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Bharat Electronics Limited (IN:BEL)
:BEL
India Market
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Bharat Electronics Limited (BEL) AI Stock Analysis

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IN:BEL

Bharat Electronics Limited

(BEL)

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Outperform 70 (OpenAI - 4o)
Rating:70Outperform
Price Target:
₹427.00
▲(5.78% 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 (BEL) vs. iShares MSCI India ETF (INDA)

Bharat Electronics Limited Business Overview & Revenue Model

Company DescriptionBharat 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 MoneyBEL 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
92
Very Positive
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
85
Very Positive
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
78
Positive
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.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue239.65B237.69B202.68B175.82B150.85B138.50B
Gross Profit112.50B115.82B63.45B75.77B61.74B34.30B
EBITDA76.10B68.34B57.21B43.71B35.76B33.39B
Net Income55.00B53.21B39.85B29.84B23.99B20.99B
Balance Sheet
Total Assets0.00408.32B395.27B354.91B339.11B294.92B
Cash, Cash Equivalents and Short-Term Investments95.45B95.45B110.50B81.13B75.65B50.87B
Total Debt0.00612.30M625.10M613.40M527.00M25.20M
Total Liabilities-199.93B208.39B231.82B216.12B216.08B184.17B
Stockholders Equity199.93B199.74B163.26B138.62B122.86B110.60B
Cash Flow
Free Cash Flow0.00-4.25B40.07B6.76B36.53B46.24B
Operating Cash Flow0.005.87B46.59B12.67B42.07B50.93B
Investing Cash Flow0.006.17B-59.24B26.91B-48.72B-25.95B
Financing Cash Flow0.00-16.96B-14.72B-13.13B-10.78B-10.76B

Bharat Electronics Limited Technical Analysis

Technical Analysis Sentiment
Positive
Last Price403.65
Price Trends
50DMA
388.40
Positive
100DMA
394.10
Positive
200DMA
339.28
Positive
Market Momentum
MACD
5.88
Negative
RSI
54.26
Neutral
STOCH
73.11
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 403.65 is above the 20-day moving average (MA) of 403.02, above the 50-day MA of 388.40, and above the 200-day MA of 339.28, indicating a bullish trend. The MACD of 5.88 indicates Negative momentum. The RSI at 54.26 is Neutral, neither overbought nor oversold. The STOCH value of 73.11 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

Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
73
Outperform
₹3.24T38.940.84%2.07%0.81%
70
Outperform
₹3.00T54.550.59%14.23%29.82%
70
Outperform
₹1.16T53.480.61%21.24%-6.43%
67
Neutral
₹310.60B55.430.52%39.76%52.37%
67
Neutral
₹131.40B51.540.14%56.09%49.60%
63
Neutral
$10.79B15.437.44%2.01%2.89%-14.66%
63
Neutral
₹560.66B99.980.30%50.34%-3.00%
* Industrials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
IN:BEL
Bharat Electronics Limited
403.65
123.36
44.01%
IN:BDL
Bharat Dynamics Ltd.
1,495.25
337.10
29.11%
IN:GRSE
Garden Reach Shipbuilders & Engineers Ltd.
2,683.75
1,059.60
65.24%
IN:HAL
Hindustan Aeronautics Limited
4,786.85
447.99
10.33%
IN:MAZDOCK
Mazagon Dock Shipbuilders Ltd.
2,815.05
787.92
38.87%
IN:ZENTEC
Zen Technologies Limited
1,423.65
-333.57
-18.98%

Bharat Electronics Limited Corporate Events

Bharat Electronics Limited Announces Key Senior Management Appointments
Sep 1, 2025

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
Sep 1, 2025

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
Aug 28, 2025

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
Aug 1, 2025

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
Jul 28, 2025

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.

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.Date of analysis: Sep 11, 2025