Bharat Electronics Ltd

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Bharat Electronics Ltd

₹ 386 -2.05%
28 Sep - close price
bel-india.in BSE: 500049 NSE: BEL F&O
About

Incorporated in 1954, Bharat Electronics Ltd manufactures and supplies electronic equipment and systems to the defence sector. Company also has a limited presence in the civilian market[1]

Key Points

Business Segments [1] [2]
a) Defence (88% in FY26 vs 90% in FY25): [1] The company is a leading defence electronics and aerospace player, providing a range of advanced products, systems, and solutions to the Indian Armed Forces, with core capabilities across Electronic Warfare & Avionics, Communication, Radar & Fire Control, Weapon Systems, C4I, Anti-Submarine Warfare, Tank & Gun Upgrades, Electro-optic Systems, and Arms & Ammunition. It operates through 30 Strategic Business Units (SBUs).

Website BSE NSE F&O
  • Market Cap ₹ 2,82,186 Cr.
  • Current Price ₹ 386
  • High / Low ₹ 473 / 380
  • Stock P/E 46.0
  • Book Value ₹ 32.4
  • Dividend Yield 0.65 %
  • ROCE 37.0 %
  • ROE 27.8 %
  • Face Value ₹ 1.00
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 23.9% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 28.1%
  • Company has been maintaining a healthy dividend payout of 34.5%

Cons

  • Stock is trading at 11.9 times its book value
  • Company has high debtors of 171 days.
  • Working capital days have increased from 79.1 days to 135 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Aerospace & Defense Aerospace & Defense

Part of BSE Sensex Nifty 50 BSE 500 BSE Capital Goods BSE 100

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
3,511 3,993 4,137 8,529 4,199 4,583 5,756 9,120 4,417 5,764 7,122 10,177 5,533
2,846 2,989 3,087 6,249 3,262 3,195 4,103 6,331 3,177 4,068 5,004 7,215 4,144
Operating Profit 664 1,004 1,049 2,280 937 1,389 1,653 2,789 1,240 1,695 2,118 2,962 1,389
OPM % 19% 25% 25% 27% 22% 30% 29% 31% 28% 29% 30% 29% 25%
142 171 223 221 202 167 205 194 164 159 160 108 167
Interest 1 2 1 4 1 1 1 6 1 2 2 2 1
Depreciation 101 100 100 111 100 103 103 130 113 118 127 165 153
Profit before tax 704 1,073 1,172 2,386 1,037 1,451 1,754 2,848 1,289 1,734 2,148 2,904 1,403
Tax % 25% 24% 24% 25% 25% 25% 25% 26% 25% 26% 26% 24% 25%
531 812 893 1,784 776 1,091 1,316 2,105 969 1,286 1,590 2,203 1,048
EPS in Rs 0.73 1.11 1.22 2.44 1.06 1.49 1.80 2.88 1.33 1.76 2.18 3.01 1.43
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
6,843 7,328 8,600 10,322 12,085 12,921 14,064 15,314 17,646 20,169 23,658 27,480 28,596
5,695 5,953 6,834 8,319 9,219 10,187 10,880 12,001 13,595 15,167 16,888 19,461 20,431
Operating Profit 1,148 1,375 1,766 2,003 2,865 2,734 3,184 3,313 4,051 5,003 6,770 8,018 8,165
OPM % 17% 19% 21% 19% 24% 21% 23% 22% 23% 25% 29% 29% 29%
479 537 471 200 170 102 126 234 360 756 768 590 594
Interest 6 8 16 5 15 7 9 8 18 12 12 10 6
Depreciation 154 172 192 251 316 350 366 380 408 412 436 524 564
Profit before tax 1,467 1,732 2,029 1,948 2,703 2,479 2,935 3,158 3,985 5,335 7,090 8,075 8,189
Tax % 20% 25% 24% 28% 29% 28% 30% 26% 25% 25% 25% 25%
1,167 1,307 1,548 1,399 1,927 1,794 2,065 2,349 3,007 4,020 5,288 6,048 6,128
EPS in Rs 1.47 1.65 2.10 1.91 2.64 2.45 2.83 3.21 4.11 5.50 7.23 8.27 8.38
Dividend Payout % 20% 31% 32% 35% 43% 38% 47% 47% 44% 40% 33% 30%
Compounded Sales Growth
10 Years: 14%
5 Years: 14%
3 Years: 16%
TTM: 20%
Compounded Profit Growth
10 Years: 17%
5 Years: 24%
3 Years: 26%
TTM: 12%
Stock Price CAGR
10 Years: 26%
5 Years: 41%
3 Years: 41%
1 Year: -3%
Return on Equity
10 Years: 24%
5 Years: 26%
3 Years: 28%
Last Year: 28%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 80 240 223 244 244 244 244 244 731 731 731 731
Reserves 7,805 8,744 7,285 7,517 8,775 9,609 10,564 11,741 12,851 15,351 18,967 22,967
0 0 50 67 33 8 3 53 61 63 61 65
7,317 9,141 9,598 11,028 11,411 14,050 18,243 21,413 21,411 23,011 20,659 20,327
Total Liabilities 15,202 18,125 17,157 18,856 20,463 23,911 29,053 33,450 35,054 39,156 40,418 44,090
771 976 1,255 1,607 2,084 2,520 2,480 2,524 2,672 2,759 3,173 3,899
CWIP 140 430 656 833 721 683 736 859 841 891 1,044 728
Investments 19 319 460 903 1,019 1,162 1,331 1,554 664 768 820 864
14,272 16,399 14,786 15,513 16,638 19,547 24,506 28,513 30,877 34,738 35,381 38,600
Total Assets 15,202 18,125 17,157 18,856 20,463 23,911 29,053 33,450 35,054 39,156 40,418 44,090

