. It does not split that figure between the trains, their upkeep and the allied works, and it does not say how many trainsets the corporation has ordered.

It sets out no delivery schedule either, and it is silent on how long BEML will be responsible for maintenance.

BEML’s 2024 contract for two high-speed trainsets

In October 2024, Integral Coach Factory in Chennai awarded BEML a high-speed rail contract. That ₹866.87 crore contract covered the design, manufacture and commissioning of two eight-car trainsets rated for testing at 280 km/h. BEML planned to build them at its Bengaluru rail coach complex and deliver them by the end of 2026.

Measured by headline value, the new order is worth more than six times as much. The two awards differ in scope, though: the earlier contract covered design work and two trainsets, while the new one adds maintenance and allied works. The September filing does not say whether the new rolling stock will use the design developed under the ICF contract.

BEML’s two high-speed rail contracts compared
Item October 2024 contract September 2026 order
Customer Integral Coach Factory, Chennai National High Speed Rail Corporation Limited
Work covered Design, manufacture and commissioning Delivery and maintenance of high-speed rolling stock, plus allied works
Trainsets Two, with eight cars each Not disclosed
Value ₹866.87 crore Over ₹5,400 crore
Delivery End of 2026, as planned in October 2024 Not disclosed
Maintenance term Not listed in the contract scope Not disclosed

The new order is more than six times the value of the 2024 contract, but the September filing does not give the trainset count, delivery dates or maintenance term needed for a like-for-like comparison.

Sources: BEML stock exchange disclosure, 15 October 2024; BEML stock exchange disclosure, 18 September 2026.

Order value against BEML’s 2025-26 financial year
Measure BEML figure Order value relative to it
Revenue from operations, year to 31 March 2026 ₹4,350.53 crore About 1.24 times
Order book at 31 March 2026 ₹15,896 crore About 34%

On its own, the order is larger than BEML’s revenue for the whole 2025-26 financial year and equal to roughly a third of the order book the company held at the end of March 2026.

Railway Supply calculation using ₹5,400 crore, the lower bound of the order value: 5,400 ÷ 4,350.53 and 5,400 ÷ 15,896, rounded. Sources: BEML audited results for 2025-26, filed 29 May 2026; BEML stock exchange disclosure, 18 September 2026.