NSE:BEL · Risk Score Report

NSE:BELNSEIndustrials

Bharat Electronics Limited

📊 Aerospace & Defense

Day ₹437

₹443 Oversold

52W ₹305

₹473 Overbought

₹438.50

▲ ₹2.75 (+0.63%)

Vol: 3,487,939 · Avg: 18,670,180

As of April 29, 2026 · 06:23 IST

COMPOSITE RISK SCORE

VAL:7/25 · FIN:19/25 · GRO:18/25 · TECH:13/25

📈 P/E RATIO

53.8x

Trailing

📖 P/B RATIO

14.9x

Price to Book

💰 EPS

₹8.15

TTM

🏛 MARKET CAP

₹320,534Cr

Large Cap

📊 ROE

26.6%

Return on Equity

📈 REV GROWTH

24.0%

YoY

🏢 Company Analysis · Bharat Electronics Limited

💼 BUSINESS MODEL

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..
Operates in Aerospace & Defense within the Industrials sector.
Workforce of 11,199 employees.

🏰 MOAT & COMPETITION

Mega-cap (₹320,534 Cr) — dominant market position with significant scale advantages.
Profit margin of 22.5% suggests pricing power / cost moat.
Key competitors: Bharat Electron, Hind.Aeronautics, Garden Reach Sh., Zen Technologies.

🚀 CATALYSTS

Company has delivered good profit growth of 23.8% CAGR over last 5 years
Indo-Pacific Defence: the top-performing defence trade in Europe - and most investors are missing it (Proactive)
India's space regulator picks Google-backed PixxelSpace for home-grown satellite constellation (Reuters)
Revenue growing at 24% — strong top-line momentum.
Earnings growth of 21% signals execution on profitability.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹300 — ₹565 (mean ₹492, 27 analysts).
Unfavorable asymmetry — limited upside +29% vs downside -32% (0.9x).
P/E of 53.8x — premium valuation, growth must sustain to avoid de-rating risk.

🔭 FUTURE OUTLOOK

Analyst consensus: Buy (27 analysts).
Latest quarter earnings grew 20% YoY — positive trajectory.

✅ PROS

Company is almost debt free.
Company has delivered good profit growth of 23.8% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 26.4%
Company has been maintaining a healthy dividend payout of 39.1%

❌ CONS

Stock is trading at 14.9 times its book value
Working capital days have increased from 43.8 days to 85.4 days

VALUATION

7/25

25% WEIGHT

P/E at 54x
P/B at 14.9x
Analyst target: ₹492 (+12.2%)
1Y return: +39.2%

FINANCIAL HEALTH

19/25

25% WEIGHT

ROE: 26.6%
Profit margin: 22.5%
Revenue growth: 24.0%
Debt/Equity: 0%

GROWTH

18/25

25% WEIGHT

Revenue growth: 24.0%
Earnings growth: 20.7%
Beta: 0.31
Sector: Industrials

TECHNICAL

13/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

53.8x

Trailing twelve months

P/B RATIO

14.9x

Price to Book value

ROE

26.6%

Return on Equity

PROFIT MARGIN

22.5%

Net profit margin

OPM

27.8%

Operating profit margin

ANALYST TARGET

₹492

Range: ₹300 - ₹565

Yahoo Finance ↗

PEG RATIO

1.79

Price/Earnings to Growth

EV/EBITDA

39.7x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

1.00%

Annual yield

ROA

13.9%

Return on Assets

GROSS MARGIN

48.2%

Gross profit margin

INDUSTRY AVERAGES — AEROSPACE & DEFENSE

P/E 53.7x (above avg)

P/B 5.0x (sector fair)

ROCE 29.0% (above avg)

ROE 20% (sector good)

OPM 20% (sector good)

