Fin Cascade

Prices as of 8 Oct 2026 close · Not investment advice

Bharat Electronics

NSE: BELAerospace & Defense

Share price

₹367.30

-2.91% close of 8 Oct 2026

Market cap ₹2.68L CrP/E 43.7

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.

Prices as of 8 Oct 2026 close52-week high ₹468.4552-week low ₹367.30

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 growthPrice per ₹1 profitPer 1% growth
Bharat Electronics — this one27%/yr43.7×₹1.6
Hindustan Aeronautics16%/yr33.3×₹2.1
Bharat Dynamics Limited6%/yr73.8×₹12.3
Garden Reach Shipbuilders & Engineers Limited50%/yr28.9×₹0.58
Data Patterns (India) Limited26%/yr84.4×₹3.2
SIGMA ADVANCED SYSTEMS LIMITED228%/yr109.3×—

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%

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales3,5334,0094,1628,5644,2444,6055,7719,1504,4405,7927,15410,2245,547
Expenses2,8602,9953,0906,2773,2953,2054,1016,3343,2014,0905,0277,2434,159
Material Cost4,4291,9613,0144,1134,7943,041
Change in Inventories14516-279-455121-300
Purchases of Stock-in-Trade17499104167379280
Employee Cost766696768820831793
Other Expenses8194294843821,117345
Operating Profit6731,0141,0722,2879481,4001,6692,8161,2381,7022,1272,9821,388
OPM %19252627223029312829302925
Other Income140137167225204158186195163154139110170
Exceptional items (within Other Income)000000
Interest1214111612221
Depreciation109108107119108111111138121126135173161
Profit before tax7031,0411,1322,3901,0431,4451,7442,8671,2791,7282,1282,9171,396
Tax %25252525252525262526262425
Net Profit5397908601,7977911,0931,3122,1279691,2871,5802,2261,055
EPS in Rs0.741.081.182.461.081.491.792.911.331.762.163.041.44
Diluted EPS in Rs2.911.331.762.163.041.44

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7,0937,3548,65610,40112,16412,96814,10915,36817,73420,26823,76927,61028,717
Expenses5,9135,9616,8648,3619,25510,20910,89512,02413,64515,21716,93219,55720,518
Material Cost12,57813,882
Change in Inventories-821-597
Purchases of Stock-in-Trade430748
Employee Cost2,7613,116
Other Expenses1,9872,412
Operating Profit1,1791,3931,7922,0392,9092,7593,2143,3444,0905,0516,8378,0538,199
OPM %17192120242123222325292929
Other Income5075734201967399125232281670742566572
Exceptional items (within Other Income)00
Interest710186168109191213106
Depreciation166192212272338372387401429443467556595
Profit before tax1,5131,7641,9831,9572,6282,4782,9423,1663,9235,2667,0998,0538,170
Tax %212424283028302625252625
Net Profit1,1971,3371,5231,4311,8871,8252,1002,4002,9863,9855,3236,0626,148
EPS in Rs1.511.692.071.962.582.502.873.284.085.457.288.298.40
Diluted EPS in Rs7.288.29
Dividend Payout %203133344437464644403330

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.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital80240223244244244244244731731731731
Reserves8,0379,0067,5127,7728,9689,82810,81612,04213,13115,59519,24323,257
Borrowings2528648034835361636165
Other Liabilities7,5879,3309,80010,86811,57514,27118,43021,57421,56723,13620,78820,473
Minority Interest1919
Total Liabilities15,72918,60517,60018,96520,82124,35129,49233,91235,49039,52440,82444,527
Fixed Assets1,0731,2321,5011,8392,2982,7132,6522,6752,9633,0353,4194,121
CWIP1404307439408498288831,0068558941,052731
Investments04624919379641,1101,3061,572650682743800
Other Assets14,51616,48114,86515,24816,71019,70024,65128,65931,02234,91335,61038,876
Total Assets15,72918,60517,60018,96520,82124,35129,49233,91235,49039,52440,83244,538

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity1,4342,260-61-6871,5142,5705,0934,2071,1994,6595641,541
Cash from Investing Activity-839-1,4703,115-6-896-649-2,595-4,8722,708-5,9246391,730
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 Flow386472197-1,895-458611,422-1,7422,645-2,739-4931,175
Free Cash Flow1,2081,607-853-1,4927851,8254,6253,6606114,015-444560

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days196185184176161189170145145133140170
Inventory Days321401407305275204233230240257273265
Days Payable111112108918912615513912412810093
Cash Conversion Cycle406473483390347267248237261262313342
Working Capital Days52863125134119474281885135
ROCE %202023253026282730353936

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters515151515151515151515151
FIIs171818171717181918192018
DIIs242323212021212121202021
Public7.497.728.66111111109.709.849.879.379.82
No. of Shareholders9,74,78210,98,22813,64,87325,18,66327,72,00226,53,67626,78,43525,42,37824,98,58825,43,62225,30,89626,04,298

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -10.3% (₹409.35 → ₹367.30)Brick size ₹7.68 (fixed)Bricks 50
₹400₹450₹367Nov '25Jan '26Mar '26May '26Jul '26Sep '26
Price moved up one brickPrice moved down one brickLast close ₹367.30 on 8 Oct 2026

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.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Uses as raw material

  • Electronic Components

Buys from

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.

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.

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.

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.

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.

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 2026unspecified₹0.55
6 Mar 2026interim₹1.95
14 Aug 2025unspecified₹0.9
11 Mar 2025interim₹1.5
14 Aug 2024unspecified₹0.8
22 Mar 2024interim₹0.7
9 Feb 2024interim₹0.7
17 Aug 2023unspecified₹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.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.