Aerospace & Defense
Valuation | |
|---|---|
| Market Cap | 3.21 LCr |
| Price/Earnings (Trailing) | 53.79 |
| Price/Sales (Trailing) | 11.8 |
| EV/EBITDA | 37.51 |
| Price/Free Cashflow | -708.84 |
| MarketCap/EBT | 40.09 |
| Enterprise Value | 3.2 LCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | 5.5% |
| Price Change 1M | 8.9% |
| Price Change 6M | 13.2% |
| Price Change 1Y | 60.1% |
| 3Y Cumulative Return | 67.2% |
| 5Y Cumulative Return | 56.4% |
| 7Y Cumulative Return | 49.3% |
Cash Flow & Liquidity | |
|---|---|
| Revenue (TTM) |
| 27.19 kCr |
| Rev. Growth (Yr) | 22.4% |
| Earnings (TTM) | 5.96 kCr |
| Earnings Growth (Yr) | 20.4% |
Profitability | |
|---|---|
| Operating Margin | 29% |
| EBT Margin | 29% |
| Return on Equity | 27.63% |
| Return on Assets | 13.89% |
| Free Cashflow Yield | -0.14% |
| Cash Flow from Investing (TTM) |
| 616.94 Cr |
| Cash Flow from Operations (TTM) | 586.62 Cr |
| Cash Flow from Financing (TTM) | -1.7 kCr |
| Cash & Equivalents | 741.22 Cr |
| Free Cash Flow (TTM) | -424.66 Cr |
| Free Cash Flow/Share (TTM) | -0.58 |
Balance Sheet | |
|---|---|
| Total Assets | 42.92 kCr |
| Total Liabilities | 21.34 kCr |
| Shareholder Equity | 21.58 kCr |
| Current Assets | 36.69 kCr |
| Current Liabilities | 20.2 kCr |
| Net PPE | 3.26 kCr |
| Inventory | 10.21 kCr |
| Goodwill | 0.00 |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.00 |
| Debt/Equity | 0.00 |
| Interest Coverage | 727.86 |
| Interest/Cashflow Ops | 60.02 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 2.4 |
| Dividend Yield | 0.55% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.00% |
Profitability: Very strong Profitability. One year profit margin are 22%.
Smart Money: Smart money has been increasing their position in the stock.
Growth: Good revenue growth. With 52.1% growth over past three years, the company is going strong.
Past Returns: Outperforming stock! In past three years, the stock has provided 67.2% return compared to 13% by NIFTY 50.
Balance Sheet: Strong Balance Sheet.
Size: It is among the top 200 market size companies of india.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Momentum: Stock price has a strong positive momentum. Stock is up 8.9% in last 30 days.
No major cons observed.
Profitability: Very strong Profitability. One year profit margin are 22%.
Smart Money: Smart money has been increasing their position in the stock.
Growth: Good revenue growth. With 52.1% growth over past three years, the company is going strong.
Past Returns: Outperforming stock! In past three years, the stock has provided 67.2% return compared to 13% by NIFTY 50.
Balance Sheet: Strong Balance Sheet.
Size: It is among the top 200 market size companies of india.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Momentum: Stock price has a strong positive momentum. Stock is up 8.9% in last 30 days.
No major cons observed.
Investor Care | |
|---|---|
| Dividend Yield | 0.55% |
| Dividend/Share (TTM) | 2.4 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 8.16 |
Financial Health | |
|---|---|
| Current Ratio | 1.82 |
| Debt/Equity | 0.00 |
Technical Indicators | |
|---|---|
| RSI (14d) | 61.42 |
| RSI (5d) | 69.13 |
| RSI (21d) | 63.52 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Hold |
| RSI21 Signal | Hold |
| SMA 5 Signal | Sell |
| SMA 10 Signal |
Updated Feb 3, 2026
Despite the strong Q3 results, BEL shares fell over 3% in early trade amid profit booking, indicating market volatility.
Some analysts expressed concerns about valuation, suggesting that the stock may be priced for high expectations amidst a mixed outlook.
