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Bharat Electronics Limited BEL NIFTY50NSEAIDEFENCEINFRAPSU

Industrials · Aerospace & Defense · India
https://www.bel-india.in
Company Profile ↓
₹410.75
-0.01% 1Y
Mkt Cap₹3.00 L Cr
P/E56.42
P/B12.52
Div. Yield1.05%
52W High₹468.45
52W Low₹362.31
Book Value₹32.82
EPS (TTM)₹7.28

Company Overview

Bharat Electronics Limited designs, manufactures, and supplies electronic equipment and systems for the defense and civilian markets in India. The company's defense products include defense communication products, land-based radars, naval systems, electronic warfare systems, avionics, electro optics, tank and armored fighting vehicle electronic systems, weapon systems, C4I systems, upgrades, shelters and masts, simulators, batteries, components and devices, fuzes and unmanned systems; microwave tubes and power modules, microwave super components, digital multichannel data recorders, and hybrid micro circuits; and micro-electro mechanical systems, such as pressure transducers, and conductivity temperature and depth sensors. Its non-defense products comprise e-governance systems, homeland security products, civilian radars, and telecom and broadcast systems; integrated traffic management systems, real time train information systems, and solar power solutions; and PD and strategic products, silicon radiation detectors, passive vacuum devices, EMI filters, and multichannel voice logging recorder systems. It also provides electronic manufacturing services, including PCB assembly and testing, precision fabrication, microwave integrated circuit assemblies, super components modules, cable assemblies, and antennae manufacturing services; designs and manufactures transformers, coils, chokes, and sub-assemblies; and software services. In addition, the company offers cyber security products, such as data diodes and secure storage products; EV charging stations; and platform screen doors. Further, the company provides security architecture conceptualization and consulting, and information security audit services. It exports its products to the United States, France, Spain, the United Kingdom, Mauritius, Seychelles, Mauritius, the Republic of Armenia, Sri Lanka, Sweden, and Israel. Bharat Electronics Limited was incorporated in 1954 and is headquartered in Bengaluru, India.

Why Investors Should Care

Strong Return on Equity

Generates a return on equity of 25.3%, reflecting efficient use of shareholder capital.

Healthy Capital Returns

Return on capital employed stands at 31.9%.

Consistent Profit Growth

Net profit has compounded at 26.6% per year over the last five years.

Steady Revenue Expansion

Revenue has grown at a 16.6% CAGR over the past five years.

Healthy Margins

Maintains a net profit margin of 22.0%.

Conservative Balance Sheet

Carries low leverage with a debt-to-equity ratio of 0.27.

Recent Developments

  • Mar 2026 Revenue of ₹27,610.11 Cr (+16.2% YoY); net profit ₹6,062.00 Cr.
  • Trailing 12 Months Year-on-year growth — revenue +16.2%, earnings +13.9%.
  • 5-Year Trend Long-term compounding — revenue CAGR 16.6%, profit CAGR 26.6%.

Growth & Price Performance

Compounded Sales Growth

5 Years:16.63%
1 Year:16.16%

Compounded Profit Growth

5 Years:26.64%
1 Year:13.92%

Stock Price Performance

1 Year:-0.01%
6 Months:-1.25%
3 Months:-11.24%
1 Month:+0.79%

Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.

AI Exposure AI Defence Electronics / AI for National Security
Core Focus

Bharat Electronics Ltd is India's premier defence electronics PSU. AI applications include: electronic warfare AI (spectrum recognition, threat classification), AI-powered radar signal processing, autonomous drone swarms under DRDO collaboration, battlefield management AI systems, and AI surveillance for border security (CIBMS project worth ₹30,000+ Cr).

Key Initiatives
  • AI in defence electronics & radar Bharat Electronics embeds AI/ML in radars, electronic-warfare, sonar and C4I systems for target classification, sensor fusion and decision support.
  • AI for surveillance & cyber BEL develops AI-based surveillance, facial-recognition and cybersecurity products for defence and homeland-security customers.
  • Diversification into AI civilian systems Smart-city, healthcare-electronics and unmanned-systems offerings extend BEL's AI capabilities into non-defence revenue.
Why Investors Should Care
  • India's flagship defence-electronics PSU with AI woven across its product lines — ROCE ~37%.
  • Robust order book and indigenisation tailwinds give multi-year revenue visibility.
  • ~24% five-year profit CAGR with strong margins and a net-cash balance sheet.
  • Rich valuation (P/E ~49) prices in continued defence-capex momentum.
AI InvestmentR&D spend ~9-10% of revenue (~₹900-1,000 Cr FY25). Collaborations with DRDO, IITs and ISRO on AI for defence. Setting up AI Centre of Excellence in Bengaluru. Government capex guarantees a funded R&D pipeline.
AI RevenueOrder book >₹70,000 Cr (FY25) — AI-embedded defence systems a growing proportion. CIBMS (smart borders with AI cameras/sensors) and Akash missile electronics with AI target discrimination contribute to high-margin revenue.
ROI (Now)EBITDA margin ~25%, ROE ~22-24% — exceptional for a PSU. AI-embedded products command 2-3x margin of commodity electronics. Government 'Make in India' defence policy ensures captive demand.
ROI (Expected)BEL is uniquely positioned as India's only large-scale AI-in-defence manufacturer. AI order intake expected to drive 20-25% EPS CAGR over FY25-28. Atma Nirbhar Bharat policy keeps import substitution AI demand resilient.

