NSE: BEL · BSE: 500049 · ISIN INE263A01024
Bharat Electronics Limited stock analysis
Bharat Electronics Limited ranks #373 in the TickerSutra evidence-ranked universe with a score of 66/100 and 95% data confidence. The latest captured fundamentals show ROCE of 36.4%, quarterly sales growth of 24.9% and quarterly profit growth of 8.7%.Watchlist candidate
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- ROCE is 36.4%
- Low debt/equity of 0×
- 15.9% three-year sales CAGR
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹15,368cr | ₹3,344cr | ₹2,400cr | 22.0% |
| 2023 | ₹17,734cr | ₹4,090cr | ₹2,986cr | 23.0% |
| 2024 | ₹20,268cr | ₹5,051cr | ₹3,985cr | 25.0% |
| 2025 | ₹23,769cr | ₹6,837cr | ₹5,323cr | 29.0% |
| 2026 | ₹27,610cr | ₹8,053cr | ₹6,062cr | 29.0% |
| TTM | ₹28,717cr | ₹8,199cr | ₹6,148cr | 29.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
EBITDA Margin was 30% increasing from a range of 22% to 29% over the past years. The Company is confident of achieving similar growth in the coming years, and its future growth will be led by defence, exports, and services. Capex and R&D R&D has been BEL’s key focus for increasing indigenisation and value addition in its products and systems.
Vipul Shah: Hi sir, thanks for the opportunity. So, my question is regarding raw material cost which has shot up very sharply sequentially and over year over year also. Of course, it may be due to BHAMreucr / tON / cs QUALITY , TECHNOLOGY INNOVATION Bharat Electronics Limited Jul y 2 7 , 202 6 Page 19 of 20 product mix, but it is has increased by almost 8% to 10% s equentially and year over year.
During FY 2025-26, your Company has acquired the highest ever annual export orders worth USD 346 from France, USA, Sweden, Sri Lanka, SEZ, etc. Your Company has an all-time high export order book of USD 496 Million as on 1 April 2026. Over the years, your Company has established long term relationship with current and prospective customers.
Established Incubation Centr es AARIC (Army) & INICAI (Navy) i. For mation of Centres of Excellence in AI (e) Diversification / Expansion Plans: As a diversification strategy, the Company has been exploring opportunities in allied defence and non- defence areas for growth, leveraging its strengths & capabilities acquired in the defence electronics domain and capitalising on the conducive policy environment encouragin
of India’s policy initiative for development and procurement of strategic missiles primarily from domestic market. The indigenous R&D in the segment is led by DRDO and major milestones have been achieved, paving the way for commercial production of these Seeker based Missile systems. Based on advanced Seeker technologies, some of the major missile programs have completed their development and reached commercial produ
The private sector and DPSUs contributed with ` 17,353 Crore and ` 21,071 Crore respectively, whereas the corresponding figures for FY 2024-25 were ` 15,233 Crore and ` 8,389 Crore respectively. DPSUs and other PSUs accounted for 151%, while the private sector contributed 14% growth in exports. Apart from being a successful global partner for systems/sub-systems, India is exporting defence equipment to more than 80 c
• Higher dependence on Defence market. • Regulatory r equirements impacting agility. Opportunities • Significant rise in Indian defence budget.
One of the objectives of your company is to tap the opportunities in medical electronic equipment segment, which covers 56% of the MedTech market share and introduce affordable healthcare products/solutions to urban & rural populations in India and achieve Aatmanirbharta in the Healthcare segment. T o quickly grow in this segment, a few niche products, indigenously designed by Indian companies, have been identified w
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There is not much concern on those front. As far as margins are concerned, as we have already told, current year EBITDA margin guidance we have given of 2 8 %, we remain at that. Quarter - on - quarter, there could be variations because of the composition of product mix.
The Company discloses to the Stock Exchange, all information required to be disclosed under Regulation 30 read with Part A of Schedule III of the SEBI Regulations including material information having a bearing on the performance/operations of the Company or other price-sensitive information. The official media releases and presentations made to institutional investors/analysts are posted on the Company’s website. In
MANAGEMENT PROMISE LEDGER
Quantified statements on the clock
“There is not much concern on those front. As far as margins are concerned, as we have already told, current year EBITDA margin guidance we have given of 2 8 %, we remain at that. Quarter - on - quarter, there could be variations because of the composition of product mix.”
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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