NSE: BEL · BSE: 500049
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%. 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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,24,358 | 34.8 | 7.90 | 23.8 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD ◆ | 2,66,259 | 43.4 | 11.09 | 30.7 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 36,381 | 69.8 | 8.58 | — | 9.9 | 7.2 | — | 32.6 |
| DATA PATTERNS INDIA LTD | 22,316 | 83.3 | 12.86 | — | 15.6 | 20.3 | — | 33.3 |
| GARDEN REACH SHIP&ENG LTD | 21,752 | 27.2 | 8.28 | — | 28.5 | 36.2 | — | 13.7 |
| APOLLO MICRO SYSTEMS LTD | 15,340 | 119.3 | 11.73 | 70.3 | 8.2 | 10.4 | 34.8 | 22.3 |
| ASTRA MICROWAVE LTD | 14,940 | 79.0 | 11.36 | 42.7 | 14.7 | 17.2 | 12.7 | 20.1 |
| AEQUS LIMITED | 14,225 | — | 9.58 | 90.4 | (7.6) | (3.8) | — | 5.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 43.4 | 69.8 | 7 of 23 | 73% |
| P/B | 11.1 | 9.6 | 14 of 23 | 41% |
| 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 | 266259 | 6504 | 2 of 26 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · BEL to discuss Q2 FY27 results on November 3, 2026 | board shareholder meetings | low | — | — |
| 21 Oct 2026 · BEL secures additional orders worth Rs 1,011 crore | compliance | low | — | — |
| 16 Oct 2026 · BEL board meeting on Oct 30 to consider Q2 FY27 results | board shareholder meetings | low | — | — |
| 13 Oct 2026 · BEL gets new orders worth Rs 533 Crore | compliance | low | — | — |
| 12 Oct 2026 · BEL submits Reg 74(5) DP certificate for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · BEL gets ESG rating of 77.7 from CARE Ratings | credit debt | medium | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 17 Sept 2026 · BEL receives fresh orders worth Rs 648 crore | business updates | high | — | — |
| 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 | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.