Curated from public filings and analyst commentary; figures are illustrative.

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Price Chart

NSE TradingView

Fundamental Growth Charts

Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.

PROS

  • Strong return on equity of 25.3%.
  • Healthy ROCE of 31.9%.
  • Excellent profit margin of 22.0%.
  • Compounding revenue at 16.6% over 5 years.
  • Profit CAGR of 26.6% over 5 years.
  • Generates positive free cash flow.

CONS

  • Trading at a high P/E of 56.4.
  • In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

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Valuation

Stock P/E
56.42
Industry PE
29.62
Forward P/E
36.09
PEG Ratio
-
Book Value
₹32.82
Price to Book
12.52
P/S
10.88
EV/EBITDA
36.25
Dividend Yield
1.05%

Growth (CAGR)

Revenue 5Y
16.63%
Profit 5Y
26.64%
Revenue (YoY)
16.16%
Earnings (YoY)
13.92%

Profitability & Returns

ROCE
31.88%
ROE
25.27%
ROA
13.61%
Profit Margin
21.96%
Op Margin
27.14%
Gross Margin
49.17%
EPS (Latest Qtr)
₹3.04
EPS (TTM)
₹7.28

Balance Sheet & Liquidity

Debt/Equity
0.27
Quick Ratio
1.45
Current Ratio
1.98
Debt
₹65.46 Cr
Total Assets
₹44,537.52 Cr
Current Assets
₹38,056.87 Cr
Working Capital
₹18,797.12 Cr

Ownership

Promoter Holding
53.25%
Chg in Prom Hold
2.11%
FII / Inst Holding
28.93%
Chg in FII Hold
-0.02%

Financial Snapshot

Enterprise Value
₹3.00 L Cr
Total Revenue (TTM)
₹27,610.11 Cr
EBITDA
₹8,615.36 Cr
Free Cash Flow
₹556.01 Cr
Operating Cash Flow
₹1,541.37 Cr
Shares Outstanding
₹730.98 Cr
Gross Margin
49.17%
Payout Ratio
34.38%

Peer comparison

Peer companies in the same sector (Industrials).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 BEL Bharat Electronics Limited NIFTY50NSEAIDEFENCEINFRAPSU 410.75 56.42 ₹3.00 L Cr 1.05% 31.88% 25.27% 16.63% 26.64%
2 LT Larsen & Toubro Limited NIFTY50NSEAIINFRA 3,849.40 32.93 ₹5.30 L Cr 0.96% 14.55% 14.72% 16.09% 15.38%
3 ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA 1,834.20 31.50 ₹4.23 L Cr 0.42% 10.97% 13.32% 22.93% 34.11%
4 HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU 4,463.30 32.75 ₹2.98 L Cr 0.44% 13.80% 22.21% 7.87% 16.08%
5 INDIGO InterGlobe Aviation Limited NSEINFRA 5,202.50 -84.07 ₹2.01 L Cr 0.24% 4.02% -34.31% 16.59% -227.40%
6 CUMMINSIND Cummins India Limited NSEINFRA 5,535.50 64.97 ₹1.53 L Cr 1.17% 34.95% 27.87% 16.07% 24.35%
7 ABB ABB India Limited NSEAIINFRA 6,951.50 88.30 ₹1.47 L Cr 0.58% 28.45% 21.29% 15.41% 17.97%
8 POWERINDIA Hitachi Energy India Limited NIFTY_MIDNSEINFRA 33,005.00 148.92 ₹1.47 L Cr 0.02% 24.92% 19.09% 22.24% 119.12%
9 POLYCAB Polycab India Limited NIFTY_MIDNSEAIINFRA 9,517.00 53.78 ₹1.43 L Cr 0.51% 30.44% 22.25% 26.57% 28.11%
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios

Quarterly Results

Figures in INR.

