Bharat Electronics
NSE: BELAerospace & Defense
Share price
₹367.30
-2.91% close of 8 Oct 2026
Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 7 Oct 2026, the close above is 8 Oct 2026.
Business score
How strong the business is, in one number. The parts behind it are in Pro.
77
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹2.68L Cr
P/E ratio
43.7
P/B ratio
11.2
ROCE
36.4%
ROE
27.5%
Dividend yield
0.7%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 19.8% over the past year, and 10.5% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 21.8% to 28.3% over the last four years.
Whether it grew faster than its sector
It grew 10.5% a year against a sector median of 10.6% — 0.1 percentage points slower.
Room to re-rate, or risk of de-rating
At 43.7× earnings it costs 1.8× the market, which pays 23.9× across 2199 companies we can price. Its own industry sits at 73.8×, across 5 companies. It is against its own five-year median of 41.1×, the 54th percentile of its own range.
Whether growth justifies the valuation
Priced at 1.6 times its growth rate, on earnings growth of 27%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Bharat Electronics — this one | 27%/yr | 43.7× | ₹1.6 |
| Hindustan Aeronautics | 16%/yr | 33.3× | ₹2.1 |
| Bharat Dynamics Limited | 6%/yr | 73.8× | ₹12.3 |
| Garden Reach Shipbuilders & Engineers Limited | 50%/yr | 28.9× | ₹0.58 |
| Data Patterns (India) Limited | 26%/yr | 84.4× | ₹3.2 |
| SIGMA ADVANCED SYSTEMS LIMITED | 228%/yr | 109.3× | — |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Aerospace & Defense), it ranks 2 of 26 on returns, 16 of 24 on growth, 7 of 26 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
A wide advantage: it earns 36.4% on capital, ahead of 92% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
Yes — Over the last five years it made ₹12170 crore of cash from the business, spent ₹3768 crore on plant and equipment, and returned ₹7608 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 76 arrived as cash. Its cash comes back more slowly than it used to: it went from being waiting 4 days for its cash to waiting 135 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
8 of 9 checks clear · 89%
Latest result
What the last results showed. Whether management kept its word is in Pro.
Results are expected soon.
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹2.68L Cr
- Prev close
- ₹367.30
- 52w High
- ₹473
- 52w Low
- ₹366
- Enterprise value
- ₹2.60L Cr
- Beta
- 1.0
- Price CAGR 1y
- -8.0%
- Price CAGR 3y
- 40.0%
- Price CAGR 5y
- 41.0%
- Price CAGR 10y
- 26.0%
Ratios
- Return on assets
- 13.6%
- PEG ratio
- 1.6
- P/E ratio
- 43.7
- P/B ratio
- 11.2
- EV / EBITDA
- 33.4
- Industry P/E
- 83.4
- ROCE
- 36.4%
- ROCE 5y average
- 33.4%
- ROE
- 27.5%
- Debt / Equity
- 0.0
- Interest coverage
- 806.3
- Dividend yield
- 0.7%
- ROE 3y average
- 28.0%
- ROE last year
- 27.0%
Annual P&L
