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Bharat Electronics Limited

Bharat Electronics Limited

BEL.BO
Bharat Electronics LimitedIN flagBombay Stock Exchange
425.50
INR
+7.50
- -
3.11TMarket Cap
Bharat Electronics Limited
BEL.BO
(Bombay Stock Exchange)

Recent

price

425.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
7.1
7.32
7.77
8.01
8.71
9.06
10.82
13.67
16.22
17.29
18.95
20.64
23.81
27.23
32.52
37.76
32.82
Revenue per Share
1.11
1.07
1.15
1.2
1.51
1.69
1.98
1.94
2.58
2.5
2.87
3.28
4.08
5.45
7.28
8.29
7.53
Basic EPS, GAAP
3.64
-0.08
-2.43
-1.19
1.52
2.02
-1.11
-2.03
1.03
2.5
6.33
5
0.83
5.48
-0.61
0.76
- -
Free Cash Flow per Basic Share
0.23
0.3
0.2
0.26
0.28
0.37
0.89
1.11
0.77
1.34
1.4
1.4
1.7
2
2.3
2.85
- -
Dividend per Share
3.01
3.32
0.1
0.1
4.89
5.85
6.49
7.14
8.35
9.03
9.96
11.29
13.79
16.7
21.13
1
- -
Book Value per Share
6.5
7.27
8.08
8.88
10.18
11.2
9.44
10.02
11.68
12.8
14.26
15.84
17.94
21.42
26.27
31.62
- -
Tangible Book Value per Share
7,920
7,920
7,920
7,920
7,920
7,920
7,696
7,369
7,310
7,310
7,310
7,310
7,310
7,310
7,310
7,312
7,302
Basic Weighted Avg Shares
56,266
57,974
61,547
63,416
68,967
71,756
83,246
100,776
118,547
126,366
138,497
150,847
174,042
199,055
237,688
276,101
239,649
Sales/Revenue/Turnover
15.82
9.1
8.93
12.72
14.7
17.51
19.86
20.09
23.28
20.92
20.68
19.62
21.68
24.02
26.78
27.14
27.72
Operating Margin (%)
1,269
1,257
1,365
1,499
1,662
1,920
2,116
2,717
3,381
3,719
3,873
4,011
4,288
4,432
4,674
5,557
4,805
Depreciation Expense
8,782
8,467
9,108
9,513
11,972
13,374
15,236
14,317
18,864
18,238
20,989
23,989
29,844
39,845
53,214
60,620
55,004
Net Income, GAAP
26.05
23.17
20.59
21.08
20.9
24.22
24.17
28.09
29.69
27.67
29.66
25.64
25.05
25.12
25.52
25.2
25.47
Effective Tax Rate (%)
15.61
14.61
14.8
15
17.36
18.64
18.3
14.21
15.91
14.43
15.16
15.9
17.15
20.02
22.39
21.96
22.95
Profit Margin (%)
44,453
49,877
55,938
61,924
70,766
73,816
53,157
44,083
54,257
58,724
68,838
77,127
94,820
120,362
151,053
187,971
- -
Working Capital
5
3
2
3
- -
- -
167
333
- -
18
12
515
594
602
587
624
- -
LT Debt
51,524
57,885
64,909
72,240
82,499
92,509
77,495
80,287
92,248
100,857
110,746
123,023
138,794
163,444
199,928
240,071
- -
Total Equity
13.69
7.41
7.11
9.28
10.35
10.81
14.61
18.29
22.34
19.75
19.03
18.78
21.51
23.59
26.01
25.4
- -
Return on Invested Capital (%)
25.74
33.73
67
1,133.94
60.12
31.31
31.48
27.49
32.93
28.57
30.2
30.75
32.39
35.54
38.31
74.25
598.8
Return on Capital (%)
25.74
33.79
67.18
1,189.14
60.56
31.44
31.65
27.91
33.19
28.71
30.24
30.89
32.55
35.75
38.49
74.95
- -
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'25
Mar'25
Jun'26
ST Debt
- -
25
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
587
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
- -
7,310
- -
Market Capitalization
2,142,275
2,201,790
3,079,329

Working Capital

FRC

•

in mil. unless spec.
Dec'25
Mar'25
Jun'26
Total Current Assets
- -
348,579
- -
Cash, Cash Equivalents & STI
- -
95,976
- -
Accounts Receivable, Net
- -
91,164
- -
Inventories
- -
91,190
- -
Total Current Liabilities
- -
197,525
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
25
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
10.55%
16.81%
20.08%
Free Cash Flow
18.51%
23.66%
-224.38%
Net Income, GAAP
17.11%
23.94%
13.92%
Sales/Revenue/Turnover
14.51%
14.85%
16.16%
Total Cash Common Dividend
27.66%
15.61%
23.92%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
35,329
40,091
41,622
83,672
199,055
2025
42,436
46,049
57,707
91,496
237,688
2026
44,397
71,538
102,244
- -
276,101

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.74
1.08
1.17
- -
5.45
2025
1.08
1.5
1.79
2.91
7.28
2026
1.33
2.16
3.04
- -
8.29

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
2
2025
- -
- -
- -
- -
2.3
2026
- -
- -
- -
- -
2.85
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Business
Bharat Electronics Limited (BEL) designs, develops, manufactures and supplies advanced electronic equipment and systems primarily for the defence sector, including the Indian Army, Navy and Air Force, as well as for civilian applications. The company offers defence communication products; land-based and naval radars; electronic warfare systems; avionics; electro-optics; tank and armored fighting vehicle electronics; weapon systems; C4I systems; simulators; batteries; microwave tubes and power modules; hybrid micro circuits; cyber security products such as data diodes and secure storage; electronic voting machines; electronic warfare systems; platform screen doors; EV charging stations; homeland security solutions; smart cities and e-governance solutions; space electronics including satellite integration; energy storage and solar products; network and cyber security; railways and metro solutions; airport solutions; telecom products; passive night vision devices; medical electronics; composites; and software solutions. BEL operates manufacturing facilities across India and serves domestic defence and civilian markets with diversification into non-defence segments. Founded in 1954 and headquartered in Bengaluru, Karnataka, the company functions as a Navratna public sector undertaking under the Ministry of Defence, Government of India. In recent developments, BEL secures major defence orders including ₹792 crore for advanced radar systems and secure communication equipment in November 2025; additional ₹871 crore orders for fire control systems, thermal imagers and ground support equipment since early November 2025; ₹592 crore in orders for Kavach systems and tank subsystems in October 2025; and a ₹593 crore contract with the Indian Air Force in early 2025, while forging a strategic partnership with Safran Electronics & Defense for a proposed joint venture to enhance defence manufacturing capabilities.