BELCapital Goods

Bharat Electronics Limited

Aerospace & Defense · ISIN INE263A01024 · BSE 500049 · NSE EQ · FV ₹1
Last price
₹395
+2.51%today
What this company does

Bharat Electronics Limited operates in Aerospace & Defense, part of the Capital Goods sector. It booked ₹5,547 cr of revenue in its latest quarter (Q1 FY27) and kept 19.0% of sales as profit. It is the 2nd largest of 9 Aerospace & Defense companies we track, by market value.

In the report:
68out of 100
Equitytale Health Score
Solid

Healthier than 68% of companies in Capital Goods, on all six measures of filed financials. Each measure is ranked against the 77–113 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
43

At close. Not part of the score.

Profitability & returns72

How much profit it earns on the money it employs

Balance sheet92

How much it owes, and whether earnings cover the interest

Cash quality49

Whether reported profit actually arrives as cash

Growth & consistency67

Whether sales and profit have grown, and how steadily

Valuation27

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
Makes a profit
Strong 19% net margin
Sales up 25% vs last year
Profit up 9% vs last year
Promoters hold 51%
No promoter shares pledged
Strong 18% return on equity
Virtually debt-free
Watch-outs
! Operating cash flow is negative

What if I invest in BEL?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 0% a year, it would become
₹12.00 lakh

The slider starts at 0%, taken from this company's own free-cash-flow trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹395 +2.51%
latest close · 2026-09-17
1-year return
+554.4%
52-wk low ₹6052-wk high ₹416
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio68.7High
LowAverageHigh
P/B ratio12.05High
Below bookModerateHigh
EV / EBITDA46.1High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity17.6%Strong
WeakFairStrong ▸15%
Return on capital22.1%Strong
WeakFairStrong
Net margin19.0%Strong
ThinDecentStrong
EBITDA margin28.1%Healthy
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.00Comfortable
LowModerateHigh ▸1
Interest cover1,204.7×Strong
RiskyOkayStrong ▸5×
Current ratio1.98Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹2.89 L cr
Book value
₹33
EPS
₹1.44
latest quarter
Net debt
₹-1,888 cr
more cash than debt
Enterprise value
₹2.87 L cr
EBITDA
₹6,232 cr
annualised
EBIT
₹5,590 cr
annualised
Operating margin
25.2%
Return on assets
9.5%
Earnings yield
1.46%
P/S
13.03
Sales / share
₹30.4
Tax rate
25.2%
Face value
₹1
Shares
731.0 cr
Working capital
₹18,797 cr
Current assets
₹38,057 cr
Current liabilities
₹19,260 cr
Delivery %
56.0%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2024 report & filings
not investment advice
Hard to value confidentlyLow confidence
The market price is far above what these earnings- and book-based models support — a fast-growing or asset-light business can trade well above them for years, so we won't put a confident number on how overpriced it is.
Models span ₹37₹101, midpoint ₹55

