Aerospace & Defense
Bharat Electronics is a prominent Aerospace & Defense company, trading under the stock ticker BEL. With a market capitalization of Rs. 202,473.6 Crores, it stands as a significant player in the Indian defense and civilian electronics markets.
The company specializes in designing, manufacturing, and supplying a wide range of electronic equipment and systems.
In the defense sector, its product offerings include:
Meanwhile, in the non-defense sector, Bharat Electronics provides:
Additionally, the company offers extensive electronic manufacturing services such as PCB assembly, precision machining, opto-electronic components, and software services.
Bharat Electronics is also involved in the cybersecurity domain, providing products like data diodes and secure storage solutions, alongside services for security architecture conceptualization and audits.
The company has a global footprint, exporting products to nations including the United States, France, Germany, and several others.
Founded in 1954 and based in Bengaluru, India, Bharat Electronics has reported a trailing 12 months revenue of Rs. 23,956.4 Crores, showcasing significant growth with a 48.1% increase over the past three years.
Bharat Electronics is recognized for its profitability, having generated a profit of Rs. 4,992.3 Crores in the past four quarters. It also distributes dividends to its investors, with a yield of 1.14% and a return of Rs.2.8 per share in the last 12 months.
Updated Jun 17, 2025
This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.
Profitability: Very strong Profitability. One year profit margin are 21%.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Balance Sheet: Strong Balance Sheet.
Momentum: Stock price has a strong positive momentum. Stock is up 11% in last 30 days.
Size: It is among the top 200 market size companies of india.
Growth: Good revenue growth. With 48.1% growth over past three years, the company is going strong.
No major cons observed.
Comprehensive comparison against sector averages
BEL metrics compared to Aerospace
Category | BEL | Aerospace |
---|---|---|
PE | 59.14 | 52.56 |
PS | 12.32 | 11.19 |
Growth | 28.1 % | 10 % |
BEL vs Aerospace (2021 - 2025)
Understand Bharat Electronics ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
Shareholder Name | Holding % |
---|---|
PRESIDENT OF INDIA | 51.14% |
CPSE EXCHANGE TRADED SCHEME (CPSE ETF) (VARIOUS SCHEMES) | 3.38% |
KOTAK FLEXICAP FUND (VARIOUS SCHEMES) | 2.51% |
LIFE INSURANCE CORPORATION OF INDIA(VARIOUS SCHEMES) | 1.89% |
NPS TRUST- A/C HDFC PENSION MANAGEMENT COMPANY LTD SCHEME E - TIER I(VARIOUS SCHEMES) | 1.46% |
SBI NIFTY 50 ETF (VARIOUS SCHEMES) | 1.31% |
CANARA ROBECO MUTUAL FUND A/C CANARA ROBECO EMERGING EQUITIES (VARIOUS SCHEMES) | 1.09% |
Distribution across major stakeholders
Distribution across major institutional holders
Summary of Bharat Electronics's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Last updated: May 25
Bharat Electronics Limited (BEL) management provided an optimistic outlook for FY '26 during their Q4 earnings conference call. For the upcoming fiscal year, the company expects a revenue growth of approximately 15% and an EBITDA margin around 27%. Additionally, they project an order inflow exceeding INR 27,000 crores and plan to increase R&D investments to about INR 1,600 crores, alongside capital expenditures of more than INR 1,000 crores.
Management highlighted the current geopolitical scenario, stating that BEL's technologies were effectively used in operational scenarios, leading to high user satisfaction and an expectation of good orders under emergency procurement initiatives. They anticipate securing various significant projects, primarily related to the QRSAM program, with an estimated contract value of INR 30,000 crores, targeting award timelines possibly in Q1 FY '26.
Furthermore, management expressed confidence in securing additional large orders from initiatives like the Next-Generation Corvettes (potentially worth INR 6,000-10,000 crores) and stated there are ongoing discussions about several defense systems and support solutions. There were also significant expectations from their Counter-Drone systems, performance in recent operations had led to acquired repeat orders, underlining BEL's role as a crucial technology provider in defense solutions.
Overall, management's forward-looking statements emphasize solid growth trajectories and a focus on leveraging technological advancements to meet both domestic and export market demands.
Last updated: May 25
Here are the significant questions and answers from the Q&A session of the Bharat Electronics earnings transcript:
Mohit Pandey: Can you share a ballpark figure for the potential emergency procurement orders this year, and any updates on larger pipeline orders like QRSAM?
Manoj Jain: It's early for exact numbers, but we anticipate at least 8-10 projects under emergency procurement. Concerning QRSAM, we expect an order worth around INR30,000 crores, possibly by this fiscal year, or worst case, early next year. We aim for multiple significant projects and hope for strong pipeline orders.
Amit Dixit: What do you expect for order inflow this year, considering current events and the recent skirmishes?
Manoj Jain: Beyond the INR30,000 crores QRSAM, we estimate around INR27,000 crores from other orders this year, totaling over INR50,000 crores if QRSAM is accounted for as well.
Nitin Arora: Considering the geopolitical landscape, do you expect faster execution of projects and any change in revenue outlook?
