Bharat Electronics Ltd
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]
- Market Cap ₹ 2,19,148 Cr.
- Current Price ₹ 300
- High / Low ₹ 340 / 137
- Stock P/E 48.2
- Book Value ₹ 23.8
- Dividend Yield 0.73 %
- ROCE 35.7 %
- ROE 27.0 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 43.5%
Cons
- Stock is trading at 12.6 times its book value
- The company has delivered a poor sales growth of 10.8% over past five years.
* 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
Sector: Aerospace & Defence Industry: Electronics - Components
Part of Nifty 50 BSE 500 BSE Capital Goods BSE 100 BSE 200
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6,104 | 6,276 | 6,843 | 7,328 | 8,600 | 10,322 | 12,085 | 12,921 | 14,064 | 15,314 | 17,646 | 20,169 | 21,447 | |
5,456 | 5,382 | 5,695 | 5,953 | 6,834 | 8,319 | 9,219 | 10,187 | 10,880 | 12,001 | 13,595 | 15,167 | 15,793 | |
Operating Profit | 648 | 894 | 1,148 | 1,375 | 1,766 | 2,003 | 2,865 | 2,734 | 3,184 | 3,313 | 4,051 | 5,003 | 5,655 |
OPM % | 11% | 14% | 17% | 19% | 21% | 19% | 24% | 21% | 23% | 22% | 23% | 25% | 26% |
604 | 429 | 479 | 537 | 471 | 200 | 170 | 102 | 126 | 234 | 360 | 756 | 812 | |
Interest | 6 | 6 | 6 | 8 | 16 | 5 | 15 | 7 | 9 | 8 | 18 | 12 | 7 |
Depreciation | 131 | 142 | 154 | 172 | 192 | 251 | 316 | 350 | 366 | 380 | 408 | 412 | 414 |
Profit before tax | 1,115 | 1,175 | 1,467 | 1,732 | 2,029 | 1,948 | 2,703 | 2,479 | 2,935 | 3,158 | 3,985 | 5,335 | 6,046 |
Tax % | 20% | 21% | 20% | 25% | 24% | 28% | 29% | 28% | 30% | 26% | 25% | 25% | |
890 | 932 | 1,167 | 1,307 | 1,548 | 1,399 | 1,927 | 1,794 | 2,065 | 2,349 | 3,007 | 4,020 | 4,544 | |
EPS in Rs | 1.12 | 1.18 | 1.47 | 1.65 | 2.10 | 1.91 | 2.64 | 2.45 | 2.83 | 3.21 | 4.11 | 5.50 | 6.21 |
Dividend Payout % | 20% | 20% | 20% | 31% | 32% | 35% | 43% | 38% | 47% | 47% | 44% | 40% |
Compounded Sales Growth | |
---|---|
10 Years: | 12% |
5 Years: | 11% |
3 Years: | 13% |
TTM: | 19% |
Compounded Profit Growth | |
---|---|
10 Years: | 16% |
5 Years: | 16% |
3 Years: | 25% |
TTM: | 37% |
Stock Price CAGR | |
---|---|
10 Years: | 29% |
5 Years: | 52% |
3 Years: | 59% |
1 Year: | 115% |
Return on Equity | |
---|---|
10 Years: | 21% |
5 Years: | 22% |
3 Years: | 24% |
Last Year: | 27% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 80 | 80 | 80 | 240 | 223 | 244 | 244 | 244 | 244 | 244 | 731 | 731 | 731 |
Reserves | 6,224 | 6,937 | 7,805 | 8,744 | 7,285 | 7,517 | 8,775 | 9,609 | 10,564 | 11,741 | 12,851 | 15,351 | 16,669 |
0 | 0 | 0 | 0 | 50 | 67 | 33 | 8 | 3 | 53 | 61 | 63 | 61 | |
8,145 | 7,514 | 7,317 | 9,141 | 9,598 | 11,028 | 11,411 | 14,050 | 18,243 | 21,413 | 21,411 | 23,011 | 21,959 | |
Total Liabilities | 14,449 | 14,531 | 15,202 | 18,125 | 17,157 | 18,856 | 20,463 | 23,911 | 29,053 | 33,450 | 35,054 | 39,156 | 39,420 |
575 | 651 | 771 | 976 | 1,255 | 1,607 | 2,084 | 2,520 | 2,480 | 2,524 | 2,672 | 2,759 | 3,212 | |
CWIP | 161 | 197 | 140 | 430 | 656 | 833 | 721 | 683 | 736 | 859 | 841 | 891 | 665 |
Investments | 12 | 12 | 19 | 319 | 460 | 903 | 1,019 | 1,162 | 1,331 | 1,554 | 664 | 768 | 800 |
13,700 | 13,671 | 14,272 | 16,399 | 14,786 | 15,513 | 16,638 | 19,547 | 24,506 | 28,513 | 30,877 | 34,738 | 34,743 | |
Total Assets | 14,449 | 14,531 | 15,202 | 18,125 | 17,157 | 18,856 | 20,463 | 23,911 | 29,053 | 33,450 | 35,054 | 39,156 | 39,420 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-1,654 | -695 | 1,349 | 2,249 | -97 | -789 | 1,466 | 2,533 | 5,103 | 4,161 | 1,087 | 4,648 | |
1,888 | 872 | -842 | -1,485 | 3,148 | 41 | -854 | -639 | -2,569 | -4,861 | 2,800 | -5,889 | |
-157 | -212 | -232 | -316 | -2,835 | -1,201 | -628 | -1,059 | -1,075 | -1,077 | -1,262 | -1,474 | |
Net Cash Flow | 77 | -35 | 276 | 448 | 216 | -1,948 | -16 | 834 | 1,459 | -1,777 | 2,625 | -2,715 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 199 | 240 | 202 | 185 | 185 | 179 | 162 | 190 | 170 | 145 | 145 | 133 |
Inventory Days | 308 | 335 | 329 | 397 | 405 | 303 | 272 | 202 | 230 | 228 | 238 | 256 |
Days Payable | 109 | 121 | 110 | 112 | 111 | 93 | 89 | 125 | 154 | 138 | 124 | 128 |
Cash Conversion Cycle | 399 | 454 | 421 | 470 | 479 | 388 | 346 | 267 | 246 | 235 | 260 | 262 |
