Bharat Electronics

    BEL
    Defence
    ₹382.90
    price as of 15/9/2026, 6:28:03 pm

    Market cap ₹2.80 L Cr

    P/E
    45.53
    Day range
    ₹382.90 – ₹403.65
    52-week range
    ₹380.45 – ₹473.45
    Volume
    1.67 Cr
    Open
    ₹402.00
    Prev close
    ₹404.35

    Key metrics

    P/E (TTM)
    49.0
    EPS (TTM)
    ₹8.40
    Price / Book
    12.37
    ROE (FY26)
    27.6%
    ROCE (latest year)
    36%
    Dividend yield
    0.62%
    Net margin (TTM)
    21.3%
    Current ratio
    1.98
    Debt / Equity
    0.00
    Revenue growth (5y)
    14.4%
    EPS growth (5y)
    23.6%

    Moving averages (NSE)

    Simple moving averages of the NSE price, and where the last price sits against each
    5-day10-day20-day50-day100-day300-day
    ₹408.29Price below₹409.9Price below₹409.89Price below₹407.01Price below₹416.05Price below₹419.19Price below

    Charts & trends

    From company filings. Amounts in ₹ crore.

    Revenue 3Y CAGR
    +15.9%
    Profit 3Y CAGR
    +26.6%
    Revenue YoY (Jun 2026)
    +24.9%
    Profit YoY (Jun 2026)
    +8.9%
    Operating margin
    25.0%
    Net margin
    19.0%

    Revenue, profit & margin - quarterly

    Bars in ₹ crore (a loss shows red); line is operating margin

    Sep 2023Mar 2024Sep 2024Mar 2025Sep 2025Jun 20260 Cr3.0K Cr6.0K Cr9.0K Cr12.0K Cr0%8%16%24%32%
    • Revenue
    • Net profit
    • Operating margin

    Who owns the company

    Shareholding as of Jun 2026

    • Promoter
    • DII
    • FII
    • Public

    Cash flows

    Where cash came from and went, by fiscal year (₹ crore)

    Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026-6.0K Cr-3.0K Cr0 Cr3.0K Cr6.0K Cr
    • Operating
    • Investing
    • Financing
    • Free cash flow

    Return on equity

    Net profit over shareholders' equity, by fiscal year

    FY17FY18FY19FY20FY21FY22FY23FY24FY25FY260%8%16%24%32%15%

    Equity vs debt

    Shareholders' equity against borrowings (₹ crore); line is debt-to-equity

    Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 20260 Cr6.0K Cr12.0K Cr18.0K Cr24.0K Cr0.0x0.0x0.0x0.0x0.0x
    • Equity
    • Debt
    • Debt / equity

    Financial statements

    ₹ Crore
    Quarterly results, oldest period first, figures in rupees crore
    Line itemSep 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 Rs₹1.08₹1.18₹2.46₹1.08₹1.49₹1.79₹2.91₹1.33₹1.76₹2.16₹3.04₹1.44

    From company filings, updated 15 Sept 2026. Consolidated figures where the company reports them.Information only, not investment advice.

    Working-capital cycle

    Debtor Days170

    0 days since Mar 2021

    Inventory Days265

    +32 days since Mar 2021

    Days Payable93

    -62 days since Mar 2021

    Cash Conversion Cycle342

    +94 days since Mar 2021

    Working Capital Days135

    +88 days since Mar 2021

    Strengths, risks & growth

    Incorporated in 1954, Bharat Electronics Ltd manufactures and supplies electronic equipment and systems to the defence sector. Company also has a limited presence in the civilian market [1]

    Strengths

    • Company is almost debt free.
    • Company has delivered good profit growth of 23.5% CAGR over last 5 years
    • Company has a good return on equity (ROE) track record: 3 Years ROE 27.7%
    • Company has been maintaining a healthy dividend payout of 34.5%

    Risks

    • Stock is trading at 12.3 times its book value
    • Company has high debtors of 170 days.
    • Working capital days have increased from 79.4 days to 135 days

    Compounded Sales Growth

    10 Years
    +14%
    5 Years
    +14%
    3 Years
    +16%
    TTM
    +20%

    Compounded Profit Growth

    10 Years
    +16%
    5 Years
    +24%
    3 Years
    +27%
    TTM
    +12%

    Stock Price CAGR

    10 Years
    +27%
    5 Years
    +43%
    3 Years
    +44%
    1 Year
    +1%

    Return on Equity

    10 Years
    +24%
    5 Years
    +26%
    3 Years
    +28%
    Last Year
    +27%

    Strengths and risks are a machine-generated checklist, not advice; growth is compounded annually over each period.

