Bharat Electronics Limited Share Price & Analysis
Price Chart
Fundamentals
Strengths
- Excellent return on equity (ROE 27.4%)
- Efficient capital deployment (ROCE 36.4%)
- Virtually debt-free
- Near 52-week low — potential value zone (₹355)
Concerns
- High premium to book value (P/B 11.1x)
Today's Price Action
The stock closes at ₹363.35 with zero percent change, matching the previous close. Trading volume registers 7,99,451 shares, identical to the 20‑day average, indicating a neutral participation level. The price has remained within a narrow ₹5 band for the past five sessions, underscoring a period of low volatility.
Valuation Snapshot
BEL trades at a forward P/E of 43, considerably above the sector average of zero, reflecting a premium valuation relative to peers. The company’s return on equity stands at 27.4%, signifying efficient capital utilization. Its price‑to‑book ratio of 0 further emphasizes a valuation that relies heavily on earnings rather than balance‑sheet assets.
Key Levels to Watch
The current price sits near the lower end of its 52‑week range, just above the ₹355 support level and well below the ₹473 resistance. Open‑interest data show modest accumulation around the ₹360‑₹365 band, suggesting the price may encounter liquidity clusters there. Additionally, the nearest open‑interest peak appears around ₹368, which could act as a short‑term hurdle if volume spikes.
Chart Pattern
On the daily chart, an inverted hammer appeared two sessions ago, followed by a bearish engulfing candle eight sessions back. Both formations are single‑day candlesticks and illustrate a shift from bullish to bearish momentum without implying a definitive trend direction. These patterns emerged on the 1‑day timeframe, providing a short‑term view of price action.
Data Summary
Key metrics include a market capitalisation reported as ₹0 Cr, a price‑to‑book ratio of 0, and a P/E of 43, while the stock’s 52‑week high and low are ₹473 and ₹355 respectively. Volume aligns with the 20‑day average of 7,99,451 shares, confirming consistent liquidity. The ROE of 27.4% compares favorably with the broader capital‑goods sector, highlighting strong profitability.
Peer Comparison
| Company | CMP | Mkt Cap | P/E | P/B | ROE % | ROCE % | D/E |
|---|---|---|---|---|---|---|---|
| HAL Hindustan Aeronautics Limited | ₹4,850 | ₹3.2L Cr | 33.9 | 7.9 | 24 | 32 | 0 |
| TMCV Tata Motors Limited | ₹— | ₹1.5L Cr | 20.4 | 10.71 | 34 | 35.9 | 0.44 |
| BHEL Bharat Heavy Electricals Limited | ₹405 | ₹1.3L Cr | 46.9 | 5.28 | 6.23 | 9.14 | 0.22 |