Div Yield 0.22%

D/E <30 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	₹4,605 Cr	—	₹1,092 Cr	—	N/A	33.8%
Q3 FY25	₹5,771 Cr	+25.3%	₹1,311 Cr	+20.0%	N/A	32.2%
Q4 FY25	₹8,498 Cr	+47.3%	₹2,127 Cr	+62.3%	N/A	35.4%
Q1 FY26	₹4,440 Cr	-47.8%	₹970 Cr	-54.4%	N/A	31.6%
Q3 FY26	₹7,154 Cr	+61.1%	₹1,579 Cr	+62.8%	N/A	31.7%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹15,085 Cr	—	₹2,399 Cr	—	₹4,207 Cr	—
FY23	₹17,404 Cr	+15.4%	₹2,984 Cr	+24.4%	₹1,199 Cr	-71.5%
FY24	₹19,905 Cr	+14.4%	₹3,985 Cr	+33.5%	₹4,659 Cr	+288.5%
FY25	₹23,117 Cr	+16.1%	₹5,321 Cr	+33.6%	₹587 Cr	-87.4%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Bharat Electronics Limited Makes Its Money

🏦 Snapshot of Bharat Electronics Limited's Balance Sheet

💸 Looking into Bharat Electronics Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	3,533	4,009	4,162	8,564	4,244	4,605	5,771	9,150	4,440	5,792	7,154
YOY Sales Growth %	12.49%	1.20%	0.22%	32.18%	20.11%	14.86%	38.65%	6.84%	4.62%	25.78%	23.97%
Expenses +	2,860	2,995	3,090	6,277	3,295	3,205	4,101	6,334	3,201	4,090	5,027
Material Cost %	56%	51%	51%	52%	55%	47%	52%	52%	47%	49%	53%
Employee Cost %	18%	15%	15%	7%	16%	14%	12%	8%	16%	13%	11%
Operating Profit	673	1,014	1,072	2,287	948	1,400	1,669	2,816	1,238	1,702	2,127
OPM %	19%	25%	26%	27%	22%	30%	29%	31%	28%	29%	30%
Other Income +	140	137	167	225	204	158	186	195	163	154	139
Other income normal	140	137	167	225	204	158	186	195	163	154	139
Interest	1	2	1	4	1	1	1	6	1	2	2
Depreciation	109	108	107	119	108	111	111	138	121	126	135
Profit before tax	703	1,041	1,132	2,390	1,043	1,445	1,744	2,867	1,279	1,728	2,128
Tax %	25%	25%	25%	25%	25%	25%	25%	26%	25%	26%	26%
Net Profit +	539	790	860	1,797	791	1,093	1,312	2,127	969	1,287	1,580
Profit from Associates	10	9	12	11	10	9	10	6	8	9	10
Minority share	-0	-0	-1	0	-0	-0	-1	0	1	1	-1
Profit excl Excep	539	790	860	1,797	791	1,093	1,312	2,127	969	1,287	1,580
Profit for PE	538	789	860	1,797	791	1,092	1,311	2,127	970	1,288	1,579
Profit for EPS	538	789	860	1,797	791	1,092	1,311	2,127	970	1,288	1,579
YOY Profit Growth %	47%	27%	40%	30%	47%	38%	53%	18%	23%	18%	20%
EPS in Rs	0.74	1.08	1.18	2.46	1.08	1.49	1.79	2.91	1.33	1.76	2.16
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	10,401	12,164	12,968	14,109	15,368	17,734	20,268	23,769	26,535
Sales Growth %	20.15%	16.95%	6.61%	8.80%	8.93%	15.40%	14.29%	17.27%
Expenses +	8,361	9,255	10,209	10,895	12,024	13,645	15,217	16,932	18,652
Manufacturing Cost %	2%	2%	1%	1%	1%	1%	2%	2%
Employee Cost %	17%	16%	16%	14%	14%	13%	12%	12%
Other Cost %	9%	10%	7%	7%	5%	7%	9%	7%
Operating Profit	2,039	2,909	2,759	3,214	3,344	4,090	5,051	6,837	7,884
OPM %	20%	24%	21%	23%	22%	23%	25%	29%	30%
Other Income +	196	73	99	125	232	281	670	742	650