- Annual revenue
- ₹27,610 Cr
- Annual profit
- ₹6,062 Cr
- Operating margin
- 29.0%
- Net profit margin
- 22.0%
- EBITDA margin
- 29.2%
- Sales growth 3y
- 15.9%
- Sales growth 5y
- 14.4%
- Profit growth 3y
- 27.0%
- Profit growth 5y
- 24.0%
- EPS
- ₹8.3
- Sales growth TTM
- 20.0%
- Profit growth TTM
- 12.0%
- Dividend payout
- 30.0%
Quarter P&L
- Sales latest quarter
- ₹5,547 Cr
- Profit latest quarter
- ₹1,055 Cr
- YoY quarterly sales growth
- 24.9%
- YoY quarterly profit growth
- 8.9%
- OPM latest quarter
- 25.0%
Balance Sheet
- Book Value
- ₹32.8
- Face Value
- ₹1.0
- Total debt
- ₹65 Cr
- Total cash
- ₹8,572 Cr
- Borrowings
- ₹65 Cr
- Reserves / Equity
- 31.8
Cash Flow
- Operating cash flow
- ₹1,541 Cr
- Free cash flow
- ₹560 Cr
- FCF yield
- 0.2%
- Net cash flow
- ₹1,175 Cr
Shareholding
- Promoter holding
- 51.1%
- FII holding
- 18.0%
- DII holding
- 21.0%
- Public holding
- 9.8%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| Hind.Aeronautics | 4,746.30 | 34.0 | 3,17,289 | 0.95 | 1,589.7 | 14.9 | 5,515.2 | 14.4 | 32.0 |
| Bharat Electron | 378.30 | 45.0 | 2,76,529 | 0.66 | 1,054.5 | 8.7 | 5,547.0 | 24.9 | 36.4 |
| Bharat Dynamics | 1,085.00 | 76.4 | 39,801 | 0.45 | 118.8 | 547.4 | 572.2 | 130.8 | 13.9 |
| Garden Reach Sh. | 2,102.00 | 30.1 | 24,076 | 0.93 | 172.8 | 43.8 | 1,814.6 | 38.5 | 42.8 |
| Data Pattern | 4,233.40 | 87.7 | 23,693 | 0.24 | 22.1 | -13.5 | 116.0 | 16.8 | 21.9 |
| Sigma Advanced System | 1,091.60 | 124.7 | 20,733 | 0.00 | 35.4 | -81.9 | 374.3 | 7083.9 | 11.7 |
| Aequs | 288.15 | 19,369 | 0.00 | -53.2 | -1457.9 | 395.6 | 54.8 | 1.7 | |
| Median | 1,068.60 | 78.5 | 6,096 | 0.06 | 12.0 | 14.9 | 111.8 | 34.5 | 14.5 |
Competes with: AXISCADES Technologies Limited, Aequs Limited, Apollo Micro Systems Limited, Astra Microwave Products Limited, Avantel Limited, Bharat Dynamics Limited, Centum Electronics Limited, Cyient DLM Limited, DCX Systems Limited, Data Patterns (India) Limited, Garden Reach Shipbuilders & Engineers Limited, Hindustan Aeronautics, Ideaforge Technology Limited, Jaykay Enterprises Limited, Kavveri Defence & Wireless Technologies Limited, Krishna Defence And Allied Industries Limited, Mishra Dhatu Nigam Limited, Mtar Technologies Limited, NIBE Limited, Paras Defence and Space Technologies Limited, Rossell Techsys Limited, SIGMA ADVANCED SYSTEMS LIMITED, Sika Interplant Systems Limited, Taneja Aerospace & Aviation Limited, Unimech Aerospace and Manufacturing Limited, Zen Technologies Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,533 | 4,009 | 4,162 | 8,564 | 4,244 | 4,605 | 5,771 | 9,150 | 4,440 | 5,792 | 7,154 | 10,224 | 5,547 |
| Expenses | 2,860 | 2,995 | 3,090 | 6,277 | 3,295 | 3,205 | 4,101 | 6,334 | 3,201 | 4,090 | 5,027 | 7,243 | 4,159 |
| Material Cost | 4,429 | 1,961 | 3,014 | 4,113 | 4,794 | 3,041 | |||||||
| Change in Inventories | 145 | 16 | -279 | -455 | 121 | -300 | |||||||