Metric Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue 6,479.00 Cr3,533.00 Cr4,009.00 Cr4,162.00 Cr8,564.00 Cr4,244.00 Cr4,605.00 Cr5,770.69 Cr9,149.59 Cr4,439.74 Cr5,792.00 Cr7,153.85 Cr10,224.43 Cr
Cost of Revenue -------2,981.35 Cr4,748.93 Cr2,076.08 Cr-3,824.50 Cr5,294.02 Cr
Gross Profit -------2,789.34 Cr4,400.66 Cr2,363.66 Cr-3,329.35 Cr4,930.41 Cr
Operating Expenses 4,647.00 Cr2,860.00 Cr2,995.00 Cr3,090.00 Cr6,277.00 Cr3,295.00 Cr3,205.00 Cr1,230.78 Cr1,722.18 Cr1,246.18 Cr4,090.00 Cr1,337.55 Cr2,121.71 Cr
Operating Income 1,718.00 Cr564.00 Cr906.00 Cr965.00 Cr2,168.00 Cr840.00 Cr1,289.00 Cr1,558.56 Cr2,678.48 Cr1,117.48 Cr1,576.00 Cr1,991.80 Cr2,808.70 Cr
EBITDA 1,832.00 Cr673.00 Cr1,014.00 Cr1,072.00 Cr2,287.00 Cr948.00 Cr1,400.00 Cr1,855.87 Cr3,010.70 Cr1,401.59 Cr1,702.00 Cr2,265.78 Cr3,091.90 Cr
Interest Expense 2.00 Cr1.00 Cr2.00 Cr1.00 Cr4.00 Cr1.00 Cr1.00 Cr1.32 Cr5.86 Cr1.44 Cr2.00 Cr2.03 Cr1.61 Cr
Pretax Income 1,782.00 Cr703.00 Cr1,041.00 Cr1,132.00 Cr2,390.00 Cr1,043.00 Cr1,445.00 Cr1,743.62 Cr2,867.26 Cr1,279.36 Cr1,728.00 Cr2,128.31 Cr2,917.34 Cr
Tax Provision 409.86 Cr175.75 Cr260.25 Cr283.00 Cr597.50 Cr260.75 Cr361.25 Cr442.35 Cr746.25 Cr318.69 Cr449.28 Cr558.12 Cr703.15 Cr
Net Income 1,382.00 Cr539.00 Cr790.00 Cr860.00 Cr1,797.00 Cr791.00 Cr1,093.00 Cr1,310.95 Cr2,127.04 Cr969.91 Cr1,287.00 Cr1,579.10 Cr2,225.22 Cr
Diluted EPS 1.890.741.081.182.461.081.491.792.911.331.762.163.04

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue 7,093.00 Cr7,354.00 Cr8,656.00 Cr10,401.00 Cr12,164.00 Cr12,968.00 Cr14,109.00 Cr-17,404.18 Cr19,905.49 Cr23,768.75 Cr27,610.11 Cr
Cost of Revenue --------9,837.20 Cr10,579.60 Cr12,187.23 Cr14,033.15 Cr
Gross Profit --------7,566.98 Cr9,325.89 Cr11,581.52 Cr13,576.96 Cr
Operating Expenses 5,913.00 Cr5,961.00 Cr6,864.00 Cr8,361.00 Cr9,255.00 Cr10,209.00 Cr10,895.00 Cr-3,793.94 Cr4,544.66 Cr5,215.20 Cr6,083.30 Cr
Operating Income 1,013.00 Cr1,201.00 Cr1,580.00 Cr1,767.00 Cr2,571.00 Cr2,387.00 Cr2,827.00 Cr-3,773.04 Cr4,781.23 Cr6,366.32 Cr7,493.66 Cr
EBITDA 1,179.00 Cr1,393.00 Cr1,792.00 Cr2,039.00 Cr2,909.00 Cr2,759.00 Cr3,214.00 Cr-4,366.32 Cr5,716.27 Cr7,576.06 Cr8,615.36 Cr
Interest Expense 7.00 Cr10.00 Cr18.00 Cr6.00 Cr16.00 Cr8.00 Cr10.00 Cr-14.59 Cr6.86 Cr9.68 Cr6.73 Cr
Pretax Income 1,513.00 Cr1,764.00 Cr1,983.00 Cr1,957.00 Cr2,628.00 Cr2,478.00 Cr2,942.00 Cr-3,922.91 Cr5,266.21 Cr7,099.00 Cr8,052.96 Cr
Tax Provision 317.73 Cr423.36 Cr475.92 Cr547.96 Cr788.40 Cr693.84 Cr882.60 Cr-982.56 Cr1,323.10 Cr1,811.85 Cr2,029.49 Cr
Net Income 1,197.00 Cr1,337.00 Cr1,523.00 Cr1,431.00 Cr1,887.00 Cr1,825.00 Cr2,100.00 Cr-2,984.42 Cr3,984.52 Cr5,321.44 Cr6,062.00 Cr
Diluted EPS 1.511.692.071.962.582.502.873.284.095.457.28-