| ABB ABB India Limited | ₹6,490 | ₹1.3L Cr | 84.4 | 14.72 | 22.4 | 29.9 | 0.02 |
| ENRIN Siemens Energy India Limited | ₹2,840 | ₹1.3L Cr | 98.46 | 26.82 | — | — | 0.04 |
| CGPOWER CG Power and Industrial Solutions Limited | ₹832 | ₹1.3L Cr | 91.7 | 15 | 20.5 | 26.7 | 0.02 |
| CUMMINSIND Cummins India Limited | ₹4,620 | ₹1.2L Cr | 49.4 | 15.1 | 30.2 | 39.5 | 0 |
Showing 7 peers in the same sector · Sorted by market cap
Shareholding Pattern
BEL · as of Mar 2026
| Category | 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% |
| FII | 17.77% | 17.56% | 17.43% | 17.27% | 17.34% | 17.55% |
| DII | 23.37% | 22.63% | 20.62% | 20.22% | 20.94% | 20.87% |
| Public | 7.72% | 8.66% | 10.82% | 11.37% | 10.58% | 10.43% |
Corporate Events
To consider and approve the financial results for the period ended September 30, 2026
Dividend - Re 0.55 Per Share
To consider and approve the financial results for the period ended Jun 30, 2026
To consider and approve the financial results for the period ended March 31, 2026 and dividend
Interim Dividend - Rs 1.95 Per Share
Dividend - Rs 0.90 Per Share
Interim Dividend - Rs 1.5 Per Share
Annual General Meeting/Dividend - Re 0.80 Per Share
Interim Dividend - Re 0.70 Per Share
Record: 22 Mar 2024
Interim Dividend - Re 0.70 Per Share
Record: 9 Feb 2024
Latest News
All newsBEL wins ₹770 crore MoD order and additional ₹1,011 crore contracts
*BEL wins ₹770 crore MoD order and additional ₹1,011 crore contracts*. Bharat Electronics secured a **₹770 crore** order from the Ministry of Defence, along with other contracts totaling **₹1,011 crore**. The new orders boost BEL’s order book and reflect strong government demand for defense electronics. This development is positive for revenue visibility and future earnings. 📊 *STOCKS:* $BEL | 🏢 *SECTOR:* CapitalMarkets | #HIGHIMPACT #OrderWin
Defence stocks surge on ₹1.1 lakh cr govt nod
*Defence stocks surge on ₹1.1 lakh cr govt nod* following Cabinet Committee on Security's approval for defence capital expenditure. The **₹1.1 lakh crore** allocation boosts indigenous defence manufacturing and triggers sharp buying in defence PSU stocks. BEL, HAL, and BEML surge over **5%** on heavy volumes. This marks one of the largest defence outlays, signaling strong government backing. 📊 *STOCKS:* BEL | HAL | BEML | 🏢 *SECTOR:* Defence | #HIGHIMPACT #Defence
Astra Microwave wins AMCA radar project, BEL second
*Astra Microwave wins AMCA radar project, BEL finishes second.* The company emerged as L1 bidder for the critical AAAU radar component under the AMCA programme, marking a strategic breakthrough. This positions Astra Microwave as a key defence electronics player. BEL, the state-owned giant, secured second position, missing out on this crucial contract. 📊 *STOCKS:* $ASTRAMICRO $BEL | 🏢 *SECTOR:* CapitalMarkets | #HIGHIMPACT #Defence
