BEL · NSE
Bharat Electronics Limited
₹393.3
-0.54% (-₹2.15)
Prev. close
₹395.45
Volume
1,18,62,641
Delivery %
57.0%
As of
18 Sept 2026
Price history
Motilal Oswal Analysis · Motilal Oswal Financial Services · 15 Sept 2026
“Motilal Oswal has reiterated a BUY recommendation on Bharat Electronics (BEL) with a target price of ₹530, valuing the stock at 45x two-year forward earnings. Despite trading at 42.2x FY27E EPS, BEL remains their top defence stock pick, indicating continued bullish conviction.”
Published mid-session at 11:54 IST. Tracking counts only prices printed after publication — the chart's dashed divider marks that moment; earlier prices never count toward entry or results.
Analyst sentiment
Analysts lean bullish
7 analyst stances · last 90 days · one per analyst
Trackable
7 · 7 bull / 0 neutral / 0 bear
Long-Horizon
none in window
Commentary
none in window
Trackable = verdict-bearing calls · Long-Horizon = 1yr+ horizon, verdict pending · Commentary = context, not graded
Analyst opinions
| Call | Analyst | Instrument | Verdict | Actions | |||
|---|---|---|---|---|---|---|---|
| “Initiated 'buy' on Bharat Electronics (BEL) with a target of ₹525, implying a 37.1% upside. The defence sector is underg…” | HSBC AnalysisHSBC | Bharat Electronics Ltd | PENDING | ||||
| “Motilal Oswal has reiterated a BUY recommendation on Bharat Electronics (BEL) with a target price of ₹530, valuing the s…” | Motilal Oswal AnalysisMotilal Oswal Financial Services | Bharat Electronics Ltd | PENDING | ||||
“Motilal Oswal has reiterated a BUY recommendation on Bharat Electronics (BEL) with a target price of ₹530, valuing the stock at 45x two-year forward earnings. Despite trading at 42.2x FY27E EPS, BEL remains their top defence stock pick, indicating continued bullish conviction.” This call hasn't reached its evaluation window yet — the verdict will appear here once it's graded. | |||||||
| “Bullish on Bharat Electronics Ltd (BEL) futures, recommending a buy in the ₹410-415 range with a stop loss at ₹395 and t…” | Jay ThakkarICICI Securities | Bharat Electronics Ltd | PENDING | ||||
| “Bullish on Bharat Electronics (BEL) as his top stock pick in the defence sector, finding it attractive at 35x 2-year for…” | Amit AnwaniPL Capital | Bharat Electronics Ltd | PENDING | ||||
| “Bullish on Bharat Electronics (BEL) for the next six months, recommending a buy between ₹395 and ₹405 with a target of ₹…” | Pabitro MukherjeeBajaj Broking | Bharat Electronics | PENDING | ||||
| “Recommends buying BEL for intraday trading at ₹399, targeting ₹420 with a stop loss at ₹390.” | Vaishali ParekhPrabhudas Lilladher | Bharat Electronics Limited | NOT GRADED | ||||
| “Recommends buying Bharat Electronics (BEL) in cash at ₹414.90, setting a stop loss at ₹399 and a target price of ₹450. T…” | Sumeet BagadiaChoice Equity Broking | Bharat Electronics | NOT GRADED | ||||
| “Bullish on Bharat Electronics (BEL), recommending a buy in the ₹412-₹422 range with a target of ₹464 and a stop loss at …” | Pabitro MukherjeeBajaj Broking | Bharat Electronics | NOT GRADED | ||||
Fundamentals
About Bharat Electronics Limited
Bharat Electronics Limited designs, manufactures, and supplies electronic equipment and systems for the defense and civilian markets in India. The company's defense products include defense communication products, land-based radars, naval systems, electronic warfare systems, avionics, electro optics, tank and armored fighting vehicle electronic systems, weapon systems, C4I systems, upgrades, shelters and masts, simulators, batteries, components and devices, fuzes and unmanned systems; microwave tubes and power modules, microwave super components, digital multichannel data recorders, and hybrid micro circuits; and micro-electro mechanical systems, such as pressure transducers, and conductivity temperature and depth sensors. Its non-defense products comprise e-governance systems, homeland security products, civilian radars, and telecom and broadcast systems; integrated traffic management systems, real time train information systems, and solar power solutions; and PD and strategic products, silicon radiation detectors, passive vacuum devices, EMI filters, and multichannel voice logging recorder systems. It also provides electronic manufacturing services, including PCB assembly and testing, precision fabrication, microwave integrated circuit assemblies, super components modules, cable assemblies, and antennae manufacturing services; designs and manufactures transformers, coils, chokes, and sub-assemblies; and software services. In addition, the company offers cyber security products, such as data diodes and secure storage products; EV charging stations; and platform screen doors. Further, the company provides security architecture conceptualization and consulting, and information security audit services. It exports its products to the United States, France, Spain, the United Kingdom, Mauritius, Seychelles, Mauritius, the Republic of Armenia, Sri Lanka, Sweden, and Israel. Bharat Electronics Limited was incorporated in 1954 and is headquartered in Bengaluru, India.
