Bharat Electronics Limited (BEL) AI Stock Analysis

• Market Cap: ₹2.78T
• Dividend Yield: 0.62%
• Average Volume (3M): 726.61K
• Price to Earnings (P/E): 50.5
• Beta (1Y): 1.61
• Revenue Growth: 14.23%
• EPS Growth: 29.82%
• Country: IN
• Employees: 11,444
• Sector: Industrials
• Sector Strength: 84
• Industry: Aerospace & Defense
• EPS (TTM): 1.33
• Shares Outstanding: 7,309,779,000
• 10 Day Avg. Volume: 567,928
• 30 Day Avg. Volume: 726,608
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹427.00
• Price Target Upside: 9.83% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9

• Rating: 67 Neutral
• Price Target: ₹422.00 ▲(8.54% Upside)

Bharat Electronics Limited has a strong financial foundation with impressive revenue and profit growth, which is the most significant factor in its score. However, technical analysis indicates bearish momentum, and the valuation suggests the stock is overvalued, which tempers the overall score.

Bharat Electronics Limited Business Overview & Revenue Model

Company Description

Bharat Electronics Limited (BEL) is a state-owned aerospace and defense company based in India. Established in 1954, BEL is primarily engaged in the design, development, manufacture, and supply of advanced electronic products for the Indian Armed Forces. The company operates in various sectors, including defense, aerospace, and civilian sectors, offering a wide range of products such as radars, sonars, electronic warfare equipment, and communication systems.

How the Company Makes Money

BEL generates revenue through the sale of its defense and electronic products and systems to the Indian Armed Forces and other government agencies. The company is a key supplier for the Indian military, providing critical technology and equipment necessary for national security. Additionally, BEL has diversified into civilian markets, supplying electronic components and systems for non-defense applications, including telecommunications and homeland security. Strategic partnerships and collaborations with international defense companies also contribute to its revenue by enabling technology transfer and joint development projects. BEL's earnings are further bolstered by government contracts and initiatives supporting domestic manufacturing and self-reliance in defense technology.

Bharat Electronics Limited Financial Statement Overview

Summary

Bharat Electronics Limited shows strong financial health with impressive revenue and profitability growth. The Income Statement is particularly robust with increasing margins, while the Balance Sheet is stable with low leverage. However, there is a recent decline in operating and free cash flows, which warrants some caution regarding liquidity.

Income Statement

Bharat Electronics Limited shows a strong Income Statement with consistent revenue and profit growth over the years. The Gross Profit Margin improved from 36.9% in 2020 to 48.7% in 2025. The Net Profit Margin also increased from 14.4% in 2020 to 22.4% in 2025. Both EBIT and EBITDA margins exhibit positive trends, indicating efficient operations and cost management. The Revenue Growth Rate of 19.37% from 2024 to 2025 demonstrates strong business momentum.

Balance Sheet

The Balance Sheet of Bharat Electronics Limited is robust, with a low Debt-to-Equity Ratio, reflecting conservative financial management. The company maintains a healthy Equity Ratio of 48.9% in 2025, indicating solid capitalization. Return on Equity improved significantly to 26.6% in 2025, showcasing strong profitability. Despite the consistent growth in stockholders' equity, the total liabilities remain stable, presenting a well-balanced financial position.

Cash Flow

The Cash Flow statement reveals mixed results. While Operating Cash Flow decreased from 2024 to 2025, the company managed to maintain positive free cash flow in previous years. The Free Cash Flow to Net Income Ratio indicates challenges in converting profits into free cash flow in 2025. However, the Operating Cash Flow to Net Income Ratio remains positive, ensuring that operational activities continue to generate sufficient cash.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	237.69B	237.69B	199.05B	175.82B	150.85B	138.50B
Gross Profit	100.40B	115.82B	93.26B	75.77B	61.74B	58.49B
EBITDA	73.61B	68.34B	57.21B	43.71B	35.76B	33.39B
Net Income	53.21B	53.21B	39.85B	29.84B	23.99B	20.99B
Balance Sheet
Total Assets	408.32B	408.32B	395.27B	354.91B	339.11B	294.92B
Cash, Cash Equivalents and Short-Term Investments	95.45B	95.45B	111.34B	81.13B	75.65B	50.87B
Total Debt	612.30M	612.30M	625.10M	613.40M	527.00M	25.20M
Total Liabilities	208.39B	208.39B	231.82B	216.12B	216.08B	184.17B
Stockholders Equity	199.74B	199.74B	163.26B	138.62B	122.86B	110.60B
Cash Flow
Free Cash Flow	0.00	-4.25B	40.07B	6.76B	36.53B	46.24B
Operating Cash Flow	0.00	5.87B	46.59B	12.67B	42.07B	50.93B
Investing Cash Flow	0.00	6.17B	-59.24B	26.91B	-48.72B	-25.95B
Financing Cash Flow	0.00	-16.96B	-14.72B	-13.13B	-10.78B	-10.76B

Bharat Electronics Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 388.80
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BEL, the sentiment is Positive. The current price of 388.8 is below the 20-day moving average (MA) of 390.53, below the 50-day MA of 401.58, and above the 200-day MA of 322.23, indicating a neutral trend. The MACD of -4.83 indicates Positive momentum. The RSI at 46.67 is Neutral, neither overbought nor oversold. The STOCH value of 46.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:BEL.

Bharat Electronics Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HAL	71 Outperform	₹2.95T	35.45		0.84%	2.07%	0.81%
BEL	67 Neutral	₹2.78T	50.53		0.62%	14.23%	29.82%
Sector *	66 Neutral	£2.67B	13.00	3.30%	3.25%	2.35%	-22.12%
GRSE	61 Neutral	₹287.43B	51.29		0.41%	39.76%	52.36%
MAZDOCK	61 Neutral	₹1.09T	50.04		0.75%	21.24%	-6.44%
ZENTEC	58 Neutral	₹126.64B	49.67		0.07%	56.09%	49.60%
BDL	53 Neutral	₹544.66B	97.13		0.30%	50.34%	-3.01%

Bharat Electronics Limited Corporate Events

Bharat Electronics Limited Announces Key Management Appointments

Bharat Electronics Limited has announced a change in its senior management, with the appointment of three new Executive Directors effective from August 1, 2025. This strategic move is expected to strengthen the company’s leadership team, potentially enhancing its operational efficiency and reinforcing its position in the defense electronics market.

Bharat Electronics Limited Releases Q1 2025 Financial Results

Bharat Electronics Limited announced the unaudited standalone and consolidated financial results for the quarter ended June 30, 2025, following a board meeting on July 28, 2025. The release of these financial results is part of the company’s compliance with SEBI regulations, and it provides stakeholders with insights into the company’s financial performance during the specified period.