    Shareholding pattern

    Percentage of shares held by each category at each quarter end
    HolderSept 2025Dec 2025Mar 2026Jun 2026Change
    Promoter51.14%51.14%51.14%51.14%0.00 pp
    FII18.14%18.51%19.51%18.02%-1.49 pp
    DII20.88%20.47%20.00%21.02%+1.02 pp
    Public9.84%9.87%9.37%9.82%+0.45 pp

    Filed with NSE for Jun 2026: promoters 51.14%, public 48.86% · XBRL filing

    Analysts & fund holdings

    100%
    100% recommend buy
    29 analysts cover the stock
    Valuation vs Electronic Equipment, Instruments & Components
    P/E45.5 vs 22.5
    Sector P/B5.70
    Beta1.23

    Who holds the shares, quarter by quarter

    Mutual funds 14.99% (+0.71 pp)
    Mar 25
    Jun 25
    Sept 25
    Dec 25
    Mar 26
    Jun 26
    • Promoters51.1%
    • Foreign institutions18.0%
    • Mutual funds15.0%
    • Insurance3.6%
    • Other domestic institutions2.5%
    • Retail8.1%
    • Others1.7%
    Mutual funds holding the most
    Fund% of company% of fund3-month change
    Kotak Flexi Cap Fund1.01%5.40%-0.02 pp
    HDFC Defence Fund0.57%15.17%+0.30 pp
    Kotak Mid Cap Fund0.46%1.95%-0.09 pp
    Kotak Large & Mid Cap Fund0.38%3.59%-0.10 pp
    Motilal Oswal Nifty India Defence Index Fund0.33%19.53%-0.27 pp

    Scorecard

    Performance
    Avg
    Valuation
    High
    Growth
    Avg
    Profitability
    High
    Entry point
    Good
    Red flags
    Low

    Analyst coverage, holdings and scorecard from market data; not a recommendation by Parasram India.

    Risk & trend

    From 248 daily sessions to 11 Sept 2026.

    Computed

    Risk

    Volatility (1Y)
    24.8%
    Downside volatility
    24.2%
    Worst 5% of days
    2.3%
    Average of that tail
    3.4%
    Max drawdown (1Y)
    17.8%
    Below its peak
    13.7%

    Against the market

    Beta vs Nifty 50
    0.87
    Correlation
    0.46
    Relative strength (3M)
    +0.6%
    ATR (14)
    1.7%

    Return

    Return 1M
    -1.5%
    Return 3M
    -1.3%
    Return 6M
    -12.7%
    Return 1Y
    —
    vs 200-day average
    -3.4%

    Momentum

    RSI (14)
    46.4
    MACD histogram
    -0.73
    Stochastic %K
    30.4
    ADX (14)
    9.9
    +DI / −DI
    19.0 / 20.0
    Money flow index
    45.6

    Participation

    Delivery (20d avg)
    56.1%
    vs its 60-day baseline
    -0.1 pts
    Volume vs 20-day
    -0.5σ
    Close vs day's VWAP
    +0.3%
    52-week position
    25 / 100

    These describe what this stock's price has already done. They are not forecasts, signals or recommendations, and a dash means the figure was withheld for want of enough history rather than being zero.

    Financial quality

    From consolidated statements to 30 Jun 2026.

    Computed

    Computed from filed statements, not filed themselves. A dash means an input was absent, and the score counts only the criteria that could actually be tested.

