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เชธเช‚เชฐเช•เซเชทเชฃ เชซเช‚เชกเชจเซ‹ เชฎเซเช•เชพเชฌเชฒเซ‹: เชเช•เซเชŸเชฟเชต เชตเชฟเชฐเซเชฆเซเชง เช‡เชจเซเชกเซ‡เช•เซเชธ - เชญเชพเชฐเชคเชจเชพ เชตเชฟเช•เชธเชคเชพ เช•เซเชทเซ‡เชคเซเชฐเชฎเชพเช‚ เช•เซ‹เชฃเซ‡ เชฎเซ‹เชŸเซ€ เช•เชฎเชพเชฃเซ€ เช•เชฐเซ€?

Aerospace & Defense

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Published on 21st November 2025, 2:49 PM

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Author

Akshat Lakshkar | Whalesbook News Team

Overview

เชญเชพเชฐเชคเซ€เชฏ เชธเช‚เชฐเช•เซเชทเชฃ เช•เซเชทเซ‡เชคเซเชฐ เชธเซเชฅเชพเชจเชฟเช• เช‰เชคเซเชชเชพเชฆเชจ, เชจเชฟเช•เชพเชธ เช…เชจเซ‡ เชธเชฐเช•เชพเชฐเซ€ เช–เชฐเซเชšเชจเซ‡ เช•เชพเชฐเชฃเซ‡ เชเชกเชชเชฅเซ€ เชตเชฟเช•เชพเชธ เชชเชพเชฎเซ€ เชฐเชนเซเชฏเซเช‚ เช›เซ‡. เช† เชฒเซ‡เช– เชฌเซ‡ เชฐเซ‹เช•เชพเชฃ เช…เชญเชฟเช—เชฎเซ‹เชจเซ€ เชคเซเชฒเชจเชพ เช•เชฐเซ‡ เช›เซ‡: เชธเช•เซเชฐเชฟเชฏ HDFC เชกเชฟเชซเซ‡เชจเซเชธ เชซเช‚เชก เช…เชจเซ‡ เชจเชฟเชทเซเช•เซเชฐเชฟเชฏ Motilal Oswal Nifty India Defence Index Fund. เชœเซเชฏเชพเชฐเซ‡ เช‡เชจเซเชกเซ‡เช•เซเชธ เชซเช‚เชกเซ‡ เช‰เชšเซเชš เชตเชณเชคเชฐ เชธเชพเชฅเซ‡ เชธเซ‡เช•เซเชŸเชฐเชจเซ€ เชคเชพเชœเซ‡เชคเชฐเชจเซ€ เชคเซ‡เชœเซ€เชจเซ‡ เชชเช•เชกเซ€, เชคเซเชฏเชพเชฐเซ‡ เชธเช•เซเชฐเชฟเชฏ เชซเช‚เชก เชเช• เช•เซ‡เชจเซเชฆเซเชฐเชฟเชค เชตเซเชฏเซ‚เชนเชฐเชšเชจเชพ เชชเซเชฐเชฆเชพเชจ เช•เชฐเซ‡ เช›เซ‡. เชฐเซ‹เช•เชพเชฃเช•เชพเชฐเซ‹เชจเซ‡ เช† เชซเช‚เชกเซ‹เชจเซ‡ เช…เชธเซเชฅเชฟเชฐเชคเชพ เชฎเชพเชŸเซ‡ เชคเซˆเชฏเชพเชฐ เชฒเชพเช‚เชฌเชพ เช—เชพเชณเชพเชจเชพ เชธเซ‡เชŸเซ‡เชฒเชพเช‡เชŸ เชนเซ‹เชฒเซเชกเชฟเช‚เช—เซเชธ เชคเชฐเซ€เช•เซ‡ เชœเซ‹เชตเชพเชจเซ€ เชธเชฒเชพเชน เช†เชชเชตเชพเชฎเชพเช‚ เช†เชตเซ‡ เช›เซ‡.

Bharat Electronics Ltd

โ‚น 416-1.57%
21 Nov โ€“ close price
๐Ÿ”—bel-india.inโ€ขBSE: 500049โ€ขNSE: BEL
Market Capโ‚น 3,04,343 Cr.
Current Priceโ‚น 416
High / Lowโ‚น 436
Stock P/E53.6
Book Valueโ‚น 29.1
Dividend Yield0.58 %
ROCE39.4 %
ROE29.5 %
Face Valueโ‚น 1.00
Salesโ‚น 25,056 Cr.
OPM29.4 %
Mar Capโ‚น 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.NameCurrent Price (Rs.)Price to EarningMarket 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 valueReturn on assets (%)Debt to equity
1.Hind.Aeronautics4595.0036.29307344.470.871669.0510.826628.6110.9233.8832104.7830.588469.331669.078.288.820.00
2.Bharat Electron416.3553.62304342.640.581286.1317.865763.6525.7539.4325056.3129.445676.101286.1314.3013.250.00
3.Bharat Dynamics1512.7084.7955460.590.31215.8876.191147.03110.5519.664004.0814.19654.13215.8813.154.940.00
4.Garden Reach Sh.2816.9052.3532267.040.49153.7957.301677.3845.4936.645900.309.56616.41153.7914.065.020.01
5.Data Pattern3028.4072.5816942.990.2649.1962.45307.46237.7921.00920.0433.05233.4349.1911.0212.180.00
6.Zen Technologies1412.6051.6312766.340.1461.91-6.29173.57-28.2337.22808.9738.44247.2558.737.1021.380.01
7.Astra Microwave976.6057.579274.670.2323.90-5.87214.59-6.5418.721080.7126.22161.0923.907.988.960.24
โ€“Median: 25 Co.721.465.834982.190.1315.6736.16125.1721.3918.72417.1422.9646.3515.678.08.110.08

