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Bharat Electronics Ltd.

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bel-india.inBSE: 500049NSE: BEL
Market Cap₹ 2,96,923 Cr.
Current Price
High / Low₹ 473 / 373
Stock P/E48.5
Book Value₹ 34
Price to Book12.36
Dividend Yield0.62 %
ROCE37.3 %
ROE27.9 %
Face Value₹ 1

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence
72%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 24.0% CAGR over last 5 years
  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 37.7%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 28.2%
  • Operating margins have improved to 28.1% from 25.0%
  • Company has been maintaining a healthy dividend payout of 30.2%

CONS

  • Receivables are growing faster than sales - a possible quality concern
  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.43x)
  • Stock is trading at 12.4x its book value
  • Rich enterprise valuation - EV/EBITDA of 33.0x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsAerospace & Defense
Part ofNIFTY 50NIFTY CPSENIFTY100 QUALTY30NIFTYLARGEMIDCAP250NIFTY100 EQL WGT
S.No.Name
1.HAL5007.0035.92334855.640.901589.6614.885515.1714.4531.9927.89
2.BEL406.2048.31296923.220.621054.538.825546.9824.9436.6825.22
3.BDL1217.1085.6744614.320.40118.79547.36572.24147.6313.9114.52
4.DATAPATTNS4881.253553.0027327.170.20220.60765.101160.301068.1323.1827.04
5.ASTRAMICRO1704.9585.6316187.650.1412.35-24.12176.66-11.5520.2920.40
6.ZENTEC1762.3588.3315912.780.0631.85-39.99141.64-10.4816.8327.13
7.APOLLO422.20129.3215688.930.06252.161325.842512.931781.1714.5221.38
8.AEQUS230.35310.2215448.780.00-532.28-6067.263955.451486.691.504.47
9.PARAS1471.25125.5311856.410.0720.7445.34127.9137.2618.6824.95
10.UNIMECH1585.90112.088072.550.0027.8645.70107.6270.8512.1036.35
11.AXISCADES1878.15219.847988.430.00-14.76-170.76183.35-24.7714.564.73
12.CENTUM4249.80126.436273.560.1210.55135.70204.15-22.5326.0211.54
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
3,5113,9934,1378,5294,1994,5835,7569,1204,4175,7647,12210,1775,533
2,8462,9893,0876,2493,2623,1954,1036,3313,1774,0685,0047,2154,298
Operating Profit6641,0041,0492,2809371,3891,6532,7891,2401,6952,1182,9621,235
OPM %18.93%25.15%25.37%26.73%22.31%30.29%28.72%30.58%28.07%29.41%29.73%29.11%22.33%
142171223221202167205194164159160108167
Interest1214111612221
Depreciation101100100111100103103130113118127165153
Profit before Tax7041,0731,1722,3861,0371,4511,7542,8481,2891,7342,1482,9041,403
Tax %24.57%24.29%23.80%25.24%25.18%24.79%24.97%26.09%24.83%25.84%25.96%24.13%25.27%
Net Profit5318128931,7847761,0911,3162,1059691,2861,5902,2031,048
0.731.111.222.441.061.491.812.871.331.762.173.011.43

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
8,61210,32212,08512,92114,06415,31417,64620,16923,65827,48028,596
6,9248,5769,36110,41810,90812,02313,68815,34717,04319,75820,585
Operating Profit1,6871,7472,7232,5033,1563,2903,9584,8226,6157,7228,011
OPM %19.59%16.92%22.54%19.37%22.44%21.49%22.43%23.91%27.96%28.10%28.01%
550457311333155256453936922887594
Interest16515798181212106
Depreciation192251316350366380408412436524564
Profit before Tax2,0291,9482,7032,4792,9353,1583,9855,3357,0908,0758,189
Tax %23.74%28.16%28.70%27.64%29.62%25.61%24.55%24.64%25.41%25.10%25.17%
Net Profit1,5481,3991,9271,7942,0652,3493,0074,0205,2886,0486,128
EPS6.035.707.917.368.483.214.115.507.238.27—
Dividend Payout %32.47%34.83%42.98%38.03%47.19%46.68%43.76%40.00%33.17%30.21%—

