Bharat Electronics Ltd

Bharat Electron Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Bharat Electronics Ltd

₹ 383 5.28%
21 May - close price
bel-india.in BSE: 500049 NSE: BEL
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) 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]

Website BSE NSE
  • Market Cap ₹ 2,80,042 Cr.
  • Current Price ₹ 383
  • High / Low ₹ 384 / 230
  • Stock P/E 52.6
  • Book Value ₹ 27.3
  • Dividend Yield 0.57 %
  • ROCE 39.0 %
  • ROE 29.3 %
  • 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 26.5%
  • Company has been maintaining a healthy dividend payout of 39.1%

Cons

  • Stock is trading at 14.0 times its book value
  • Working capital days have increased from 43.8 days to 85.4 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

Sector: Aerospace & Defence Industry: Electronics - Components

Part of Nifty 50 BSE 500 BSE Capital Goods BSE 100 BSE 200

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
6,340 3,141 3,962 4,153 6,479 3,533 4,009 4,162 8,564 4,244 4,605 5,771 9,150
4,762 2,618 3,093 3,290 4,647 2,860 2,995 3,090 6,277 3,295 3,205 4,101 6,334
Operating Profit 1,578 522 868 863 1,832 673 1,014 1,072 2,287 948 1,400 1,669 2,816
OPM % 25% 17% 22% 21% 28% 19% 25% 26% 27% 22% 30% 29% 31%
64 82 74 59 66 140 137 167 225 204 158 186 195
Interest 4 1 2 10 2 1 2 1 4 1 1 1 6
Depreciation 106 99 109 106 114 109 108 107 119 108 111 111 138
Profit before tax 1,531 504 831 806 1,782 703 1,041 1,132 2,390 1,043 1,445 1,744 2,867
Tax % 25% 29% 26% 25% 23% 25% 25% 25% 25% 25% 25% 25% 26%
1,155 366 624 614 1,382 539 790 860 1,797 791 1,093 1,312 2,127
EPS in Rs 1.58 0.50 0.85 0.84 1.89 0.74 1.08 1.18 2.46 1.08 1.49 1.79 2.91
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
6,518 7,093 7,354 8,656 10,401 12,164 12,968 14,109 15,368 17,734 20,268 23,769
5,593 5,913 5,961 6,864 8,361 9,255 10,209 10,895 12,024 13,645 15,217 16,935
Operating Profit 925 1,179 1,393 1,792 2,039 2,909 2,759 3,214 3,344 4,090 5,051 6,834
OPM % 14% 17% 19% 21% 20% 24% 21% 23% 22% 23% 25% 29%
438 507 573 420 196 73 99 125 232 281 670 742
Interest 7 7 10 18 6 16 8 10 9 19 12 10
Depreciation 150 166 192 212 272 338 372 387 401 429 443 467
Profit before tax 1,206 1,513 1,764 1,983 1,957 2,628 2,478 2,942 3,166 3,923 5,266 7,099
Tax % 21% 21% 24% 24% 28% 30% 28% 30% 26% 25% 25% 26%
952 1,197 1,337 1,523 1,431 1,887 1,825 2,100 2,400 2,986 3,985 5,323
EPS in Rs 1.20 1.51 1.69 2.07 1.96 2.58 2.50 2.87 3.28 4.08 5.45 7.28
Dividend Payout % 20% 20% 31% 33% 34% 44% 37% 46% 46% 44% 40% 33%
Compounded Sales Growth
10 Years: 13%
5 Years: 13%
3 Years: 16%
TTM: 17%
Compounded Profit Growth
10 Years: 16%
5 Years: 24%
3 Years: 31%
TTM: 34%
Stock Price CAGR
10 Years: 28%
5 Years: 79%
3 Years: 70%
1 Year: 40%
Return on Equity
10 Years: 22%
5 Years: 24%
3 Years: 26%
Last Year: 29%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 80 80 240 223 244 244 244 244 244 731 731 731
Reserves 7,140 8,037 9,006 7,512 7,772 8,968 9,828 10,816 12,042 13,131 15,595 19,243
0 25 28 64 80 34 8 3 53 61 63 61
7,760 7,587 9,330 9,800 10,868 11,575 14,271 18,430 21,574 21,567 23,136 20,797
Total Liabilities 14,980 15,729 18,605 17,600 18,965 20,821 24,351 29,492 33,912 35,490 39,524 40,832
695 1,073 1,232 1,501 1,839 2,298 2,713 2,652 2,675 2,963 3,035 3,994
CWIP 458 140 430 743 940 849 828 883 1,006 855 894 477
Investments 0 0 462 491 937 964 1,110 1,306 1,572 650 682 743
13,828 14,516 16,481 14,865 15,248 16,710 19,700 24,651 28,659 31,022 34,913 35,618
Total Assets 14,980 15,729 18,605 17,600 18,965 20,821 24,351 29,492 33,912 35,490 39,524 40,832

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
-569 1,434 2,260 -61 -687 1,514 2,570 5,093 4,207 1,199 4,659 587
759 -839 -1,470 3,115 -6 -896 -649 -2,595 -4,872 2,708 -5,924 617
-213 -209 -318 -2,857 -1,202 -663 -1,061 -1,076 -1,078 -1,262 -1,475 -1,696
Net Cash Flow -23 386 472 197 -1,895 -45 861 1,422 -1,742 2,645 -2,739 -493

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 233 196 185 184 176 161 189 170 145 145 133 140
Inventory Days 325 321 401 407 305 275 204 233 230 240 257 273
Days Payable 120 111 112 108 91 89 126 155 139 124 128 100
Cash Conversion Cycle 438 406 473 483 390 347 267 248 237 261 262 313
Working Capital Days 89 53 10 63 126 134 119 47 4 28 18 85
ROCE % 18% 20% 20% 23% 25% 30% 26% 28% 27% 30% 35% 39%

Shareholding Pattern

Numbers in percentages

Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14%
15.99% 17.36% 17.34% 16.42% 17.35% 17.19% 17.77% 17.56% 17.43% 17.27% 17.34% 17.55%
27.77% 25.63% 25.04% 25.50% 24.84% 24.19% 23.37% 22.63% 20.62% 20.22% 20.94% 20.87%
5.11% 5.88% 6.47% 6.95% 6.68% 7.49% 7.72% 8.66% 10.82% 11.37% 10.58% 10.43%
No. of Shareholders 4,37,0975,79,8077,07,0987,80,2117,67,8209,74,78210,98,22813,64,87325,18,66327,72,00226,53,67626,78,435

* 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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