Bharat Electronics Ltd (BEL) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+1.13%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 18.0%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 27.8%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹385.04

200-Day DMA ● Overlay

₹357.11

14-Day RSI ● Overlay

56 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹2.80 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

45.7x

Price / EPS

Book Value (₹) Assets

₹32.4

P/B: 11.8x

ROE (%) Quality

27.8%

Net Profit / Equity

ROCE (%) Efficiency

37.0%

EBIT / Capital

Dividend Yield Yield

0.65%

Face Value: ₹10

Debt / Equity Solvency

0.00x

Low Debt

EPS (TTM) Per Share

₹8.38

Trailing 12M

OPM (%) Spread

29.0%

EBITDA Margin

Free Cash Flow Cash

₹515.00 Cr

CFO - Capex

About Bharat Electronics Ltd

Bharat Electronics manufactures advanced electronic products for the Indian Armed Forces including radars, sonars, and weapon control systems.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 20.9% × Turnover: 0.85x × Leverage: 1x = ROE: 27.8%

✓ Company Strengths (Pros)

• Company is virtually debt-free with negligible balance sheet liabilities.
• Company has a stellar track record of return on equity (ROE of 27.8%).

⚠ Key Considerations & Risks (Cons)

• Stock is trading at a premium of 11.8x its book value.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹28,596 Cr

Latest PAT

₹6,128 Cr

EPS (TTM)

₹8.38

OPM %

29.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹3,533 Cr	₹4,009 Cr	₹4,162 Cr	₹8,564 Cr	₹4,244 Cr	₹4,605 Cr	₹5,771 Cr	₹9,150 Cr	₹4,440 Cr	₹5,792 Cr	₹7,154 Cr	₹10,224 Cr	₹5,547 Cr
Operating Profit (EBITDA)	₹673.00 Cr	₹1,014 Cr	₹1,072 Cr	₹2,287 Cr	₹948.00 Cr	₹1,400 Cr	₹1,669 Cr	₹2,816 Cr	₹1,238 Cr	₹1,702 Cr	₹2,127 Cr	₹2,982 Cr	₹1,388 Cr
OPM %	19.0%	25.0%	26.0%	27.0%	22.0%	30.0%	29.0%	31.0%	28.0%	29.0%	30.0%	29.0%	25.0%
Interest Expense	₹1.00 Cr	₹2.00 Cr	₹1.00 Cr	₹4.00 Cr	₹1.00 Cr	₹1.00 Cr	₹1.00 Cr	₹6.00 Cr	₹1.00 Cr	₹2.00 Cr	₹2.00 Cr	₹2.00 Cr	₹1.00 Cr
Depreciation	₹109.00 Cr	₹108.00 Cr	₹107.00 Cr	₹119.00 Cr	₹108.00 Cr	₹111.00 Cr	₹111.00 Cr	₹138.00 Cr	₹121.00 Cr	₹126.00 Cr	₹135.00 Cr	₹173.00 Cr	₹161.00 Cr
Profit before Tax (PBT)	₹703.00 Cr	₹1,041 Cr	₹1,132 Cr	₹2,390 Cr	₹1,043 Cr	₹1,445 Cr	₹1,744 Cr	₹2,867 Cr	₹1,279 Cr	₹1,728 Cr	₹2,128 Cr	₹2,917 Cr	₹1,396 Cr
Net Profit (PAT)	₹539.00 Cr	₹790.00 Cr	₹860.00 Cr	₹1,797 Cr	₹791.00 Cr	₹1,093 Cr	₹1,312 Cr	₹2,127 Cr	₹969.00 Cr	₹1,287 Cr	₹1,580 Cr	₹2,226 Cr	₹1,055 Cr
EPS in ₹	₹0.74	₹1.08	₹1.18	₹2.46	₹1.08	₹1.49	₹1.79	₹2.91	₹1.33	₹1.76	₹2.16	₹3.04	₹1.44

