Bharat Electronics Limited (IN:BEL)
:BEL
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Bharat Electronics Limited
(BEL)
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Rating:77Outperform
Price Target:
₹515.00
▲(17.15% Upside)
Action:UpgradedDate:01/29/26
The score is driven primarily by strong financial performance (rising margins, strong revenue momentum, and a solid low-leverage balance sheet), supported by positive technical trend signals (price above key moving averages and positive MACD). These strengths are tempered by a weaker cash-flow picture in 2025 and a stretched valuation (high P/E with a low dividend yield).
Positive Factors
Revenue Growth
The robust revenue growth indicates a strong demand for BEL's products, reflecting its competitive position and market expansion potential.
Negative Factors
Cash Flow Challenges
Decreased operating cash flow may limit BEL's ability to fund operations and investments, posing a risk to liquidity and growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
The robust revenue growth indicates a strong demand for BEL's products, reflecting its competitive position and market expansion potential.
Read all positive factors
Bharat Electronics Limited (BEL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.96T
Dividend Yield0.6%
Average Volume (3M)1.06M
Price to Earnings (P/E)46.5
Beta (1Y)1.37
Revenue Growth16.58%
EPS Growth25.45%
CountryIN
Employees11,444
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)2.17
Shares Outstanding7,309,779,000
10 Day Avg. Volume895,523
30 Day Avg. Volume1,059,455
Financial Highlights & Ratios
PEG Ratio1.19
Price to Book (P/B)10.69
Price to Sales (P/S)8.98
P/FCF Ratio-502.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹535.33Price Target Upside21.78% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)8.33
Revenue Forecast (FY)₹276.93B
Bharat Electronics Limited Business Overview & Revenue Model
Company Description
Bharat Electronics Limited designs, manufactures, and supplies electronic equipment and systems for the defense and civilian markets in India. Its defense products include defense communication products, land-based radars, naval systems, electroni...
How the Company Makes Money
BEL primarily generates revenue through the sale of its electronic products and systems to the Indian defense sector, which constitutes a significant portion of its business. The company also earns income from government contracts, particularly th...
Bharat Electronics Limited Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
85
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 251.52B | 237.69B | 202.68B | 177.34B | 153.68B | 141.09B |
| Gross Profit | 113.54B | 113.22B | 94.02B | 75.53B | 62.49B | 60.83B |
| EBITDA | 75.43B | 68.09B | 51.14B | 40.88B | 33.23B | 32.89B |
| Net Income | 56.96B | 53.21B | 39.85B | 29.84B | 23.99B | 20.99B |
Balance Sheet | ||||||
| Total Assets | 429.25B | 408.32B | 395.27B | 354.91B | 339.11B | 294.92B |
| Cash, Cash Equivalents and Short-Term Investments | 81.17B | 95.45B | 110.50B | 81.13B | 75.65B | 50.87B |
| Total Debt | 588.90M | 612.30M | 625.10M | 613.40M | 527.00M | 25.20M |
| Total Liabilities | 213.41B | 208.39B | 231.82B | 216.12B | 216.08B | 184.17B |
| Stockholders Equity | 215.67B | 199.74B | 163.26B | 138.62B | 122.86B | 110.60B |
Cash Flow | ||||||
| Free Cash Flow | -13.44B | -4.25B | 40.07B | 6.76B | 36.53B | 46.24B |
| Operating Cash Flow | -8.89B | 5.87B | 46.59B | 12.67B | 42.07B | 50.93B |
| Investing Cash Flow | 12.11B | 6.17B | -59.24B | 26.91B | -48.72B | -25.95B |
| Financing Cash Flow | -2.94B | -16.96B | -14.72B | -13.13B | -10.78B | -10.76B |
Bharat Electronics Limited Technical Analysis
Negative
439.60
Price Trends
433.90
Negative
419.72
Negative
408.18
Positive
Market Momentum
-5.38
Positive
39.77
Neutral
14.34
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BEL, the sentiment is Negative. The current price of 439.6 is below the 20-day moving average (MA) of 441.03, above the 50-day MA of 433.90, and above the 200-day MA of 408.18, indicating a neutral trend. The MACD of -5.38 indicates Positive momentum. The RSI at 39.77 is Neutral, neither overbought nor oversold. The STOCH value of 14.34 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:BEL.
Bharat Electronics Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹2.96T | 46.53 | ― | 0.60% | 16.58% | 25.45% | |
71 Outperform | ₹2.40T | 39.31 | ― | 0.90% | 3.05% | -0.57% | |
71 Outperform | ₹237.11B | 40.98 | ― | 0.80% | 43.86% | 60.18% | |
68 Neutral | ₹872.87B | 28.54 | ― | 0.47% | 12.22% | -9.22% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | ₹416.82B | 184.29 | ― | 0.33% | 82.69% | 18.17% | |
58 Neutral | ₹122.22B | 56.16 | ― | 0.14% | 9.71% | 13.45% |
* Industrials Sector Average
IN:BEL
Bharat Electronics Limited
404.75
105.52
35.26%
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Bharat Electronics Limited Corporate Events
Bharat Electronics Schedules Investor Call on Q3 FY2026 Results
Jan 21, 2026
Bharat Electronics Limited has notified the stock exchanges that its management will participate in an investor conference call hosted by Motilal Oswal Financial Services on Wednesday, 28 January 2026 at 4:00 p.m. IST to discuss the company’...
BEL Bags Additional Orders Worth Rs 569 Crore Across Defence and Allied Electronics
Jan 1, 2026
Bharat Electronics Limited has secured additional orders worth Rs 569 crore since its previous disclosure on 29 December 2025, reinforcing its order book and revenue visibility in the near term. The fresh contracts cover a range of products and se...
Bharat Electronics Secures Rs. 871 Crore in New Orders
Nov 14, 2025
Bharat Electronics Limited has announced the receipt of additional orders worth Rs. 871 Crore, as disclosed on November 14, 2025. The orders include major components such as fire control systems, thermal imagers, ground support equipment, upgrades...
Bharat Electronics Limited Announces Financial Results for September 2025
Oct 31, 2025
Bharat Electronics Limited has released its financial results for the quarter and half-year ending September 30, 2025. The announcement includes unaudited standalone and consolidated financial results, indicating the company’s ongoing compli...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.