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹5,547 cr
Other Income₹170 cr
Total Income₹5,717 cr
Cost of Materials₹3,041 cr
Purchases of Stock-in-Trade₹280 cr
Inventory Change (±)₹-300 cr
Employee Benefit Expense₹793 cr
Finance Costs₹1 cr
Depreciation & Amortisation₹161 cr
Other Expenses₹345 cr
Total Expenses₹4,320 cr
Profit before Tax₹1,396 cr
Tax Expense₹352 cr
Share of JV / Associates₹11 cr
Net Profit₹1,055 cr
Net margin on total income18.4%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹3,021 cr52.7%
Employee benefit expense₹793 cr13.8%
Finance costs₹1 cr0.0%
Depreciation & amortisation₹161 cr2.8%
Other expenses₹345 cr6.0%
Tax expense₹352 cr6.2%
Profit for the period₹1,055 cr18.4%
Total income ₹5,717 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue7,154 cr10,224 cr5,547 cr
Total income7,292 cr10,335 cr5,717 cr
Expenses5,164 cr7,417 cr4,320 cr
Profit before tax2,128 cr2,917 cr1,396 cr
Tax558 cr703 cr352 cr
Net profit (owners' share)1,579 cr2,225 cr1,054 cr
Net margin (owners' share, on revenue)22.1%21.8%19.0%
EPS (₹)2.163.041.44
YoY (latest quarter): total income +24.2% · net profit +8.7%
Balance sheet & cash flow · as of Mar 2026
Debt-free
Total assets
₹44,538 cr
Shareholder equity
₹23,988 cr
parent shareholders
Total debt
₹0 cr
Cash
₹1,888 cr
Cash flow · H1 FY26
Operating
₹-889 cr
Investing
₹1,211 cr
Financing
₹-294 cr
Peer comparison
Aerospace & Defense · by market value
CompanyPriceMarket capP/E
Hindustan Aeronautics Limited₹4,788₹3.20 L cr50.4
Bharat Electronics Limitedthis company₹395₹2.89 L cr68.7
Centum Electronics Limited₹4,343₹60,214 cr142.7
Bharat Dynamics Limited₹1,152₹42,224 cr88.9
Garden Reach Shipbuilders & Engineers Limited₹2,340₹26,803 cr38.8
Data Patterns (India) Limited₹4,411₹24,702 cr279.9
AXISCADES Technologies Limited₹1,852₹16,469 cr
Aequs Limited₹229₹15,380 cr
Astra Microwave Products Limited₹1,608₹15,265 cr309.2
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.63%
trailing 12 months
Dividend / share (TTM)
₹2.5
Last dividend
₹0.55
ex 13 Aug 2026
ActionDetailEx-date
Dividend₹0.55 / share13 Aug 2026
Dividend₹1.95 / share6 Mar 2026
Dividend₹0.9 / share14 Aug 2025
Dividend₹1.5 / share11 Mar 2025
Dividend₹0.8 / share14 Aug 2024
Dividend₹0.7 / share22 Mar 2024
Who owns it · 2026-06-30
No pledge
Promoter
51.1%
FII / Foreign
18.0%
DII / Domestic
21.0%
Retail / others
9.8%
Smart-money activity
Insider trades
SoldThe President of India · Promoters10.08 cr · ₹902.9 cr3 Feb 20
SoldThe President of India (acting through the Ministry of Defence) · Promoters1.62 cr · ₹1.6 cr10 Oct 19
SoldThe President of India Ministry of Defence GOI · Promoters7.04 cr · ₹7.0 cr22 Jul 19
Bulk / block deals
short · NSE28 Sep 26
short · NSE13 Sep 26
short · NSE3531 Aug 26
Stake changes
SoldNippon India Mutual Fund→ 3.15% · 5.14 L9 Jun 25
SoldSBICAP Trustee Company Limited→ 0.00% · 36,50027 Mar 24
BoughtSBICAP Trustee Company Limited→ 0.02% · 11,5009 Jun 23
What shareholders were asked to approve
2 proposals passed only on promoter votes

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 28 Aug 2026
See the official result
1
(a) & (b) Adoption of the audited financial statements and the Audited Consolidated Financial Statements for the year ended 31 March 2026 and the reports of the Board of Directors and the Auditors thereon.
Backed by 97% of shareholders other than promotersneeded 50%
252.08 cr votes for, 6.82 cr against · 3% of mutual funds and other big investors said no
2
Confirmation of interim dividend and declaration of final dividend for the financial year 2025-26.
Backed by 100% of shareholders other than promotersneeded 50%
259.17 cr votes for, 49,880 against · 0% of mutual funds and other big investors said no
3
Re-appointment of retiring Director, Mr. Rajnish Sharma (DIN: 10738394).
Backed by 64% of shareholders other than promotersneeded 50%
164.86 cr votes for, 94.19 cr against · 36% of mutual funds and other big investors said no
4
Ratification of Remuneration of the Cost Auditor.
Backed by 100% of shareholders other than promotersneeded 50%
259.05 cr votes for, 1.17 L against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 1 named members
owning 51.1% between them · as of 2026-06-30
PRESIDENT OF INDIA51.14%

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.