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Bharat Electronics

BEL NSE
₹398.00 +17.90 (+4.71%)
P/E
45.49
View as Markdown
MCP
Close 4 Nov 2026 ₹398.00 −10.80 −2.64% 1Y
Start ₹408.80

Key Fundamentals

LargecapAerospace & DefenseCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
36.40%
Debt to Equity
0.00
EPS (TTM)
₹8.75
Book Value
₹35.92
Market Cap
—
P/E (TTM)
45.49
P/B
11.08
ROE
27.40%
Dividend Yield
0.66%
EBITDA
₹8,615 Cr
52W High
₹473.45
52W Low
₹354.55
Day Range
₹380.05 – ₹399.15
Volume
2,35,41,317

Peer Comparison

Industrials › Aerospace & Defense

Bharat Electronics peer comparison
Hindustan Aeronautics
₹5,079.1036.44₹3,35,230 Cr8.280.91%24.00%32.00%₹33,785 Cr₹9,322 Cr
Bharat Electronics (this company)
₹398.0045.49₹2,84,935 Cr11.080.66%27.40%36.40%₹30,253 Cr₹6,401 Cr
Bharat Dynamics
₹1,075.0075.65₹37,987 Cr9.290.48%10.20%13.90%₹2,766 Cr₹521 Cr
Garden Reach Shipbuilders
₹2,143.4030.66₹24,395 Cr9.350.92%31.60%42.80%₹7,507 Cr₹801 Cr
Data Patterns
₹4,078.0085.21₹22,179 Cr13.150.25%15.20%21.90%₹941 Cr₹267 Cr
Sigma Advanced System
₹938.70103.38₹17,375 Cr18.900.00%−4.03%11.70%₹861 Cr₹166 Cr
Aequs
₹219.59—₹14,236 Cr10.570.00%−9.96%1.69%₹1,370 Cr−₹171 Cr
Median 7 companies₹1,075.0060.57₹24,395 Cr10.570.48%15.20%21.90%₹2,766 Cr₹521 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

53 Average

Data confidence 100/100

Category scores

Quality
69
Strong
Returns, margins, earnings quality 22% weight
Valuation
55
Good
Cheap vs sector & own history 24% weight
Growth
59
Good
Sales & profit trajectory 9% weight
Financial Health
73
Strong
Solvency, leverage, coverage 9% weight
Momentum
19
Poor
Trend strength, vol-adjusted 12% weight
Ownership
46
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 10.3 times its book value
  • Company has high debtors of 170 days.
  • Working capital days have increased from 79.4 days to 135 days

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish6310
OscillatorsNeutral333
Moving AveragesStrong Bullish307

Key readings

RSI (14)
64.47
Neutral
MACD (12,26,9)
−2.20
Bullish
SMA (50)
389.01
Bullish
SMA (200)
415.11
Bearish

As of

Analyst Rating

Based on 30 analysts
BUY97%

29 of 30 analysts rate Buy, 0 Hold, 1 Sell.

As of

BUY
29
97%
HOLD
0
0%
SELL
1
3%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+14.14%
5Y+14.37%
3Y+15.90%
1Y+16.16%
TTM+20.28%

Net profit

Net profit growth by window
10Y+16.32%
5Y+23.62%
3Y+26.62%
1Y+13.88%
TTM+12.40%

Operating cash flow

Operating cash flow growth by window
10Y−3.76%
5Y−21.27%
3Y+8.72%
1Y+173.23%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+10.23 pp
5Y+6.39 pp
3Y+6.11 pp
1Y+0.41 pp
TTM−1.30 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹8,656 Cr
Mar 2018₹10,401 Cr
Mar 2019₹12,164 Cr
Mar 2020₹12,968 Cr
Mar 2021₹14,109 Cr
Mar 2022₹15,368 Cr
Mar 2023₹17,734 Cr
Mar 2024₹20,268 Cr
Mar 2025₹23,769 Cr
Mar 2026₹27,610 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹1,523 Cr
Mar 2018₹1,431 Cr
Mar 2019₹1,887 Cr
Mar 2020₹1,825 Cr
Mar 2021₹2,100 Cr
Mar 2022₹2,400 Cr
Mar 2023₹2,986 Cr
Mar 2024₹3,985 Cr
Mar 2025₹5,323 Cr
Mar 2026₹6,062 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹2,345 Cr +5.3% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

Bharat Electronics Ltd trades at ₹380.10 as of 2026-11-03 with a market cap of ₹2,76,748 crore, a trailing PE of 43.44x, and zero debt on its balance sheet. The company has compounded profits at 24% over five years with a three-year average ROE of 28%, though the stock trades at 10.58x book value and working capital days have risen from 79.4 to 135 days.

