Bharat Electronics
Bharat Electronics
Aerospace & Defense F&OKey Fundamentals
LargecapEngineeringAerospace & DefenseTapetide Score
Data-driven rating, 0–100. How it works →
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 11.7 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
AI Analysis — Bull vs Bear
Bharat Electronics Ltd is a large-cap defence electronics PSU with a market capitalisation of about ₹2,86,909 crore. Over three years it has compounded sales at 16% and profit at 27%, and ROE has held between 24% and 28% across 3, 5 and 10-year periods. The stock trades at 46.7x earnings and 11.98x book value. TTM profit growth of 12% is lagging TTM sales growth of 20%, and receivables and working capital days have risen noticeably.
- ROE has stayed consistent: 24% over 10 years, 26% over 5 years, 28% over 3 years and 27% last year. That is high, lasting capital efficiency for a state-owned manufacturer.
- Profit growth has sped up over time, from a 16% 10-year CAGR to 24% over 5 years and 27% over 3 years, showing operating leverage as the business scaled.
- The company is almost debt-free, so returns are not boosted by leverage. That also leaves balance-sheet room for capex or working capital needs with little interest burden.
- Sales growth is picking up. TTM revenue growth of 20% is above the 3-year (16%), 5-year (14%) and 10-year (14%) CAGRs, which suggests order execution is accelerating.
- Shareholders have been well rewarded over the long run: 42% stock CAGR over both 3 and 5 years, and 26% over 10 years.
- A dividend payout of 34.5% of profits shows the company returns cash to shareholders while still keeping about two-thirds of earnings to fund growth.
- With a market cap near ₹2,86,909 crore, BEL is one of the largest listed Indian defence companies, with the scale and track record to take part in large domestic procurement programmes.
- At 46.7x earnings, the earnings yield is about 2.1%. That leaves little room for disappointment if growth slows from the 27% 3-year profit CAGR.
- A price-to-book of 11.98x is high even against a 27% ROE. It implies a return of roughly 2.3% on the price paid for book value, so the valuation depends on sustained high growth.
- Working capital days have risen from 79.4 to 135, meaning much more capital is tied up in operations. This could weigh on cash conversion and free cash flow.
- Debtor days of 170 show long receivable cycles, likely tied to government and defence customers. Collections depend on how budgets are released and when payments are made.
- TTM profit growth of 12% is well below TTM sales growth of 20%, pointing to margin pressure or a less favourable execution mix in the most recent period.
- Profit growth has slowed from the 27% 3-year CAGR to 12% TTM, which may be a sign that the recent pace of earnings growth is moderating.
- The stock's 1-year return of -1% is far below its 42% 3-year CAGR. After the earlier rerating, price momentum has stalled.
- A dividend yield of 0.64% gives little income support at current valuations, even with a 34.5% payout ratio.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Stock slides toward 52-week low Sep 15
BEL fell 4.2% intraday to ₹388.20 even after the DAC cleared ₹1.1 lakh crore in deals. The stock is down 5.5% over 1 month and 12% over 6 months, close to its 52-week low of ₹380.45 and well below its 52-week high of ₹473.45.
- EBITDA margin contracts 100 bps Sep 17
Q1 EBITDA margin fell to 25.1% from 26.1% a year ago. Cost of materials rose 55% YoY to ₹3,041.23 crore, and PAT grew only 9% while revenue grew 25%.
- Crude, Fed hike weigh on markets Sep 15
Brent hit $107 after Houthi attacks damaged a Saudi pipeline, the Fed raised rates by 25 bps and signalled more tightening, and India's August retail inflation reached an 8-month high. This raises the risk of an RBI rate hike.
- Weak Nifty structure, FII shorts rising Sep 9
ICICI Securities noted the Nifty is making lower highs and lower lows after breaking 24,000, with FII net shorts at 2.5 lakh contracts. Support is at 23,500, and a break could take the index to 23,000.
- ₹648 Cr fresh order wins Sep 17
BEL won ₹648 crore of orders since Aug 26, covering laser IR jammers, cybersecurity, thermal imagers, TR modules and AI software. Earlier wins were ₹730 crore (Aug 26), ₹541 crore (Aug 10) and ₹847 crore (Jul 31).
- Q1 revenue up 25%, beats estimates Sep 17
Revenue rose 25% YoY to ₹5,546.98 crore against a Street estimate of ₹5,100 crore. Consolidated PAT rose 9% to ₹1,054.34 crore and EBITDA grew 12.1% to ₹1,389.2 crore.
- DAC clears ₹1.1 lakh crore in deals Sep 15
The Defence Acquisition Council cleared ₹1.1 lakh crore of new deals, with 98% going to Indian companies. Jefferies calls BEL the market leader in Indian defence electronics.
- ₹72,258 Cr order book Sep 17
The order book stood at ₹72,258 crore as of Jul 1, 2026, about 2.6x FY26 revenue, which gives multi-year revenue visibility.
- Strong analyst buy consensus Sep 17
Of 31 analysts covering BEL, 8 rate it strong buy, 21 buy and 2 sell. MF holding is 14.99% and FII holding is 18.02% as of Jun 30, 2026.
- Defence stocks lead Sep 17 rally Sep 17
Defence was among the top-gaining sectors, rising up to 1.6% as the Nifty closed 0.2% higher at 23,470 and crude dropped more than 4% to about $104/bbl.
- FY26 final dividend paid Sep 8
A final dividend of ₹0.55 per share was set for payment to eligible shareholders on Sep 9, 2026.
- ICICI Sec F&O long call Sep 9
ICICI Securities recommended buying BEL futures at ₹410-415 with targets of ₹430-445 and a stop loss of ₹395. The stock's drop to ₹388.20 on Sep 15 breached that stop loss.
- Authorised capital raised to ₹1,000 Cr Sep 17
BEL raised its authorised share capital to ₹1,000 crore from ₹750 crore, subject to shareholder approval. This could point to a future bonus issue or other capital action.
- No material Israel conflict impact Sep 17
BEL reviewed its contracts with Israel-based companies and found no material financial impact as of the results date.
- Rao & Emmar named statutory auditors Sep 11
The CAG appointed M/s Rao & Emmar, Chartered Accountants, as BEL's statutory auditors for FY2026-27.
TL;DR: BEL's fundamentals look solid: revenue grew 25% in Q1 and beat estimates, the ₹72,258 crore order book covers about 2.6x revenue, it keeps winning orders (about ₹2,766 crore since Jul 31), and the DAC's ₹1.1 lakh crore clearance supports the indigenisation story. The risks are a 100 bps margin squeeze from materials costs rising 55%, and a tougher macro backdrop of $100+ crude, Fed tightening and high inflation. Those pressures have pushed the stock down 12% over 6 months to near its 52-week low of ₹380.45. Order momentum is getting better but price momentum is still getting worse. A sustained move back above ₹395-410 and stable margins would be needed to confirm a rebound driven by the order pipeline.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
Profit & Loss
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | 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 |
| 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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65 extracted metrics + investor summaries across FY10–FY27.
Documents
Frequently Asked Questions about Bharat Electronics
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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]
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