Bharat Electronics Ltd

₹ 407 -2.67%

16 Jan 2:09 p.m.

🔗 Website | BSE: 500049 | NSE: BEL

Market Cap2,97,325

Current Price407

High / Low436

Stock P/E52.3

Book Value29.1

Dividend Yield0.57

ROCE39.4

ROE29.5

ABOUT

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]

Stock Analysis

Description

Bharat Electronics Limited (BEL) is a prominent Indian state-owned company specializing in electronics, aerospace, and defence equipment, operating under the Ministry of Defence.

Key Growth Triggers

Continuous inflow of large orders from defence and government contracts, bolstering its order book and revenue visibility.
Focus on indigenous technology development and collaborations (e.g., with DRDO).
Strong financial performance and reaffirmed growth guidance for FY26.

Order Book

Order book exceeded ₹74,000 crore as of October 1, 2025. Total new orders disclosed in H2 2025 and early 2026 amounted to over ₹3,500 crore.

Key Red Flags

Currently no data available for Key Red Flags.

Key Dates To Watch

December 31, 2025: Quarter end for which SEBI certificate was filed.
January 9, 2026: Date of SEBI filing notification.
January 28, 2026: Board meeting scheduled to approve Q3 and 9M FY26 results.

Peer Comparison

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Bharat Electron	406.75	52.26	297325.19	0.57	1286.13	17.86	5763.65	25.75	39.43	25056.31	29.44	5676.10	1286.13	13.82	13.25	0.00
2.	Hind.Aeronautics	4374.70	34.45	292569.00	0.90	1669.05	10.82	6628.61	10.92	33.88	32104.78	30.58	8469.33	1669.07	7.88	8.82	0.00
3.	Bharat Dynamics	1502.55	84.21	55077.87	0.31	215.88	76.19	1147.03	110.55	19.66	4004.08	14.19	654.13	215.88	13.16	4.94	0.00
4.	Garden Reach Sh.	2410.85	44.81	27616.77	0.57	153.79	57.30	1677.38	45.49	36.64	5900.30	9.56	616.41	153.79	12.07	5.02	0.01
5.	Data Pattern	2525.00	60.60	14135.94	0.31	49.19	62.45	307.46	237.79	21.00	920.04	33.05	233.43	49.19	9.12	12.18	0.00
6.	Zen Technologies	1301.55	47.52	11751.65	0.15	61.91	-6.29	173.57	-28.23	37.22	808.97	38.44	247.25	58.73	6.48	21.38	0.01
7.	Aequs	134.95		9050.61	0.00	-16.98	41.02	537.16	17.04	1.11	924.61	8.60	-63.19	-16.69		-3.37	1.10

Quarterly Results

Figures in Cr.

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	3,946	4,131	6,457	3,511	3,993	4,137	8,529	4,199	4,583	5,756	9,120	4,417	5,764
YOY Sales Growth %	7.79%	11.84%	2.08%	12.79%	1.2%	0.14%	32.09%	19.59%	14.78%	39.15%	6.93%	5.19%	25.75%
Expenses	3,090	3,278	4,632	2,846	2,989	3,087	6,249	3,262	3,195	4,103	6,331	3,177	4,068
Material Cost %	56.72%	58.48%	51.83%	56.52%	51.21%	51.66%	51.58%	54.55%	46.73%	51.99%	52.15%	46.76%	49.06%
Employee Cost %	15.09%	13.74%	8.65%	17.76%	14.86%	14.98%	7.39%	15.74%	14.18%	11.56%	8.31%	15.63%	13.21%
Operating Profit	856	853	1,825	664	1,004	1,049	2,280	937	1,389	1,653	2,789	1,240	1,695
OPM %	22%	21%	28%	19%	25%	25%	27%	22%	30%	29%	31%	28%	29%
Other Income	75	57	68	142	171	223	221	202	167	205	194	164	159
Exceptional items	—	—	—	—	—	—	—	—	—	—	—	—	—
Other income normal	75	57	68	142	171	223	221	202	167	205	194	164	159
Interest	2	10	2	1	2	1	4	1	1	1	6	1	2
Depreciation	104	101	109	101	100	100	111	100	103	103	130	113	118
Profit before tax	825	800	1,781	704	1,073	1,172	2,386	1,037	1,451	1,754	2,848	1,289	1,734
Tax %	26%	25%	23%	25%	24%	24%	25%	25%	25%	25%	26%	25%	26%
Net Profit	611	599	1,365	531	812	893	1,784	776	1,091	1,316	2,105	969	1,286
EPS in Rs	0.84	0.82	1.87	0.73	1.11	1.22	2.44	1.06	1.49	1.8	2.88	1.33	1.76