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹7,093 Cr	₹7,354 Cr	₹8,656 Cr	₹10,401 Cr	₹12,164 Cr	₹12,968 Cr	₹14,109 Cr	₹15,368 Cr	₹17,734 Cr	₹20,268 Cr	₹23,769 Cr	₹27,610 Cr	₹28,717 Cr
Expenses	₹5,913 Cr	₹5,961 Cr	₹6,864 Cr	₹8,361 Cr	₹9,255 Cr	₹10,209 Cr	₹10,895 Cr	₹12,024 Cr	₹13,645 Cr	₹15,217 Cr	₹16,932 Cr	₹19,557 Cr	₹20,518 Cr
Operating Profit	₹1,179 Cr	₹1,393 Cr	₹1,792 Cr	₹2,039 Cr	₹2,909 Cr	₹2,759 Cr	₹3,214 Cr	₹3,344 Cr	₹4,090 Cr	₹5,051 Cr	₹6,837 Cr	₹8,053 Cr	₹8,199 Cr
OPM %	17%	19%	21%	20%	24%	21%	23%	22%	23%	25%	29%	29%	29%
Interest	₹7.00 Cr	₹10.00 Cr	₹18.00 Cr	₹6.00 Cr	₹16.00 Cr	₹8.00 Cr	₹10.00 Cr	₹9.00 Cr	₹19.00 Cr	₹12.00 Cr	₹13.00 Cr	₹10.00 Cr	₹6.00 Cr
Depreciation	₹166.00 Cr	₹192.00 Cr	₹212.00 Cr	₹272.00 Cr	₹338.00 Cr	₹372.00 Cr	₹387.00 Cr	₹401.00 Cr	₹429.00 Cr	₹443.00 Cr	₹467.00 Cr	₹556.00 Cr	₹595.00 Cr
Profit before Tax	₹1,513 Cr	₹1,764 Cr	₹1,983 Cr	₹1,957 Cr	₹2,628 Cr	₹2,478 Cr	₹2,942 Cr	₹3,166 Cr	₹3,923 Cr	₹5,266 Cr	₹7,099 Cr	₹8,053 Cr	₹8,170 Cr
Net Profit	₹1,197 Cr	₹1,337 Cr	₹1,523 Cr	₹1,431 Cr	₹1,887 Cr	₹1,825 Cr	₹2,100 Cr	₹2,400 Cr	₹2,986 Cr	₹3,985 Cr	₹5,323 Cr	₹6,062 Cr	₹6,148 Cr
EPS in Rs	1.51	1.69	2.07	1.96	2.58	2.50	2.87	3.28	4.08	5.45	7.28	8.29	8.40

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹80.00 Cr	₹240.00 Cr	₹223.00 Cr	₹244.00 Cr	₹244.00 Cr	₹244.00 Cr	₹244.00 Cr	₹244.00 Cr	₹731.00 Cr	₹731.00 Cr	₹731.00 Cr	₹731.00 Cr
Reserves & Surplus	₹8,037 Cr	₹9,006 Cr	₹7,512 Cr	₹7,772 Cr	₹8,968 Cr	₹9,828 Cr	₹10,816 Cr	₹12,042 Cr	₹13,131 Cr	₹15,595 Cr	₹19,243 Cr	₹23,257 Cr
Borrowings (Debt)	₹25.00 Cr	₹28.00 Cr	₹64.00 Cr	₹80.00 Cr	₹34.00 Cr	₹8.00 Cr	₹3.00 Cr	₹53.00 Cr	₹61.00 Cr	₹63.00 Cr	₹61.00 Cr	₹65.00 Cr
Total Liabilities	₹15,729 Cr	₹18,605 Cr	₹17,600 Cr	₹18,965 Cr	₹20,821 Cr	₹24,351 Cr	₹29,492 Cr	₹33,912 Cr	₹35,490 Cr	₹39,524 Cr	₹40,824 Cr	₹44,527 Cr
Fixed Assets	₹1,073 Cr	₹1,232 Cr	₹1,501 Cr	₹1,839 Cr	₹2,298 Cr	₹2,713 Cr	₹2,652 Cr	₹2,675 Cr	₹2,963 Cr	₹3,035 Cr	₹3,419 Cr	₹4,121 Cr
Total Assets	₹15,729 Cr	₹18,605 Cr	₹17,600 Cr	₹18,965 Cr	₹20,821 Cr	₹24,351 Cr	₹29,492 Cr	₹33,912 Cr	₹35,490 Cr	₹39,524 Cr	₹40,824 Cr	₹44,527 Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹1,434 Cr	₹2,260 Cr	-₹61.00 Cr	-₹687.00 Cr	₹1,514 Cr	₹2,570 Cr	₹5,093 Cr	₹4,207 Cr	₹1,199 Cr	₹4,659 Cr	₹564.00 Cr	₹1,541 Cr
Cash from Investing (CFI)	-₹839.00 Cr	-₹1,470 Cr	₹3,115 Cr	-₹6.00 Cr	-₹896.00 Cr	-₹649.00 Cr	-₹2,595 Cr	-₹4,872 Cr	₹2,708 Cr	-₹5,924 Cr	₹639.00 Cr	₹1,730 Cr
Cash from Financing (CFF)	-₹209.00 Cr	-₹318.00 Cr	-₹2,857 Cr	-₹1,202 Cr	-₹663.00 Cr	-₹1,061 Cr	-₹1,076 Cr	-₹1,078 Cr	-₹1,262 Cr	-₹1,475 Cr	-₹1,696 Cr	-₹2,097 Cr
Free Cash Flow (FCF)	₹1,208 Cr	₹1,607 Cr	-₹853.00 Cr	-₹1,492 Cr	₹785.00 Cr	₹1,825 Cr	₹4,625 Cr	₹3,660 Cr	₹611.00 Cr	₹4,015 Cr	-₹444.00 Cr	₹560.00 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	196	185	184	176	161	189	170	145	145	133	140	170
Inventory Days	321	401	407	305	275	204	233	230	240	257	273	265
Cash Conversion Cycle (Days)	406	473	483	390	347	267	248	237	261	262	313	342
ROCE %	20%	20%	23%	25%	30%	26%	28%	27%	30%	35%	39%	36%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹127.99 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹399.00