Exceptional items	1	0	0	1	6	7	26	23
Other income normal	194	73	99	124	225	273	644	719
Interest	6	16	8	10	9	19	12	13	11
Depreciation	272	338	372	387	401	429	443	467	520
Profit before tax	1,957	2,628	2,478	2,942	3,166	3,923	5,266	7,099	8,003
Tax %	28%	30%	28%	30%	26%	25%	25%	26%
Net Profit +	1,431	1,887	1,825	2,100	2,400	2,986	3,985	5,323	5,963
Profit from Associates	24	39	32	30	46	46	42	36
Minority share	1	-0	-1	-1	-1	-2	-1	-1
Exceptional items AT	1	0	0	1	4	6	19	17
Profit excl Excep	1,430	1,886	1,825	2,099	2,396	2,981	3,966	5,305
Profit for PE	1,431	1,886	1,824	2,098	2,394	2,979	3,965	5,304
Profit for EPS	1,432	1,886	1,824	2,099	2,399	2,984	3,985	5,321
Profit Growth %	-6%	32%	-3%	15%	14%	24%	33%	34%
EPS in Rs	1.96	2.58	2.50	2.87	3.28	4.08	5.45	7.28	8.16
Dividend Payout %	34%	44%	37%	46%	46%	44%	40%	33%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	244	244	244	244	244	731	731	731	731
Reserves	7,772	8,968	9,828	10,816	12,042	13,131	15,595	19,243	20,836
Borrowings +	80	34	8	3	53	61	63	61	59
Long term Borrowings	33	0	0	0	0	0	0	0	0
Short term Borrowings	14	0	0	0	0	0	0	0	0
Lease Liabilities	0	0	0	3	53	61	63	61	59
Other Borrowings	33	34	8	0	0	0	0	0
Other Liabilities +	10,868	11,575	14,271	18,430	21,574	21,567	23,136	20,788	21,299
Non controlling int	13	13	14	15	16	18	18	19	17
Trade Payables	1,369	1,434	2,450	3,299	3,369	3,330	3,706	3,339	2,908
Advance from Customers	7,024	0	36	35	14,508	14,823	15,891	13,900
Other liability items	2,462	10,128	11,770	15,080	3,680	3,396	3,520	3,531	18,374
Total Liabilities	18,965	20,821	24,351	29,492	33,912	35,490	39,524	40,824	42,925
Fixed Assets +	1,839	2,298	2,713	2,652	2,675	2,963	3,035	3,419	4,114
Land	134	142	344	346	354	354	354	363
Building	414	587	792	855	908	1,021	1,117	1,426
Plant Machinery	899	1,250	1,482	1,613	1,760	2,047	2,187	2,369
Equipments	331	484	538	592	666	776	923	1,128
Furniture n fittings	504	587	670	696	750	791	874	978
Vehicles	5	7	7	9	11	13	14	17
Intangible Assets	187	184	184	184	257	387	405	406	859
Other fixed assets	38	67	75	121	127	153	165	182
Gross Block	2,512	3,309	4,092	4,415	4,832	5,541	6,038	6,869
Accumulated Depreciation	673	1,011	1,380	1,763	2,157	2,578	3,003	3,449
CWIP	940	849	828	883	1,006	855	894	1,052	564
Investments	937	964	1,110	1,306	1,572	650	682	743	779
Other Assets +	15,248	16,710	19,700	24,651	28,659	31,022	34,913	35,610	37,467
Inventories	4,583	4,443	3,961	4,970	5,595	6,450	7,450	9,120	10,211
Cash Equivalents	841	972	1,660	5,074	7,564	8,112	11,057	9,545	8,117
Loans n Advances	396	415	402	260	271	528	499	403	32
Other asset items	4,413	5,506	6,953	7,785	9,121	8,900	8,515	7,425	8,517
Total Assets	18,965	20,821	24,351	29,492	33,912	35,490	39,524	40,824	42,925