Manoj Jain: Yes, we are optimizing our execution plans with suppliers and improving internal processes to accelerate project deliveries, particularly to meet evolving user demands.
Sagar Gandhi: Can you comment on working capital changes and the receivables outlook?
Damodar Bhattad: Our working capital has remained stable with a current ratio around 1.7. We've observed minor changes in receivables and expect no challenges ahead.
Vatsal Desai: What would be the margin outlook amidst emergency procurements and faster execution?
Damodar Bhattad: We will provide margin guidance later, but executing projects faster may influence margins positively or negatively, depending on various factors.
Atul Tiwari: Any specifics on the size and timeline for the NGC program orders?
Manoj Jain: Expected orders from the NGC program will be in the INR6,000 crores to INR10,000 crores range, with finalization depending on the shipyard's completion times for subsystems.
Ranodeep S: Can you comment on the indigenization list and BEL's role?
Manoj Jain: BEL is involved in all lists of positive indigenization, developing necessary solutions to align with the initiative's goals.
Khush Nahar: Regarding software-defined radios (SDRs), can you discuss future opportunities and your competitive landscape?
Manoj Jain: BEL is a leader in SDRs for naval applications, with significant orders already and expecting substantial demand from the army for approximately 40,000-50,000 units, estimated around INR2,000-3,000 crores over the next few years.
Manoj Jain: For FY '26, we project revenue growth of around 15%, EBITDA margin of approximately 27%, and an order inflow target exceeding INR27,000 crores, with capex over INR1,000 crores and R&D over INR1,600 crores.
These responses encapsulate the expectations and strategies of Bharat Electronics in the current market context.
Investor Care | |
---|---|
Dividend Yield | 0.74% |
Dividend/Share (TTM) | 3 |
Shares Dilution (1Y) | 0.00% |
Diluted EPS (TTM) | 6.83 |
Financial Health | |
---|---|
Current Ratio | 1.62 |
Debt/Equity | 0.00 |
Debt/Cashflow | 0.00 |
Valuation | |
---|---|
Market Cap | 2.95 LCr |
Price/Earnings (Trailing) | 59.14 |
Price/Sales (Trailing) | 12.32 |
EV/EBITDA | 41.71 |
Price/Free Cashflow | 51.36 |
MarketCap/EBT | 44.59 |
Fundamentals | |
---|---|
Revenue (TTM) | 23.96 kCr |
Rev. Growth (Yr) | 37.59% |
Rev. Growth (Qtr) | 25.08% |
Earnings (TTM) | 4.99 kCr |
Earnings Growth (Yr) | 52.47% |
Earnings Growth (Qtr) | 20.02% |
Profitability | |
---|---|
Operating Margin | 27.64% |
EBT Margin | 27.64% |
Return on Equity | 28.24% |
Return on Assets | 12.54% |
Free Cashflow Yield | 1.95% |
Press Release / Media Release • 06 Jun 2025 Press Release. |
Press Release / Media Release • 05 Jun 2025 BEL receives ordes Worth Rs. 2323 Crores |
Press Release / Media Release • 04 Jun 2025 Press Release - BEL receives orders worth Rs.537 Crores. |
Analyst / Investor Meet • 02 Jun 2025 Intimation Participating in Investors / Analysts. |
Change in Directorate • 01 Jun 2025 Intimation of Change in Director(s). |
Change in Management • 01 Jun 2025 Intimation of Change in Senior Management. |
General • 30 May 2025 Disclosure under Regulation 30. |
Detailed comparison of Bharat Electronics against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
---|---|---|---|---|---|---|---|---|---|
HAL | Hindustan AeronauticsAerospace & Defense | 3.38 LCr | 34.52 kCr | -1.34% | -2.72% | 38.91 | 9.8 | +14.42% | +41.55% |
MAZDOCK | Mazagon Dock ShipbuildersShip Building & Allied Services | 1.28 LCr | 12.52 kCr | -10.12% | -18.29% | 46.42 | 10.2 | +33.13% | +71.93% |
BDL | Bharat DynamicsAerospace & Defense | 69.06 kCr | 2.76 kCr | +2.27% | +19.02% | 122.08 | 25.01 | +5.24% | +18.66% |
COCHINSHIP | Cochin ShipyardShip Building & Allied Services | 57.59 kCr | 4.66 kCr | +7.54% | +3.14% | 72.07 | 12.36 | +35.25% | +41.70% |
ZENTEC | Zen TechAerospace & Defense | 17.81 kCr | 826.33 Cr | +9.93% | +76.07% | 79.82 | 21.56 | +103.23% | +93.57% |
DATAPATTNS | Data Patterns (India)Aerospace & Defense | 16.58 kCr | 542.43 Cr | +3.23% | +0.84% | 92.69 | 30.56 | -3.17% | +7.76% |
ASTRAMICRO | Astra Microwave ProductsAerospace & Defense | 10.91 kCr | 1.01 kCr | +7.16% | +19.08% | 81.2 | 10.84 | +22.26% | +67.64% |
MTARTECH | MTAR TechAerospace & Defense | 5.2 kCr | 641.38 Cr | +3.30% | -9.25% | 118.08 | 8.11 | -0.43% | -46.50% |