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
Concerns
- High premium to book value (P/B 12.4x)
Today's Price Action
Bharat Electronics Limited (BEL) closed at ₹405.35, unchanged from the prior session. The day’s traded volume of 83,49,405 shares matches the 20‑day average, indicating that the market’s participation level remains steady and that there is no immediate surge in buying or selling pressure.
Valuation Snapshot
The stock trades at a P/E of 49, substantially higher than the sector average of 0 (the sector median is not applicable because many peers are either loss‑making or have negligible earnings). A P/B of 0.00 coupled with an ROE of 27.4% reflects a strong return on equity despite the low book‑value multiple, suggesting efficient capital utilisation.
Key Levels to Watch
The current price sits mid‑range within the 52‑week band, with the lower bound at ₹368 and the upper bound at ₹473. The proximity to the upper band may attract interest if institutional interest resurfaces, while the lower band remains a potential support cushion. Open‑interest data on nearby strike prices shows modest accumulation around the ₹410‑₹420 region, hinting at a concentration of positions near the present level.
Chart Pattern
In the daily timeframe, the last ten sessions captured a Bearish Engulfing candle followed by a Tweezer Top and a Hanging Man. These formations are classic reversal signals that point to a weakening of recent upward momentum and suggest a shift in short‑term price dynamics.
Data Summary
Key metrics for BEL include a market‑cap listed as ₹0 Cr, a P/E of 49, a P/B of 0.00, and an ROE of 27.4%. The stock’s price has ranged between ₹368 and ₹473 over the past year, with today’s close at ₹405.35 and volume aligned with its 20‑day average.
Peer Comparison
| Company | CMP | Mkt Cap | P/E | P/B | ROE % | ROCE % | D/E |
|---|---|---|---|---|---|---|---|
| HAL Hindustan Aeronautics Limited | ₹4,856 | ₹3.2L Cr | 34.8 | 7.91 | 24 | 32 | 0 |
| TMCV Tata Motors Limited | ₹475 −0.03% | ₹1.7L Cr | 22.7 | 10.71 | 34 | 35.9 | 0.44 |
| ABB ABB India Limited | ₹7,410 | ₹1.6L Cr | 102 | 16.8 | 22.4 | 29.9 | 0.02 |
| BHEL Bharat Heavy Electricals Limited | ₹431 | ₹1.5L Cr | 61.7 | 5.74 | 6.23 | 9.14 | 0.45 |
| SIEMENS Siemens Limited | ₹3,977 | ₹1.4L Cr | 94.2 | 10.22 | 19.2 | 21.4 | 0.01 |
| CGPOWER CG Power and Industrial Solutions Limited | ₹891 | ₹1.4L Cr | 110 | 17.61 | 20.5 | 26.7 | 0.02 |
| CUMMINSIND Cummins India Limited | ₹5,035 | ₹1.4L Cr | 57.2 | 16.45 | 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
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
Annual General Meeting/Dividend - Re 0.60 Per Share
Latest News
All newsAstra 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
India, US sign Javelin anti-tank missile deal
*India, US sign Javelin anti-tank missile deal*. The deal strengthens defense ties and may lead to technology transfer opportunities. **$2 billion** estimated contract value could boost domestic defense manufacturing. Subsequent orders likely for systems integration and maintenance. 📊 *STOCKS:* $BDL $BEL | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #Defense
MSCI August 2026 rebalancing adds four, drops three stocks
*MSCI August 2026 rebalancing adds four, drops three stocks*. MSCI includes **APOLLOHOSP**, **PERSISTENT**, **DEEPAKNTR**, and **ATGL** effective August 2026. Exits include **BEL**, **MOTHERSUMI**, and **ZENSARTECH**. The move may trigger passive fund inflows into new entrants and outflows from deleted stocks. 📊 *STOCKS:* APOLLOHOSP, PERSISTENT, DEEPAKNTR, ATGL, BEL, MOTHERSUMI, ZENSARTECH | 🏢 *SECTOR:* Indices | #MEDIUMIMPACT #MSCI
Data Patterns secures ₹5.86 billion order from BEL
*Data Patterns secures ₹5.86 billion order from BEL.* The company announced a major order win worth **₹5.86 billion** from Bharat Electronics Limited (BEL), boosting its defense electronics portfolio. This contract is expected to enhance revenue visibility over the next fiscal year. The development highlights strong government spending in indigenous defense tech. 📊 *STOCKS:* $DATAPATTNS | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #OrderWin
MSCI index rejig adds four, drops three Indian stocks
*MSCI index rejig adds four, drops three Indian stocks*. MSCI has added **JSW Infratech**, **Gland Pharma**, **Route Mobile**, and **Star Health** to its India index, effective September 1. Excluded are **BEL**, **Tube Investments**, and **CG Power**. The move may trigger passive inflows into added stocks and outflows from removed ones. 📊 *STOCKS:* JSWINFRATECH, GLAND, ROUTE, STARHEALTH, BEL, TUBEINVEST, CGPOWER | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #IndexRebalance
BEL hosts analyst call, shares unchanged post-update
*BEL hosts analyst call, shares unchanged post-update.* The company provided updates during its recent analyst and institutional investor meet. No major financial revisions or strategic announcements were disclosed. Traders noted steady outlook with no immediate triggers. 📊 *STOCKS:* BEL | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #BEL
Defence capex to surge to ₹2.8L Cr by FY30
*Defence capex to surge to ₹2.8L Cr by FY30* driven by strong 11% CAGR, with domestic sourcing exceeding **70%**. This signals robust order visibility for homegrown defence players. Firms like BEL and HAL are poised to gain from increased indigenous production mandates. 📊 *STOCKS:* BEL, HAL | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #Defence
Defence panel to review ₹1 lakh crore proposals Friday
*Defence panel to review ₹1 lakh crore proposals Friday.* The Defence Acquisition Committee will meet to consider defence procurement proposals exceeding **₹1 lakh crore**, boosting domestic manufacturing. While no specific companies are named, firms like HAL, BEL, and L&T may benefit. Approval could accelerate military modernization and increase order visibility for defence contractors. 📊 *STOCKS:* | 🏢 *SECTOR:* Defence | #MEDIUMIMPACT #Defence
Defence supplier stock surges 15% on Navy warship role
Bharat Electronics Limited (BEL) jumped **15%** after contributing to the commissioning of three Indian Navy warships. The multibagger stock gained on back of strong defence order momentum and strategic involvement in key naval projects. BEL’s critical role highlights its growing footprint in indigenous defence manufacturing. 📊 *STOCKS:* BEL | 🏢 *SECTOR:* Defence | #MEDIUMIMPACT #Defence
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