Raymond appoints ex-BEL CMD as CEO of Defence unit
Raymond Limited has appointed former Bharat Electronics Limited (BEL) chairman Bhanu Prakash Srivastava as CEO of its Defence business. This move aims to drive strategic growth in the defence sector, leveraging his extensive experience. The appointment signals Raymond’s focused push into high-growth defence manufacturing. 📊 *STOCKS:* RAYMOND | 🏢 *SECTOR:* Corporate | #MEDIUMIMPACT #LeadershipChange
Govt approves ₹2.12 lakh cr defence procurement
*Govt approves ₹2.12 lakh cr defence procurement* boosts domestic defence manufacturing. The capital allocation aims to modernize armed forces with indigenous systems. Key players like BEL, HAL, and BDL may see increased order inflows. Projects span missile systems, radar, and aerial defence platforms. 📊 *STOCKS:* BEL, HAL, BDL | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #Defence
India approves ₹2.12L Cr defence acquisition plan
*India approves ₹2.12L Cr defence acquisition plan*. The government has greenlit a major defence procurement plan worth **₹2.12 lakh crore** to boost indigenous capabilities in areas like kamikaze drones, attack helicopters, and missile defence systems. This is expected to benefit key public-sector defence manufacturers. Orders could be distributed over the next 2–3 years, providing long-term revenue visibility. 📊 *STOCKS:* BEL, HAL, BDL | 🏢 *SECTOR:* Defence | #MEDIUMIMPACT #Defence
BEL, Coal India, IGL Q2 earnings preview out
*BEL, Coal India, IGL Q2 earnings preview out*. Brokerages expect **BEL** to report **₹3,100Cr** in revenue, **Coal India** at **₹38,500Cr**, and **IGL** near **₹6,200Cr**. Target prices suggest **10–15% upside** for IGL, while BEL and Coal India trade close to consensus estimates. PSU earnings may influence Nifty Midcap and energy indices. 📊 *STOCKS:* BEL, COALINDIA, IGL | 🏢 *SECTOR:* Earnings | #MEDIUMIMPACT #Earnings
16 stocks including Adani Enterprises, Polycab in focus
*16 stocks including Adani Enterprises, Polycab in focus* amid increased trading activity and F&O interest. Names like **BEL**, **RailTel**, and **Dr Lal Path** are seeing elevated volumes. **ICICI Life Insurance** and **Aegis Logistics** also feature in the buzz list. Market analysts suggest caution due to volatility in these counters. 📊 *STOCKS:* ADANIENT, POLYCAB, ICICIPRULI, AEGISLOG, RAILTEL, LALPATHLAB, BEL | 🏢 *SECTOR:* Trading | #MEDIUMIMPACT #Trading