COMPOUNDED SALES GROWTH

10 Years:
14%
5 Years:
14%
3 Years:
16%

COMPOUNDED PROFIT GROWTH

10 Years:
17%
5 Years:
24%
3 Years:
26%

STOCK PRICE CAGR

10 Years:
27%
5 Years:
44%
3 Years:
41%
1 Year:
4%

RETURN ON EQUITY

10 Years:
23%
5 Years:
26%
3 Years:
28%
Last Year:
28%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2022

Sep 15

2:1

Bonus issue

2017

Sep 28

1:10

Bonus issue

2015

Sep 14

2:1

Bharat Electronics Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 24, 2015, inter alia, has approved the proposal for issue of Bonus shares to the existing shareholders of the Company in the ratio of 2:1 (2 Bonus shares for every share held). Board has also approved the proposal for increase in the authorized share capital of the Company from Rs. 100 Crores to Rs. 250 Crores and consequential amendments to Memorandum of Association and Articles of Association. The aforesaid proposals are subject to the approval by Members of the Company at the ensuing Annual General Meeting through e-voting and ballot. The Company further inform that the aforesaid proposals were not part of the agenda of the Board meeting held on 24th July 2015 and were decided by the Board at the meeting.

2015

Sep 15

Bonus issue

2015

Sep 16

2:1

Bharat Electronics Ltd has informed BSE that the Allotment Committee of Board of Directors of the Company, has in its meeting held on September 16, 2015, approved the proposal for allotment of 16,00,00,000 (Sixteen Crores) Bonus shares of Rs. 10 each to the shareholders of the Company who have held shares as on the Record Date (i.e., September 15, 2015) in the ratio of 2:1 (2 Bonus shares for every share held).

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital223244244244244244731731731731
7,2857,5178,7759,60910,56411,74112,85115,35118,96722,967
7411113012873134125122127141
Trade Payables1,3311,4011,4352,4253,2973,3663,3203,6943,3153,542
7,7118,8199,40811,00814,41217,34517,52518,68316,74416,122
Total Liabilities16,62418,09219,99223,41428,59032,82934,55138,58139,88443,503
1,2551,6072,0842,5202,4802,5242,6722,7593,1733,899
Capital Work in Progress364395275199351399362454469482
4609031,0191,1621,3311,554664768820864
4,8564,5514,4143,9104,9155,5406,4067,4089,07010,094
1161131361451021101247,3629,09212,845
Cash & Bank3,7907398841,5585,0087,4998,00910,9689,3978,419
5,7839,78411,18013,92014,40315,20416,3148,8637,8636,900
Total Assets16,62418,09219,99223,41428,59032,82934,55138,58139,88443,503

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
534-1372,2333,1015,6364,9642,1504,6484571,494
Cash from Investing3,14841-854-639-2,569-4,8612,800-5,8897721,747
Cash from Financing-2,835-1,201-628-1,059-1,075-1,077-1,262-1,474-1,696-2,096
216-1,948-168341,459-1,7772,625-2,715-4671,145

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
51.1451.1451.1451.1451.1451.1451.1451.1451.14
17.4317.2717.3417.5518.5618.1418.5119.5118.02
20.6220.2220.9420.8720.6020.8820.4720.0021.02
Government0.000.000.000.000.000.000.000.000.00
10.8211.3810.5910.439.709.849.879.379.82

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08
Updates

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
Copy of Newspaper Publication

2026-09-02 - Bharat Electronics Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-28
Shareholders meeting

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
Shareholders meeting

2026-08-28 - Bharat Electronics Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 28, 2026

2026-08-26
Bagging/Receiving of orders/contracts

2026-08-26 - Bharat Electronics Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-08-19
Copy of Newspaper Publication

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
Shareholders meeting

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
Appointment

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.

2026-08-13
Change in Director(s)

2026-08-13 - Bharat Electronics Limited has informed the Exchange regarding Change in Director(s) of the company.

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