Bharat Electronics Ltd logo

Bharat Electronics Ltd

BEL NSE

Key Fundamentals

LargecapEngineeringAerospace & Defense
Market Cap
2.9L Cr
Volatility
Moderate
P/E Ratio
47.74
EBITDA
₹8,049 Cr
Return on Equity
26.45%
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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Tapetide Score

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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 12.2 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 5d ago
AI opinion · based on fundamentals
Risk medium

Bharat Electronics Ltd is a debt-free defence PSU with a market cap of ₹2,85,228 Cr, trading at a PE of 46.1x and PB of 11.8x. The company has delivered 27% compounded profit CAGR over 3 years with consistent ROE of 28%, but faces working capital deterioration and elevated valuation multiples.

Bull Case 8
  • Company is almost debt-free, providing significant financial flexibility and low balance sheet risk
  • Strong 3-year ROE of 28% and 5-year ROE of 26%, indicating consistent high-quality capital allocation
  • Compounded profit growth of 27% CAGR over 3 years and 24% over 5 years, well ahead of sales growth
  • TTM sales growth of 20% shows continued revenue momentum and healthy order execution
  • Stock CAGR of 45-46% over 3 and 5 years reflects sustained re-rating driven by defence sector tailwinds
  • Healthy dividend payout ratio of 34.5% demonstrates shareholder-friendly capital return policy
  • 10-year compounded sales CAGR of 14% shows long-term structural growth in the defence electronics segment
  • As a government-owned defence electronics manufacturer, BEL benefits from India's indigenisation push and rising defence budgets
Bear Case 8
  • PE of 46.1x is elevated relative to historical averages, implying significant growth expectations are already priced in
  • Price-to-book of 11.8x is very high for a manufacturing PSU, leaving limited margin of safety
  • Working capital days have increased sharply from 79.4 days to 135 days, signalling deteriorating cash conversion
  • Debtor days stand at 170 days, indicating slow collections typical of government contracts but a cash flow risk
  • TTM profit growth of 12% has decelerated significantly from the 3-year CAGR of 27%, suggesting margin or growth compression
  • Dividend yield of just 0.5% offers minimal income support at current price levels
  • 1-year stock CAGR of only 3% versus 45% over 3 years suggests the re-rating cycle may be maturing
  • Heavy dependence on government defence orders creates concentration risk and potential for lumpy quarterly performance

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Positives 6
  • ₹10,000 Cr defence deal imminent Aug 5

    Government reportedly set to announce a ₹10,000 crore deal involving BEL and BDL, signalling a major defence procurement initiative.

  • Q1 FY27 revenue surges 25% Jul 27

    BEL reports Q1 standalone revenue of ₹5,533 crore (up 25% YoY) and PAT of ₹1,048 crore (up 8.2%). Board approves share capital increase to ₹1,000 crore.

  • BRSR report, Net Zero 2035 target Aug 5

    BEL publishes FY 2025-26 BRSR highlighting RE100 achievement and a Net Zero 2035 commitment, strengthening ESG credentials.

  • ₹847 Cr new order secured Jul 31

    BEL receives a fresh order worth ₹847 crore, adding to its already robust order book.

  • ₹572 Cr additional orders won Jul 14

    BEL secures orders worth ₹572 crore across communication equipment, avionics, encryptors, tank sub-systems, EVMs, and upgrades since Jun 22.

  • FY27 guidance reaffirmed >15% growth Jul 29

    Management maintains FY27 guidance of over 15% revenue growth and above 28% EBITDA margin despite leaner order inflow in Q1.

Neutral 4
  • 72nd AGM set for Aug 28 Aug 5

    BEL schedules its 72nd AGM on Aug 28, 2026 via video conferencing with dividend confirmation and director re-appointment on agenda.

  • 12 senior managers appointed Aug 1

    BEL appoints 3 Executive Directors and 9 General Managers effective Aug 1, 2026, following superannuation of Crd. (Retd.) K Kumar.

  • ₹23.72 Cr block trade on NSE Jul 29

    Approximately 6.19 lakh shares traded in a single block deal at ₹383.00 per share, indicating institutional activity.

  • Q1 FY27 conference call uploaded Jul 27

    BEL uploads investor conference call recording for the quarter ended Jun 30, 2026, in compliance with SEBI regulations.

TL;DR: BEL is firing on all cylinders with 25% revenue growth in Q1 FY27, a cumulative ₹1,419 crore in new orders (Jul), and a potential ₹10,000 crore government deal on the horizon. No material headwinds are visible; margins are guided above 28% and the order pipeline (QRSAM, Project Kusha) remains strong. ESG positioning is improving with a Net Zero 2035 commitment. The trend is clearly positive with defence capex tailwinds intact heading into H2 FY27.

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 ₹293049.03 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 47.74. 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 0.63%. 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 26.45%. 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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