Kotak upgrades defence stock amid execution risk concerns
*Kotak upgrades BEL to 'Add' with a target of **₹320***, citing strong order visibility and stable margins. However, execution risks and project delays could cap near-term returns. Valuation appears fair given sectoral tailwinds and defence budget allocation. 📊 *STOCKS:* $BEL | 🏢 *SECTOR:* Defence | #MEDIUMIMPACT #BrokerUpgrade
India plans third Navy base in Lakshadweep to counter China
*India plans third Navy base in Lakshadweep to counter China*. The move aims to strengthen maritime security amid rising Chinese naval presence in the Arabian Sea. This could lead to **₹5,000+ crore** in defense infrastructure spending and boost orders for domestic defense PSUs. Key players include BEL, HAL, and GRSE. 📊 *STOCKS:* BEL, HAL, GRSE | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #Defense
Financials
Quarterly Results
| Metric | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹7.2K Cr 23.5% | ₹5.8K Cr 30.5% | ₹4.4K Cr 51.5% | ₹9.2K Cr 58.6% | ₹5.8K Cr 25.3% | ₹4.6K Cr 8.5% | ₹4.2K Cr 50.4% | ₹8.6K Cr |
| Op. Profit | ₹2.1K Cr 25.0% | ₹1.7K Cr 37.5% | ₹1.2K Cr 56.0% | ₹2.8K Cr 68.7% | ₹1.7K Cr 19.2% | ₹1.4K Cr 47.7% | ₹948 Cr 58.5% | ₹2.3K Cr |
| OPM | 30.0% 3.4% | 29.0% 3.6% | 28.0% 9.7% | 31.0% 6.9% | 29.0% 3.3% | 30.0% 36.4% | 22.0% 18.5% | 27.0% |
| Net Profit | ₹1.6K Cr 22.8% | ₹1.3K Cr 32.8% | ₹969 Cr 54.4% | ₹2.1K Cr 62.1% | ₹1.3K Cr 20.0% | ₹1.1K Cr 38.2% | ₹791 Cr 56.0% | ₹1.8K Cr |
| EPS (₹) | 2.16 22.7% | 1.76 32.3% | 1.33 54.3% | 2.91 62.6% | 1.79 20.1% | 1.49 38.0% | 1.08 56.1% | 2.46 |
Values in ₹ Cr · Source: Screener.in
Annual Profit & Loss
| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹27.6K Cr 16.2% | ₹23.8K Cr 17.3% | ₹20.3K Cr 14.3% | ₹17.7K Cr 15.4% | ₹15.4K Cr 8.9% | ₹14.1K Cr 8.8% | ₹13.0K Cr 6.6% | ₹12.2K Cr 17.0% | ₹10.4K Cr 20.2% | ₹8.7K Cr |
| Expenses | ₹19.6K Cr 15.5% | ₹16.9K Cr 11.3% | ₹15.2K Cr 11.5% | ₹13.6K Cr 13.5% | ₹12.0K Cr 10.4% | ₹10.9K Cr 6.7% | ₹10.2K Cr 10.3% | ₹9.3K Cr 10.7% | ₹8.4K Cr 21.8% | ₹6.9K Cr |
| Op. Profit | ₹8.1K Cr 17.8% | ₹6.8K Cr 35.4% | ₹5.1K Cr 23.5% | ₹4.1K Cr 22.3% | ₹3.3K Cr 4.0% | ₹3.2K Cr 16.5% | ₹2.8K Cr 5.2% | ₹2.9K Cr 42.7% | ₹2.0K Cr 13.8% | ₹1.8K Cr |
| OPM | 29.0% 0.0% | 29.0% 16.0% | 25.0% 8.7% | 23.0% 4.5% | 22.0% 4.3% | 23.0% 9.5% | 21.0% 12.5% | 24.0% 20.0% | 20.0% 4.8% | 21.0% |
| Other Income | ₹566 Cr 23.7% | ₹742 Cr 10.7% | ₹670 Cr 138.4% | ₹281 Cr 21.1% | ₹232 Cr 85.6% | ₹125 Cr 26.3% | ₹99 Cr 35.6% | ₹73 Cr 62.8% | ₹196 Cr 53.3% | ₹420 Cr |
