Want to see IN:BEL full AI Analyst Report?
Top Page
Bharat Electronics Limited
(BEL)
Select Model
Select Model
Rating:68Neutral
Price Target:
₹445.00
▲(9.86% Upside)
Action:Reiterated
Date:08/20/26
The score is driven primarily by strong fundamentals—solid profitability and a fortress-like balance sheet—tempered by weaker/volatile cash-flow conversion in the last two years. Technicals are neutral-to-mixed with the stock still below longer-term moving averages, and the high P/E with minimal yield further constrains the overall rating.
Positive Factors
Sustained revenue and profit growth
Consistent revenue expansion and nearly tripling net income indicate strong demand, improving scale and effective execution. This earnings base can support investment in defence programs while strengthening BEL’s ability to fund future product development.
Negative Factors
Volatile cash-flow conversion
Uneven conversion of reported earnings into cash may reflect working-capital swings or collection and payment timing. If persistent, this could constrain self-funded investment and make operating performance less predictable despite strong profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue and profit growth
Consistent revenue expansion and nearly tripling net income indicate strong demand, improving scale and effective execution. This earnings base can support investment in defence programs while strengthening BEL’s ability to fund future product development.
Read all positive factors
Bharat Electronics Limited (BEL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.01T
Dividend Yield0.14%
Average Volume (3M)1.06M
Price to Earnings (P/E)48.7
Beta (1Y)1.21
Revenue Growth19.83%
EPS Growth11.75%
CountryIN
Employees11,199
SectorGeneral
Sector StrengthN/A
IndustryAerospace & Defense
Share Statistics
EPS (TTM)8.29
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 Target
₹515.00Price Target Upside27.14% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)9.63
Revenue Forecast (FY)₹319.85B
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. The company's defense products include defense communication products, land-based radars, naval systems,...
How the Company Makes Money
BEL primarily makes money by executing government and defence-sector contracts to supply indigenously designed and manufactured electronic systems and by providing long-term support for those systems after delivery. Key revenue streams typically i...
Bharat Electronics Limited Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
94
Very Positive
Cash Flow
62
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 276.10B | 237.69B | 202.68B | 177.34B | 153.68B |
| Gross Profit | 99.06B | 113.22B | 94.02B | 75.53B | 62.49B |
| EBITDA | 86.54B | 68.09B | 51.14B | 40.88B | 33.23B |
| Net Income | 60.62B | 53.21B | 39.85B | 29.84B | 23.99B |
Balance Sheet | |||||
| Total Assets | 445.38B | 408.32B | 395.27B | 354.91B | 339.11B |
| Cash, Cash Equivalents and Short-Term Investments | 85.72B | 95.45B | 110.50B | 81.13B | 75.65B |
| Total Debt | 654.60M | 612.30M | 625.10M | 613.40M | 527.00M |
| Total Liabilities | 205.30B | 208.39B | 231.82B | 216.12B | 216.08B |
| Stockholders Equity | 239.88B | 199.74B | 163.26B | 138.62B | 122.86B |
Cash Flow | |||||
| Free Cash Flow | 11.42B | -4.25B | 40.07B | 6.76B | 36.53B |
| Operating Cash Flow | 21.27B | 5.87B | 46.59B | 12.67B | 42.07B |
| Investing Cash Flow | 11.42B | 6.17B | -59.24B | 26.91B | -48.72B |
| Financing Cash Flow | -20.94B | -16.96B | -14.72B | -13.13B | -10.78B |
Bharat Electronics Limited Technical Analysis
Neutral
405.05
Price Trends
407.62
Positive
417.47
Negative
418.25
Negative
Market Momentum
1.11
Negative
54.76
Neutral
79.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BEL, the sentiment is Neutral. The current price of 405.05 is above the 20-day moving average (MA) of 399.80, below the 50-day MA of 407.62, and below the 200-day MA of 418.25, indicating a neutral trend. The MACD of 1.11 indicates Negative momentum. The RSI at 54.76 is Neutral, neither overbought nor oversold. The STOCH value of 79.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:BEL.
Bharat Electronics Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹3.41T | 36.00 | ― | 1.09% | 7.42% | 12.16% | |
70 Outperform | ₹265.22B | 99.77 | ― | 0.23% | 33.81% | 24.90% | |
68 Neutral | ₹3.01T | 48.71 | ― | 0.70% | 19.83% | 11.75% | |
66 Neutral | ₹143.98B | 111.76 | ― | 0.09% | 69.08% | 59.15% | |
66 Neutral | ₹123.11B | 127.68 | ― | 0.04% | 36.61% | 47.63% | |
56 Neutral | ₹509.52B | 94.93 | ― | 0.41% | -18.69% | -7.12% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:BEL
Bharat Electronics Limited
408.70
39.03
10.56%
IN:APOLLO
Apollo Micro Systems Ltd.
385.85
183.22
90.42%
IN:BDL
Bharat Dynamics Ltd.
1,349.00
-174.46
-11.45%
IN:DATAPATTNS
Data Patterns (India) Limited
4,775.20
2,221.42
86.99%
IN:HAL
Hindustan Aeronautics Limited
5,010.00
602.88
13.68%
IN:PARAS
Paras Defence & Space Technologies Ltd.
1,496.10
815.30
119.76%
Bharat Electronics Limited Corporate Events
Bharat Electronics Sets Book Closure and Record Date for Final Dividend
Aug 5, 2026
Bharat Electronics Limited has announced a book closure period from August 14 to August 16, 2026, during which the register of members and share transfer books will remain closed. This move is aligned with regulatory requirements and is tied to th...
Bharat Electronics Files FY 2025-26 Sustainability Report with Stock Exchanges
Aug 5, 2026
Bharat Electronics Limited has submitted its Business Responsibility and Sustainability Report for the financial year 2025-26 to the stock exchanges, complying with Regulation 34 of SEBI’s Listing Obligations and Disclosure Requirements. The...
Bharat Electronics Publishes Notice for 72nd AGM and E-Voting
Aug 5, 2026
Bharat Electronics Limited has informed the stock exchanges that it has published newspaper notices for its 72nd Annual General Meeting, along with details on e-voting and book closure, in Business Standard (English and Hindi) and Vijayavani (Kann...
BEL Board Clears Q1 FY27 Results, Proposes Hike in Authorised Share Capital
Jul 27, 2026
Bharat Electronics Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, and submitted them to the stock exchanges. The disclosure, including limited review reports, ali...
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.