Profit & Loss

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	6,276	6,843	7,328	8,600	10,322	12,085	12,921	14,064	15,314	17,646	20,169	23,658	25,056
Sales Growth %	—	—	—	—	—	—	—	—	—	—	—	—	—
Expenses	5,382	5,695	5,953	6,834	8,319	9,219	10,187	10,880	12,001	13,595	15,167	16,888	17,679
Material Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Raw material cost	—	—	—	—	—	—	—	—	—	—	—	—	—
Change in inventory	—	—	—	—	—	—	—	—	—	—	—	—	—
Manufacturing Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Employee Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating Profit	894	1,148	1,375	1,766	2,003	2,865	2,734	3,184	3,313	4,051	5,003	6,770	7,378
OPM %	14%	17%	19%	21%	19%	24%	21%	23%	22%	23%	25%	29%	29%
Other Income	429	479	537	471	200	170	102	126	234	360	756	768	722
Exceptional items	—	—	—	—	—	—	—	—	—	—	—	—	—
Other income normal	—	—	—	—	—	—	—	—	—	—	—	—	—
Interest	6	6	8	16	5	15	7	9	8	18	12	12	10
Depreciation	142	154	172	192	251	316	350	366	380	408	412	436	464
Profit before tax	1,175	1,467	1,732	2,029	1,948	2,703	2,479	2,935	3,158	3,985	5,335	7,090	7,625
Tax %	21%	20%	25%	24%	28%	29%	28%	30%	26%	25%	25%	25%	—
Net Profit	932	1,167	1,307	1,548	1,399	1,927	1,794	2,065	2,349	3,007	4,020	5,288	5,676
Exceptional items AT	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit excl Excep	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit for PE	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit for EPS	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS in Rs	1.18	1.47	1.65	2.1	1.91	2.64	2.45	2.83	3.21	4.11	5.5	7.23	7.77
Dividend Payout %	20%	20%	31%	32%	35%	43%	38%	47%	47%	44%	40%	33%	—

Balance Sheet

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	80	80	240	223	244	244	244	244	244	731	731	731	731
Reserves	6,937	7,805	8,744	7,285	7,517	8,775	9,609	10,564	11,741	12,851	15,351	18,967	20,557
Borrowings	-0	-0	-0	50	67	33	8	3	53	61	63	61	59
Long term Borrowings	0	0	0	17	33	0	0	0	0	0	0	0	0
Short term Borrowings	—	—	—	—	—	—	—	—	—	—	—	—	—
Lease Liabilities	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Borrowings	0	0	0	33	33	33	8	0	0	0	0	0	—
Other Liabilities	7,514	7,317	9,141	9,598	11,028	11,411	14,050	18,243	21,413	21,411	23,011	20,659	21,159
Trade Payables	1,197	1,126	1,161	1,331	1,401	1,435	2,425	3,297	3,366	3,320	3,694	3,315	2,883
Advance from Customers	5,273	4,966	6,311	6,083	7,045	0	8,811	11,787	14,488	14,817	15,891	13,899	—
Other liability items	1,044	1,225	1,668	2,185	2,582	9,976	2,814	3,159	3,559	3,274	3,426	3,446	18,276
Total Liabilities	14,531	15,202	18,125	17,157	18,856	20,463	23,911	29,053	33,450	35,054	39,156	40,418	42,506
Fixed Assets	651	771	976	1,255	1,607	2,084	2,520	2,480	2,524	2,672	2,759	3,173	3,878
Land	30	30	113	121	134	142	344	345	354	354	354	363	—
Building	282	329	240	289	409	582	787	846	903	1,016	1,112	1,421	—
Plant Machinery	776	880	383	565	801	1,150	1,380	1,511	1,658	1,894	2,033	2,214	—
Equipments	418	451	211	223	331	483	537	591	664	775	921	1,125	—
Furniture & fittings	—	—	—	—	—	—	—	—	—	—	—	—	—
Vehicles	9	10	2	3	5	7	7	9	11	13	14	17	—
Intangible Assets	0	0	1	1	2	3	3	3	26	94	98	99	703
Other fixed assets	632	107	1	1	2	26	28	74	122	93	95	103	—
Gross Block	2,227	2,485	1,147	1,617	2,220	3,013	3,795	4,118	4,534	5,083	5,567	6,397	—
Accumulated Depreciation	1,576	1,714	170	362	613	929	1,275	1,638	2,010	2,411	2,808	3,223	—
CWIP	197	140	430	656	833	721	683	736	859	841	891	1,044	561
Investments	12	19	319	460	903	1,019	1,162	1,331	1,554	664	768	820	842
Other Assets	13,671	14,272	16,399	14,786	15,513	16,638	19,547	24,506	28,513	30,877	34,738	35,381	37,226
Inventories	3,302	3,372	4,133	4,857	4,551	4,414	3,910	4,915	5,540	6,406	7,408	9,070	10,145
Trade receivables	4,129	3,786	3,712	4,355	5,050	5,369	6,733	6,552	6,103	7,022	7,362	9,092	10,552
Receivables under 6m	2,320	1,483	3,712	4,355	5,050	5,369	6,733	6,552	6,103	4,300	5,341	6,514	—
Receivables over 6m	1,809	2,304	0	0	0	0	0	0	0	2,722	2,021	2,578	—
Prow for Doubtful	—	—	—	—	—	—	—	—	—	—	—	—	—
Cash Equivalents	4,564	5,882	7,165	3,790	739	884	1,558	5,008	7,499	8,009	10,968	9,397	8,007
Loans & Advances	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Assets items	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Assets	14,531	15,202	18,125	17,157	18,856	20,463	23,911	29,053	33,450	35,054	39,156	40,418	42,506

