BHARAT ELECTRONICS LTD

Designs, manufactures and supplies electronic systems for India's armed forces, with defence accounting for around 90% of revenue and non-defence around 10%. The portfolio spans radars, missile electronics (including QRSAM and LRSAM), avionics, communication and electronic-warfare equipment, seekers, jammers, tank subsystems, submarine electronics, coastal surveillance radars, electro-optics, simulators, laser-based fuzes, encryptors and electronic voting machines. The order book stood at Rs 72,258 cr as on 1 July 2026, with Rs 3,754 cr of inflows in Q1 FY27 and Rs 30,045 cr of inflows booked during FY26. The near-term pipeline is anchored by the QRSAM air-defence missile contract, with longer-dated opportunities including Project Kusha (pegged at Rs 40,000+ cr) and the P-75I submarine programme, where it targets 50-60% of electronics content. Q1 FY27 standalone revenue was Rs 5,533 cr (+25.27% YoY) on a PAT of Rs 1,048 cr (+8.17% YoY), with EBITDA margin of 25.83% and EPS of Rs 1.43. Indigenisation content sits at 80-85%, with semiconductors the only major imported input. Exports are currently 4-5% of revenue, with management targeting 10% within five years. Materials make up 50.3% of revenue and employees 11.3%.