| Purchases of Stock-in-Trade | 174 | 99 | 104 | 167 | 379 | 280 | |||||||
| Employee Cost | 766 | 696 | 768 | 820 | 831 | 793 | |||||||
| Other Expenses | 819 | 429 | 484 | 382 | 1,117 | 345 | |||||||
| Operating Profit | 673 | 1,014 | 1,072 | 2,287 | 948 | 1,400 | 1,669 | 2,816 | 1,238 | 1,702 | 2,127 | 2,982 | 1,388 |
| OPM % | 19 | 25 | 26 | 27 | 22 | 30 | 29 | 31 | 28 | 29 | 30 | 29 | 25 |
| Other Income | 140 | 137 | 167 | 225 | 204 | 158 | 186 | 195 | 163 | 154 | 139 | 110 | 170 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Interest | 1 | 2 | 1 | 4 | 1 | 1 | 1 | 6 | 1 | 2 | 2 | 2 | 1 |
| Depreciation | 109 | 108 | 107 | 119 | 108 | 111 | 111 | 138 | 121 | 126 | 135 | 173 | 161 |
| Profit before tax | 703 | 1,041 | 1,132 | 2,390 | 1,043 | 1,445 | 1,744 | 2,867 | 1,279 | 1,728 | 2,128 | 2,917 | 1,396 |
| Tax % | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 26 | 25 | 26 | 26 | 24 | 25 |
| Net Profit | 539 | 790 | 860 | 1,797 | 791 | 1,093 | 1,312 | 2,127 | 969 | 1,287 | 1,580 | 2,226 | 1,055 |
| EPS in Rs | 0.74 | 1.08 | 1.18 | 2.46 | 1.08 | 1.49 | 1.79 | 2.91 | 1.33 | 1.76 | 2.16 | 3.04 | 1.44 |
| Diluted EPS in Rs | 2.91 | 1.33 | 1.76 | 2.16 | 3.04 | 1.44 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 7,093 | 7,354 | 8,656 | 10,401 | 12,164 | 12,968 | 14,109 | 15,368 | 17,734 | 20,268 | 23,769 | 27,610 | 28,717 |
| Expenses | 5,913 | 5,961 | 6,864 | 8,361 | 9,255 | 10,209 | 10,895 | 12,024 | 13,645 | 15,217 | 16,932 | 19,557 | 20,518 |
| Material Cost | 12,578 | 13,882 | |||||||||||
| Change in Inventories | -821 | -597 | |||||||||||
| Purchases of Stock-in-Trade | 430 | 748 | |||||||||||
| Employee Cost | 2,761 | 3,116 | |||||||||||
| Other Expenses | 1,987 | 2,412 | |||||||||||
| Operating Profit | 1,179 | 1,393 | 1,792 | 2,039 | 2,909 | 2,759 | 3,214 | 3,344 | 4,090 | 5,051 | 6,837 | 8,053 | 8,199 |
| OPM % | 17 | 19 | 21 | 20 | 24 | 21 | 23 | 22 | 23 | 25 | 29 | 29 | 29 |
| Other Income | 507 | 573 | 420 | 196 | 73 | 99 | 125 | 232 | 281 | 670 | 742 | 566 | 572 |
| Exceptional items (within Other Income) | 0 | 0 | |||||||||||
| Interest | 7 | 10 | 18 | 6 | 16 | 8 | 10 | 9 | 19 | 12 | 13 | 10 | 6 |
| Depreciation | 166 | 192 | 212 | 272 | 338 | 372 | 387 | 401 | 429 | 443 | 467 | 556 | 595 |
| Profit before tax | 1,513 | 1,764 | 1,983 | 1,957 | 2,628 | 2,478 | 2,942 | 3,166 | 3,923 | 5,266 | 7,099 | 8,053 | 8,170 |
| Tax % | 21 | 24 | 24 | 28 | 30 | 28 | 30 | 26 | 25 | 25 | 26 | 25 | |
| Net Profit | 1,197 | 1,337 | 1,523 | 1,431 | 1,887 | 1,825 | 2,100 | 2,400 | 2,986 | 3,985 | 5,323 | 6,062 | 6,148 |
| EPS in Rs | 1.51 | 1.69 | 2.07 | 1.96 | 2.58 | 2.50 | 2.87 | 3.28 | 4.08 | 5.45 | 7.28 | 8.29 | 8.40 |
| Diluted EPS in Rs | 7.28 | 8.29 | |||||||||||
| Dividend Payout % | 20 | 31 | 33 | 34 | 44 | 37 | 46 | 46 | 44 | 40 | 33 | 30 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- 14%
- 5 years
- 14%
- 3 years
- 16%
- TTM
- 20%
