Bharat Electronics Ltd logo

Bharat Electronics Ltd

BEL NSE

Key Fundamentals

LargecapEngineeringAerospace & Defense
Market Cap
3.0L Cr
Volatility
Moderate
P/E Ratio
49.05
EBITDA
₹8,615 Cr
Return on Equity
25.09%
Debt to Equity
0
Book Value
₹32.82
EPS
₹5.8
52W High
₹473.45
52W Low
₹361.2

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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48 extracted metrics + investor summaries across FY10–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

4
  • 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%

Weaknesses

3
  • Stock is trading at 12.6 times its book value
  • Company has high debtors of 170 days.
  • Working capital days have increased from 79.4 days to 135 days

Growth Rate

Revenue Growth
14.95% ↗
Net Income Growth
13.93% ↗
Cash Flow Change
173.16% ↗
ROE
-5.14% ↗
ROCE
-5.46% ↗
EBITDA Margin (Avg.)
-1.07% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 18h ago
AI opinion · based on fundamentals
Risk medium

Bharat Electronics Ltd is a debt-free defence PSU with a market cap of ₹3,00,761 Cr, trading at a PE of 48.8x and 12.5x book value. The company has delivered 27% compounded profit CAGR over 3 years with ROE consistently above 24% over a decade, but faces working capital deterioration and a premium valuation relative to historical norms.

Bull Case 8
  • Company is virtually debt-free, providing strong balance sheet resilience and flexibility for future capex or acquisitions
  • Consistent ROE track record of 28% over 3 years, 26% over 5 years, and 24% over 10 years demonstrates superior capital efficiency
  • Compounded profit growth of 27% CAGR over 3 years and 24% over 5 years reflects strong earnings momentum
  • TTM sales growth of 20% signals healthy order execution and revenue acceleration above the 10-year CAGR of 14%
  • Stock CAGR of 48% over both 3-year and 5-year periods indicates sustained market confidence and re-rating driven by defence sector tailwinds
  • Healthy dividend payout ratio of 34.5% shows commitment to shareholder returns even while reinvesting for growth
  • As a defence PSU, BEL benefits from India's push toward indigenisation and rising defence budgets, supporting the 14% 10-year sales CAGR with potential for further acceleration
  • Last year ROE of 27% remains close to the 3-year average of 28%, showing no material deterioration in profitability
Bear Case 8
  • PE of 48.8x is elevated for a defence PSU, pricing in significant future growth and leaving limited margin of safety
  • Price-to-book of 12.5x is extremely high, implying the market expects sustained supernormal returns well beyond current levels
  • Working capital days have nearly doubled from 79.4 days to 135 days, indicating deteriorating cash conversion efficiency
  • Debtor days of 170 days reflect delayed payments, common in government contracts but a risk to free cash flow generation
  • TTM profit growth of 12% has decelerated sharply compared to the 3-year CAGR of 27%, suggesting potential earnings growth slowdown
  • Dividend yield of just 0.61% offers minimal income cushion at current elevated valuations
  • 1-year stock CAGR of only 7% versus 48% over 3 and 5 years suggests the re-rating cycle may be maturing
  • Heavy dependence on government orders creates concentration risk and potential lumpy revenue recognition tied to budget cycles

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 18h ago
Positives 6
  • ₹10,000 Cr deal with BEL & BDL Aug 5

    Government reportedly set to announce a ₹10,000 crore defence procurement deal involving BEL and BDL per ZEE reports. Official confirmation awaited but signals major order pipeline.

  • Q1FY27 revenue surges 25% YoY Jul 27

    BEL reports Q1FY27 standalone revenue of ₹5,533 crore (up 25% YoY) with PAT of ₹1,048 crore (up 8.2%). Management maintains FY27 guidance of >15% revenue growth and >28% EBITDA margin.

  • ₹541 Cr defence order win Aug 10

    BEL secures confirmed ₹541 crore order from Ministry of Defence for communication equipment and CBRN systems, adding to Q1FY27 inflow of ₹3,378 crore.

  • ₹847 Cr new order received Jul 31

    BEL receives a new order worth ₹847 crore, further building the order book ahead of expected large-ticket approvals like QRSAM.

  • BRSR published, Net Zero by 2035 Aug 5

    BEL publishes FY2025-26 sustainability report highlighting RE100 achievement and Net Zero 2035 target, strengthening ESG credentials.

  • AGM set for Aug 28, 2026 Aug 5

    72nd AGM scheduled for August 28, 2026 with agenda including dividend confirmation and share capital increase to ₹1,000 crore.

Neutral 3
  • 12 senior managers appointed Aug 1

    BEL appoints 3 Executive Directors and 9 General Managers effective Aug 1, 2026. Crd. (Retd.) K Kumar superannuates on July 31.

  • ₹23.72 Cr block trade on NSE Jul 29

    Institutional block trade of ~6.19 lakh shares executed at ₹383.00 per share on NSE, totalling ₹23.72 crore.