Cash Flows

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-695	1,349	2,249	-97	-789	1,466	2,533	5,103	4,161	1,155	4,648	480
Profit from operations	784	1,303	1,427	1,697	2,055	3,012	2,800	3,376	3,414	4,188	5,182	6,882
Receivables	-654	810	77	-643	-695	-320	-1,364	181	448	-919	-340	-1,730
Inventory	-99	-57	-764	-728	166	284	492	-992	-612	-845	-996	-1,662
Payables	-529	-370	43	169	71	34	990	872	69	-46	374	-379
Loans Advances	0	0	-50	5	7	0	7	53	4	0	-0	0
Other WC items	0	0	1,944	34	-1,742	-779	176	2,145	1,640	-308	1,841	-964
Working capital changes	-1,282	384	1,251	-1,163	-2,193	-780	301	2,260	1,550	-2,118	879	-4,734
Direct taxes	-198	-338	-429	-649	-677	-767	-568	-532	-802	-915	-1,413	-1,667
Cash from Investing Activity	872	-842	-1,485	3,148	41	-854	-639	-2,569	-4,861	2,782	-5,889	748
Fixed assets purchased	-253	-218	-658	-697	-779	-738	-743	-468	-553	-564	-647	-1,004
Fixed assets sold	6	2	6	2	1	32	16	1	7	2	5	3
Investments purchased	0	0	-242	-65	-426	-101	-114	-168	-223	0	-81	-37
Investments sold	0	0	0	0	0	0	0	0	0	890	0	0
Interest received	414	420	459	340	155	32	65	56	174	257	438	668
Redeemp Cnce of Shares	—	—	—	—	—	—	—	—	—	—	—	—
Acquisition of companies	0	0	0	0	-17	-14	-28	-2	0	0	-22	-15
Other investing items	703	-1,042	-995	3,591	1,104	-162	161	-1,993	-4,269	2,116	-5,676	1,102
Cash from Financing Activity	-212	-232	-316	-2,835	-1,201	-628	-1,059	-1,075	-1,077	-1,312	-1,474	-1,696
Redemption of debentures	—	—	—	—	—	—	—	—	—	—	—	—
Proceeds from borrowings	—	—	—	—	—	—	—	—	—	—	—	—
Repayment of borrowings	-0	0	0	0	0	-33	-25	-8	0	0	0	0
Interest paid fin	-3	-1	-0	-12	-1	-12	-3	-6	-5	-15	-7	-10
Dividends paid	-209	-220	-296	-677	-819	-546	-979	-1,023	-1,023	-1,242	-1,462	-1,681
Financial liabilities	0	0	0	0	0	0	-1	-2	-2	-4	-6	-6
Other financing items	0	-11	-20	-2,146	-380	-37	-50	-37	-47	-51	0	0
Net Cash Flow	-35	276	448	216	-1,948	-16	834	1,459	-1,777	2,625	-2,715	-467