Compounded profit growth
- 10 years
- 16%
- 5 years
- 24%
- 3 years
- 27%
- TTM
- 12%
Stock price CAGR
- 10 years
- 26%
- 5 years
- 41%
- 3 years
- 40%
- 1 year
- -8%
Return on equity
- 10 years
- 24%
- 5 years
- 26%
- 3 years
- 28%
- Last year
- 27%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 80 | 240 | 223 | 244 | 244 | 244 | 244 | 244 | 731 | 731 | 731 | 731 |
| Reserves | 8,037 | 9,006 | 7,512 | 7,772 | 8,968 | 9,828 | 10,816 | 12,042 | 13,131 | 15,595 | 19,243 | 23,257 |
| Borrowings | 25 | 28 | 64 | 80 | 34 | 8 | 3 | 53 | 61 | 63 | 61 | 65 |
| Other Liabilities | 7,587 | 9,330 | 9,800 | 10,868 | 11,575 | 14,271 | 18,430 | 21,574 | 21,567 | 23,136 | 20,788 | 20,473 |
| Minority Interest | 19 | 19 | ||||||||||
| Total Liabilities | 15,729 | 18,605 | 17,600 | 18,965 | 20,821 | 24,351 | 29,492 | 33,912 | 35,490 | 39,524 | 40,824 | 44,527 |
| Fixed Assets | 1,073 | 1,232 | 1,501 | 1,839 | 2,298 | 2,713 | 2,652 | 2,675 | 2,963 | 3,035 | 3,419 | 4,121 |
| CWIP | 140 | 430 | 743 | 940 | 849 | 828 | 883 | 1,006 | 855 | 894 | 1,052 | 731 |
| Investments | 0 | 462 | 491 | 937 | 964 | 1,110 | 1,306 | 1,572 | 650 | 682 | 743 | 800 |
| Other Assets | 14,516 | 16,481 | 14,865 | 15,248 | 16,710 | 19,700 | 24,651 | 28,659 | 31,022 | 34,913 | 35,610 | 38,876 |
| Total Assets | 15,729 | 18,605 | 17,600 | 18,965 | 20,821 | 24,351 | 29,492 | 33,912 | 35,490 | 39,524 | 40,832 | 44,538 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 1,434 | 2,260 | -61 | -687 | 1,514 | 2,570 | 5,093 | 4,207 | 1,199 | 4,659 | 564 | 1,541 |
| Cash from Investing Activity | -839 | -1,470 | 3,115 | -6 | -896 | -649 | -2,595 | -4,872 | 2,708 | -5,924 | 639 | 1,730 |
| Cash from Financing Activity | -209 | -318 | -2,857 | -1,202 | -663 | -1,061 | -1,076 | -1,078 | -1,262 | -1,475 | -1,696 | -2,097 |
| Net Cash Flow | 386 | 472 | 197 | -1,895 | -45 | 861 | 1,422 | -1,742 | 2,645 | -2,739 | -493 | 1,175 |
| Free Cash Flow | 1,208 | 1,607 | -853 | -1,492 | 785 | 1,825 | 4,625 | 3,660 | 611 | 4,015 | -444 | 560 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 196 | 185 | 184 | 176 | 161 | 189 | 170 | 145 | 145 | 133 | 140 | 170 |
| Inventory Days | 321 | 401 | 407 | 305 | 275 | 204 | 233 | 230 | 240 | 257 | 273 | 265 |
| Days Payable | 111 | 112 | 108 | 91 | 89 | 126 | 155 | 139 | 124 | 128 | 100 | 93 |
| Cash Conversion Cycle | 406 | 473 | 483 | 390 | 347 | 267 | 248 | 237 | 261 | 262 | 313 | 342 |
| Working Capital Days | 52 | 8 | 63 | 125 | 134 | 119 | 47 | 4 | 28 | 18 | 85 | 135 |
| ROCE % | 20 | 20 | 23 | 25 | 30 | 26 | 28 | 27 | 30 | 35 | 39 | 36 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
exports as % of revenue
1.58
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
order book, Rs crore
72,258inr_cr
2026-06-30
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
2,91,71,582inr
2026-03-31
News
News and filings about Bharat Electronics. Open one to see why it matters.