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	-61	-687	1,514	2,570	5,093	4,207	1,199	4,659	587
Profit from operations	1,731	2,096	3,079	2,839	3,421	3,478	4,801	5,260	6,972
Receivables	-646	-646	-359	-1,350	162	454	-1,301	-359	-1,724
Inventory	-729	164	283	474	-997	-612	-1,012	-993	-1,672
Payables	135	72	65	1,016	849	70	-39	376	-368
Loans Advances	-1	-3	-4	-6	41	0	0	-0	0
Other WC items	81	-1,717	-778	172	2,150	1,621	-183	1,795	-947
Working capital changes	-1,161	-2,130	-793	306	2,205	1,534	-2,534	818	-4,710
Direct taxes	-650	-681	-772	-574	-533	-804	-1,067	-1,418	-1,675
Other operating items	19	29	0	0	0	0	0	0	0
Cash from Investing Activity +	3,115	-6	-896	-649	-2,595	-4,872	2,708	-5,924	617
Fixed assets purchased	-794	-807	-729	-747	-469	-555	-590	-653	-1,011
Fixed assets sold	2	2	0	1	1	7	2	9	3
Investments purchased	-29	-451	-27	-146	-196	-266	0	-33	-61
Investments sold	0	0	0	0	0	0	922	0	0
Interest received	343	159	36	71	60	176	278	443	673
Other investing items	3,592	1,091	-176	172	-1,992	-4,235	2,097	-5,690	1,013
Cash from Financing Activity +	-2,857	-1,202	-663	-1,061	-1,076	-1,078	-1,262	-1,475	-1,696
Proceeds from borrowings	0	0	0	0	0	0	0	0	0
Repayment of borrowings	0	0	-47	-25	-8	0	0	0	0
Interest paid fin	-13	-2	-13	-4	-6	-5	-15	-7	-10
Dividends paid	-683	-820	-566	-980	-1,023	-1,023	-1,243	-1,462	-1,681
Financial liabilities	0	0	0	-1	-2	-2	-4	-6	-6
Other financing items	-2,161	-380	-37	-50	-37	-48	0	0	0
Net Cash Flow	197	-1,895	-45	861	1,422	-1,742	2,645	-2,739	-493
Free Cash Flow	-853	-1,492	785	1,825	4,625	3,660	611	4,015	-422
CFO/OP	33%	-0%	79%	114%	175%	150%	55%	120%	33%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	184	176	161	189	170	145	145	133	140
Inventory Days	407	305	275	204	233	230	240	257	273
Days Payable	108	91	89	126	155	139	124	128	100
Cash Conversion Cycle	483	390	347	267	248	237	261	262	313
Working Capital Days	63	125	134	119	47	4	28	18	85
ROCE %	23%	25%	30%	26%	28%	27%	30%	35%	39%

🏭 Industry Peers — Aerospace & Defense

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Bharat Electron ★	₹438	53.7	₹320,241	38.9%	+20.4%	91
2	Hind.Aeronautics	₹4,352	32.8	₹291,034	33.9%	+29.6%	89
3	Garden Reach Sh.	₹3,121	47.8	₹35,752	43.0%	+24.1%	76
4	Zen Technologies	₹1,683	58.0	₹15,198	37.2%	+37.9%	71
5	C2C Advanced	₹467	18.5	₹793	26.2%	+143.2%	70
6	Krishna Defence	₹1,083	48.6	₹1,617	24.3%	+163.7%	66
7	Sika Interplant	₹1,055	60.9	₹2,236	29.0%	+32.7%	65
8	CFF Fluid	₹847	61.4	₹1,777	22.1%	+36.2%	61
9	Astra Microwave	₹1,109	65.7	₹10,532	18.7%	-1.3%	58

★ BEL is the top-ranked techno-fundamental pick in Aerospace & Defense

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%
FIIs	17.34%	17.55%	18.56%	18.14%	18.51%	19.51%
DIIs	20.94%	20.87%	20.60%	20.88%	20.47%	20.00%
Public	10.58%	10.43%	9.70%	9.84%	9.87%	9.37%
No. of Shareholders	26,53,676	26,78,435	25,42,378	24,98,588	25,43,622	25,30,896

🟢 CATALYSTS

🏆Revenue Growth 24%: Above sector norm of 18% — strong top-line momentum.

