ભારતના લોકલાઈઝેશન ડ્રાઈવ વચ્ચે, લાર્સન એન્ડ ટુબ્રો $1 બિલિયન ડિફેન્સ રેવન્યુનો લક્ષ્યાંક રાખે છે

Aerospace & Defense

Published on 20th November 2025, 12:27 AM

Author

Abhay Singh | Whalesbook News Team

Overview

ભારતના સ્થાનિક સંરક્ષણ ઉત્પાદન પર ધ્યાન કેન્દ્રિત કરવાને કારણે, લાર્સન એન્ડ ટુબ્રોનો સંરક્ષણ વ્યવસાય આ નાણાકીય વર્ષમાં $1 બિલિયન આવક સુધી પહોંચવાની અપેક્ષા રાખે છે. આ સિદ્ધિ L&T ને ભારતનો સૌથી મોટો ખાનગી સંરક્ષણ સપ્લાયર બનાવશે. કંપની ભારતીય સેના અને વાયુસેના માટે લાઇટ ટેન્ક અને એર ડિફેન્સ સિસ્ટમ્સ જેવા પ્રોજેક્ટ્સ પર કામ કરી રહી છે, જે સ્થાનિક ખરીદી વધારવાની ફરજ પાડતી સરકારી નીતિઓથી લાભ મેળવી રહી છે.

Bharat Electronics Ltd

₹ 416-1.57%

21 Nov – close price

🔗bel-india.in•BSE: 500049•NSE: BEL

Market Cap₹ 3,04,343 Cr.

Current Price₹ 416

High / Low₹ 436

Stock P/E53.6

Book Value₹ 29.1

Dividend Yield0.58 %

ROCE39.4 %

ROE29.5 %

Face Value₹ 1.00

Sales₹ 25,056 Cr.

OPM29.4 %

Mar Cap₹ 3,04,343 Cr.

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]

KEY POINTS

Business Segments1) Defence: The company develops advanced electronic equipment, systems, and services for the Indian defense sector, including Radar and Fire Control Systems, Weapon Systems, Communication, Network Centric Systems (C4I), Electronic Warfare Systems, etc. It operates 29 strategic business units (SBUs), including 4 new SBUs- Network & Cyber Security, Unmanned Systems, Seekers, and Arms & Ammunition.[1]The company is planning to expand into international defence and civilian markets.[2]

Peer Comparision

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.	Hind.Aeronautics	4595.00	36.29	307344.47	0.87	1669.05	10.82	6628.61	10.92	33.88	32104.78	30.58	8469.33	1669.07	8.28	8.82	0.00
2.	Bharat Electron	416.35	53.62	304342.64	0.58	1286.13	17.86	5763.65	25.75	39.43	25056.31	29.44	5676.10	1286.13	14.30	13.25	0.00
3.	Bharat Dynamics	1512.70	84.79	55460.59	0.31	215.88	76.19	1147.03	110.55	19.66	4004.08	14.19	654.13	215.88	13.15	4.94	0.00
4.	Garden Reach Sh.	2816.90	52.35	32267.04	0.49	153.79	57.30	1677.38	45.49	36.64	5900.30	9.56	616.41	153.79	14.06	5.02	0.01
5.	Data Pattern	3028.40	72.58	16942.99	0.26	49.19	62.45	307.46	237.79	21.00	920.04	33.05	233.43	49.19	11.02	12.18	0.00
6.	Zen Technologies	1412.60	51.63	12766.34	0.14	61.91	-6.29	173.57	-28.23	37.22	808.97	38.44	247.25	58.73	7.10	21.38	0.01
7.	Astra Microwave	976.60	57.57	9274.67	0.23	23.90	-5.87	214.59	-6.54	18.72	1080.71	26.22	161.09	23.90	7.98	8.96	0.24
–	Median: 25 Co.	721.4	65.83	4982.19	0.13	15.67	36.16	125.17	21.39	18.72	417.14	22.96	46.35	15.67	8.0	8.11	0.08

Quarterly Results

Standalone figures in ₹ crores

	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
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
Operating Profit	856	853	1,825	664	1,004	1,049	2,280	937	1,389	1,653	2,789	1,240	1,695
Other Income	75	57	68	142	171	223	221	202	167	205	194	164	159
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	1.80	2.88	1.33	1.76

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	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
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
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
Other Income	429	479	537	471	200	170	102	126	234	360	756	768	722
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
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
EPS in Rs	1.18	1.47	1.65	2.10	1.91	2.64	2.45	2.83	3.21	4.11	5.50	7.23	7.77
Dividend Payout %	20%	20%	31%	32%	35%	43%	38%	47%	47%	44%	40%	33%	–

Compounded Sales Growth

10 Years:13%

5 Years:13%

3 Years:16%

TTM:17%

Compounded Profit Growth

10 Years:16%

5 Years:24%

3 Years:31%

TTM:25%

Stock Price CAGR

10 Years:27%

5 Years:64%

3 Years:57%

1 Year:48%

Return on Equity

10 Years:23%

5 Years:25%

3 Years:27%

Last Year:29%

Balance Sheet

Standalone figures in ₹ crores

	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
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
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
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
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

Standalone Figures in ₹ Crores / Yearly

	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
Cash from Investing Activity	872	-842	-1,485	3,148	41	-854	-639	-2,569	-4,861	2,782	-5,889	748
Cash from Financing Activity	-212	-232	-316	-2,835	-1,201	-628	-1,059	-1,075	-1,077	-1,312	-1,474	-1,696
Net Cash Flow	-35	276	448	216	-1,948	-16	834	1,459	-1,777	2,625	-2,715	-467

Ratios

Standalone Figures in ₹ Crores / Yearly

	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%

Shareholding Pattern
Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 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%
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%
DIIs	25.04%	25.50%	24.84%	24.19%	23.37%	22.63%	20.62%	20.22%	20.94%	20.87%	20.60%	20.88%
Public	6.47%	6.95%	6.68%	7.49%	7.72%	8.66%	10.82%	11.37%	10.58%	10.43%	9.70%	9.84%