17 Sept, 18:05 IST · Company event · medium impact
Bharat Electronics Limited has won a new order or contract
26 Aug, 18:05 IST · Company event · medium impact
Bharat Electronics Limited has won a new order or contract
12 Aug, 18:05 IST · Company event · medium impact
Bharat Electronics Limited has won a new order or contract
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
- AXISCADES Technologies Limited
- Aequs Limited
- Apollo Micro Systems Limited
- Astra Microwave Products Limited
- Avantel Limited
- Bharat Dynamics Limited
- Centum Electronics Limited
- Cyient DLM Limited
- DCX Systems Limited
- Data Patterns (India) Limited
- Garden Reach Shipbuilders & Engineers Limited
- Hindustan Aeronautics
- Ideaforge Technology Limited
- Jaykay Enterprises Limited
- Kavveri Defence & Wireless Technologies Limited
- Krishna Defence And Allied Industries Limited
- Mishra Dhatu Nigam Limited
- Mtar Technologies Limited
- NIBE Limited
- Paras Defence and Space Technologies Limited
- Rossell Techsys Limited
- SIGMA ADVANCED SYSTEMS LIMITED
- Sika Interplant Systems Limited
- Taneja Aerospace & Aviation Limited
- Unimech Aerospace and Manufacturing Limited
- Zen Technologies Limited
Uses as raw material
- Electronic Components
Buys from
- AXISCADES Technologies Limited · defence electronics, radar/sonar/EW systems integration & program support
- Aeroflex Industries Limited · flexible flow solutions
- Apollo Micro Systems Limited · defence electronics and electro-mechanical systems / subsystems
- Astra Microwave Products Limited · RF/microwave subsystems for radar, electronic warfare and satellite systems
- Avalon Technologies Limited · EMS/electronic assemblies for defence/industrial electronics
- Avantel Limited · SATCOM products, power amplifiers & RF subsystems (sub-supplier to defence prime)
- BEML Limited · Defence vehicle/mobility platforms
- Centum Electronics Limited · EW / radar / communication electronic modules (Aug 2025 MoU, defence electronics)
- Cyient DLM Limited · Electronic manufacturing services / defense electronics (BEL Partnership Recognition Award…
- Cyient Limited · Design-led manufacturing / electronics manufacturing services (Cyient DLM partnership cust…
- DCX Systems Limited · electronic sub-systems, PCBAs and cable/wire harness assemblies; sole Indian supplier for…
- Data Patterns (India) Limited · radar and electronic warfare subsystems
- Paras Defence and Space Technologies Limited · defence & space optics, optronic systems, defence electronics, EMP/heavy-engineering solut…
- Rossell Techsys Limited · wire harnesses / EWIS / test solutions
- SIGMA ADVANCED SYSTEMS LIMITED · approved vendor: radar/communication subsystems and embedded electronics
- SIS LIMITED · facility management / security services (seed default-kept: NSE-resolved)
- Sab Events & Governance Now Media Limited · event sponsorship, conference partnership and digital media advertising
- Sambhaav Media Limited · Electric Smart Power Fence with comprehensive onsite maintenance contract (Pathankot Airba…
- Tera Software Limited · e-Mahabhoomi Project, Maharashtra (Rs 46.70 Cr) - scanning and digitization of cadastral m…
- Tiger Logistics (India) Limited · project logistics and freight forwarding
- Xtranet Technologies Limited · IT solutions and services - system integration, ERP implementation and support, applicatio…
Sells to
- Ministry of Defence · Defence electronics — radar, EW, C4I, weapon & naval systems
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Capital Goods
- Industry
- Aerospace & Defense
- Classification
- Capital Goods › Aerospace & Defense
- ISIN
- INE263A01024
Plants
- Bengaluru Unit · Bengaluru, Karnataka
- Ghaziabad Unit · Ghaziabad, Uttar Pradesh
- Hyderabad Unit · Hyderabad, Telangana
- Machilipatnam Unit · Machilipatnam, Andhra Pradesh
- Pune Unit · Pune, Maharashtra
News impact
Big market events that reach Bharat Electronics, and how the effect spreads.
