Bharat Electronics Limited (BEL) AI Stock Analysis

• Market Cap: ₹3.06T
• Dividend Yield: 0.6%
• Average Volume (3M): 1.06M
• Price to Earnings (P/E): 53.8
• Beta (1Y): 1.56
• Revenue Growth: 16.58%
• EPS Growth: 25.45%
• Country: IN
• Employees: 11,444
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): 1.76
• Shares Outstanding: 7,309,779,000
• 10 Day Avg. Volume: 895,523
• 30 Day Avg. Volume: 1,059,455
• PEG Ratio: 1.19
• Price to Book (P/B): 10.69
• Price to Sales (P/S): 8.98
• P/FCF Ratio: -502.63
• 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: ₹505.00
• Price Target Upside: 22.04% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 76 Outperform
• Price Target: ₹482.00 ▲(16.48% Upside)

Bharat Electronics Limited scores well due to its strong financial performance and positive technical indicators. However, the high P/E ratio suggests overvaluation, and the low dividend yield limits income potential. The lack of earnings call and corporate events data does not impact the score.

Positive Factors

Revenue Growth

The robust revenue growth indicates a strong demand for BEL's products, reflecting its competitive position and market expansion potential.

Profit Margin Improvement

Improved profit margins highlight BEL's operational efficiency and cost management, supporting long-term profitability and shareholder value.

Balance Sheet Health

A strong balance sheet with low leverage provides financial stability and flexibility, enabling BEL to invest in growth opportunities.

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.

Free Cash Flow Conversion

Difficulty in converting profits to free cash flow could hinder BEL's capacity to reinvest in the business and return capital to shareholders.

Dividend Yield

A low dividend yield may reduce the attractiveness of BEL to income-focused investors, potentially impacting its investor base.

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, electronic warfare systems, avionics, electro optics, tank and armored fighting vehicle electronic systems, weapon systems, C4I systems, shelters and masts, simulators, and batteries; microwave tubes and power modules, microwave super components, digital multichannel data recorders, and hybrid micro circuits; and microelectro mechanical systems, such as pressure transducers, and conductivity temperature and depth sensors. The company's non-defense products comprise e-governance systems, homeland security products, civilian radars, and telecom and broadcast systems; integrated traffic management systems, real time train information systems, and solar power solutions; and PD and strategic products, silicon radiation detectors, passive vacuum devices, EMI filters, and multichannel voice logging recorder systems. It offers electronic manufacturing services, including PCB assembly and testing, precision machining and fabrication, opto electronic components and assemblies, microwave integrated circuit assemblies, super components modules, cable assemblies and wiring harnesses, and antennae manufacturing services; designs and manufactures transformers, coils, chokes, and sub-assemblies; and software services. Further, the company offers cyber security products, such as data diodes and secure storage products; EV charging stations; and platform screen doors. It provides security architecture conceptualization and consulting, and information security audit services. The company also exports its products to the United States, France, China, Germany, Switzerland, ASEAN countries, Mauritius, the Republic of Armenia, Sri Lanka, Sweden, and Israel. Bharat Electronics Limited was incorporated in 1954 and is based in Bengaluru, India.

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 those related to defense modernization and procurement programs. Additionally, BEL has established partnerships with various defense and aerospace organizations, both domestically and internationally, which enhance its revenue through collaborative projects and technology transfers. The company's ability to innovate and adapt to emerging technologies ensures a steady stream of demand for its products, further solidifying its financial performance.

Bharat Electronics Limited Financial Statement Overview

Summary

Bharat Electronics Limited exhibits strong financial health with consistent revenue and profit growth. The Income Statement shows improved margins, and the Balance Sheet reflects low leverage and high equity. However, there is a recent dip in operating and free cash flows, indicating potential liquidity challenges.

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	239.65B	237.69B	202.68B	177.34B	153.68B	141.09B
Gross Profit	117.58B	113.22B	94.02B	75.53B	62.49B	60.83B
EBITDA	70.85B	68.09B	51.14B	40.88B	33.23B	32.89B
Net Income	55.00B	53.21B	39.85B	29.84B	23.99B	20.99B
Balance Sheet
Total Assets	0.00	408.32B	395.27B	354.91B	339.11B	294.92B
Cash, Cash Equivalents and Short-Term Investments	95.45B	95.45B	110.50B	81.13B	75.65B	50.87B
Total Debt	0.00	612.30M	625.10M	613.40M	527.00M	25.20M
Total Liabilities	-199.93B	208.39B	231.82B	216.12B	216.08B	184.17B
Stockholders Equity	199.93B	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: 413.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 413.8 is above the 20-day moving average (MA) of 399.55, above the 50-day MA of 407.26, and above the 200-day MA of 382.52, indicating a bullish trend. The MACD of 3.42 indicates Negative momentum. The RSI at 65.44 is Neutral, neither overbought nor oversold. The STOCH value of 84.05 is Negative, 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
BEL	76 Outperform	₹3.06T	53.75	―	0.60%	16.58%	25.45%
HAL	71 Outperform	₹2.98T	35.24	―	0.90%	3.05%	-0.57%
MAZDOCK	68 Neutral	₹1.01T	43.26	―	0.47%	12.22%	-9.22%
GRSE	67 Neutral	₹281.47B	45.66	―	0.80%	43.86%	60.18%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
BDL	61 Neutral	₹557.08B	85.16	―	0.33%	82.69%	18.17%
ZENTEC	58 Neutral	₹116.71B	46.87	―	0.14%	9.71%	13.45%

Bharat Electronics Limited Corporate Events

Bharat Electronics Secures Rs. 871 Crore in New Orders

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, spares, and services. This development highlights BEL’s continued strength and positioning in the defense electronics industry, potentially enhancing its operational capabilities and market presence.

Bharat Electronics Limited Announces Financial Results for September 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 compliance with SEBI regulations. This disclosure is significant for stakeholders as it provides insights into the company’s financial health and operational performance, potentially influencing investor confidence and market positioning.