Bharat Electronics Limited

Bharat Electronics Limited

367.00
INR
-4.60
(-1.24%)
7.97EPS
51.70P/E
3.01TMarket Cap
Oct 30Next Earn
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
2026 Y
TTM
Revenue per Share
8.01
8.71
9.06
10.82
13.67
16.22
17.29
18.95
20.64
23.81
27.23
31.63
36.66
37.43
Basic EPS, GAAP
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
7.97
Free Cash Flow per Basic Share
-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
- -
Dividend per Share
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
- -
Book Value per Share
9.12
10.41
11.67
10.49
10.97
12.6
13.78
15.13
16.81
18.96
22.34
27.32
32.82
- -
Tangible Book Value per Share
8.88
10.18
11.19
9.83
10.08
11.66
12.78
14.24
15.81
17.92
21.4
26.24
31.61
- -
Basic Weighted Avg Shares
7,920
7,920
7,920
7,696
7,369
7,310
7,310
7,310
7,310
7,310
7,310
7,310
7,310
7,311
Sales/Revenue/Turnover
63,416
68,967
71,756
83,246
100,776
118,547
126,366
138,497
150,847
174,042
199,055
231,173
267,965
273,650
Operating Margin (%)
12.72
14.7
17.51
19.86
20.09
23.28
20.92
20.68
19.62
21.68
24.02
28.23
29.08
26.11
Depreciation Expense
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
5,897
Net Income, GAAP
9,513
11,972
13,374
15,236
14,317
18,864
18,239
20,989
23,989
29,844
39,845
53,214
60,620
58,286
Effective Tax Rate (%)
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
25.03
Profit Margin (%)
15
17.36
18.64
18.3
14.21
15.91
14.43
15.16
15.9
17.15
20.02
23.02
22.62
21.3
Working Capital
61,924
70,766
73,816
53,157
44,083
54,257
58,724
68,838
77,127
94,820
120,363
151,053
187,971
- -
LT Debt
3
- -
- -
167
333
- -
18
12
515
594
603
587
624
- -
Total Equity
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
- -
Return on Invested Capital (%)
9.09
10.3
10.29
13.93
15.96
20.77
17.92
18.74
18.64
20.84
22.74
26
25.41
- -
Return on Capital (%)
13.91
15.47
15.29
17.94
18.01
21.82
18.86
19.86
20.49
22.77
26.29
29.22
27.5
- -
Return on Common Equity (%)
13.88
15.48
15.29
17.94
18.18
21.9
18.92
19.87
20.55
22.83
26.4
29.32
27.58
- -

Capital Structure

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
ST Debt
- -
30
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
624
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
7,310
7,310
7,310
Market Capitalization
2,921,719
2,928,297
3,012,725

Working Capital

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
Total Current Assets
- -
380,569
- -
Cash, Cash Equivalents & STI
- -
85,845
- -
Accounts Receivable, Net
- -
128,758
- -
Inventories
- -
101,755
- -
Total Current Liabilities
- -
192,598
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
30
- -
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

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
14.16%
14.15%
15.92%
Total Cash Common Dividend
27.66%
15.61%
23.92%

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
42,436
46,049
57,707
91,496
231,173
2026
44,397
- -
71,539
102,244
267,965
2027
55,470
- -
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
1.08
1.5
1.79
2.91
7.28
2026
1.33
- -
2.16
3.04
8.29
2027
1.44
- -
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
2.3
2026
- -
- -
- -
- -
2.85
2027
- -
- -
- -
- -
- -

Company Description

CEO
Manoj Jain
Full Time Employees
21,551
Sector
Electronic technology
Industry
Aerospace & defense
Address
Outer Ring Road Bangalore KA India 560045
IPO Date
Nov 9, 1994
Business
Bharat Electronics Limited (BEL) is a Navratna public sector undertaking under the Ministry of Defence, Government of India, specializing in the design, development, and manufacture of advanced electronic products and systems primarily for defense applications. Established in 1954 and headquartered in Bengaluru, India, BEL’s core product portfolio encompasses radars including weapon locating radars and battlefield surveillance radars; fire control systems; communication and network-centric systems; electronic warfare systems; naval and anti-submarine warfare systems; avionics; missile components; and combat management systems. The company also produces electronic voting machines, cybersecurity solutions, homeland security products, smart city and e-governance solutions, space electronics including satellite integration, energy storage products like e-vehicle charging stations, solar power systems, telecom equipment, medical electronics, and composite materials. Recently, BEL has reinforced its position with significant contract wins and strategic initiatives. It secured fresh defense orders totaling over Rs 2,900 crore in 2025 for advanced systems such as software-defined radios, missile system components, network upgrades, and cybersecurity solutions. Notably, it received orders worth Rs 633 crore from Cochin Shipyard Limited for critical defense technology and sensor systems. BEL signed memorandums of understanding with CSIR-CEERI and IIM Kozhikode to develop advanced technologies and leadership capabilities. The company expanded its strategic business units with five new SBUs focusing on electronic warfare land systems, seekers, arms and ammunition, network and cybersecurity, and unmanned systems. Financially, BEL reported a 26% revenue increase and an 18% net profit rise in Q2 FY26, supported by a strong order book expected to exceed Rs 27,000 crore for the fiscal year 2025-26. BEL operates primarily in India with a focus on supplying Indian armed forces but also serves civilian sectors such as railways, airports, and public infrastructure. Its extensive research and development efforts and transfer of technology collaborations enable it to maintain a leading edge in defense electronics manufacturing and innovation. This comprehensive product and service offering combined with recent substantial contract awards and organizational expansions position Bharat Electronics Limited as a critical and growing player in India’s defense and electronics sectors.