Bharat Electronics Ltd.
•Add ratio to table
ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 23.8% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 36.9%
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.6%
- Company has consistently been profitable over the last 5 years
- Operating margins have improved to 28.1% from 24.6%
CONS
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.44x)
- Stock is trading at 12.2x its book value
- Rich enterprise valuation - EV/EBITDA of 33.0x
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HAL | 4898.75 | 35.15 | 327616.15 | 0.92 | 1589.66 | 14.88 | 5515.17 | 14.45 | 31.99 | 27.89 |
| BEL | 405.50 | 48.23 | 296411.53 | 0.62 | 1054.53 | 8.82 | 5546.98 | 24.94 | 36.68 | 25.22 |
| BDL | 1190.50 | 83.80 | 43639.27 | 0.41 | 118.79 | 547.36 | 572.24 | 147.63 | 13.91 | 14.52 |
| DATAPATTNS | 4832.90 | 3517.81 | 27056.49 | 0.21 | 220.60 | 765.10 | 1160.30 | 1068.13 | 23.18 | 27.04 |
| ASTRAMICRO | 1677.95 | 84.27 | 15931.30 | 0.14 | 12.35 | -24.12 | 176.66 | -11.55 | 20.29 | 20.40 |
| APOLLO | 421.95 | 129.24 | 15679.64 | 0.06 | 252.16 | 1325.84 | 2512.93 | 1781.17 | 14.52 | 21.38 |
| ZENTEC | 1722.85 | 86.35 | 15556.12 | 0.06 | 31.85 | -39.99 | 141.64 | -10.48 | 16.83 | 27.13 |
| AEQUS | 226.05 | 304.43 | 15160.40 | 0.00 | -532.28 | -6067.26 | 3955.45 | 1486.69 | 1.50 | 4.47 |
| PARAS | 1433.00 | 122.27 | 11548.16 | 0.07 | 20.74 | 45.34 | 127.91 | 37.26 | 18.68 | 24.95 |
| UNIMECH | 1609.30 | 113.74 | 8191.66 | 0.00 | 27.86 | 45.70 | 107.62 | 70.85 | 12.10 | 36.35 |
| AXISCADES | 1831.10 | 214.34 | 7788.31 | 0.00 | -14.76 | -170.76 | 183.35 | -24.77 | 14.56 | 4.73 |
| CENTUM | 4210.75 | 125.27 | 6215.92 | 0.12 | 10.55 | 135.70 | 204.15 | -22.53 | 26.02 | 11.54 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,533 | 4,009 | 4,162 | 8,564 | 4,244 | 4,605 | 5,771 | 9,150 | 4,440 | 5,792 | 7,154 | 10,224 | 5,547 | |
| 2,860 | 2,995 | 3,090 | 6,277 | 3,295 | 3,205 | 4,101 | 6,334 | 3,201 | 4,090 | 5,027 | 7,243 | 4,320 | |
| Operating Profit | 673 | 1,014 | 1,072 | 2,287 | 948 | 1,400 | 1,669 | 2,816 | 1,238 | 1,702 | 2,127 | 2,982 | 1,227 |
| OPM % | 19.04% | 25.30% | 25.77% | 26.71% | 22.34% | 30.40% | 28.93% | 30.78% | 27.89% | 29.39% | 29.74% | 29.16% | 22.11% |
| 140 | 137 | 167 | 225 | 204 | 158 | 186 | 195 | 163 | 154 | 139 | 110 | 170 | |
| Interest | 1 | 2 | 1 | 4 | 1 | 1 | 1 | 6 | 1 | 2 | 2 | 2 | 1 |
| Depreciation | 109 | 108 | 107 | 119 | 108 | 111 | 111 | 138 | 121 | 126 | 135 | 173 | 161 |
| Profit before Tax | 703 | 1,041 | 1,132 | 2,390 | 1,043 | 1,445 | 1,744 | 2,867 | 1,279 | 1,728 | 2,128 | 2,917 | 1,407 |
| Tax % | 24.78% | 25.04% | 25.07% | 25.29% | 25.12% | 25.00% | 25.37% | 26.03% | 24.91% | 26.02% | 26.22% | 24.10% | 25.04% |
| Net Profit | 0 | 0 | 0 | 0 | 791 | 1,093 | 1,312 | 2,127 | 969 | 1,287 | 1,580 | 2,226 | 1,055 |
| 0.74 | 1.08 | 1.17 | 2.46 | 1.08 | 1.50 | 1.79 | 2.91 | 1.33 | 1.76 | 2.16 | 3.04 | 1.44 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 8,668 | 10,401 | 12,164 | 12,968 | 14,109 | 15,368 | 17,734 | 20,268 | 23,769 | 27,610 | 28,717 | |
| 6,955 | 8,618 | 9,397 | 10,440 | 10,924 | 12,046 | 13,738 | 15,397 | 17,087 | 19,854 | 20,680 | |
| Operating Profit | 1,713 | 1,783 | 2,768 | 2,527 | 3,185 | 3,322 | 3,997 | 4,871 | 6,682 | 7,756 | 8,038 |
| OPM % | 19.77% | 17.14% | 22.75% | 19.49% | 22.58% | 21.62% | 22.54% | 24.03% | 28.11% | 28.09% | 27.99% |
| 499 | 452 | 215 | 331 | 154 | 254 | 374 | 851 | 897 | 862 | 572 | |
| Interest | 18 | 6 | 16 | 8 | 10 | 9 | 19 | 12 | 13 | 10 | 6 |
| Depreciation | 212 | 272 | 338 | 372 | 387 | 401 | 429 | 443 | 467 | 556 | 595 |
| Profit before Tax | 1,983 | 1,957 | 2,628 | 2,478 | 2,942 | 3,166 | 3,923 | 5,266 | 7,099 | 8,053 | 8,180 |
| Tax % | 24.49% | 28.09% | 29.69% | 27.67% | 29.66% | 25.64% | 25.05% | 25.12% | 25.52% | 25.20% | 25.22% |
