Bharat Electronics Ltd

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Bharat Electronics Ltd

₹ 396 0.55%
21 Sep 10:08 a.m.
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 ₹ 2,89,321 Cr.
  • Current Price ₹ 396
  • High / Low ₹ 473 / 380
  • Stock P/E 47.1
  • Book Value ₹ 32.8
  • Dividend Yield 0.64 %
  • ROCE 36.4 %
  • ROE 27.4 %
  • Face Value ₹ 1.00
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 23.5% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 27.7%
  • Company has been maintaining a healthy dividend payout of 34.5%

Cons

  • Stock is trading at 12.0 times its book value
  • Company has high debtors of 170 days.
  • Working capital days have increased from 79.4 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

Consolidated Figures in Rs. Crores / View Standalone

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
3,533 4,009 4,162 8,564 4,244 4,605 5,771 9,150 4,440 5,792 7,154 10,224 5,547
2,860 2,995 3,090 6,277 3,295 3,205 4,101 6,334 3,201 4,090 5,027 7,243 4,159
Operating Profit 673 1,014 1,072 2,287 948 1,400 1,669 2,816 1,238 1,702 2,127 2,982 1,388
OPM % 19% 25% 26% 27% 22% 30% 29% 31% 28% 29% 30% 29% 25%
140 137 167 225 204 158 186 195 163 154 139 110 170
Interest 1 2 1 4 1 1 1 6 1 2 2 2 1
Depreciation 109 108 107 119 108 111 111 138 121 126 135 173 161
Profit before tax 703 1,041 1,132 2,390 1,043 1,445 1,744 2,867 1,279 1,728 2,128 2,917 1,396
Tax % 25% 25% 25% 25% 25% 25% 25% 26% 25% 26% 26% 24% 25%
539 790 860 1,797 791 1,093 1,312 2,127 969 1,287 1,580 2,226 1,055
EPS in Rs 0.74 1.08 1.18 2.46 1.08 1.49 1.79 2.91 1.33 1.76 2.16 3.04 1.44
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
7,093 7,354 8,656 10,401 12,164 12,968 14,109 15,368 17,734 20,268 23,769 27,610 28,717
5,913 5,961 6,864 8,361 9,255 10,209 10,895 12,024 13,645 15,217 16,932 19,557 20,518
Operating Profit 1,179 1,393 1,792 2,039 2,909 2,759 3,214 3,344 4,090 5,051 6,837 8,053 8,199
OPM % 17% 19% 21% 20% 24% 21% 23% 22% 23% 25% 29% 29% 29%
507 573 420 196 73 99 125 232 281 670 742 566 572
Interest 7 10 18 6 16 8 10 9 19 12 13 10 6
Depreciation 166 192 212 272 338 372 387 401 429 443 467 556 595
Profit before tax 1,513 1,764 1,983 1,957 2,628 2,478 2,942 3,166 3,923 5,266 7,099 8,053 8,170
Tax % 21% 24% 24% 28% 30% 28% 30% 26% 25% 25% 26% 25%
1,197 1,337 1,523 1,431 1,887 1,825 2,100 2,400 2,986 3,985 5,323 6,062 6,148
EPS in Rs 1.51 1.69 2.07 1.96 2.58 2.50 2.87 3.28 4.08 5.45 7.28 8.29 8.40
Dividend Payout % 20% 31% 33% 34% 44% 37% 46% 46% 44% 40% 33% 30%
Compounded Sales Growth
10 Years: 14%
5 Years: 14%
3 Years: 16%
TTM: 20%
Compounded Profit Growth
10 Years: 16%
5 Years: 24%
3 Years: 27%
TTM: 12%
Stock Price CAGR
10 Years: 26%
5 Years: 42%
3 Years: 42%
1 Year: -4%
Return on Equity
10 Years: 24%
5 Years: 26%
3 Years: 28%
Last Year: 27%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 8,037 9,006 7,512 7,772 8,968 9,828 10,816 12,042 13,131 15,595 19,243 23,257
25 28 64 80 34 8 3 53 61 63 61 65
7,587 9,330 9,800 10,868 11,575 14,271 18,430 21,574 21,567 23,136 20,788 20,473
Total Liabilities 15,729 18,605 17,600 18,965 20,821 24,351 29,492 33,912 35,490 39,524 40,824 44,527
1,073 1,232 1,501 1,839 2,298 2,713 2,652 2,675 2,963 3,035 3,419 4,121
CWIP 140 430 743 940 849 828 883 1,006 855 894 1,052 731
Investments 0 462 491 937 964 1,110 1,306 1,572 650 682 743 800
14,516 16,481 14,865 15,248 16,710 19,700 24,651 28,659 31,022 34,913 35,610 38,876
Total Assets 15,729 18,605 17,600 18,965 20,821 24,351 29,492 33,912 35,490 39,524 40,824 44,527

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1,434 2,260 -61 -687 1,514 2,570 5,093 4,207 1,199 4,659 564 1,541
-839 -1,470 3,115 -6 -896 -649 -2,595 -4,872 2,708 -5,924 639 1,730
-209 -318 -2,857 -1,202 -663 -1,061 -1,076 -1,078 -1,262 -1,475 -1,696 -2,097
Net Cash Flow 386 472 197 -1,895 -45 861 1,422 -1,742 2,645 -2,739 -493 1,175
Free Cash Flow 1,208 1,607 -853 -1,492 785 1,825 4,625 3,660 611 4,015 -444 560
CFO/OP 152% 193% 33% -0% 79% 114% 175% 150% 55% 120% 33% 44%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 196 185 184 176 161 189 170 145 145 133 140 170
Inventory Days 321 401 407 305 275 204 233 230 240 257 273 265
Days Payable 111 112 108 91 89 126 155 139 124 128 100 93
Cash Conversion Cycle 406 473 483 390 347 267 248 237 261 262 313 342
Working Capital Days 52 8 63 125 134 119 47 4 28 18 85 135
ROCE % 20% 20% 23% 25% 30% 26% 28% 27% 30% 35% 39% 36%

Insights

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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)
% ・Standalone data

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Shareholding Pattern

Numbers in percentages

1 Recently
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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