1 Oct, 21:38 IST · Market event · medium impact
After Armenia, India exports Akash Air Defence System to Tajikistan and Turkmenistan: Defence secretary
India's Akash missile exports to two new countries bring direct orders to builders Bharat Dynamics and Bharat Electronics plus their parts vendors, while unrelated machinery makers feel nothing.
Who it hits first
- India will export Akash air-defence missile systems to Tajikistan and Turkmenistan, its second export after Armenia.
- The Defence Secretary signalled more countries may order the multi-target tracking system next.
- Missile-maker Bharat Dynamics and electronics-supplier Bharat Electronics gain order-book growth, plus work for their vendors.
Who may gain
- Bharat Dynamics — builds the Akash missile; direct export orders
- Bharat Electronics — supplies Akash radars and electronics; follow-on work
- Paras Defence, Apollo, Avantel, Axiscades — parts and services vendors to BEL and BDL
Along the supply chain
Downstream
Downstream, finished Akash batteries ship to Tajikistan and Turkmenistan, with spares and training revenue trailing for years.
Upstream
Upstream, BEL and BDL pull parts from vendors such as Paras Defence, Apollo and Avantel plus engineering support from Axiscades; each export battery multiplies into component orders.
Where demand moves
Business
Export contracts flow from the two buyer countries to prime contractors BEL and BDL, then outward as vendor orders to parts makers (Paras, Apollo, Avantel) and engineering services (Axiscades).
Capital
Investors are likely to bid up defence primes and their listed vendors on the export pipeline, while unrelated capital-goods names see only sympathy moves.
How it spreads across sectors
Capital Goods
Defence primes and their vendors gain export-led order growth; non-defence machinery sees no change.
Construction
No effect — Akash Infra-Projects shares only the missile's first name and builds roads.
When it plays out
Immediate
In the first week, defence primes and their vendors rally on the export headline.
Medium term
Over six months, vendor orders and fresh country inquiries convert hope into booked revenue.
Short term
Over the next month, contract values and delivery timelines decide how much of the rally survives.
30 Sept, 16:07 IST · Market event · high impact
Kotak MF, Abakkus lead ₹830-cr buying in Axiscades stake sale; stock jumps over 7%
Big funds bought Rs 830 crore of Axiscades shares at Rs 1,824, lifting the stock over 7% and helping Axiscades holders, with no real gain or pain for rival defence firms.
Who it hits first
- Axiscades Technologies Limited, a Capital Goods engineering company that supplies parts to Bharat Electronics and Hindustan Aeronautics, saw large funds buy about Rs 830 crore of its shares at Rs 1,824 each.
- Its stock jumped over 7% as the market read buying by Kotak Mutual Fund and Abakkus as a strong vote of confidence.
- The trade moves existing shares between sellers and new fund owners, so the company gets no new cash or orders, only a higher price and stronger holders.
Who may gain
- Existing Axiscades shareholders, whose holdings rose over 7% on the fund buying.
- The sellers in the stake sale, who could sell a large Rs 830 crore block at Rs 1,824 without crashing the price.
- Kotak Mutual Fund and Abakkus, who built a large position in one go at a fixed price.
Along the supply chain
Downstream
No downstream impact — customers Bharat Electronics and Hindustan Aeronautics keep buying as before, since the share sale does not change what Axiscades makes or delivers.
Upstream
No upstream impact — suppliers of parts and materials see no new orders because this was a trade in existing Axiscades shares, not new production.