Bull Case 8
  • The company is virtually debt-free with a debt-to-equity ratio of 0, giving it significant financial flexibility and resilience through business cycles.
  • Return on equity stands at 25.09% (TTM) with a three-year average of 28% and a ten-year average of 24%, reflecting consistently high capital efficiency.
  • Return on capital employed of 31.88% indicates the company generates strong returns well above typical cost-of-capital benchmarks.
  • Compounded profit growth of 24% over five years and 27% over three years demonstrates a sustained earnings acceleration trajectory.
  • Revenue growth of 20% on a TTM basis outpaces the five-year compounded sales growth of 14%, suggesting improving top-line momentum.
  • The stock has delivered a 10-year CAGR of 25% and a five-year CAGR of 41%, reflecting long-term wealth creation for shareholders.
  • A healthy dividend payout ratio of 34.5% shows the company balances growth reinvestment with consistent shareholder returns, yielding 0.66% at the current price.
  • As a leading defence electronics manufacturer, BEL benefits from India's rising indigenous defence procurement budgets and policy push for self-reliance in defence equipment.
Bear Case 8
  • The stock trades at a PE of 43.44x on a TTM basis, which is elevated and leaves limited room for earnings disappointment.
  • Price-to-book of 10.58x is steep for an industrials company, implying the market has priced in significant future growth.
  • TTM profit growth has decelerated to 12% compared to the three-year CAGR of 27%, signalling a potential slowdown in earnings momentum.
  • Debtor days stand at 170 days, indicating significant delays in receivable collection, which is typical of government-dependent businesses but ties up working capital.
  • Working capital days have expanded sharply from 79.4 to 135 days, putting pressure on free cash flow generation despite strong reported profits.
  • The stock is down 13% over the past one year and trades roughly 20% below its 52-week high of ₹473.45, indicating ongoing price weakness.
  • A dividend yield of only 0.66% offers minimal income cushion for investors in a period of elevated interest rates.
  • Heavy dependence on government defence orders exposes the company to risks from budgetary delays, order deferrals, and policy shifts in defence spending.

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

AI News Digest

9h ago

TL;DR: BEL delivered a strong Q2 FY27 with revenue and profit beating estimates, supported by a ₹68,720 crore order book and a dramatic cash flow turnaround. Key risks center on margin compression from rising material costs (gross margins fell to 45.8% from 51%) and the delayed ~₹30,000 crore QRSAM order that underpins FY27 inflow guidance. The stock has rebounded sharply from its October lows but still trades at a premium valuation of 40x FY27E earnings. The trend is improving near-term on strong results and brokerage upgrades, but margin recovery and QRSAM order confirmation remain the critical catalysts to watch through March 2027.

Headwinds 5
  • QRSAM ₹30K cr order delayed Nov 4

    The ~₹30,000 crore QRSAM order, which accounts for over half of BEL's FY27 order inflow guidance of ₹55,000 crore, has faced procedural delays from the Ministry of Defence and is now expected by March 2027.

  • Base order inflows down 31% Nov 4

    Base order inflows fell 31% YoY in Q2 FY27, with only ₹3,800 crore of inflows during the quarter as MoD ordering is yet to ramp up meaningfully.

  • Margin compression on cost pressure Nov 4

    EBITDA margin contracted ~140-156 bps YoY to ~28% in Q2 FY27, with gross margin falling to 45.8% from 51% as raw material costs rose to 54% of sales from 48%. H1 FY27 operating margin of 26.6% trails the 28% full-year guidance.

Positives 7
  • Q2 FY27 beats estimates across metrics Nov 4

    Q2 FY27 revenue grew 27% YoY to ₹7,291 crore (beating ₹6,528 crore estimate), net profit rose 19.8% YoY to ₹1,541 crore (beating ₹1,345 crore consensus), and H1 FY27 revenue grew 26% to ₹12,824 crore.

  • ₹68,720 cr order book intact Nov 4

    Order book stood at ₹68,720 crore at end of Q2 FY27, representing 2.3x trailing 12-month sales and providing strong multi-year revenue visibility.

  • Cash flow turns sharply positive Nov 4

    Operating cash flow swung to ₹1,470 crore in H1 FY27 from an outflow of ₹880 crore in H1 FY26. Free cash flow reached ₹940 crore vs negative ₹1,330 crore a year ago.