💹High ROE (26.6%): Above sector norm of 20% — efficient capital use.

🔀Healthy Margins (22.5%): Above sector norm of 20%.

🇮Analyst Upside (12%): Mean target of ₹492 above current price.

🇳Low Beta (0.31): Less volatile than market — defensive play.

🔬Earnings Growth (21%): Above sector norm — strong profit expansion.

🔴 RISKS

📜Elevated P/E (53.8x): Above sector expensive threshold of 50x.

💰Market Risk: Broader market correction or sentiment shift could impact stock.

🔓Sector Risk: Regulatory or competitive changes in Industrials space.

🕸 Factor Analysis · Radar

Momentum 5/10
1M +9.4%, 6M +8.1%, RSI 49, MACD bearish, Above 200DMA

Sentiment 7/10
Analyst upside +12.2%, Rec: buy

Value 2/10
P/E 53.8, P/B 14.9, PEG 1.79, EV/EBITDA 39.7

Quality 7/10
Margin 22.5%, D/E 0

Low Volatility 9/10
Beta 0.31, Ann. vol 26%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 12.2% analyst upside; strong 39% ROCE compounds	OPM of 28% provides margin buffer
HOLD	Retain existing position; wait for better entry; FII stake rising (+1.00%)	Miss further upside if momentum continues; 1M return of +9.4% shows momentum
SELL	Lock in +39.2% 1Y return; redeploy into Hind.Aeronautics at lower P/E	Avoid further drawdown

REASONS TO BUY

Analyst upside of 12.2% with mean target of ₹492
ROCE at 39% indicates strong capital efficiency
FII stake rising (+1.00%) — signals institutional confidence
ROE of 26.6% above sector norm of 20%

REASONS TO SELL / AVOID

P/E of 53.8x exceeds sector expensive threshold of 50x
Hind.Aeronautics offers lower P/E (32.8) with ROCE of 33.9% in the same sector

📰 Latest News

Indo-Pacific Defence: the top-performing defence trade in Europe - and most investors are missing it

Proactive · 2026-04-14T13:48

Astra Microwave Products Ltd (BOM:532493) Q3 2026 Earnings Call Highlights: Record Performance ...

GuruFocus.com · 2026-02-16T01:01

Bharat Electronics Ltd (BOM:500049) Q3 2026 Earnings Call Highlights: Strong Revenue Growth and ...

GuruFocus.com · 2026-01-28T17:02

India's BEL, France's Safran to produce air-to-ground weapons in India

Reuters · 2025-11-24T14:00

India's space regulator picks Google-backed PixxelSpace for home-grown satellite constellation

Reuters · 2025-08-12T09:46

Bharat Electronics Ltd (BOM:500049) Q4 2025 Earnings Call Highlights: Strong Growth in Profits ...

GuruFocus.com · 2025-05-21T07:00

RECOMMENDATION

HOLD

COMPOSITE SCORE

57/100

Bharat Electronics Limited trades at ₹438.50 with a composite risk score of 57/100. The stock scores 7/25 on valuation, 19/25 on financial health, 18/25 on growth, and 13/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 12.2% with a mean target of ₹492. Revenue growth is at 24.0% — a strong positive signal.

Bottom Line: Neutral for Industrials — wait for better entry or catalyst. The current recommendation is HOLD.

PROFITABLE HIGH ROE STRONG GROWTH UPSIDE POTENTIAL EXPENSIVE