MarketFriction

Bharat Electronics Ltd

NSE BEL · BSE 500049 · Aerospace & Defense
₹383.10 -1.34%
NSE close2026-10-01
52 week range380.45 - 473.45
Market cap₹2,83,437 Cr.
P/E46.1
Nifty 50Nifty 100Nifty 200Nifty 500Nifty India DefenceNifty CPSENifty PSE No price band Delivery 55.1%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales4,0094,1628,5644,2444,6055,7719,1504,4405,7927,15410,2245,547
Expenses2,9953,0906,2773,2953,2054,1016,3343,2014,0905,0277,2434,159
Operating Profit1,0141,0722,2879481,4001,6692,8161,2381,7022,1272,9821,388
OPM %25%26%27%22%30%29%31%28%29%30%29%25%
Other Income137167225204158186195163154139110170
Interest214111612221
Depreciation108107119108111111138121126135173161
Profit before tax1,0411,1322,3901,0431,4451,7442,8671,2791,7282,1282,9171,396
Tax %25%25%25%25%25%25%26%25%26%26%24%25%
Net Profit7908601,7977911,0931,3122,1279691,2871,5802,2261,055
EPS in Rs1.081.182.461.081.491.792.911.331.762.163.041.44
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7,3548,65610,40112,16412,96814,10915,36817,73420,26823,76927,61028,717
Expenses5,9616,8648,3619,25510,20910,89512,02413,64515,21716,93219,55720,518
Operating Profit1,3931,7922,0392,9092,7593,2143,3444,0905,0516,8378,0538,199
OPM %19%21%20%24%21%23%22%23%25%29%29%29%
Other Income5734201967399125232281670742566572
Interest10186168109191213106
Depreciation192212272338372387401429443467556595
Profit before tax1,7641,9831,9572,6282,4782,9423,1663,9235,2667,0998,0538,170
Tax %24%24%28%30%28%30%26%25%25%26%25%
Net Profit1,3371,5231,4311,8871,8252,1002,4002,9863,9855,3236,0626,148
EPS in Rs1.692.071.962.582.502.873.284.085.457.288.298.40
Dividend Payout %31%33%34%44%37%46%46%44%40%33%30%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth14%14%16%20%
Compounded Profit Growth16%24%27%12%
Stock Price CAGR26%42%41%-4%
Return on Equity24%26%28%27%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital80240223244244244244244731731731731
Reserves8,0379,0067,5127,7728,9689,82810,81612,04213,13115,59519,24323,257
Borrowings2528648034835361636165
Other Liabilities7,5879,3309,80010,86811,57514,27118,43021,57421,56723,13620,78820,473
Total Liabilities15,72918,60517,60018,96520,82124,35129,49233,91235,49039,52440,82444,527
Fixed Assets1,0731,2321,5011,8392,2982,7132,6522,6752,9633,0353,4194,121
CWIP1404307439408498288831,0068558941,052731
Investments04624919379641,1101,3061,572650682743800
Other Assets14,51616,48114,86515,24816,71019,70024,65128,65931,02234,91335,61038,876
Total Assets15,72918,60517,60018,96520,82124,35129,49233,91235,49039,52440,82444,527
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity1,4342,260-61-6871,5142,5705,0934,2071,1994,6595641,541
Cash from Investing Activity-839-1,4703,115-6-896-649-2,595-4,8722,708-5,9246391,730
Cash from Financing Activity-209-318-2,857-1,202-663-1,061-1,076-1,078-1,262-1,475-1,696-2,097
Net Cash Flow386472197-1,895-458611,422-1,7422,645-2,739-4931,175
Free Cash Flow1,2081,607-853-1,4927851,8254,6253,6606114,015-444560
CFO/OP152%193%33%-0%79%114%175%150%55%120%33%44%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days196185184176161189170145145133140170
Inventory Days321401407305275204233230240257273265
Days Payable111112108918912615513912412810093
Cash Conversion Cycle406473483390347267248237261262313342
Working Capital Days52863125134119474281885135
ROCE %20%20%23%25%30%26%28%27%30%35%39%36%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters51.14%51.14%51.14%51.14%51.14%51.14%51.14%51.14%51.14%51.14%51.14%51.14%
FIIs17.19%17.77%17.56%17.43%17.27%17.34%17.55%18.56%18.14%18.51%19.51%18.02%
DIIs24.19%23.37%22.63%20.62%20.22%20.94%20.87%20.60%20.88%20.47%20.00%21.02%
Public7.49%7.72%8.66%10.82%11.37%10.58%10.43%9.70%9.84%9.87%9.37%9.82%
No. of Shareholders9,74,78210,98,22813,64,87325,18,66327,72,00226,53,67626,78,43525,42,37824,98,58825,43,62225,30,89626,04,298