Where demand moves
Business
No new business demand — no fresh orders or contracts for Axiscades or its rivals; factories and order books are unchanged, only share ownership changed.
Capital
Strong capital demand for Axiscades shares — about Rs 830 crore of fund money flowed into the stock at Rs 1,824, lifting the price over 7% and tightening shares available for sale.
How it spreads across sectors
Capital Goods
Light positive mood for small defence engineering peers like Data Patterns and Apollo, but no new orders, so any lift fades fast.
Information Technology
No real readthrough — Axiscades is a Capital Goods supplier despite the tag, so software and IT services firms see no change.
When it plays out
Immediate
Axiscades stays firm near Rs 1,824 with heavy trading as the market digests the Rs 830 crore block and the over 7% jump; peers stay flat.
Medium term
Price follows earnings and order wins, not the block deal; the stake sale matters only as proof that big funds back the story.
Short term
Axiscades drifts on overall market mood and results, with the fund holding acting as a floor; no follow-on orders expected for rivals.
30 Sept, 15:33 IST · Market event · high impact
Re-rating on cards for HAL shares as Tejas Mk1A aircraft deliveries near: Jefferies
HAL will deliver 10 Tejas fighter jets this year instead of 5, prompting Jefferies to keep its Buy call, which helps HAL and its parts suppliers while leaving rivals and telecom lookalikes untouched.
Who it hits first
- Hindustan Aeronautics, the state-run company that builds the Tejas fighter jet, is nearing Tejas Mk1A deliveries that make up 43% of its order book.
- Its chief now expects to deliver 10 jets this year, double the 5 that Jefferies had earlier pencilled in.
- Brokerage Jefferies kept its Buy rating with a Rs 6,800 target, calling rising delivery visibility a trigger for the shares to be re-rated.
Who may gain
- Hindustan Aeronautics (fighter-jet maker) — turns 43% of its order book into sales as 10 Tejas jets deliver this year
- HAL's jet parts suppliers (electronics, radar, special-metal, and precision-parts makers) — faster component orders as output doubles
- Defence investors broadly — a marquee deliveryhitting its guide lifts mood across the sector (sentiment only)
Along the supply chain
Downstream
Downstream (buyers of the jet): the Indian Air Force gets its fighters sooner, which strengthens squadrons, but no listed company sits on this side so no stock moves.
Upstream
Upstream (parts for the jet): electronics, radar, special-alloy, and precision-parts suppliers to HAL should see faster orders as jet output doubles from 5 to 10; telecom-gear firms with similar names are not part of this chain.
Where demand moves
Business
Business demand flows to HAL first, since each delivered Tejas jet converts order book into sales, and then to its jet parts suppliers as output doubles from 5 toward 10 aircraft. Rival jet makers win nothing, and telecom firms that share the Tejas name sit outside this demand chain entirely.
Capital
Investor money should rotate into HAL on Jefferies' repeated Buy call and Rs 6,800 target, with lighter sympathy flows into its listed suppliers. Broader defence peers may catch a mild sentiment bid, while mistaken-identity buying in telecom lookalikes should fade fast.
How it spreads across sectors
Capital Goods
HAL hitting its jet guide lifts the defence corner of the sector and pulls supplier orders forward, supporting sentiment for peers.
Telecommunication
No ripple at all — Tejas Networks only shares the jet's name and sells telecom gear, so HAL's news does not travel there.
When it plays out
Immediate
1–7 days: HAL shares firm on the doubled delivery guide and Jefferies' Buy repeat; suppliers tick up while telecom lookalikes stay flat.
Medium term
1–6 months: each confirmed jet handover converts more of the 43% order-book share into reported sales, deciding whether the re-rating sticks.
Short term
1–4 weeks: investors watch for delivery milestones and engine-supply updates that confirm the 10-jet guide is on track.
24 Sept, 11:38 IST · Market event · high impact
Avantel shares rise 9% after Rs 177 crore satellite communication order from Zetwerk
Avantel won a Rs 177.35 crore Zetwerk order for satellite gear through March 2027, helping Avantel's sales while rival makers see no gain.