The Nifty Defence index also declined by 2% following profit booking, which impacted BEL's stock performance despite its strong fundamentals.
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.
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.
Understand Bharat Electronics ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| KOTAK FLEXICAP FUND - VARIOUS SCHEMES | 2.58% |
| CPSE EXCHANGE TRADED SCHEME - VARIOUS SCHEMES | 2.56% |
| NPS TRUST- A/C HDFC PENSION FUND MANAGEMENT LIMITED SCHEME E - TIER I (VARIOUS SCHEMES) | 2.06% |
| SBI NIFTY 50 ETF - VARIOUS SCHEMES | 1.92% |
| LIFE INSURANCE CORPORATION OF INDIA (VARIOUS SCHEMES) | 1.17% |
| HDFC MUTUAL FUND - VARUOUS SCHEMES | 1.03% |
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 Aeronautics | 2.99 LCr | 35.02 kCr | +1.20% | +26.70% | 35.3 | 8.54 | - | - |
| MAZDOCK | Mazagon Dock Shipbuilders | 98.84 kCr | 13.03 kCr |
Comprehensive comparison against sector averages
BEL metrics compared to Aerospace
| Category | BEL | Aerospace |
|---|---|---|
| PE | 53.79 | 47.04 |
| PS | 11.80 | 9.66 |
| Growth | 13.5 % | 10.8 % |
Bharat Electronics Limited (BEL) is an established Aerospace and Defense company based in Bengaluru, India. With a stock ticker of BEL, it currently boasts a market capitalization of Rs. 223,350.3 Crores.
The company specializes in the design, manufacture, and supply of electronic equipment and systems for both defense and civilian markets.
Defense Products:
Bharat Electronics' extensive range of defense products includes:
Non-Defense Products:
In addition to its defense sector offerings, the company produces various non-defense products such as:
Services:
Bharat Electronics also provides electronic manufacturing services, including:
The company has a significant international presence, exporting its products to various countries, including the United States, France, Germany, and Israel, among others.
Financially, Bharat Electronics has shown impressive results with a trailing 12 months revenue of Rs. 23,956.4 Crores and a profit of Rs. 4,992.3 Crores in the past four quarters. The company has achieved a revenue growth of 48.1% over the last three years.
Bharat Electronics also rewards its investors with dividends, offering a yield of 0.98% per year and returning Rs. 3 dividend per share in the last 12 months.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Buy |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Buy |
| SMA 100 Signal | Buy |
BEL vs Aerospace (2021 - 2026)
BEL reported a 20.82% year-on-year increase in profit after tax for Q3 FY26, reaching ₹1,590.06 crore, alongside a 23.73% rise in revenue to ₹7,121.98 crore.
The stock surged nearly 10% to a record high following the strong Q3 results, showcasing strong market confidence in BEL.
Analysts have maintained positive outlooks, with target prices for BEL shares being raised significantly by various brokerages, including Jefferies and CLSA.
General • 03 Feb 2026 Disclosure under the SEBI (PIT) Regulations, 2015. |
Analyst / Investor Meet • 29 Jan 2026 Transcript of Conference Call held on 28.01.2026. |
Newspaper Publication • 29 Jan 2026 Extracts of Newspaper Advertisement of Unaudited Financial Results for the quarter ended 31.12.2025 |
Analyst / Investor Meet • 28 Jan 2026 Audio Recording of Conference Call with Investors/Analysts held on 28.01.2026. |
Award of Order / Receipt of Order • 23 Jan 2026 BEL receives orders worth Rs.610 Crore. |
Analyst / Investor Meet • 21 Jan 2026 Intimation of Conference Call with Investors on 28.01.2026. |
This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.