DCF Fair Value

₹127.99

Graham Number

₹78.16

Margin of Safety

-73.5%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹127.99

Premium / Overvalued (Margin: -73.5%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹125	₹123	₹122	₹121
10%	₹127	₹126	₹125	₹123
12%	₹129	₹128	₹127	₹126
14%	₹131	₹130	₹129	₹128

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹128	Fairly Valued
Benjamin Graham Number	₹78	Market Priced
Historical Sector P/E	₹184	Premium
EV / EBITDA Multiplier	₹419	In-Line
Free Cash Flow Yield Model	₹391	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 9/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

9 / 9 Pass

Altman Z-Score

6.01 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.00x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 29.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

51.14%

FIIs (Foreign)

18.02%

DIIs (Domestic)

21.02%

Government

0.15%

Public / Retail

9.82%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%
+ FIIs (Foreign Portfolio)	17.19%	17.77%	17.56%	17.43%	17.27%	17.34%	17.55%	18.56%	18.14%	18.51%	19.51%	18.02%
+ DIIs (Mutual Funds / Insurance)	24.19%	23.37%	22.63%	20.62%	20.22%	20.94%	20.87%	20.60%	20.88%	20.47%	20.00%	21.02%
+ Public (Retail & HNIs)	7.49%	7.72%	8.66%	10.82%	11.37%	10.58%	10.43%	9.70%	9.84%	9.87%	9.37%	9.82%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Defense & Aerospace.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

BEL Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

BEL Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

BEL Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹510.72

Accelerated market share capture in Defense & Aerospace, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹446.88

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 46x P/E.

🐻 Bear Case (15%) -12.0%

₹351.12

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Defense & Aerospace)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:46 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Bharat Electronics Ltd (BEL)	Target Stock	₹399.00	+1.13%	45.7x	27.8%	37.0%	0.00	₹2.80 Lakh Cr
Hindustan Aeronautics Ltd (HAL)	Aircraft, Fighter Jets & Helicopters	₹4,949.00	-1.00%	33.0x	24.0%	32.0%	0.00	₹3.08 Lakh Cr
Mazagon Dock Shipbuilders Ltd (MAZDOCK)	Warships & Submarine Construction	₹1,890.00	+0.64%	33.0x	30.4%	41.3%	0.00	₹83,258 Cr
Bharat Dynamics Ltd (BDL)	Guided Missile Systems & Torpedoes	₹1,100.00	-0.87%	76.9x	10.2%	13.9%	0.00	₹40,029 Cr
Cochin Shipyard Ltd (COCHINSHIP)	Aircraft Carriers & Vessel Ship Repair	₹1,202.00	-6.82%	57.3x	11.2%	14.5%	0.27	₹33,858 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:46:15 IST	✓ Live Sync
Financial Statements (10Y)	Bharat Electronics Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

Bharat Electronics Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Bharat Electronics Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Defense & Aerospace)

Metric Explainer

Stock DNA Methodology

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