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Overview

Detailed Summary

Bharat Electronics Limited (BEL) primarily designs, manufactures, and supplies electronic equipment for defense services. As a Navratna PSU, its core business revolves around defense electronics, with minimal but growing presence in civilian markets.
BEL reported a stellar Q3 of FY 2026 with a 19% revenue growth over the same period last year, amounting to INR 17,302 crores, highlighting robust performance and operational efficiency.
The company's order book reached INR 73,450 crores by January 2026, ensuring a healthy pipeline of future projects and steady revenue flow, bolstered by significant contract wins and optimistic guidance.
Strategic partnerships remain a cornerstone for BEL, with ongoing collaborations such as the JV with IAI, Israel, enhancing its competitive edge and opening new avenues in air defense technologies.
BEL is investing heavily in R&D, expected to exceed INR 1,700 crores in FY 2026, focusing on indigenization, innovative defense solutions, and expanding capacities to meet increasing technological demands.

Sector: Aerospace & Defense
Industry: Aerospace & Defense
Market Cap: 3,24,920 Cr
Volatility: Low Risk
P/E Ratio: 56.1
Industry P/E: 46.4
PEG Ratio: 2.9
P/B Ratio: 15.1
52W High: 473.25
52W Low: 293.70

Sales CAGR

1Y: 17.27%
3Y: 15.60%
5Y: 12.86%
10Y: 13.29%

Profit CAGR

1Y: 34.09%
3Y: 31.06%
5Y: 24.14%
10Y: 16.80%

ROE

TTM: 26.41%
3Y: 24.47%
5Y: 22.81%
10Y: 21.02%

ROCE

TTM: 35.09%
3Y: 30.50%
5Y: 27.88%
10Y: 25.52%

Technicals

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Analyst Target, Price, EPS and Revenue Projections
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Peers

Industrials Capital Goods Aerospace & Defense Aerospace & Defense

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BEL		457.65	3,24,920 Cr	56.08	15.07	0.54	26.41	35.09	13.82
HAL		3751.50	2,85,189 Cr	28.20	7.68	0.94	22.82	15.58	7.22
BDL		1368.95	51,313 Cr	86.53	12.17	0.33	15.51	11.07	4.44
GRSE		2712.10	32,953 Cr	45.09	14.35	0.48	26.85	36.26	6.27
DATAPATTNS		3346.55	22,821 Cr	128.02	14.84	0.19	15.18	20.88	14.10
MTARTECH		4844.15	15,802 Cr	234.70	21.24	0.00	6.01	9.08	5.41
ZENTEC		1525.00	15,139 Cr	52.14	8.43	0.12	13.80	21.19	13.88
Median: 7 Co.	—	2712.10	32,953 Cr	56.08	14.35	0.33	15.51	20.88	7.22

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	4,009	4,162	8,564	4,244	4,605	5,771	9,150	4,440	5,792	7,154
Expenses	2,995	3,090	6,277	3,295	3,205	4,101	6,334	3,201	4,090	5,027
Operating Profit	1,014	1,073	2,287	948	1,400	1,669	2,816	1,238	1,702	2,127
OPM %	25.30	25.77	26.71	22.34	30.40	28.93	30.78	27.89	29.39	29.74
Other Income	137	167	225	204	158	186	195	163	154	139
Interest	1.51	0.51	4.05	1.18	1.32	1.32	5.86	1.44	1.65	2.03
Depreciation	108	107	119	108	111	111	138	121	126	135
Profit Before Tax	1,041	1,132	2,390	1,043	1,445	1,744	2,867	1,279	1,728	2,128
Tax %	25.04	25.07	25.29	25.12	25.00	25.37	26.03	24.91	26.02	26.22
Net Profit	781	848	1,786	781	1,084	1,301	2,121	961	1,278	1,570
EPS in Rs	1.08	1.17	2.46	1.08	1.50	1.79	2.91	1.33	1.76	2.16

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	9,221	10,476	12,164	12,968	14,109	15,368	17,734	20,268	23,769	23,965
Expenses	6,869	8,366	9,258	10,213	10,898	12,027	13,649	15,222	16,935	16,841
Operating Profit	2,351	2,111	2,906	2,754	3,211	3,341	4,086	5,046	6,834	7,124
OPM %	25.50	20.15	23.89	21.24	22.76	21.74	23.04	24.90	28.75	29.73
Other Income	420	196	73	99	125	232	281	670	742	702
Interest	13	2.19	13	3.60	6.37	5.05	15	7.14	9.68	9.94
Depreciation	212	272	338	372	387	401	429	443	467	480
Profit Before Tax	1,983	1,957	2,628	2,478	2,942	3,166	3,923	5,266	7,099	7,335
Tax %	24.49	28.09	29.69	27.67	29.66	25.64	25.05	25.12	25.52	25.47
Net Profit	1,497	1,407	1,848	1,793	2,069	2,354	2,940	3,943	5,287	5,467
EPS in Rs	—	—	2.58	2.50	2.87	3.28	4.09	5.45	7.28	8.16
Dividend Payout %	37.88	34.31	43.93	37.38	46.46	137.20	44.01	40.37	32.97	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	240	223	244	244	244	244	244	731	731	731
Reserves	9,006	7,512	7,772	8,968	9,828	10,816	12,042	13,131	15,595	19,243
Borrowings	28	30	47	0.00	0.00	2.52	53	61	63	61
Other Liabilities	9,330	9,830	10,898	11,609	14,277	18,428	21,572	21,568	23,138	20,797
Total Liabilities	18,604	17,596	18,961	20,821	24,348	29,490	33,911	35,491	39,527	40,832
Fixed Assets	1,232	1,501	1,839	2,298	2,713	2,652	2,675	2,963	3,035	3,419
CWIP	430	743	940	849	828	883	1,006	855	894	1,052
Investments	462	491	937	965	1,110	1,306	1,572	650	682	743
Other Assets	16,480	14,861	15,244	16,710	19,697	24,649	28,657	31,023	34,916	35,618
Total Assets	18,604	17,596	18,961	20,821	24,348	29,490	33,911	35,491	39,527	40,832

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	2,260	-61	-687	1,546	2,570	5,093	4,207	1,199	4,659	587
Cash from Investing Activity	-1,470	3,115	-6.41	-928	-649	-2,595	-4,872	2,708	-5,924	617
Cash from Financing Activity	-318	-2,857	-1,202	-663	-1,061	-1,076	-1,078	-1,262	-1,475	-1,696
Net Cash Flow	472	197	-1,895	-45	861	1,422	-1,742	2,645	-2,739	-493

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	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%	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%
FIIs	17.35%	17.18%	17.78%	17.56%	17.43%	17.27%	17.35%	17.56%	18.56%	18.15%	18.51%	19.50%
DIIs	24.83%	24.19%	23.37%	22.64%	20.61%	20.22%	20.94%	20.88%	20.60%	20.88%	20.48%	19.99%
Public	6.68%	7.49%	7.72%	8.66%	10.82%	11.38%	10.58%	10.43%	9.70%	9.84%	9.87%	9.37%
Total Shareholders	7,67,820	9,74,782	10,98,228	13,64,873	25,18,663	27,72,002	26,53,676	26,78,435	25,42,378	24,98,588	25,43,622	25,30,896

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Documents

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Investor Presentation

Q1 FY23

Investor Presentation

Q1 FY23

Investor Presentation

Q4 FY22

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