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.
| KISMAT INVESTMENTS . | 0% |
| CHITTACHARUU | 0% |
| ARUN PRASAD | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
| -1.80% |
| +9.70% |
| 42.35 |
| 7.59 |
| - |
| - |
| BDL | Bharat Dynamics | 56.38 kCr | 4.14 kCr | -11.80% | +11.90% | 97.23 | 13.61 | - | - |
| COCHINSHIP | Cochin Shipyard | 39.69 kCr | 5.71 kCr | -7.40% | +6.90% | 54.56 | 6.96 | - | - |
| DATAPATTNS | Data Patterns (India) | 14.59 kCr | 958.52 Cr | -0.60% | +30.30% | 62.52 | 15.22 | - | - |
| ZENTEC | Zen Tech | 12.18 kCr | 922.08 Cr | -1.00% | -17.70% | 46.12 | 13.21 | - | - |
| MTARTECH | MTAR Tech | 9.96 kCr | 759.95 Cr | +36.50% | +106.40% | 156.93 | 13.11 | - | - |
| ASTRAMICRO | Astra Microwave Products | 9 kCr | 1.1 kCr | -1.60% | +37.40% | 55.88 | 8.17 | - | - |
| 22.4% |
| 5,164 |
| 4,218 |
| 3,324 |
| 6,477 |
| 4,213 |
| 3,317 |
| Profit Before exceptional items and Tax | 23.2% | 2,128 | 1,728 | 1,279 | 2,867 | 1,744 | 1,445 |
| Total profit before tax | 23.2% | 2,128 | 1,728 | 1,279 | 2,867 | 1,744 | 1,445 |
| Current tax | 35.7% | 567 | 418 | 353 | 619 | 480 | 383 |
| Deferred tax | -134.3% | -9.3 | 31 | -34.17 | 127 | -38.03 | -21.64 |
| Total tax | 24.1% | 558 | 450 | 319 | 746 | 442 | 361 |
| Total profit (loss) for period | 22.8% | 1,580 | 1,287 | 969 | 2,127 | 1,312 | 1,093 |
| Other comp. income net of taxes | 287.3% | 50 | -25.16 | 18 | -73.53 | 46 | -17.05 |
| Total Comprehensive Income | 29.1% | 1,629 | 1,262 | 987 | 2,053 | 1,357 | 1,076 |
| Earnings Per Share, Basic | 52.6% | 2.16 | 1.76 | 1.33 | 2.91 | 1.79 | 1.5 |
| Earnings Per Share, Diluted | 52.6% | 2.16 | 1.76 | 1.33 | 2.91 | 1.79 | 1.5 |
| 10.8% |
| 2,734 |
| 2,467 |
| 2,298 |
| 2,109 |
| 1,941 |
| 2,057 |
| Finance costs | 43% | 9.61 | 7.02 | 15 | 4.85 | 6.08 | 3.26 |
| Depreciation and Amortization | 5.8% | 436 | 412 | 408 | 380 | 366 | 350 |
| Other expenses | -7.7% | 1,975 | 2,139 | 1,492 | 993 | 1,114 | 1,028 |
| Total Expenses | 11.2% | 17,336 | 15,591 | 14,021 | 12,390 | 11,255 | 10,544 |
| Profit Before exceptional items and Tax | 32.9% | 7,090 | 5,335 | 3,985 | 3,158 | 2,935 | 2,479 |
| Total profit before tax | 32.9% | 7,090 | 5,335 | 3,985 | 3,158 | 2,935 | 2,479 |
| Current tax | 27.5% | 1,761 | 1,381 | 854 | 911 | 800 | 716 |
| Deferred tax | 158.1% | 40 | -66.13 | 124 | -101.65 | 69 | -31.08 |
| Total tax | 37.1% | 1,802 | 1,315 | 978 | 809 | 869 | 685 |
| Total profit (loss) for period | 31.6% | 5,288 | 4,020 | 3,007 | 2,349 | 2,065 | 1,794 |
| Other comp. income net of taxes | 112.4% | 8.28 | -57.64 | -166.24 | -149.21 | -87.09 | -38.14 |
| Total Comprehensive Income | 33.7% | 5,297 | 3,962 | 2,840 | 2,200 | 1,978 | 1,756 |
| Earnings Per Share, Basic | 38.4% | 7.23 | 5.5 | 4.11 | 3.21333333 | 2.82666667 | 2.45333333 |