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1,349 2,249 -97 -789 1,466 2,533 5,103 4,161 1,087 4,648 457 1,494
-842 -1,485 3,148 41 -854 -639 -2,569 -4,861 2,800 -5,889 772 1,747
-232 -316 -2,835 -1,201 -628 -1,059 -1,075 -1,077 -1,262 -1,474 -1,696 -2,096
Net Cash Flow 276 448 216 -1,948 -16 834 1,459 -1,777 2,625 -2,715 -467 1,145
Free Cash Flow 1,134 1,597 -792 -1,566 761 1,806 4,637 3,615 524 4,006 -544 515
CFO/OP 147% 195% 31% -6% 78% 113% 177% 150% 53% 121% 31% 44%

Ratios

Standalone / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 202 185 185 179 162 190 170 145 145 133 140 171
Inventory Days 329 397 405 303 272 202 230 228 238 256 272 264
Days Payable 110 112 111 93 89 125 154 138 124 128 99 92
Cash Conversion Cycle 421 470 479 388 346 267 246 235 260 262 313 342
Working Capital Days 55 10 64 128 136 120 47 3 29 17 85 135
ROCE % 20% 21% 25% 25% 32% 26% 28% 28% 31% 36% 39% 37%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Export Revenue
USD Million

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R&D Investment
INR crore
Defense Share of Revenue
%
Indigenization Level (Turnover from Indigenous Products)
%
Total Employees
Number
Order Inflow (New Orders Acquired)
INR crore
Export Order Book
USD Million
Order Book Position
INR crore
R&D Expenditure (Percentage of Turnover)
%

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14%
17.19% 17.77% 17.56% 17.43% 17.27% 17.34% 17.55% 18.56% 18.14% 18.51% 19.51% 18.02%
24.19% 23.37% 22.63% 20.62% 20.22% 20.94% 20.87% 20.60% 20.88% 20.47% 20.00% 21.02%
7.49% 7.72% 8.66% 10.82% 11.37% 10.58% 10.43% 9.70% 9.84% 9.87% 9.37% 9.82%
No. of Shareholders 9,74,78210,98,22813,64,87325,18,66327,72,00226,53,67626,78,43525,42,37824,98,58825,43,62225,30,89626,04,298

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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