Bharat Electronics Ltd logo

Bharat Electronics Ltd

BEL NSE

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]

AI Verdict: BUY Confidence: 7%

BEL offers a compelling defence-sector growth story with 28% ROE, debt-free balance sheet, and 16% TTM sales growth backed by 85% analyst buy ratings. However, the stock trades at a demanding 50.7x PE and 12.8x PB, which limits near-term upside and warrants a measured entry strategy.

Key Fundamentals

LargecapEngineeringAerospace & Defense
Market Cap
3.0L Cr
Volatility
Moderate
P/E Ratio
49.12
EBITDA
₹8,049 Cr
Return on Equity
24.13%
Debt to Equity
0
Book Value
₹32.82
EPS
₹5.8
52W High
₹473.45
52W Low
₹361.2

Technical Indicators

Key Insights

Strengths

4
  • Company is almost debt free.
  • Company has delivered good profit growth of 23.6% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 27.8%
  • 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
12.64% ↘
Net Income Growth
13.27% ↘
Cash Flow Change
-87.41% ↘
ROE
9.61% ↘
ROCE
11.92% ↘
EBITDA Margin (Avg.)
-7.57% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 14h ago
BUY
Risk medium

BEL offers a compelling defence-sector growth story with 28% ROE, debt-free balance sheet, and 16% TTM sales growth backed by 85% analyst buy ratings. However, the stock trades at a demanding 50.7x PE and 12.8x PB, which limits near-term upside and warrants a measured entry strategy.

Bull Case 8
  • Exceptional ROE of 28% in the last year and 26% average over 5 years, well above cost of equity for a PSU defence firm
  • Virtually debt-free balance sheet gives financial flexibility to fund large capex for new defence programs without dilution risk
  • Compounded profit CAGR of 27% over 3 years demonstrates strong operating leverage on a growing order book
  • 85.19% of analysts (23 out of 27) rate the stock a Buy, reflecting high conviction in the defence capex upcycle
  • Consistent 14% compounded sales growth over 10 years provides a long and visible revenue runway tied to government spending
  • Stock has delivered 52% CAGR over 3 years and 48% over 5 years, demonstrating sustained momentum and re-rating
  • Healthy dividend payout ratio of 34.5% with 0.46% yield offers income alongside growth, unusual for a high-growth PSU
  • Market cap of Rs 3.06 lakh crore reflects large-cap institutional comfort with ample liquidity for FII and DII participation
Bear Case 8
  • PE ratio of 50.7x is extremely rich for a PSU and implies near-flawless execution is already priced in
  • Price-to-book of 12.8x leaves minimal margin of safety if order inflows disappoint even marginally
  • Working capital days have deteriorated sharply from 79.4 days to 135 days, signalling cash conversion stress
  • High debtor days of 170 days expose the company to collection risk from government payment cycles
  • TTM profit growth of 14% trails the 3-year CAGR of 27%, suggesting growth momentum may be decelerating
  • 1-year stock CAGR of 0% indicates the market has paused re-rating, and further upside needs fresh earnings catalysts
  • Only 11.11% sell ratings (3 analysts) but the consensus target likely already reflects known order wins, limiting surprise potential
  • Dividend yield of just 0.46% offers negligible downside protection at current elevated valuations

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 1
  • Stock looks oversold near lows Jun 17

    BEL has fallen to previous monthly swing lows with highest call base at 420, suggesting resistance overhead. ICICI Securities notes significant FII outflows in equity cash and aggressive short positions in index futures.

Positives 4
  • Rs 1081 crore new orders Jun 22

    BEL secured orders worth Rs 1081 crore since May 25, 2026, for communication equipment, radars, and avionics systems.

  • Rs 608 crore orders earlier May 25

    BEL received orders worth Rs 608 crore since May 5, 2026, covering diverse defence and electronics segments. Combined with June orders, total recent order inflow exceeds Rs 1689 crore.

  • Short-term buy recommendation Jun 17

    ICICI Securities recommends BEL futures buy at Rs 405-412 with targets of Rs 425 and Rs 435, noting the stock is oversold with strong put support at 400-420 strikes.