Who it hits first
- Avantel, which makes telecom and defence electronics, won a Rs 177.35 crore purchase order from Zetwerk Manufacturing Businesses for satellite communication equipment.
- The work runs to March 2027 and lifts sales visibility after strong Q1 FY27, sending shares up 8-9%.
- Rival equipment makers won none of this order, so they see no sales gain.
Who may gain
- Avantel gains about Rs 177.35 crore of confirmed domestic manufacturing work through March 2027.
- Zetwerk secures home-made satellite communication gear for its own delivery needs.
- Short-term Avantel shareholders benefit from the 8-9% price jump on the news.
Along the supply chain
Downstream
Downstream, Zetwerk receives the satcom equipment, while Avantel's listed customers Bharat Electronics and Larsen & Toubro see no change from this separate deal.
Upstream
No named parts suppliers for Avantel appear in the pack, so no upstream vendor books work from this order yet.
Where demand moves
Business
New equipment demand flows to Avantel's factory as it builds satcom gear for Zetwerk; rivals book nothing from this tender.
Capital
Buyers chased Avantel shares up 8-9% on the order, while peer defence names see only light sympathy buying without fresh inflows.
How it spreads across sectors
Defence
Mild positive mood as a Rs 177 crore satcom order confirms defence electronics demand, but no sales spread to peers.
Telecom
Little effect — the gear is satellite communication equipment for one buyer, not a telecom network rollout.
When it plays out
Immediate
1–7 days: Avantel stays bid after the 8-9% jump as the Rs 177.35 crore order sinks in; peers drift flat.
Medium term
1–6 months: revenue builds as Avantel executes; re-rating needs more wins beyond this one order.
Short term
1–4 weeks: focus shifts to execution timeline to March 2027 and margins; no follow-on orders yet.
15 Sept, 05:00 IST · Market event · medium impact
India, Vietnam to expand defence ties via joint production of military hardware
India and Vietnam plan to build weapons together — a small positive for defence companies like HAL and BEL that could win export orders.
Who it hits first
- HAL, BEL, Mazdock, BDL and Cochin Shipyard gain Vietnam export optionality across air, sea and electronics.
- Export orders carry better margins and diversify books beyond domestic nomination.
- Near-term numbers unchanged — talks precede orders by years.
Who may gain
- HAL (aircraft) and BEL (electronics) most aligned to Vietnam stated needs.
Along the supply chain
Downstream
Vietnam armed forces get diversified supply; Indian services share training and doctrine.
Upstream
Defence MSME suppliers (forgings, electronics, composites) gain future order visibility.
Where demand moves
Business
Vietnam defence budgets flow to joint-production lines over years; Indian private suppliers follow DPSU primes.
Capital
Money nibbles defence primes on export narrative; private defence suppliers ride coattails.
How it spreads across sectors
Capital Goods
Defence sub-segment positive on export narrative; private players (Data Patterns, MTar) follow.
When it plays out
Immediate
Defence primes firm 1-3% on headline sentiment.
Medium term
Actual RFPs and orders over 1-3 years convert narrative to numbers.
Short term
MoUs and working-group outcomes show whether talks have teeth.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 13 Aug 2026 | unspecified | ₹0.55 |
|---|---|---|
| 6 Mar 2026 | interim | ₹1.95 |
| 14 Aug 2025 | unspecified | ₹0.9 |
| 11 Mar 2025 | interim | ₹1.5 |
| 14 Aug 2024 | unspecified | ₹0.8 |
| 22 Mar 2024 | interim | ₹0.7 |
| 9 Feb 2024 | interim | ₹0.7 |
| 17 Aug 2023 | unspecified | ₹0.6 |
Splits, bonuses & buybacks
- daily-prices repair: 9 rows from NSE's archive (replace 1, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Annual report · 2025-265 Aug 2026
- Earnings call · Q1FY2727 Jul 2026
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.