Fundamentals

Market Cap₹ 2,83,437 Cr.
Current Price₹ 388
Stock P/E46.1
Book Value₹ 32.8
ROCE36.4 %
ROE27.4 %
Dividend Yield0.64 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)20%
Compounded Profit Growth (TTM)12%
Consolidated figures.
Valuation
Market capRs 280,038 Cr
Enterprise valueRs 271,531 Cr
P/E (TTM)45.56x
Price to book11.67x
Price to sales9.75x
EV / EBITDA30.96x
EV / EBIT33.21x
EV / sales9.46x
Price to cash flow181.68x
Earnings yield2.19%
Dividend yield0.65%
P/E, 3-year average42.22x
P/B, 3-year average10.75x
P/E, 5-year average31.54x
P/B, 5-year average7.76x
Profitability
Operating margin (excl. other income)29.17%
Operating margin (incl. other income)31.22%
EBITDA margin30.55%
Pre-tax margin28.45%
Net profit margin21.40%
Net margin, latest quarter19.01%
ROE27.58%
ROCE36.58%
ROA14.20%
ROE, 3-year average27.77%
ROCE, 3-year average36.82%
ROA, 3-year average12.69%
ROE, 5-year average25.33%
ROCE, 5-year average33.52%
ROA, 5-year average10.85%
ROIC (approx.)39.50%
Tax rate25.20%
Other income / net worth2.36%
Growth
Sales growth (latest year)16.16%
Profit growth (latest year)13.92%
Sales CAGR, 3 years15.90%
Sales CAGR, 5 years14.37%
Profit CAGR, 3 years26.64%
Profit CAGR, 5 years23.63%
Sales growth QoQ-45.75%
Profit growth QoQ-52.62%
Sales growth YoY (latest quarter)24.94%
Profit growth YoY (latest quarter)8.70%
Per share
EPS (TTM)Rs 8.41
EPS (latest year)Rs 8.29
EPS (latest quarter)Rs 1.44
EPS, 3-year averageRs 7.01
EPS, 5-year averageRs 6.99
Book value per shareRs 32.82
Sales per shareRs 39.29
Cash flow per shareRs 2.11
Free cash flow per shareRs 0.77
Dividend per share (latest year)Rs 2.50
Dividend per share, 3-year averageRs 2.37
Dividend per share, 5-year averageRs 2.68
Dividends
Dividend payout30.15%
Dividend payout, 3-year average34.49%
Dividend payout, 5-year average38.65%
Efficiency
Asset turnover0.62x
Fixed asset turnover6.70x
Inventory turnover1.42x
Inventory days256 days
Debtor days170 days
Debtors turnover2.14x
Creditor days93 days
Cash conversion cycle342 days
Working capital days135 days
Leverage
Total debtRs 65 Cr
Cash and bankRs 8,572 Cr
Net debtRs -8,507 Cr
Debt to equity0.00x
Net debt / EBITDA-0.97x
Interest coverage1267.64x
Current ratio (filing 2026-03-31)1.98x
Quick ratio (filing 2026-03-31)1.45x
Trade payables (filing 2026-03-31)Rs 3,583 Cr
Owners' fund to total sources53.87%
Debt to assets0.15%
Cash flow
Cash from Operating Activity (latest year)Rs 1,541 Cr
Cash from Investing Activity (latest year)Rs 1,730 Cr
Cash from Financing Activity (latest year)Rs -2,097 Cr
Net Cash Flow (latest year)Rs 1,175 Cr
Free cash flow (latest year)Rs 560 Cr
FCFE (approx.: FCF + change in debt)Rs 564 Cr