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets 15,729.00 Cr18,605.00 Cr17,600.00 Cr18,965.00 Cr20,821.00 Cr24,351.00 Cr29,492.00 Cr-35,491.17 Cr39,526.68 Cr40,831.86 Cr44,537.52 Cr
Current Assets --------30,047.74 Cr34,062.98 Cr34,857.88 Cr38,056.87 Cr
Cash & Equivalents --------3,945.69 Cr1,206.32 Cr713.45 Cr1,887.96 Cr
Inventory --------6,448.04 Cr7,446.89 Cr9,118.98 Cr10,175.53 Cr
Receivables --------7,033.48 Cr7,392.38 Cr9,116.37 Cr12,875.76 Cr
Total Liabilities --------21,611.79 Cr23,182.29 Cr20,839.03 Cr20,530.38 Cr
Current Liabilities --------20,565.78 Cr22,026.73 Cr19,752.54 Cr19,259.75 Cr
Long Term Debt --------0000
Total Debt 25.00 Cr28.00 Cr64.00 Cr80.00 Cr34.00 Cr8.00 Cr3.00 Cr-61.34 Cr62.51 Cr61.23 Cr65.46 Cr
Total Equity 8,117.00 Cr9,246.00 Cr7,735.00 Cr8,016.00 Cr9,212.00 Cr10,072.00 Cr11,060.00 Cr-13,861.63 Cr16,326.47 Cr19,973.89 Cr23,988.31 Cr
Shares Outstanding --------730.98 Cr730.98 Cr730.98 Cr730.98 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow 1,434.00 Cr2,260.00 Cr-61.00 Cr-687.00 Cr1,514.00 Cr2,570.00 Cr5,093.00 Cr-1,199.26 Cr4,659.49 Cr564.27 Cr1,541.37 Cr
Investing Cash Flow -839.00 Cr-1,470.00 Cr3,115.00 Cr-6.00 Cr-896.00 Cr-649.00 Cr-2,595.00 Cr-2,707.65 Cr-5,923.85 Cr639.29 Cr1,730.00 Cr
Financing Cash Flow -209.00 Cr-318.00 Cr-2,857.00 Cr-1,202.00 Cr-663.00 Cr-1,061.00 Cr-1,076.00 Cr--1,262.08 Cr-1,475.01 Cr-1,696.43 Cr-2,096.86 Cr
Capital Expenditure -226.00 Cr-653.00 Cr-792.00 Cr-805.00 Cr-729.00 Cr-745.00 Cr-468.00 Cr--590.45 Cr-652.53 Cr-1,011.28 Cr-985.36 Cr
Free Cash Flow 1,208.00 Cr1,607.00 Cr-853.00 Cr-1,492.00 Cr785.00 Cr1,825.00 Cr4,625.00 Cr-608.81 Cr4,006.96 Cr-447.01 Cr556.01 Cr
Net Change in Cash 386.00 Cr472.00 Cr197.00 Cr-1,895.00 Cr-45.00 Cr861.00 Cr1,422.00 Cr-2,644.83 Cr-2,739.37 Cr-492.87 Cr1,174.51 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % --------43.5%46.9%48.7%49.2%
Operating Margin % 14.3%16.3%18.3%17.0%21.1%18.4%20.0%-21.7%24.0%26.8%27.1%
Net Margin % 16.9%18.2%17.6%13.8%15.5%14.1%14.9%-17.1%20.0%22.4%22.0%
ROE % 14.7%14.5%19.7%17.9%20.5%18.1%19.0%-21.5%24.4%26.6%25.3%
ROCE % --------25.3%27.3%30.2%29.6%

Shareholding Pattern

Insiders
53.25%
Institutions
28.93%
Public Float
61.87%

Analyst View

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Latest News

Recent headlines for BEL

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BEL — Frequently Asked Questions

What is the current share price of Bharat Electronics Limited (BEL)?

As of 2026-07-16 05:21 IST, Bharat Electronics Limited (BEL) trades at ₹410.75 on NSE. Its 52-week range is ₹362.31 to ₹468.45.

What is the market capitalisation of BEL?

Bharat Electronics Limited (BEL) has a market capitalisation of ₹3.00 L Cr on NSE.

What is the P/E ratio of BEL?

BEL trades at a trailing price-to-earnings (P/E) ratio of 56.42. The industry average P/E is 29.62. Its price-to-book (P/B) ratio is 12.52.

Does BEL pay a dividend?

Bharat Electronics Limited (BEL) currently offers a dividend yield of 1.05%.

What is the return on equity (ROE) of BEL?

BEL has a return on equity (ROE) of 25.27%. Its return on capital employed (ROCE) is 31.88%.

Is BEL a good stock to buy?

This page provides a data-driven analysis of Bharat Electronics Limited (BEL), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.

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