Quarterly Results

Standalone figures in โ‚น crores

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales
3,9464,1316,4573,5113,9934,1378,5294,1994,5835,7569,1204,4175,764
Expenses
3,0903,2784,6322,8462,9893,0876,2493,2623,1954,1036,3313,1774,068
Operating Profit
8568531,8256641,0041,0492,2809371,3891,6532,7891,2401,695
Other Income
755768142171223221202167205194164159
Profit before tax
8258001,7817041,0731,1722,3861,0371,4511,7542,8481,2891,734
Tax %
26%25%23%25%24%24%25%25%25%25%26%25%26%
Net Profit
6115991,3655318128931,7847761,0911,3162,1059691,286
EPS in Rs
0.840.821.870.731.111.222.441.061.491.802.881.331.76

Profit & Loss

Standalone Figures in โ‚น Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
6,2766,8437,3288,60010,32212,08512,92114,06415,31417,64620,16923,65825,056
Expenses
5,3825,6955,9536,8348,3199,21910,18710,88012,00113,59515,16716,88817,679
Operating Profit
8941,1481,3751,7662,0032,8652,7343,1843,3134,0515,0036,7707,378
Other Income
429479537471200170102126234360756768722
Interest
6681651579818121210
Depreciation
142154172192251316350366380408412436464
Profit before tax
1,1751,4671,7322,0291,9482,7032,4792,9353,1583,9855,3357,0907,625
Net Profit
9321,1671,3071,5481,3991,9271,7942,0652,3493,0074,0205,2885,676
EPS in Rs
1.181.471.652.101.912.642.452.833.214.115.507.237.77
Dividend Payout %
20%20%31%32%35%43%38%47%47%44%40%33%โ€“

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 โ‚น crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
8080240223244244244244244731731731731
Reserves
6,9377,8058,7447,2857,5178,7759,60910,56411,74112,85115,35118,96720,557
Borrowings
000506733835361636159
Other Liabilities
7,5147,3179,1419,59811,02811,41114,05018,24321,41321,41123,01120,65921,159
Total Liabilities
14,53115,20218,12517,15718,85620,46323,91129,05333,45035,05439,15640,41842,506
Fixed Assets
6517719761,2551,6072,0842,5202,4802,5242,6722,7593,1733,878
Gross Block
2,2272,4851,1471,6172,2203,0133,7954,1184,5345,0835,5676,397โ€“
Accumulated Depreciation
1,5761,7141703626139291,2751,6382,0102,4112,8083,223โ€“
CWIP
1971404306568337216837368598418911,044561
Investments
12193194609031,0191,1621,3311,554664768820842
Other Assets
13,67114,27216,39914,78615,51316,63819,54724,50628,51330,87734,73835,38137,226
Total Assets
14,53115,20218,12517,15718,85620,46323,91129,05333,45035,05439,15640,41842,506

Cash Flows

Standalone Figures in โ‚น Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
-6951,3492,249-97-7891,4662,5335,1034,1611,1554,648480
Cash from Investing Activity
872-842-1,4853,14841-854-639-2,569-4,8612,782-5,889748
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
-35276448216-1,948-168341,459-1,7772,625-2,715-467

Ratios

Standalone Figures in โ‚น Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
240202185185179162190170145145133140
Inventory Days
335329397405303272202230228239256272
Days Payable
121110112111938912515413812412899
Cash Conversion Cycle
454421470479388346267246235261262313
Working Capital Days
88551064128136120473291785
ROCE %
18%20%21%25%25%32%26%28%28%31%36%39%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 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%

* The classifications might have changed from Sep'2022 onwards.โ„น๏ธ

Documents

Announcements

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

14 Nov - BEL secures additional defence orders worth Rs.871 Crore (fire control, thermal imagers, GSE, upgrades, spares)

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

10 Nov - BEL secures Rs.792 Crore orders since 30 Oct 2025 for defence networks, radars, comms, drones, CMS, spares.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

4 Nov - Q2 FY'26 earnings call transcript: H1 revenue INR10,180cr; PAT INR2,255cr; orderbook INR75,600cr; QRSAM, DSIC capex discussed

Announcement under Regulation 30 (LODR)-Newspaper Publication

3 Nov - Extracts of Newspaper Publication of Standalone & Consolidated Unaudited Financial Results for the Quarter and Half Year Ended 30.09.2025.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

31 Oct - Audio recording of Oct 30, 2025 4:00 PM investor call on Q2/H1 results uploaded to BEL website.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from web)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Financial Year 2017

(from bse)

Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Financial Year 2011

(from nse)

Credit Ratings

Rating update

21 Feb from icra

Rating update

22 Feb 2024 from icra

Rating update

9 Mar 2023 from icra

Rating update

14 Jan 2022 from icra

Rating update

17 Feb 2021 from icra

Rating update

17 Feb 2020 from icra

Concalls

Nov 2025

TranscriptRecording

Aug 2025

TranscriptRecording

May 2025

TranscriptRecording

Feb 2025

TranscriptRecording

Oct 2024

TranscriptRecording

Oct 2024

Recording

Aug 2024

Transcript

Aug 2024

TranscriptRecording

May 2024

Transcript

Feb 2024

TranscriptRecording

Nov 2023

Transcript

Aug 2023

Transcript

May 2023

Transcript

Feb 2023

Transcript

Sep 2022

PPT

Aug 2022

PPT

Jul 2022

Transcript

May 2022

PPT

Sep 2021

PPT

Sep 2019

PPT

Sep 2018

PPT

May 2018

PPT

May 2018

PPT

May 2017

PPT

Jun 2016

PPT

Sep 2015

PPT