  • Subcontracting ecosystem growing Jun 2

    BEL awarded Rs 52.82 crore electro-optics order to Paras Defence with September 2027 delivery, indicating healthy execution pipeline and supply chain activity.

Neutral 3
  • Rs 21.24 crore block trade Jun 2

    Institutional block trade of approximately 5.27 lakh shares executed at Rs 403.25 per share on NSE, totalling Rs 21.24 crore with limited market impact.

  • Investor meet on Jun 25 Jun 19

    BEL management will participate in a Group Investor Meet organized by Kotak Securities on June 25, 2026, in Mumbai.

  • Two GMs retire May 31 Jun 1

    Shri Jitendra Singh and Shri J Prabhakara Rao superannuated from BEL effective May 31, 2026, as part of routine management transitions.

TL;DR: BEL continues to demonstrate strong order momentum with Rs 1689+ crore in new orders over the past seven weeks across defence communication, radar, and avionics segments. The stock is trading near monthly swing lows around Rs 405 and appears technically oversold, though FII selling pressure remains a near-term overhang. With crude oil declining and VIX at benign 13.4 levels, the broader macro backdrop is supportive. The trend in fundamentals (order inflows) remains positive, and a technical bounce toward Rs 425-435 is plausible if broader market strength holds.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
6,479
3,533
4,009
4,162
8,564
4,244
4,605
5,771
9,150
4,440
5,792
7,154
10,224
Expenses
4,647
2,860
2,995
3,090
6,277
3,295
3,205
4,101
6,334
3,201
4,090
5,027
7,243
Operating Profit
1,832
673
1,014
1,072
2,287
948
1,400
1,669
2,816
1,238
1,702
2,127
2,982
OPM %
28%
19%
25%
26%
27%
22%
30%
29%
31%
28%
29%
30%
29%
Other Income
66
140
137
167
225
204
158
186
195
163
154
139
110
Interest
2
1
2
1
4
1
1
1
6
1
2
2
2
Depreciation
114
109
108
107
119
108
111
111
138
121
126
135
173
PBT
1,782
703
1,041
1,132
2,390
1,043
1,445
1,744
2,867
1,279
1,728
2,128
2,917
Tax %
23%
25%
25%
25%
25%
25%
25%
25%
26%
25%
26%
26%
24%
Net Profit
1,382
539
790
860
1,797
791
1,093
1,312
2,127
969
1,287
1,580
2,226
EPS in Rs
1.89
0.74
1.08
1.18
2.46
1.08
1.49
1.79
2.91
1.33
1.76
2.16
3.04
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
Expenses
5,913
5,961
6,864
8,361
9,255
10,209
10,895
12,024
13,645
15,217
16,932
19,561
Operating Profit
1,179
1,393
1,792
2,039
2,909
2,759
3,214
3,344
4,090
5,051
6,837
8,049
OPM %
17%
19%
21%
20%
24%
21%
23%
22%
23%
25%
29%
29%
Other Income
507
573
420
196
73
99
125
232
281
670
742
566
Interest
7
10
18
6
16
8
10
9
19
12
13
7
Depreciation
166
192
212
272
338
372
387
401
429
443
467
556
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
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
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
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
20,484
Total Liabilities
15,729
18,605
17,600
18,965
20,821
24,351
29,492
33,912
35,490
39,524
40,824
44,538
Fixed Assets
1,073
1,232
1,501
1,839
2,298
2,713
2,652
2,675
2,963
3,035
3,419
4,366
CWIP
140
430
743
940
849
828
883
1,006
855
894
1,052
486
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
38,886
Total Assets
15,729
18,605
17,600
18,965
20,821
24,351
29,492
33,912
35,490
39,524
40,824
44,538
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
587
1,541
Investing
-839
-1,470
3,115
-6
-896
-649
-2,595
-4,872
2,708
-5,924
617
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
-422
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%
37%

Shareholding Pattern

As of Mar 2026
Promoters 51.14%
DIIs 19.99%
FIIs 19.50%
Public 8.08%
Others 1.29%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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%
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%
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%
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%
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%
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%
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

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 Industrials sector within the Aerospace & Defense 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 ₹301016.69 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 49.12. 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 0.47%. 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 24.13%. 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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