| Interest | ₹10 Cr 23.1% | ₹13 Cr 8.3% | ₹12 Cr 36.8% | ₹19 Cr 111.1% | ₹9 Cr 10.0% | ₹10 Cr 25.0% | ₹8 Cr 50.0% | ₹16 Cr 166.7% | ₹6 Cr 66.7% | ₹18 Cr |
| Depreciation | ₹556 Cr 19.1% | ₹467 Cr 5.4% | ₹443 Cr 3.3% | ₹429 Cr 7.0% | ₹401 Cr 3.6% | ₹387 Cr 4.0% | ₹372 Cr 10.1% | ₹338 Cr 24.3% | ₹272 Cr 28.3% | ₹212 Cr |
| PBT | ₹8.1K Cr 13.4% | ₹7.1K Cr 34.8% | ₹5.3K Cr 34.2% | ₹3.9K Cr 23.9% | ₹3.2K Cr 7.6% | ₹2.9K Cr 18.7% | ₹2.5K Cr 5.7% | ₹2.6K Cr 34.3% | ₹2.0K Cr 1.3% | ₹2.0K Cr |
| Tax % | 25.0% 3.8% | 26.0% 4.0% | 25.0% 0.0% | 25.0% 3.8% | 26.0% 13.3% | 30.0% 7.1% | 28.0% 6.7% | 30.0% 7.1% | 28.0% 16.7% | 24.0% |
| Net Profit | ₹6.1K Cr 13.9% | ₹5.3K Cr 33.6% | ₹4.0K Cr 33.5% | ₹3.0K Cr 24.4% | ₹2.4K Cr 14.3% | ₹2.1K Cr 15.1% | ₹1.8K Cr 3.3% | ₹1.9K Cr 31.9% | ₹1.4K Cr 6.0% | ₹1.5K Cr |
| EPS (₹) | 8.29 13.9% | 7.28 33.6% | 5.45 33.6% | 4.08 24.4% | 3.28 14.3% | 2.87 14.8% | 2.5 3.1% | 2.58 31.6% | 1.96 5.3% | 2.07 |
| Div Payout | 30.0% 9.1% | 33.0% 17.5% | 40.0% 9.1% | 44.0% 4.3% | 46.0% 0.0% | 46.0% 24.3% | 37.0% 15.9% | 44.0% 29.4% | 34.0% 3.0% | 33.0% |
Values in ₹ Cr · Source: Screener.in
Balance Sheet
| Item | Sep 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
Liabilities | ||||||||||
| Equity Capital | ₹731 Cr 0.0% | ₹731 Cr 0.0% | ₹731 Cr 0.0% | ₹731 Cr 199.6% | ₹244 Cr 0.0% | ₹244 Cr 0.0% | ₹244 Cr 0.0% | ₹244 Cr 0.0% | ₹244 Cr 9.4% | ₹223 Cr |
| Reserves | ₹20.8K Cr 8.3% | ₹19.2K Cr 23.4% | ₹15.6K Cr 18.8% | ₹13.1K Cr 9.0% | ₹12.0K Cr 11.3% | ₹10.8K Cr 10.1% | ₹9.8K Cr 9.6% | ₹9.0K Cr 15.4% | ₹7.8K Cr 3.5% | ₹7.5K Cr |
| Borrowings | ₹59 Cr 3.3% | ₹61 Cr 3.2% | ₹63 Cr 3.3% | ₹61 Cr 15.1% | ₹53 Cr 1666.7% | ₹3 Cr 62.5% | ₹8 Cr 76.5% | ₹34 Cr 57.5% | ₹80 Cr 25.0% | ₹64 Cr |
| Other Liabilities | ₹21.3K Cr 2.5% | ₹20.8K Cr 10.1% | ₹23.1K Cr 7.3% | ₹21.6K Cr 0.0% | ₹21.6K Cr 17.1% | ₹18.4K Cr 29.1% | ₹14.3K Cr 23.3% | ₹11.6K Cr 6.5% | ₹10.9K Cr 10.9% | ₹9.8K Cr |
| Total Liabilities | ₹42.9K Cr 5.1% | ₹40.8K Cr 3.3% | ₹39.5K Cr 11.4% | ₹35.5K Cr 4.7% | ₹33.9K Cr 15.0% | ₹29.5K Cr 21.1% | ₹24.4K Cr 17.0% | ₹20.8K Cr 9.8% | ₹19.0K Cr 7.8% | ₹17.6K Cr |
Assets | ||||||||||
| Fixed Assets | ₹4.1K Cr 20.3% | ₹3.4K Cr 12.7% | ₹3.0K Cr 2.4% | ₹3.0K Cr 10.8% | ₹2.7K Cr 0.9% | ₹2.7K Cr 2.2% | ₹2.7K Cr 18.1% | ₹2.3K Cr 25.0% | ₹1.8K Cr 22.5% | ₹1.5K Cr |
| CWIP | ₹564 Cr 46.4% | ₹1.1K Cr 17.7% | ₹894 Cr 4.6% | ₹855 Cr 15.0% | ₹1.0K Cr 13.9% | ₹883 Cr 6.6% | ₹828 Cr 2.5% | ₹849 Cr 9.7% | ₹940 Cr 26.5% | ₹743 Cr |
| Investments | ₹779 Cr 4.8% | ₹743 Cr 8.9% | ₹682 Cr 4.9% | ₹650 Cr 58.7% | ₹1.6K Cr 20.4% | ₹1.3K Cr 17.7% | ₹1.1K Cr 15.1% | ₹964 Cr 2.9% | ₹937 Cr 90.8% | ₹491 Cr |