    Corporate actions

    • dividend
      Not available — not reported in this filing

      Dividend - Re 0.55 Per Share

      13 Aug 2026
      ex-date
    • dividend
      ₹1.95

      Interim Dividend - Rs 1.95 Per Share

      6 Mar 2026
      ex-date
    • dividend
      ₹0.90

      Dividend - Rs 0.90 Per Share

      14 Aug 2025
      ex-date
    • dividend
      ₹1.50

      Interim Dividend - Rs 1.5 Per Share

      11 Mar 2025
      ex-date
    • dividend
      Not available — not reported in this filing

      Annual General Meeting/Dividend - Re 0.80 Per Share

      14 Aug 2024
      ex-date
    • dividend
      Not available — not reported in this filing

      Interim Dividend - Re 0.70 Per Share

      22 Mar 2024
      ex-date
    • dividend
      Not available — not reported in this filing

      Interim Dividend - Re 0.70 Per Share

      9 Feb 2024
      ex-date
    • dividend
      Not available — not reported in this filing

      Annual General Meeting/Dividend - Re 0.60 Per Share

      17 Aug 2023
      ex-date
    • dividend
      ₹0.60

      Interim Dividend - Rs 0.60 Per Share

      24 Mar 2023
      ex-date
    • dividend
      Not available — not reported in this filing

      Interim Dividend - Re 0.60 Per Share

      10 Feb 2023
      ex-date
    • bonus
      Not available — not reported in this filing

      Bonus 2:1

      15 Sept 2022
      ex-date
    • dividend
      ₹1.50

      Annual General Meeting/Dividend - Rs 1.50 Per Share

      8 Aug 2022
      ex-date
    • dividend
      ₹1.50

      Interim Dividend - Rs 1.50 Per Share

      24 Mar 2022
      ex-date
    • dividend
      ₹1.50

      Interim Dividend - Rs 1.50 Per Share

      9 Feb 2022
      ex-date
    • dividend
      ₹1.20

      Annual General Meeting/Dividend - Rs 1.20 Per Share

      14 Sept 2021
      ex-date
    • dividend
      ₹1.40

      Interim Dividend - Rs 1.40 Per Share

      23 Mar 2021
      ex-date
    • dividend
      ₹1.40

      Interim Dividend - Rs 1.40 Per Share

      8 Feb 2021
      ex-date
    • dividend
      ₹1.40

      Annual General Meeting/Dividend - Rs 1.40 Per Share

      15 Sept 2020
      ex-date
    • dividend
      ₹1.40

      Interim Dividend - Rs 1.40 Per Share

      11 Feb 2020
      ex-date
    • dividend
      ₹1.70

      Annual General Meeting/Dividend - Rs 1.70 Per Share

      20 Aug 2019
      ex-date
    • dividend
      Not available — not reported in this filing

      Interim Dividend - Re 0.70 Per Share

      27 Mar 2019
      ex-date

    Company announcements

    Company Update
    Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s

    Intimation of Appointment of Statutory Auditors for FY 2026-27.

    Corp Action
    Announcement under Regulation 30 (LODR)-Date of payment of Dividend

    Intimation of Payment Date of Final Dividend FY 2025-26.

    Company Update
    Announcement under Regulation 30 (LODR)-Newspaper Publication

    Newspaper Publication - Notice of Loss of Share Certificates.

    AGM/EGMPrice-sensitive
    Shareholder Meeting / Postal Ballot-Scrutinizer's Report

    Voting Results and Scrutinizer Report of 72nd AGM held on 28.08.2026.

    AGM/EGMPrice-sensitive
    Shareholder Meeting / Postal Ballot-Outcome of AGM

    Proceedings of 72nd AGM held on 28.08.2026.

    Company UpdatePrice-sensitive
    Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

    Press Release - BEL receives orders worth Rs.730 Crore.

    Company Update
    Announcement under Regulation 30 (LODR)-Newspaper Publication

    Newspaper Publication- Addendum to the Notice of 72nd AGM.

    AGM/EGMPrice-sensitive
    Addendum To The Notice Of The 72Nd Annual General Meeting Of The Company Scheduled To Be Held On 28 August 2026.

    Addendum to the Notice of 72nd AGM.

    Company Update
    Announcement under Regulation 30 (LODR)-Change in Directorate

    Intimation of Appointment of Independent Director.

    Company Update
    Announcement under Regulation 30 (LODR)-Change in Directorate

    Intimation of Appointment of Directors.

    Company UpdatePrice-sensitive
    Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

    Press Release - BEL receives orders worth Rs.541 Crore.

    Company Update
    Announcement under Regulation 30 (LODR)-Newspaper Publication

    Newspaper Publication.

    Others
    Business Responsibility and Sustainability Reporting (BRSR)

    BRSR for FY 2025-26.

    Company Update
    Book Closure Dates.
    Corp. Action
    Notice Of Record Date.

    Notice of Record Date.

    Filed with BSE (scrip 500049); the last 45 days. Documents open at bseindia.com.

    SEBI filings & orders

    From SEBI's website. An order may concern the company, its officers or trading in its shares, and may be under appeal - read the order itself. Personal identifiers are withheld.

    Buybacks, open offers & rights issues

    • Buyback - Letter of Offer

      Bharat Electronics Limited - Letter of Offer

      9 Mar 2018
      Read on SEBI
    • Buyback - Draft Letter of Offer

      Bharat Electronics Limited - Draft Letter of Offer

      16 Feb 2018
      Read on SEBI
    • Buyback - Public Announcement

      Bharat Electronics Limited - Public Announcement

      8 Feb 2018
      Read on SEBI
    • Buyback - Post Buyback Public Announcement

      Bharat Electronics Limited - Post Buyback Public Announcement

      4 Nov 2016
      Read on SEBI
    • Buyback

      Bharat Electronics Limited

      7 Oct 2016
      Read on SEBI

    Regulatory orders

    • Order

      Order against M/s. Bharat Electronics Limited

      16 Feb 2005
      Read on SEBI

    Documents

    Annual reports

    Earnings calls

    Credit ratings

    Documents open at BSE or the rating agency that issued them.

    Sourced from the company's NSE XBRL filing dated 30 Jan 2025 (unaudited). View the source filing. Figures are as filed and are not investment advice.