Cash from ops / profit, 5 years0.59x
Sales to cash flow17.91x
Statement figures
Net sales (TTM)Rs 28,717 Cr
Net sales (latest year)Rs 27,610 Cr
Sales (latest quarter)Rs 5,547 Cr
Operating profit excl. other income (latest year)Rs 8,053 Cr
Operating profit (latest quarter)Rs 1,388 Cr
Other income (TTM)Rs 572 Cr
EBITDA (TTM)Rs 8,772 Cr
PBDT (TTM)Rs 8,765 Cr
Profit before tax (TTM)Rs 8,170 Cr
Tax (latest year)Rs 2,029 Cr
Net profit (TTM)Rs 6,146 Cr
Net profit (latest year)Rs 6,062 Cr
Net profit (latest quarter)Rs 1,054 Cr
Depreciation (TTM)Rs 595 Cr
Depreciation (latest quarter)Rs 161 Cr
Interest (TTM)Rs 6 Cr
Cost of goods sold (latest year)Rs 14,491 Cr
Total expenditure (latest year)Rs 19,557 Cr
Total income (latest year)Rs 28,176 Cr
Share capitalRs 731 Cr
ReservesRs 23,257 Cr
Shareholders' fundsRs 23,988 Cr
Total assetsRs 44,527 Cr
Net blockRs 4,121 Cr
Capital work in progressRs 731 Cr
InvestmentsRs 800 Cr
ReceivablesRs 12,876 Cr
InventoryRs 10,176 Cr
Other liabilitiesRs 20,473 Cr
Shares outstanding (crore)730.98
Ownership
Promoter holding51.14% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 45.6 is at the 73th percentile of its own 9.4-year range (median 27.6, low 8.9, high 72.5).
P/B 11.67 is at the 73th percentile (median 5.33).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodBELNifty 50Difference
1 week-2.3%-2.8% +0.5 pts
1 month-6.8%-6.8% -0.0 pts
3 months-8.4%-7.6% -0.7 pts
6 months-4.4%+0.4% -4.8 pts
1 year-5.0%-9.9% +4.9 pts
2 years+33.8%-13.6% +47.4 pts
3 years+177.0%+14.2% +162.8 pts
5 years+469.7%+27.9% +441.8 pts
457 mutual fund schemes hold about ₹35,558 Cr. Over three months 275 bought more and 101 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Kotak Flexi Cap Fund5.40%3,046 +9%
Kotak Flexi Cap Fund5.40%3,031 +9%
HDFC Defence Fund15.17%1,741 +11%
Kotak Mid Cap Fund1.95%1,392 +4%
Kotak Large & Mid Cap Fund3.59%1,160 +6%
Motilal Oswal Nifty India Defence Index Fund19.53%1,080 +8%
Motilal Oswal Midcap Fund1.90%812 -6%
SBI Arbitrage Fund1.68%792 +20%
HDFC Flexi Cap Fund0.62%707 +93%
Canara Rob Large and Mid Cap Fund2.58%679 +5%
ICICI Pru Arbitrage Fund1.88%656 +25%
SBI PSU Fund7.97%534 -1%
Motilal Oswal Large & Midcap Fund2.43%489 -17%
Axis Flexi Cap Fund3.50%489 +5%
Axis Flexi Cap Fund3.50%472 +5%
Motilal Oswal Large & Midcap Fund2.43%447 -17%
Nippon India Growth Mid Cap Fund0.79%414 +3%
ICICI Pru Balanced Advantage Fund(M0.54%405 +6%
UTI Nifty 50 Index Fund1.35%397 +9%
Franklin India Flexi Cap Fund2.03%393 +13%
Mirae Asset Large & Midcap Fund0.84%386 +18%
HDFC Arbitrage Fund(M1.50%382 +3%
HDFC Nifty 50 Index Fund1.35%326 +9%
Motilal Oswal Flexi Cap Fund2.26%319 -3%
Aditya Birla SL PSU Equity Fund4.88%296 +9%

