Bharat Electronics logo

Bharat Electronics

BEL NSE

Key Fundamentals

LargecapEngineeringAerospace & Defense
Market Cap
2.9L Cr
Volatility
Moderate
P/E Ratio
48.14
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
₹373.05

Tapetide 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 12.3 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% lower than 3Y
Net Income Growth
13.93% lower than 3Y
Cash Flow Change
173% higher than 3Y
ROE
-5.14% lower than 3Y
ROCE
-5.46% lower than 3Y
EBITDA Margin (Avg.)
-1.07% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Bharat Electronics Ltd is a ₹2,93,743 Cr market cap defence PSU trading at a P/E of 47.9x and P/B of 12.3x. The company has delivered 27% 3-year ROE, 23.5% CAGR profit growth over 5 years, and remains almost debt-free, but faces elevated valuations and deteriorating working capital metrics with debtor days at 170.

Bull Case 7
  • Almost debt-free balance sheet provides significant financial flexibility and resilience against interest rate cycles
  • Consistent ROE track record of 28% over 3 years, 26% over 5 years, and 24% over 10 years reflects strong capital efficiency
  • Compounded profit growth of 27% CAGR over 3 years and 24% over 5 years demonstrates sustained earnings momentum
  • TTM sales growth of 20% outpaces the 10-year compounded sales CAGR of 14%, indicating accelerating top-line expansion
  • Healthy dividend payout ratio of 34.5% with a 0.62% yield signals shareholder-friendly capital allocation despite growth reinvestment needs
  • Stock CAGR of 45% over 3 years and 44% over 5 years reflects strong market re-rating aligned with India's rising defence spending
  • 10-year compounded sales CAGR of 14% and profit CAGR of 16% demonstrate long-term business durability across defence procurement cycles
Bear Case 8
  • P/E of 47.9x is significantly elevated for a defence PSU, pricing in substantial future growth and leaving limited room for disappointment
  • P/B of 12.3x is extremely high, suggesting the stock trades at a steep premium to its net asset base
  • Working capital days have surged from 79.4 to 135 days, indicating deteriorating cash conversion efficiency
  • Debtor days at 170 reflect heavy dependence on government payment cycles, tying up significant capital in receivables
  • TTM profit growth of 12% has decelerated sharply from the 3-year CAGR of 27%, signalling potential margin compression or lumpy order execution
  • Dividend yield of just 0.62% offers minimal income cushion relative to the elevated valuation multiple
  • 1-year stock CAGR of only 5% versus 45% over 3 years suggests the re-rating cycle may be maturing
  • As a government-controlled entity, BEL remains exposed to policy shifts, order book timing uncertainties, and bureaucratic procurement delays

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 3
  • Crude spike hits market sentiment Sep 9

    Brent crude neared $100/bbl on Middle East tensions, dragging Nifty 50 down 0.56% to 23,511 and Sensex down 0.60% to 75,123. FII net short positions rose to 2.5 lakh contracts with Nifty support at 23,500.

  • Sequential Q1 FY27 profit decline Aug 26

    BEL's Q1 FY27 net profit fell 52.4% QoQ to ₹1,048 crore from ₹2,203 crore in Q4 FY26, while EBITDA margin narrowed to 25.03% from 29.16% QoQ despite 25.3% YoY revenue growth.

  • Stock volatile after March peak Aug 26

    BEL hit an all-time high of ₹473 in March but closed four of the next five months in the red, reflecting persistent volatility despite a 5% recovery in August.

Positives 5
  • ₹730 Cr orders across verticals Aug 26

    BEL secured ₹730 crore in diversified orders since Aug 10 covering radars, avionics, cyber security, EVMs and medical electronics — the third major order win in August 2026 alone.

  • Strong order pipeline in 2026 Aug 26

    BEL disclosed ₹3,378 crore in orders over the last 3 fiscal quarters, with ₹847 crore in late July, ₹1,081 crore in June, and ₹541 crore on Aug 10. Annual revenue grew from ₹15,600 crore in FY22 to ₹28,176 crore in FY26.

  • Q1 FY27 YoY revenue up 25% Aug 26

    Revenue rose 25.3% YoY to ₹5,533 crore in Q1 FY27 and net profit grew 8.2% YoY to ₹1,048 crore, with trailing twelve-month OPM at 28.3%.

  • FY26 dividend payout confirmed Sep 8

    BEL confirmed ₹0.55 per share final dividend for FY26 with payout date set for September 9, 2026.

  • F&O buy recommendation Sep 9

    ICICI Securities recommended BEL futures at ₹410-415 with targets of ₹430-445 and stop loss at ₹395, signaling near-term upside potential.

Neutral 3
  • 72nd AGM approves dividend, directors Aug 28

    BEL's 72nd AGM on Aug 28 approved the ₹0.55/share final dividend, reappointed directors, and ratified cost auditor fees.

  • New independent director appointed Aug 18

    Partha Pratim Pathak was appointed independent director for a 3-year term from Aug 18, 2026, bringing environmental and waste management expertise to BEL's board.

  • Two directors added to AGM agenda Aug 18

    BEL issued an addendum proposing Ambrish Tripathi and Anoop Kumar Rai as directors, with resolutions to be voted on via e-voting at the 72nd AGM.

TL;DR: BEL continues to execute well on order wins with ₹730 crore secured in late August alone and strong 25% YoY revenue growth in Q1 FY27, supported by diversification across defence and non-defence segments. Key risks include sequential margin compression (EBITDA margin dropped to 25% from 29% QoQ), stock volatility after the ₹473 March peak, and macro headwinds from rising crude oil prices weighing on broader market sentiment. The steady order flow and expanding presence in cyber security and avionics suggest the medium-term trend remains constructive, though near-term price action depends on crude oil trajectory and whether the Nifty 23,500 support holds.

Quarterly Results

Particulars 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

Particulars 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

Particulars 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

Particulars 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

Particulars 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%

Insights

Beta

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

Log in to view Bharat Electronics insights

65 extracted metrics + investor summaries across FY10–FY27.

Log in — free

Shareholding Pattern

Others1.32%Promot.51.14%Public8.50%FIIs18.02%DIIs21.02%As ofJun 2026

Documents

Frequently Asked Questions about Bharat Electronics

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 trades as BEL on the NSE and under code 500049 on the BSE.
Which sector does Bharat Electronics Ltd belong to?
Bharat Electronics Ltd is classified under the Aerospace & Defense sector, in the Engineering industry.
What is the market capitalisation of Bharat Electronics Ltd?
Bharat Electronics Ltd has a market capitalisation of ₹2,93,743 Cr, which places it in the Large Cap band.
What is the PE ratio of Bharat Electronics Ltd?
Bharat Electronics Ltd trades at a PE ratio of 48.14, on earnings per share of ₹5.8, against a book value of ₹32.82 per share.
What is the 52-week high and low of Bharat Electronics Ltd?
Over the last 52 weeks Bharat Electronics Ltd has traded between ₹373.05 and ₹473.45.
Does Bharat Electronics Ltd pay dividends?
Bharat Electronics Ltd has a dividend yield of 0.62%.
What is the Return on Equity (ROE) of Bharat Electronics Ltd?
Bharat Electronics Ltd reported a return on equity of 25.09%. Its debt-to-equity ratio is 0.00.

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

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/BEL.md for Bharat Electronics Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our MCP server.

Explore More

More in Aerospace & Defense → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List