Working Capital Days | 9 | 88 | 55 | 10 | 64 | 128 | 136 | 120 | 47 | 3 | 29 | 17 |
ROCE % | 18% | 18% | 20% | 21% | 25% | 25% | 32% | 26% | 28% | 28% | 31% | 36% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
8 Nov - BEL secures additional orders of over Rs. 500 Cr.
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Announcement under Regulation 30 (LODR)-Change in Management
30 Oct - Change in General Manager of Unmanned Systems.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
29 Oct - Transcript of the Conference call held on 28.10.2024.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
28 Oct - Audio recording of investor conference call uploaded.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 28 Oct
Annual reports
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Financial Year 2024
from bse
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Financial Year 2023
from web
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Financial Year 2022
from bse
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Financial Year 2021
from bse
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Financial Year 2020
from bse
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Financial Year 2019
from bse
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Financial Year 2018
from bse
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Financial Year 2017
from bse
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Financial Year 2016
from bse
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Financial Year 2015
from bse
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Financial Year 2014
from bse
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Financial Year 2013
from bse
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Financial Year 2012
from bse
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Financial Year 2011
from bse
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Financial Year 2011
from nse
Concalls
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Oct 2024TranscriptPPTREC
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Oct 2024TranscriptNotesPPTREC
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Aug 2024TranscriptPPT
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Aug 2024TranscriptPPTREC
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May 2024TranscriptPPT
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Feb 2024TranscriptPPTREC
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Nov 2023TranscriptPPT
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Aug 2023TranscriptPPT
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May 2023TranscriptPPT
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Feb 2023TranscriptPPT
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Sep 2022TranscriptNotesPPT
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Aug 2022TranscriptNotesPPT
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Jul 2022TranscriptPPT
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May 2022TranscriptNotesPPT
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Sep 2021TranscriptNotesPPT
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Sep 2019TranscriptNotesPPT
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Sep 2018TranscriptNotesPPT
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May 2018TranscriptNotesPPT
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May 2018TranscriptNotesPPT
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May 2017TranscriptNotesPPT
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Jun 2016TranscriptNotesPPT
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Sep 2015TranscriptNotesPPT
Business Segments
1) Defence (81% in FY24 vs 90% in FY22): [1] [2] The company develops advanced electronic equipment, systems, and services for the Indian defense sector, including Radar and Fire Control Systems, Weapon Systems, Communication, Network Centric Systems (C4I), Electronic Warfare Systems, etc. It operates 29 strategic business units (SBUs), including 4 new SBUs- Network & Cyber Security, Unmanned Systems, Seekers, and Arms & Ammunition. The segmental revenue grew by 19%, supported by healthy order execution. [3]