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Model Note · BHARAT ELECTRONICS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BHARAT ELECTRONICS LTD Discounted cash flow · base FY26
BHARAT ELECTRONICS LTD
Value per share, this model₹109
CMP 2026-09-10₹404.35
Difference(73.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of BHARAT ELECTRONICS LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
16% a year
FY26 16.2% · 5-yr CAGR 14.4%
EBITDA margin
29.2%
FY26 29.2% · 5-yr average 25.5%
Depreciation · capex, % of revenue
2% · 3.6%, fading to 1.2× depreciation
FY26 2.0% · 3.6%
Working capital, % of added revenue · tax
70.5% · 25.2%
257 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.92
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1,888) · ₹0 · ₹0 cr
FY26 net debt ₹(1,888) cr
Shares
730.98 crore
730.98 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
27,610
32,028
37,152
43,097
49,992
57,991
growth %
16.2
16.0
16.0
16.0
16.0
16.0
EBITDA
8,049
9,352
10,848
12,584
14,598
16,933
Depreciation
(556)
(641)
(743)
(862)
(1,000)
(1,160)
NOPAT
5,605
6,516
7,559
8,768
10,171
11,799
less capex
(985)
(1,153)
(1,226)
(1,293)
(1,350)
(1,392)
less working-capital build
—
(3,114)
(3,613)
(4,191)
(4,861)
(5,639)
Free cash flow to firm
—
2,889
3,463
4,147
4,960
5,927
Present value
2,742
2,961
3,194
3,442
3,706
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · BHARAT ELECTRONICS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
16,046
PV of the terminal value (79% of EV)
61,559
Enterprise value
77,606
less net debt
1,888
less non-controlling interest
0
add non-operating investments
0
Equity value
79,494
÷ 730.98 crore shares
₹109
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
112
121
131
143
158
10.5%
104
111
119
129
141
11.0%
96
102
109
117
127
11.5%
90
95
100
107
115
12.0%
84
88
93
99
105
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