Neutral 3
  • Authorised share capital raised Oct 13

    Board approved increasing authorised share capital from ₹750 crore to ₹1,000 crore (99.75% shareholder approval in August), but no linked bonus, rights issue, or fundraise has been announced.

  • ₹661 cr BrahMos Navy contract signed Oct 6

    Defence Ministry signed a ₹661.50 crore contract with BrahMos Aerospace for fire-control systems and launchers for Navy ships, supporting the broader defence electronics ecosystem.

  • R&D spend above ₹2,200 cr guided Nov 4

    BEL projected R&D spending above ₹2,200 crore for FY27, with capacity expansion underway at Palasamudram, Chitrakoot, and Vellore facilities for diversified and new product lines.

Quarterly Results

₹ Cr
BEL quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
4,009
4,162
8,564
4,244
4,605
5,771
9,150
4,440
5,792
7,154
10,224
5,547
7,328
Expenses
2,995
3,090
6,277
3,295
3,205
4,101
6,334
3,201
4,090
5,027
7,243
4,159
5,287
Operating Profit
1,014
1,072
2,287
948
1,400
1,669
2,816
1,238
1,702
2,127
2,982
1,388
2,041
OPM %
25%
26%
27%
22%
30%
29%
31%
28%
29%
30%
29%
25%
28%
Other Income
137
167
225
204
158
186
195
163
154
139
110
170
187
Interest
2
1
4
1
1
1
6
1
2
2
2
1
3
Depreciation
108
107
119
108
111
111
138
121
126
135
173
161
171
PBT
1,041
1,132
2,390
1,043
1,445
1,744
2,867
1,279
1,728
2,128
2,917
1,396
2,054
Tax %
25%
25%
25%
25%
25%
25%
26%
25%
26%
26%
24%
25%
25%
Net Profit
790
860
1,797
791
1,093
1,312
2,127
969
1,287
1,580
2,226
1,055
1,540
EPS (₹)
1.08
1.18
2.46
1.08
1.49
1.79
2.91
1.33
1.76
2.16
3.04
1.44
2.11

Profit & Loss

₹ Cr
BEL profit and loss, annual, ₹ crore
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
30,253
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
21,715
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
8,538
OPM %
17%
19%
21%
20%
24%
21%
23%
22%
23%
25%
29%
29%
28%
Other Income
507
573
420
196
73
99
125
232
281
670
742
566
605
Interest
7
10
18
6
16
8
10
9
19
12
13
10
7
Depreciation
166
192
212
272
338
372
387
401
429
443
467
556
640
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
8,496
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
6,401
EPS (₹)
1.51
1.69
2.07
1.96
2.58
2.5
2.87
3.28
4.08
5.45
7.28
8.29
8.75
Div. Payout %
20%
31%
33%
34%
44%
37%
46%
46%
44%
40%
33%
30%
—

Balance Sheet

₹ Cr
BEL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
80
240
223
244
244
244
244
244
731
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
25,528
Borrowings
25
28
64
80
34
8
3
53
61
63
61
65
85
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
19,204
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
45,548
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
4,573
CWIP
140
430
743
940
849
828
883
1,006
855
894
1,052
731
481
Investments
0
462
491
937
964
1,110
1,306
1,572
650
682
743
800
842
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
39,652
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
45,548

Cash Flow

₹ Cr
BEL cash flow, annual, ₹ crore
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/EBITDA
152
193
33
0
79
114
175
150
55
120
33
44

Ratios

BEL financial ratios, annual
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 across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 51.14%
  • DIIs 21.88%
  • FIIs 16.98%
  • Public 8.65%
  • Others 1.35%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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
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 Industrials sector, in the Aerospace & Defense industry.
What is the PE ratio of Bharat Electronics Ltd?
Bharat Electronics Ltd trades at a PE ratio of 45.49 as of 4 Nov 2026, on earnings per share of ₹8.75, against a book value of ₹35.92 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 ₹354.55 and ₹473.45 as of 4 Nov 2026.
Does Bharat Electronics Ltd pay dividends?
Bharat Electronics Ltd has a dividend yield of 0.66%.
What is the Return on Equity (ROE) of Bharat Electronics Ltd?
Bharat Electronics Ltd reported a return on equity of 27.40%. 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

Website bel-india.in
CEO Mr. Manoj Jain
Employees 11,199
Listed 19 Jul 2000
Face Value ₹1

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