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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Defence electronics, Non-defence electronics. Defence-electronics PSU, order-book-driven, long execution cycles tied to multi-year MoD programmes.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 15,368 | 17,734 | 20,268 | 23,769 | 27,610 |
| EBITDA (ex other income) | 3,341 | 4,086 | 5,046 | 6,834 | 8,049 |
| margin % | 21.7 | 23.0 | 24.9 | 28.8 | 29.2 |
| Owners' profit | 2,399 | 2,984 | 3,985 | 5,321 | 6,062 |
| EPS, as reported (₹) | 9.85 | 4.09 | 5.45 | 7.28 | 8.29 |
| ROE % · ROCE % | 19.5 · 22.1 | 21.5 · 26.4 | 24.4 · 30.1 | 26.6 · 33.7 | 25.3 · 31.9 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 4,207 | 1,267 | 4,659 | 587 | 1,541 |
| Capex | (555) | (590) | (653) | (1,011) | (985) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,605 | 5,771 | 9,150 | 4,440 | 5,792 | 7,154 | 10,224 | 5,547 |
| Profit before tax | 1,445 | 1,744 | 2,867 | 1,279 | 1,728 | 2,128 | 2,917 | 1,396 |
| Net profit | 1,093 | 1,312 | 2,127 | 969 | 1,287 | 1,580 | 2,226 | 1,055 |
| EPS (₹) | 1.50 | 1.79 | 2.91 | 1.33 | 1.76 | 2.16 | 3.04 | 1.44 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,28,037 | 35.2 | 7.99 | 24.1 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD ◆ | 2,95,572 | 48.1 | 12.31 | 34.1 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 43,621 | 83.7 | 10.29 | — | 9.9 | 7.2 | — | 32.6 |
| GARDEN REACH SHIP&ENG LTD | 28,027 | 35.0 | 10.67 | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · BEL appoints Rao and Emmar as Statutory Auditor for FY 2026-27 | management changes | medium | — | — |
| 8 Sept 2026 · BEL sets September 9 as payment date for FY26 final dividend | corporate actions | high | — | — |
| 2 Sept 2026 · BEL declares lost certificates cancelled; opens 15-day claim period | compliance | minimal | — | — |
| 2 Sept 2026 · BEL publishes notice of loss of share certificates | compliance | minimal | — | — |
| 28 Aug 2026 · 72nd AGM: All 8 resolutions passed, final dividend of Rs 0.55 confirmed | board shareholder meetings | low | — | — |
| 28 Aug 2026 · BEL 72nd AGM: total Rs 2.50 dividend, capital raise, 8 resolutions passed | board shareholder meetings | low | — | — |
| 26 Aug 2026 · BEL wins additional orders worth Rs.730 Crore | business updates | high | — | — |
| 19 Aug 2026 · BEL publishes addendum to 72nd AGM notice covering two director appointments | compliance | minimal | — | — |
| 18 Aug 2026 · BEL adds director appointments to 72nd AGM notice | board shareholder meetings | low | — | — |
| 18 Aug 2026 · BEL appoints Partha Pratim Pathak as Independent Director for 3 years | management changes | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 28.5 |
| 36.2 |
| — |
| 13.7 |
| DATA PATTERNS INDIA LTD | 27,042 | 100.9 | 15.58 | — | 15.6 | 20.3 | — | 33.3 |
| ASTRA MICROWAVE LTD | 16,031 | 84.8 | 12.20 | 45.8 | 14.7 | 17.2 | 12.7 | 20.1 |
| APOLLO MICRO SYSTEMS LTD | 15,650 | 121.7 | 11.96 | 71.7 | 8.2 | 10.4 | 34.8 | 22.3 |
| ZEN TECHNOLOGIES LIMITED | 15,599 | 86.2 | 8.00 | 46.5 | 11.2 | 15.1 | 65.9 | 38.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 48.1 | 83.7 | 8 of 23 | 68% |
| P/B | 12.3 | 10.6 | 17 of 23 | 23% |
| ROCE | 31.9 | 13.6 | 2 of 26 | 96% |
| ROE | 25.3 | 10.9 | 3 of 23 | 91% |
| Debt / Equity | 0.0 | 0.0 | 1 of 23 | 68% |
| EBITDA margin | 28.1 | 22.3 | 7 of 23 | 73% |
| Revenue growth | 24.9 | 24.9 | 12 of 23 | 50% |
| Profit growth | 8.8 | 14.9 | 12 of 21 | 45% |
| Market cap | 295572 | 7486 | 2 of 26 | 96% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