| Other Assets | ₹37.5K Cr 5.2% | ₹35.6K Cr 2.0% | ₹34.9K Cr 12.5% | ₹31.0K Cr 8.2% | ₹28.7K Cr 16.3% | ₹24.7K Cr 25.1% | ₹19.7K Cr 17.9% | ₹16.7K Cr 9.6% | ₹15.2K Cr 2.6% | ₹14.9K Cr |
| Total Assets | ₹42.9K Cr 5.1% | ₹40.8K Cr 3.3% | ₹39.5K Cr 11.4% | ₹35.5K Cr 4.7% | ₹33.9K Cr 15.0% | ₹29.5K Cr 21.1% | ₹24.4K Cr 17.0% | ₹20.8K Cr 9.8% | ₹19.0K Cr 7.8% | ₹17.6K Cr |
Values in ₹ Cr · Source: Screener.in
Cash Flow Statement
| Item | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating CF | ₹564 Cr 87.9% | ₹4.7K Cr 288.6% | ₹1.2K Cr 71.5% | ₹4.2K Cr 17.4% | ₹5.1K Cr 98.2% | ₹2.6K Cr 69.7% | ₹1.5K Cr 320.4% | ₹-687 Cr 1026.2% | ₹-61 Cr 102.7% | ₹2.3K Cr |
| Investing CF | ₹639 Cr 110.8% | ₹-5.9K Cr 318.8% | ₹2.7K Cr 155.6% | ₹-4.9K Cr 87.7% | ₹-2.6K Cr 299.8% | ₹-649 Cr 27.6% | ₹-896 Cr 14833.3% | ₹-6 Cr 100.2% | ₹3.1K Cr 311.9% | ₹-1.5K Cr |
| Financing CF | ₹-1.7K Cr 15.0% | ₹-1.5K Cr 16.9% | ₹-1.3K Cr 17.1% | ₹-1.1K Cr 0.2% | ₹-1.1K Cr 1.4% | ₹-1.1K Cr 60.0% | ₹-663 Cr 44.8% | ₹-1.2K Cr 57.9% | ₹-2.9K Cr 798.4% | ₹-318 Cr |
| Net Cash Flow | ₹-493 Cr 82.0% | ₹-2.7K Cr 203.6% | ₹2.6K Cr 251.8% | ₹-1.7K Cr 222.5% | ₹1.4K Cr 65.2% | ₹861 Cr 2013.3% | ₹-45 Cr 97.6% | ₹-1.9K Cr 1061.9% | ₹197 Cr 58.3% | ₹472 Cr |
| Free Cash Flow | ₹-444 Cr 111.1% | ₹4.0K Cr 557.1% | ₹611 Cr 83.3% | ₹3.7K Cr 20.9% | ₹4.6K Cr 153.4% | ₹1.8K Cr 132.5% | ₹785 Cr 152.6% | ₹-1.5K Cr 74.9% | ₹-853 Cr 153.1% | ₹1.6K Cr |
Values in ₹ Cr · Source: Screener.in
Key Ratios History
| Metric | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 140d 5.3% | 133d 8.3% | 145d 0.0% | 145d 14.7% | 170d 10.1% | 189d 17.4% | 161d 8.5% | 176d 4.3% | 184d 0.5% | 185d |
| Inventory Days | 273d 6.2% | 257d 7.1% | 240d 4.3% | 230d 1.3% | 233d 14.2% | 204d 25.8% | 275d 9.8% | 305d 25.1% | 407d 1.5% | 401d |
| Days Payable | 100d 21.9% | 128d 3.2% | 124d 10.8% | 139d 10.3% | 155d 23.0% | 126d 41.6% | 89d 2.2% | 91d 15.7% | 108d 3.6% | 112d |
| Cash Conv. Cycle | 313d 19.5% | 262d 0.4% | 261d 10.1% | 237d 4.4% | 248d 7.1% | 267d 23.1% | 347d 11.0% | 390d 19.3% | 483d 2.1% | 473d |
| Working Capital Days | 85d 372.2% | 18d 35.7% | 28d 600.0% | 4d 91.5% | 47d 60.5% | 119d 11.2% | 134d 7.2% | 125d 98.4% | 63d 687.5% | 8d |
| ROCE | 39.0% 11.4% | 35.0% 16.7% | 30.0% 11.1% | 27.0% 3.6% | 28.0% 7.7% | 26.0% 13.3% | 30.0% 20.0% | 25.0% 8.7% | 23.0% 15.0% | 20.0% |
Source: Screener.in · Lower days = better efficiency
Deep Dive Analysis
About Bharat Electronics Limited
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]
Capital GoodsAerospace & Defense