BEL

Bharat Electronics Limited

Navratna defence electronics PSU — radars, missile systems, electronic warfare, military comms

Industrials›Capital Goods›Aerospace & Defense›Aerospace & Defense

bel-india.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹376.85
Market cap
2,75,922 Cr
Stock P/E
44.9
P/B
11.50
Dividend yield
0.8%
ROE (FY26)
25.3%
ROCE (FY26)
33.7%
Operating margin (FY26)
27.1%
OCF / EBITDA (FY26)
19.1%
OCF / EBITDA (3Y)
34.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

BEL (Bharat Electronics) makes defence electronics such as radars, missile systems, electronic fuzes and communication radios, sold mainly to the Indian Army, Navy and Air Force.

Company snapshot

2ndBy market cap

Ranked among 25 companies in Aerospace & Defense.

Segment mix

Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

SegmentRevenue shareRevenuePBTAssets
Exempted—0 Cr0 Cr—

What we see

Positives
  • ✓Net margin of 22.0% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Only 34% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales4,009 Cr4,162 Cr8,564 Cr4,244 Cr4,605 Cr5,771 Cr9,150 Cr4,440 Cr5,792 Cr7,154 Cr10,224 Cr5,547 Cr
Operating expenses (approx.)2,995 Cr3,090 Cr6,277 Cr3,295 Cr3,205 Cr4,101 Cr6,334 Cr3,201 Cr4,090 Cr5,027 Cr7,243 Cr4,159 Cr
EBITDA1,014 Cr1,073 Cr2,287 Cr948 Cr1,400 Cr1,669 Cr2,816 Cr1,238 Cr1,702 Cr2,127 Cr2,982 Cr1,388 Cr
OPM %25.3%25.8%26.7%22.3%30.4%28.9%30.8%27.9%29.4%29.7%29.2%25.0%
Other income137 Cr167 Cr225 Cr204 Cr158 Cr186 Cr195 Cr163 Cr154 Cr139 Cr110 Cr170 Cr
Interest2 Cr0.51 Cr4 Cr1 Cr1 Cr1 Cr6 Cr1 Cr2 Cr2 Cr2 Cr1 Cr
Depreciation108 Cr107 Cr119 Cr108 Cr111 Cr111 Cr138 Cr121 Cr126 Cr135 Cr173 Cr161 Cr
Profit before tax1,050 Cr1,144 Cr2,401 Cr1,053 Cr1,454 Cr1,754 Cr2,873 Cr1,288 Cr1,737 Cr2,138 Cr2,930 Cr1,407 Cr
Tax %24.8%24.8%25.2%24.9%24.8%25.2%26.0%24.7%25.9%26.1%24.0%25.0%
Net profit790 Cr860 Cr1,797 Cr791 Cr1,093 Cr1,312 Cr2,127 Cr969 Cr1,287 Cr1,580 Cr2,226 Cr1,055 Cr
EPS (₹)₹1.08₹1.17₹2.46₹1.08₹1.50₹1.79₹2.91₹1.33₹1.76₹2.16₹3.04₹1.44