| Net Profit | 1,497 | 1,407 | 1,848 | 1,793 | 2,069 | 2,354 | 2,940 | 3,943 | 5,287 | 6,023 | 6,117 |
| EPS | 5.94 | 5.83 | 7.74 | 7.49 | 8.62 | 3.28 | 4.09 | 5.45 | 7.28 | 8.29 | — |
| Dividend Payout % | 32.99% | 34.04% | 43.92% | 37.41% | 46.43% | 45.71% | 44.09% | 40.36% | 32.97% | 30.15% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 14%
- 3 Years:
- 16%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 16%
- 5 Years:
- 24%
- 3 Years:
- 27%
STOCK PRICE CAGR
- 10 Years:
- 27%
- 5 Years:
- 44%
- 3 Years:
- 44%
- 1 Year:
- 5%
RETURN ON EQUITY
- 10 Years:
- 22%
- 5 Years:
- 25%
- 3 Years:
- 28%
- Last Year:
- 27%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 223 | 244 | 244 | 244 | 244 | 244 | 731 | 731 | 731 | 731 |
| Minority Interest | 14 | 13 | 13 | 14 | 15 | 16 | 18 | 18 | 19 | 19 |
| 7,512 | 7,772 | 8,968 | 9,828 | 10,816 | 12,042 | 13,131 | 15,595 | 19,243 | 23,257 | |
| 251 | 264 | 257 | 241 | 173 | 220 | 198 | 183 | 175 | 176 | |
| Trade Payables | 1,297 | 1,369 | 1,434 | 2,450 | 3,299 | 3,369 | 3,330 | 3,706 | 3,339 | 3,583 |
| 7,769 | 8,869 | 9,433 | 11,073 | 14,480 | 17,398 | 17,579 | 18,718 | 16,791 | 16,183 | |
| Total Liabilities | 17,067 | 18,530 | 20,349 | 23,850 | 29,026 | 33,290 | 34,987 | 38,952 | 40,297 | 43,950 |
| 1,501 | 1,839 | 2,298 | 2,712 | 2,652 | 2,675 | 2,963 | 3,035 | 3,419 | 4,121 | |
| Capital Work in Progress | 414 | 444 | 323 | 247 | 397 | 446 | 361 | 456 | 477 | 486 |
| 491 | 937 | 964 | 1,110 | 1,306 | 1,572 | 650 | 682 | 743 | 800 | |
| 4,882 | 4,579 | 4,443 | 3,958 | 4,968 | 5,592 | 6,448 | 7,447 | 9,119 | 10,176 | |
| 118 | 114 | 137 | 146 | 102 | 110 | 124 | 7,392 | 9,116 | 12,876 | |
| Cash & Bank | 3,827 | 841 | 972 | 1,660 | 5,074 | 7,564 | 8,112 | 11,057 | 9,545 | 8,572 |
| 5,835 | 9,776 | 11,212 | 14,016 | 14,527 | 15,331 | 16,330 | 8,882 | 7,877 | 6,921 | |
| Total Assets | 17,067 | 18,530 | 20,349 | 23,850 | 29,026 | 33,290 | 34,987 | 38,952 | 40,297 | 43,950 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 570 | -35 | 2,286 | 3,145 | 5,626 | 5,012 | 2,267 | 4,659 | 564 | 1,541 | |
| Cash from Investing | 3,115 | -6 | -896 | -649 | -2,595 | -4,872 | 2,708 | -5,924 | 639 | 1,730 |
| Cash from Financing | -2,857 | -1,202 | -663 | -1,061 | -1,076 | -1,078 | -1,262 | -1,475 | -1,696 | -2,097 |
| 197 | -1,895 | -45 | 861 | 1,422 | -1,742 | 2,645 | -2,739 | -493 | 1,175 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Bharat Electronics Limited has informed the Exchange regarding Appointment of M/s Rao & Emmar, Chartered Accountants as Statutory Auditors. of the company for FY 2026-27
2026-09-08 - Bharat Electronics Limited has informed the Exchange regarding 'Intimation of Payment Date Final Dividend for the Financial Year 2025-26.'.
2026-09-02 - Bharat Electronics Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-28 - Bharat Electronics Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 28, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-28 - Bharat Electronics Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 28, 2026
2026-08-26 - Bharat Electronics Limited has informed the Exchange about Bagging/Receiving of orders/contracts
2026-08-19 - Newspaper Publication Addendum to the Notice of the 72nd Annual General Meeting (AGM) of the Company scheduled to be held on 28 August 2026.
2026-08-18 - Addendum to the Notice of the 72nd Annual General Meeting of the Company scheduled to be held on 28 August 2026.
2026-08-18 - Bharat Electronics Limited has informed the Exchange regarding Appointment of Shri. Partha Pratim Pathak as Independent Director of the company w.e.f. August 18, 2026.
News
Recent coverage and analyst commentary for BEL
Loading news…
AI Stock Analyst
Bharat Electronics Ltd.
Sign in to Chat with AI
Log in with your 5nance account to ask institutional questions about performance, financials, and outlook.
✨ Sign In to ChatFree 5nance Account