Bharat Electronics Limited (IN:BEL)
:BEL
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Bharat Electronics Limited
(BEL)
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Rating:67Neutral
Price Target:
₹459.00
▼(-0.80% Downside)
Action:Downgraded
Date:05/20/26
The score is supported primarily by strong profitability and a fortress-like balance sheet, but is held back by recent cash-flow volatility and a rich valuation. Near-term technicals are also weak, with price below key short/mid-term moving averages and negative MACD.
Positive Factors
Balance Sheet Strength
Very low leverage and a rising equity base give BEL durable financial flexibility to pursue large, multi-year defence programmes, fund R&D and capex internally, and absorb procurement timing swings; this reduces refinancing risk and supports reliable program execution over time.
Negative Factors
Cash‑Flow Volatility
Historic swings in free cash flow—strong in 2021–2024, negative in 2025, only a modest 2026 recovery—signal inconsistent earnings-to-cash conversion. Working-capital and milestone timing differences can constrain internal funding for capex, dividends or program ramps and elevate execution risk over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Very low leverage and a rising equity base give BEL durable financial flexibility to pursue large, multi-year defence programmes, fund R&D and capex internally, and absorb procurement timing swings; this reduces refinancing risk and supports reliable program execution over time.
Read all positive factors
Bharat Electronics Limited (BEL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.02T
Dividend Yield0.6%
Average Volume (3M)1.06M
Price to Earnings (P/E)46.5
Beta (1Y)1.28
Revenue Growth16.16%
EPS Growth13.86%
CountryIN
Employees11,444
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)7.79
Shares Outstanding7,309,779,000
10 Day Avg. Volume895,523
30 Day Avg. Volume1,059,455
Financial Highlights & Ratios
PEG Ratio3.48
Price to Book (P/B)12.21
Price to Sales (P/S)10.61
P/FCF Ratio256.57
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)9.76
Revenue Forecast (FY)₹321.71B
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 makes money mainly by executing contracts to supply, integrate, and support mission-critical electronic systems—predominantly for Indian defence and government organizations. Its revenue model is largely project/contract based: (1) Product and...
Bharat Electronics Limited Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
94
Very Positive
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 251.52B | 276.10B | 237.69B | 202.68B | 177.34B | 153.68B |
| Gross Profit | 113.54B | 99.06B | 113.22B | 94.02B | 75.53B | 62.49B |
| EBITDA | 75.43B | 80.49B | 68.09B | 51.14B | 40.88B | 33.23B |
| Net Income | 56.96B | 60.62B | 53.21B | 39.85B | 29.84B | 23.99B |
Balance Sheet | ||||||
| Total Assets | 429.25B | 445.38B | 408.32B | 395.27B | 354.91B | 339.11B |
| Cash, Cash Equivalents and Short-Term Investments | 81.17B | 85.72B | 95.45B | 110.50B | 81.13B | 75.65B |
| Total Debt | 588.90M | 654.60M | 612.30M | 625.10M | 613.40M | 527.00M |
| Total Liabilities | 213.41B | 205.30B | 208.39B | 231.82B | 216.12B | 216.08B |
| Stockholders Equity | 215.67B | 239.88B | 199.74B | 163.26B | 138.62B | 122.86B |
Cash Flow | ||||||
| Free Cash Flow | -13.44B | 11.42B | -4.25B | 40.07B | 6.76B | 36.53B |
| Operating Cash Flow | -8.89B | 21.27B | 5.87B | 46.59B | 12.67B | 42.07B |
| Investing Cash Flow | 12.11B | 11.42B | 6.17B | -59.24B | 26.91B | -48.72B |
| Financing Cash Flow | -2.94B | -20.94B | -16.96B | -14.72B | -13.13B | -10.78B |
Bharat Electronics Limited Technical Analysis
Negative
462.70
Price Trends
435.80
Negative
429.16
Negative
413.24
Positive
Market Momentum
-4.60
Positive
36.82
Neutral
29.08
Neutral
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 462.7 is above the 20-day moving average (MA) of 433.04, above the 50-day MA of 435.80, and above the 200-day MA of 413.24, indicating a neutral trend. The MACD of -4.60 indicates Positive momentum. The RSI at 36.82 is Neutral, neither overbought nor oversold. The STOCH value of 29.08 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹2.89T | 25.58 | ― | 0.90% | 6.80% | 8.98% | |
71 Outperform | ₹983.10B | 30.66 | ― | 0.47% | 13.77% | 14.39% | |
68 Neutral | ₹144.93B | 59.44 | ― | 0.14% | -29.37% | -33.01% | |
67 Neutral | ₹3.02T | 46.53 | ― | 0.60% | 16.16% | 13.86% | |
67 Neutral | ₹303.33B | 18.63 | ― | 0.80% | 37.95% | 41.82% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | ₹477.94B | 184.29 | ― | 0.33% | 54.35% | 2.52% |
* Industrials Sector Average
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Bharat Electronics Limited Corporate Events
Bharat Electronics to Close Trading Window Ahead of FY26 Results
Mar 27, 2026
Bharat Electronics Limited has announced that its trading window for dealing in the company’s securities will be closed from 1 April 2026, in line with SEBI’s Prohibition of Insider Trading Regulations, 2015 and the company’s int...
Bharat Electronics Announces Forthcoming Retirement of Senior Technology Executive
Feb 28, 2026
Bharat Electronics Limited has notified the stock exchanges of a change in its senior management, in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company announced that Smt. Vanis...
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.