| Earnings Per Share, Diluted | 38.4% | 7.23 | 5.5 | 4.11 | 3.21333333 | 2.82666667 | 2.45333333 |
| Capital work-in-progress |
| 19.7% |
| 561 |
| 469 |
| 665 |
| 454 |
| 432 |
| 362 |
| Investment property | 0% | 0.04 | 0.04 | 0.04 | 0.04 | 0.06 | 0.06 |
| Non-current investments | 2.7% | 842 | 820 | 800 | 768 | 702 | 664 |
| Loans, non-current | -2.8% | 6.47 | 6.63 | 7.1 | 7.03 | 6.87 | 6.56 |
| Total non-current financial assets | 2.5% | 867 | 846 | 821 | 789 | 719 | 690 |
| Total non-current assets | 4.5% | 6,049 | 5,791 | 5,586 | 5,264 | 5,303 | 5,151 |
| Total assets | 5.2% | 42,506 | 40,418 | 39,420 | 39,156 | 35,865 | 35,054 |
| Total non-current financial liabilities | -2.8% | 71 | 73 | 69 | 4.8 | 72 | 65 |
| Provisions, non-current | 6.5% | 953 | 895 | 912 | 961 | 861 | 839 |
| Total non-current liabilities | 5.5% | 1,078 | 1,022 | 1,038 | 1,083 | 992 | 964 |
| Total current financial liabilities | 3.2% | 4,835 | 4,683 | 5,069 | 5,007 | 4,503 | 4,592 |
| Provisions, current | -11.4% | 647 | 730 | 630 | 689 | 403 | 623 |
| Total current liabilities | 2.2% | 20,140 | 19,699 | 20,982 | 21,990 | 20,321 | 20,509 |
| Total liabilities | 2.4% | 21,218 | 20,720 | 22,020 | 23,073 | 21,313 | 21,472 |
| Equity share capital | 0% | 731 | 731 | 731 | 731 | 731 | 731 |
| Total equity | 8.1% | 21,288 | 19,698 | 17,400 | 16,082 | 14,552 | 13,582 |
| Total equity and liabilities | 5.2% | 42,506 | 40,418 | 39,420 | 39,156 | 35,865 | 35,054 |
| 18% |
| 1,667 |
| 1,413 |
| 915 |
| 802 |
| - |
| - |
| Other inflows (outflows) of cash | 13.8% | 0 | -0.16 | -147.82 | 0 | - | - |
| Net Cashflows From Operating Activities | -89.7% | 480 | 4,648 | 1,155 | 4,161 | - | - |
| Proceeds from sales of PPE | -47% | 3.04 | 4.85 | 1.7 | 7.4 | - | - |
| Purchase of property, plant and equipment | 55.3% | 1,004 | 647 | 564 | 553 | - | - |
| Proceeds from government grants | - | 0 | 0 | 2.14 | 0 | - | - |
| Dividends received | -66% | 33 | 95 | 81 | 4.07 | - | - |
| Interest received | 52.6% | 668 | 438 | 257 | 174 | - | - |
| Other inflows (outflows) of cash | 118.1% | 1,049 | -5,779.4 | 3,003 | -4,492.32 | - | - |
| Net Cashflows From Investing Activities | 112.7% | 748 | -5,888.85 | 2,782 | -4,860.56 | - | - |
| Payments of lease liabilities | 4% | 5.97 | 5.78 | 4.33 | 1.67 | - | - |
| Dividends paid | 15% | 1,681 | 1,462 | 1,242 | 1,023 | - | - |
| Interest paid | -1.6% | 4.16 | 4.21 | 3.7 | 3.06 | - | - |
| Other inflows (outflows) of cash | -69.3% | -5.45 | -2.81 | -61.67 | -49.17 | - | - |
| Net Cashflows from Financing Activities | -15% | -1,696.14 | -1,474.34 | -1,312.09 | -1,077.21 | - | - |
| Net change in cash and cash eq. | 82.8% | -467.32 | -2,715.18 | 2,625 | -1,776.61 | - | - |
Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 • 09 Jan 2026 Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. |