  • Q1FY27 conference call uploaded Jul 27

    BEL uploads investor conference call audio for quarter ended June 30, 2026 in SEBI compliance. Call hosted by Motilal Oswal.

TL;DR: BEL is firing on all cylinders with 25% revenue growth in Q1FY27, steady order wins (₹541 Cr and ₹847 Cr recently), and a potential ₹10,000 crore government deal in the pipeline. No material headwinds are visible — margins are guided above 28% and the defence capex cycle remains supportive. The order backlog at 0.46 quarters of revenue is modest, making large pending approvals like QRSAM critical for sustaining growth. The trend is clearly improving with strong execution and policy tailwinds from indigenous defence procurement.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
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
Expenses
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%
Other Income
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
PBT
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%
Net Profit
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
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
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
Expenses
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%
Other Income
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
PBT
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%
—
Net Profit
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
2.5
2.87
3.28
4.08
5.45
7.28
8.29
8.4
Div. Payout %
20%
31%
33%
34%
44%
37%
46%
46%
44%
40%
33%
30%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Borrowings
25
28
64
80
34
8
3
53
61
63
61
65
Other Liabilities
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
Fixed Assets
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
Other Assets
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
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,434
2,260
-61
-687
1,514
2,570
5,093
4,207
1,199
4,659
564
1,541
Investing
-839
-1,470
3,115
-6
-896
-649
-2,595
-4,872
2,708
-5,924
639
1,730
Financing
-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
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Shareholding Pattern

As of Jun 2026
Promoters 51.14%
DIIs 21.02%
FIIs 18.02%
Public 8.50%
Others 1.32%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
51.14%
51.14%
51.14%
51.14%
51.14%
51.14%
51.14%
51.14%
51.14%
51.14%
51.14%
51.14%
51.14%
51.14%
51.14%
51.14%
51.14%
51.14%
51.14%
51.14%
51.14%
51.14%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
17.78%
17.56%
17.43%
17.27%
17.35%
17.56%
18.56%
18.15%
18.51%
19.50%
18.02%
DIIs
29.79%
28.52%
27.99%
26.48%
26.04%
26.88%
25.63%
25.05%
25.50%
23.61%
22.90%
23.37%
22.64%
20.61%
20.22%
20.93%
20.88%
20.60%
20.88%
20.48%
19.99%
21.02%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
6.02%
5.03%
4.36%
4.53%
4.96%
4.72%
4.95%
5.65%
6.13%
5.79%
6.61%
6.76%
7.52%
9.74%
10.29%
9.50%
9.33%
8.59%
8.47%
8.55%
8.08%
8.50%
Others
13.05%
15.31%
16.51%
17.86%
17.86%
17.27%
18.28%
18.16%
17.23%
19.46%
19.35%
0.96%
1.14%
1.08%
1.09%
1.08%
1.10%
1.12%
1.36%
1.32%
1.29%
1.32%
No. of Shareholders
3,73,893
3,49,284
3,25,933
3,67,504
4,31,034
4,37,097
5,04,617
7,07,098
7,80,211
7,67,820
9,74,782
10,98,230
13,64,870
25,18,660
27,72,000
26,53,680
26,78,440
25,42,380
24,98,590
25,43,620
25,30,900
26,04,300

Documents

1
Concall - May 2017 May 2017
2
Concall - May 2018 May 2018
3
Concall - May 2018 May 2018
4
Concall - Sep 2018 Sep 2018
5
Concall - Sep 2019 Sep 2019

Frequently Asked Questions about Bharat Electronics Ltd

What does Bharat Electronics Ltd do?
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]
Where is Bharat Electronics Ltd (BEL) listed?
Bharat Electronics Ltd is listed on the Indian stock exchanges. It is listed on NSE: BEL and BSE: 500049. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Bharat Electronics Ltd belong to?
Bharat Electronics Ltd operates in the Aerospace & Defense sector within the Engineering industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Bharat Electronics Ltd?
Bharat Electronics Ltd has a market capitalisation of approximately ₹301711.12 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Bharat Electronics Ltd?
The Price-to-Earnings (PE) ratio of Bharat Electronics Ltd is 49.05. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Bharat Electronics Ltd?
Over the past 52 weeks, Bharat Electronics Ltd has traded between a low of ₹361.2 and a high of ₹473.45. This range helps investors understand the stock's price volatility and recent trading levels.
Does Bharat Electronics Ltd pay dividends?
Yes, Bharat Electronics Ltd has a dividend yield of 0.61%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Bharat Electronics Ltd?
Bharat Electronics Ltd has a Return on Equity (ROE) of 25.09%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Bharat Electronics Ltd on Tapetide?
On Tapetide, you can view Bharat Electronics Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

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]

Website bel-india.in
CEO Mr. Manoj Jain
Employees 11,199
Listed 2000-07-19
Face Value ₹ 1
Issued Size 7,30,97,78,829

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