Red flags

F-score 7 of 8
explainWeak cash conversion Cash from operations was 44% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 10% of total assets in 2026
explainReceivables outrunning sales Receivables grew 41% vs sales +16% in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2020-02-03The President of IndiaPromotersother100,770,276Rs 902.95 CrOff Market
2019-10-10The President of India (acting thrPromotersother16,150,359Rs 1.62 CrOff Market
2019-07-22The President of India Ministry ofPromotersother70,431,819Rs 7.04 CrOff Market
2019-03-25The President of India (acting thrPromotersother46,892,768Rs 4.69 CrOff Market
2019-02-14The President of India (acting thrPromoter Groupother28,841,057Rs 204.15 CrOff Market
2018-12-04The President of India (acting thrPromotersother101,344,876Rs 839.11 CrOff Market
2018-06-18Ministry of Defence Govt of IndiaPromotersother16,969,795Rs 182.56 CrOff Market
2018-03-23Ministry of Defence, Government ofPromotersother11,945,469Rs 218.00 CrOthers
2017-03-22The President of India (acting thrPromotersother8,463,499Rs 0.85 CrOff Market
2017-02-23The President of India (acting thrPromotersother2,233,628Rs 2.23 CrOthers
2017-02-22The President of India (acting thrPromotersother8,934,511Rs 8.93 CrOthers
2017-01-25The President of IndiaPromotersother1,895,079Rs 1.90 CrOff Market
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹5,547 Cr +24.9% vs Jun 2025. Net profit ₹1,055 Cr +8.9%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-13Dividend - Re 0.55 Per Share
2026-03-06Interim Dividend - Rs 1.95 Per Share
2025-08-14Dividend - Rs 0.90 Per Share
2025-03-11Interim Dividend - Rs 1.5 Per Share
2024-08-14Annual General Meeting/Dividend - Re 0.80 Per Share
2024-03-22Interim Dividend - Re 0.70 Per Share
2024-02-09Interim Dividend - Re 0.70 Per Share
2023-08-17Annual General Meeting/Dividend - Re 0.60 Per Share
2023-03-24Interim Dividend - Rs 0.60 Per Share
2023-02-10Interim Dividend - Re 0.60 Per Share
2022-09-15Bonus 2:10.3333
2022-08-08Annual General Meeting/Dividend - Rs 1.50 Per Share
2022-03-24Interim Dividend - Rs 1.50 Per Share
2022-02-09Interim Dividend - Rs 1.50 Per Share
2021-09-14 Annual General Meeting/Dividend - Rs 1.20 Per Share
2021-03-23 Interim Dividend - Rs 1.40 Per Share
2021-02-08 Interim Dividend - Rs 1.40 Per Share
2020-09-15 Annual General Meeting/Dividend - Rs 1.40 Per Share
2020-02-11 Interim Dividend - Rs 1.40 Per Share
2019-08-20 Annual General Meeting/Dividend - Rs 1.70 Per Share
2019-03-27 Interim Dividend - Re 0.70 Per Share
2019-03-19 Interim Dividend - Re 0.70 Per Share
2019-02-08 Interim Dividend - Re 0.30 Per Share
2018-08-20 Annual General Meeting/Dividend- Re 0.40 Per Share
2018-02-08 Interim Dividend Rs 1.60 Per Share
2018-02-08 Buyback
2017-09-28 Bonus 1:100.9091
2017-08-14 Annual General Meeting/Dividend - Rs 1.05 Per Share
2017-03-29 Interim Dividend Re 0.90 Per Share
2017-03-16 Face Value Split From Rs 10/- Per Share To Re 1/- Per Share0.1000
2017-02-02 Interim Dividend Rs 3/- Per Share (Purpose Revised)
2016-09-26 Buy Back Of Share
2016-08-18 Annual General Meeting/Dividend Rs 14.50 Per Share
2016-02-04 Interim Dividend - Rs 2.50 Per Share (Purpose Revised)
2015-09-14 Bonus 2:10.3333
2015-08-10 Annual General Meeting/ Dividend - Rs 23.20/- Per Share
2015-01-28Interim Dividend Rs.6/- Per Share (Purpose Revised)
2014-09-12Annual General Meeting / Final Dividend - Rs 17.30/- Per Share
2014-01-29Interim Dividend - Rs 6/- Per Share (Purpose Revised)
2013-09-06Annual General Meeting / Final Dividend - Rs 16.30/- Per Share
2013-01-30Interim Dividend Rs 6 Per Share (Purpose Revised)
2012-09-07Annual General Meeting And Dividend Rs.10.80 Per Share