Ratios

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	240	202	185	185	179	162	190	170	145	145	133	140
Inventory Days	335	329	397	405	303	272	202	230	228	239	256	272
Days Payable	121	110	112	111	93	89	125	154	138	124	128	99
Cash Conversion Cycle	454	421	470	479	388	346	267	246	235	261	262	313
Working Capital Days	88	55	10	64	128	136	120	47	3	29	17	85
ROCE %	18%	20%	21%	25%	25%	32%	26%	28%	28%	31%	36%	39%

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
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%
President Of India	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	17.34%	16.42%	17.35%	17.19%	17.77%	17.56%	17.43%	17.27%	17.34%	17.55%	18.56%	18.14%	18.51%
DIIs	25.04%	25.5%	24.84%	24.19%	23.37%	22.63%	20.62%	20.22%	20.94%	20.87%	20.6%	20.88%	20.47%
Government	—	—	—	—	—	—	—	—	—	—	—	—	—
Public	6.47%	6.95%	6.68%	7.49%	7.72%	8.66%	10.82%	11.37%	10.58%	10.43%	9.7%	9.84%	9.87%
Others	—	—	—	—	—	—	—	—	—	—	—	—	—
No. of Shareholders	7,07,098	7,80,211	7,67,820	9,74,782	10,98,228	13,64,873	25,18,663	27,72,002	26,53,676	26,78,435	25,42,378	24,98,588	—

News & Updates

BSE Announcements

Direct from BSE filings, AI summarised

NBCC Subsidiary HSCC Signs Strategic MoU with BEL for Healthcare Ecosystem Development

12 Jan 2026

NBCC Subsidiary HSCC Signs Strategic MoU with BEL for Healthcare Ecosystem Development

12 Jan 2026

Bharat Electronics Notifies SEBI Filing for Dec 2025 Quarter Amidst Strong Order Wins and Positive Q2 FY26 Performance

9 Jan 2026

BEL Secures Additional Orders Worth Rs. 596 Crore

8 Jan 2026

BEL Announces Board Meeting for Q3 FY26 Financial Results on January 28, 2026

7 Jan 2026

Other Websites

External media mentions

Indian Markets Snap Losing Streak as IT, Banking Stocks Lead Charge

16 Jan 2026

Defense Stocks Falter as Geopolitical Fears Subside, Triggering Profit-Taking

16 Jan 2026

Indian Markets Pare Gains as Trade Deal Hopes Lift Sentiment

16 Jan 2026

Nuvama Flags Defence Execution: 3 Stocks Eye 36% Upside

15 Jan 2026

NBCC Lands ₹55 Cr IOB Order; Subsidiary Seals BEL Healthcare Tie-up

14 Jan 2026

News Articles

Editorial & research coverage

Indian Markets Snap Losing Streak as IT, Banking Stocks Lead Charge

16 Jan 2026

Defense Stocks Falter as Geopolitical Fears Subside, Triggering Profit-Taking

16 Jan 2026

Nuvama Flags Defence Execution: 3 Stocks Eye 36% Upside

15 Jan 2026

India Defense Stocks Surge on ₹3.3 Trillion Order Bonanza

13 Jan 2026

India Defense Stocks Surge: Funds Capitalize on Budget Boost & Policy Shift

13 Jan 2026

Documents

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

9 Jan - Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

8 Jan - BEL secures additional orders totaling Rs.596 Crore on Jan 8, 2026 (drone jamming, comms, software, spares).

Board Meeting Intimation for Considering And Approving The Unaudited Financial Results For The Quarter Ended 31St December, 2025.

7 Jan - Board meeting 28 Jan 2026 to approve Q3 and 9M unaudited standalone and consolidated financial results (ended 31 Dec 2025).

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

1 Jan - BEL secures additional orders worth Rs.569 Crore (communications, medical electronics, fire detection, spares).

Closure of Trading Window

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Annual Reports

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Credit Ratings

Rating update

21 Feb 2025 from icra

Rating update

22 Feb 2024 from icra

Rating update

9 Mar 2023 from icra

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14 Jan 2022 from icra

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17 Feb 2021 from icra

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17 Feb 2020 from icra

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Bharat Electronics Ltd

ABOUT

Stock Analysis

Description

Key Growth Triggers

Order Book

Key Red Flags

Key Dates To Watch

Peer Comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

News & Updates

BSE Announcements

Other Websites

News Articles

Documents

Announcements

Annual Reports

Credit Ratings

Concalls