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales9,221 Cr10,485 Cr12,164 Cr12,968 Cr14,109 Cr15,368 Cr17,734 Cr20,268 Cr23,769 Cr27,610 CrSign in free for the trailing twelve months
Operating expenses (approx.)7,434 Cr8,450 Cr9,258 Cr10,213 Cr10,898 Cr12,027 Cr13,649 Cr15,222 Cr16,935 Cr19,561 CrSign in free for the trailing twelve months
EBITDA1,787 Cr2,035 Cr2,906 Cr2,754 Cr3,211 Cr3,341 Cr4,086 Cr5,046 Cr6,834 Cr8,049 CrSign in free for the trailing twelve months
OPM %19.4%19.4%23.9%21.2%22.8%21.7%23.0%24.9%28.8%29.2%Sign in free for the trailing twelve months
Other income420 Cr196 Cr73 Cr99 Cr125 Cr232 Cr281 Cr670 Cr742 Cr566 CrSign in free for the trailing twelve months
Interest13 Cr2 Cr13 Cr4 Cr6 Cr5 Cr15 Cr7 Cr10 Cr7 CrSign in free for the trailing twelve months
Depreciation212 Cr272 Cr338 Cr372 Cr387 Cr401 Cr429 Cr443 Cr467 Cr556 CrSign in free for the trailing twelve months
Profit before tax2,009 Cr1,981 Cr2,667 Cr2,510 Cr2,972 Cr3,212 Cr3,969 Cr5,308 Cr7,135 Cr8,092 CrSign in free for the trailing twelve months
Tax %24.2%27.8%29.3%27.3%29.4%25.3%24.8%24.9%25.4%25.1%Sign in free for the trailing twelve months
Net profit1,523 Cr1,431 Cr1,887 Cr1,825 Cr2,100 Cr2,400 Cr2,986 Cr3,985 Cr5,323 Cr6,062 CrSign in free for the trailing twelve months
EPS (₹)₹5.94₹5.83₹7.74₹7.49₹8.62₹9.85₹4.09₹5.45₹7.28₹8.29Sign in free for the trailing twelve months
Dividend payout %————48.7%42.6%41.6%36.7%31.6%34.4%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital223 Cr244 Cr244 Cr244 Cr244 Cr244 Cr731 Cr731 Cr731 Cr731 Cr
Reserves7,512 Cr7,772 Cr8,968 Cr9,828 Cr10,816 Cr12,042 Cr13,131 Cr15,595 Cr19,243 Cr23,257 Cr
Borrowings30 Cr47 Cr————————
Other liabilities9,817 Cr10,876 Cr11,596 Cr14,263 Cr18,417 Cr21,608 Cr21,612 Cr23,182 Cr20,839 Cr20,530 Cr
Total liabilities17,596 Cr18,951 Cr20,821 Cr24,348 Cr29,492 Cr33,911 Cr35,491 Cr39,527 Cr40,832 Cr44,538 Cr
Fixed assets (net)1,341 Cr1,690 Cr2,139 Cr2,568 Cr2,486 Cr2,509 Cr2,694 Cr2,788 Cr3,205 Cr3,482 Cr
CWIP414 Cr444 Cr323 Cr247 Cr397 Cr446 Cr361 Cr456 Cr477 Cr486 Cr
Investments491 Cr937 Cr965 Cr1,110 Cr1,306 Cr1,572 Cr650 Cr682 Cr743 Cr800 Cr
Loans & advances——16 Cr17 Cr16 Cr1 Cr2 Cr1 Cr1 Cr2 Cr
Inventories4,931 Cr4,804 Cr4,443 Cr3,958 Cr4,968 Cr5,592 Cr6,448 Cr7,447 Cr9,119 Cr10,176 Cr
Trade receivables4,368 Cr5,693 Cr5,374 Cr6,724 Cr6,562 Cr6,108 Cr7,033 Cr7,392 Cr9,116 Cr12,876 Cr
Cash & bank2,700 Cr804 Cr760 Cr1,621 Cr3,043 Cr1,301 Cr3,946 Cr1,206 Cr713 Cr1,888 Cr
Other assets3,351 Cr4,579 Cr6,801 Cr8,103 Cr10,714 Cr16,381 Cr14,357 Cr19,553 Cr17,457 Cr14,830 Cr
Total assets17,596 Cr18,951 Cr20,821 Cr24,348 Cr29,492 Cr33,911 Cr35,491 Cr39,527 Cr40,832 Cr44,538 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-61 Cr-687 Cr1,514 Cr2,570 Cr5,093 Cr4,207 Cr1,267 Cr4,659 Cr587 Cr1,541 Cr
Cash from investing3,115 Cr-6 Cr-896 Cr-649 Cr-2,595 Cr-4,872 Cr2,691 Cr-5,924 Cr617 Cr1,730 Cr
Cash from financing-2,857 Cr-1,202 Cr-663 Cr-1,061 Cr-1,076 Cr-1,078 Cr-1,313 Cr-1,475 Cr-1,696 Cr-2,097 Cr
Net cash flow197 Cr-1,895 Cr-45 Cr861 Cr1,422 Cr-1,742 Cr2,645 Cr-2,739 Cr-493 Cr1,175 Cr
Free cash flow (OCF − Capex)-855 Cr-1,494 Cr785 Cr1,824 Cr4,624 Cr3,653 Cr676 Cr4,007 Cr-425 Cr556 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %26.0%24.6%29.0%24.9%26.9%26.2%28.7%32.5%35.7%33.7%
ROE %19.7%17.8%20.4%18.1%19.0%19.5%21.5%24.4%26.6%25.3%
Debtor days172198161189169145144133140170
Inventory days418376304245269251250259264267
Days payable110107981521791511291299794
Cash conversion cycle480467367283260244265263307343
OCF / EBITDA %-3.4%-33.7%52.1%93.3%158.6%125.9%31.0%92.3%8.6%19.1%
OCF / EBITDA % (3 years)——11.4%44.1%103.5%127.6%99.3%81.2%40.8%34.1%
Debt / equity0.00390.00590.00———————
Current ratio1.611.451.521.461.411.391.461.551.761.98
Net debt / EBITDA-1.49—-0.26-0.59-0.95-0.39-0.97-0.24-0.10-0.23