2012-02-01Interim Dividend Rs.10/- Per Share (Purpose Revised)
2011-09-13Annual General Meeting And Dividend - Rs.15.60 Per Share
2011-02-02Interim Dividend-Rs.6/- Per Share (Purpose Revised)
2010-09-13Annual General Meeting And Dividend Rs.13.20 Per Share
2010-02-03Int Div-Rs.6/- Per Share Purpose Revised
2009-09-14Agm/Div-Rs.12.70 Pr Share
2009-01-28Int Div-Rs.6 Per Share Purpose Revised
2008-09-12Agm/Dividend - 147%
2008-01-30Int Div- Rs.6/- Per Share
2007-09-07Agm/Final Dividend-140%
2007-01-25Int Div-Rs.4/- Per Share Purpose Revised
2006-09-01Agm/Dividend-106%
DateTypeWhat it says
2026-09-30General UpdatesESG Rating.
2026-09-17Order winBagging/Receiving of orders/contracts
2026-09-11AppointmentAppointment of M/s Rao & Emmar, Chartered Accountants as Statutory Auditors. of the company for FY 2026-27
2026-09-08UpdatesIntimation of Payment Date Final Dividend for the Financial Year 2025-26..
2026-08-28Shareholder meetingVoting results.
2026-08-28Shareholder meetingProceedings of Annual General Meeting held on August 28, 2026
2026-08-26Order winBagging/Receiving of orders/contracts
2026-08-18Shareholder meetingAddendum to the Notice of the 72nd Annual General Meeting of the Company scheduled to be held on 28 August 2026.
2026-08-18AppointmentAppointment of Shri. Partha Pratim Pathak as Independent Director of the company w.e.f. August 18, 2026.
2026-08-13Director changeChange in Director(s) of the company.
2026-08-10Order winBagging/Receiving of orders/contracts
2026-08-05General UpdatesBRSR Report for FY 2025-26
2026-08-05General UpdatesBook Closure dates.
2026-08-05Record DateRecord date for the purpose of Final Dividend is 13-Aug-2026, if declared at the AGM.
2026-08-05Shareholder meetingNotice of 72nd Annual General Meeting to be held on August 28, 2026
2026-08-01Change in ManagementChange in Senior Management.
2026-07-31Order winBagging/Receiving of orders/contracts
2026-07-28Concall / analyst meetTranscript
2026-07-27Concall / analyst meetLink of Recording
2026-07-27Board meeting outcomeBharat Electronics Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026 and approval for increase in Authori...
2026-07-22Concall / analyst meetSchedule of meet
2026-07-13Order winBagging/Receiving of orders/contracts
2026-07-01Director changeChange in Director(s) of the company.
2026-06-22Press ReleaseA press release dated Jun 22, 2026, titled "BEL receives order worth Rs.1081 Crore.".
2026-06-19Concall / analyst meetSchedule of meet
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.79
Max pain (expiry 2026-10-27)400
Largest call open interest at400
Largest put open interest at400
Implied volatility, at the money24.6%
Underlying at snapshot383.10
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-3020
2026-09-295,815
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-03-22NCLTBharat Electronics Limited Provident Fund-I & Ors. Vs Punjab State Industrial Development Corporation Limited
2018-12-11CESTATBHARAT ELECTRONICS LTD ---VS.--- COMMISSIONER OF GST&CCE (CHENNAI SOUTH)
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Bharat Electronics Ltd?

Bharat Electronics Ltd (BEL) has a market capitalisation of Rs 2,83,437 Cr. at the 2026-10-01 close.

What is the P/E ratio of Bharat Electronics Ltd?

Bharat Electronics Ltd trades at a P/E of 46.1 on trailing twelve-month profit, at the 2026-10-01 close.

What were Bharat Electronics Ltd's latest quarterly results?

In the Jun 2026 quarter, Bharat Electronics Ltd sales was Rs 5,547 Cr (+24.9% vs Jun 2025) and net profit was Rs 1,055 Cr.

What is the 52-week high and low of Bharat Electronics Ltd?

The 52-week high is Rs 473.45 and the 52-week low is Rs 380.45.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03