Bharat Electronics Limited (BEL) AI Stock Analysis

• Market Cap: ₹3.02T
• Dividend Yield: 0.59%
• Average Volume (3M): 1.06M
• Price to Earnings (P/E): 54.9
• Beta (1Y): 1.66
• Revenue Growth: 14.23%
• EPS Growth: 29.82%
• Country: IN
• Employees: 11,444
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): 1.33
• 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: -502.62
• 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: ₹477.50
• Price Target Upside: 17.25% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 70 Outperform
• Price Target: ₹427.00 ▲(4.85% Upside)

Bharat Electronics Limited scores well on financial performance due to strong revenue and profit growth and a robust balance sheet. However, technical analysis shows mixed signals, and the stock appears overvalued based on its P/E ratio. These factors contribute to a moderate overall stock score.

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 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 exhibits strong financial health with consistent revenue and profit growth, a robust balance sheet, and efficient operations. However, caution is advised due to recent dips in operating and free cash flows, which may indicate 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: 407.25
• 50DMA: Positive
• 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 407.25 is below the 20-day moving average (MA) of 411.40, above the 50-day MA of 396.18, and above the 200-day MA of 347.84, indicating a neutral trend. The MACD of 4.36 indicates Positive momentum. The RSI at 49.24 is Neutral, neither overbought nor oversold. The STOCH value of 36.58 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	―	₹3.26T	39.27	―	0.85%	2.07%	0.81%
BEL	―	₹3.02T	54.87	―	0.59%	14.23%	29.82%
MAZDOCK	―	₹1.14T	52.38	―	0.62%	12.22%	-9.22%
GRSE	―	₹302.10B	53.10	―	0.54%	39.76%	52.37%
Sector *	―	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
BDL	―	₹564.60B	100.68	―	0.30%	50.34%	-3.00%
ZENTEC	―	₹124.32B	48.76	―	0.15%	9.71%	13.45%

Bharat Electronics Limited Corporate Events

Bharat Electronics Limited Announces Key Senior Management Appointments

Bharat Electronics Limited has announced several key appointments in its senior management team, effective September 1, 2025. These appointments include positions such as Chief Scientist, Chief Technical Officer, and various General Manager roles across different divisions. This strategic move is likely to strengthen the company’s leadership and enhance its operational capabilities, potentially impacting its market position positively.

Bharat Electronics Secures Rs. 644 Crore in New Orders

Bharat Electronics Limited (BEL) has announced that it has secured additional orders worth Rs. 644 crore since its last disclosure in July 2025. The major orders include a variety of defense and electronic systems such as data centers, ship fire control systems, and communication equipment, which are expected to enhance BEL’s market position and operational capabilities in the defense sector.

Bharat Electronics Limited’s 71st AGM Resolutions Approved

Bharat Electronics Limited held its 71st Annual General Meeting on August 28, 2025, where all resolutions proposed were approved by the shareholders with the necessary majority. The meeting was conducted through video conferencing, and the scrutinizer’s report confirmed the approval of resolutions, indicating a smooth and successful AGM process.

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.