Details
Sector
Industrials
Industry
Aerospace & Defense
CEO
Mr. Manoj Jain
Headquarters
Bengaluru
Employees
9,420
Website
bel-india.inExchange
View on NSE ↗Key stats
Market cap
₹2.89 L Cr
P/E ratio (TTM)
45.9
Dividend yield
0.65%
EPS (TTM)
₹8.62
Beta (1Y · daily vs NIFTY 50)
0.88
Beta (5Y · monthly vs NIFTY 50)
1.23
Shares float
348.88 Cr
EPS · quarter ended Jun 2026
₹1.44
Upcoming earnings
29 Oct 2026
Financial Performance
01 · Financials
Revenue for Mar 2021–Mar 2026 is as filed with BSE (consolidated), and the first plotted growth figure is computed against Mar 2020 revenue as filed with BSE; the two sources' revenue definitions differ by 0.0% on Mar 2021. FY21 growth needs FY20 filings, which the data source doesn't provide.
02 · Earnings Per Share (EPS)
03 · Dividend Profile
Growth compares completed fiscal-year dividend totals on the company's own calendar: April–March (Indian FY), taken from its reported period-ends. Payout ledger: NSE corporate actions.
04 · Operating Efficiency (Growth Rates)
Balance-sheet-based · pre-FY23 not filed in verifiable form
05 · Capital Structure & Asset Utilization
Pre-FY23 not filed in verifiable form
Asset turnover needs a prior year of assets — omitted for the earliest available year.
06 · Asset Base Composition
Pre-FY23 not filed in verifiable form
07 · Debt Level & Coverage
Pre-FY23 not filed in verifiable form
08 · Profit & Loss
Annual
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ₹14,108.69 Cr | ₹15,368.18 Cr | ₹17,734.44 Cr | ₹20,268.24 Cr | ₹23,768.75 Cr | ₹27,610.11 Cr | |
| EBITDA | ₹3,335.47 Cr | ₹3,572.42 Cr | ₹4,366.68 Cr | ₹5,716.55 Cr | ₹7,576.06 Cr | ₹8,615.36 Cr |
| ₹2,098.94 Cr | ₹2,398.87 Cr | ₹2,984.42 Cr | ₹3,984.52 Cr | ₹5,321.44 Cr | ₹6,062.00 Cr | |
| Diluted EPS | ₹2.87 | ₹3.28 | ₹4.09 | ₹5.45 | ₹7.28 | ₹8.29 |
09 · Balance Sheet
Annual
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ₹29,492.00 Cr | ₹33,912.00 Cr | ₹35,490.00 Cr | ₹39,524.00 Cr | ₹40,824.00 Cr | ₹44,527.00 Cr | |
| — | — | ₹61.34 Cr | ₹62.51 Cr | ₹61.23 Cr | ₹65.46 Cr | |
| Stockholders' equity | ₹11,060.00 Cr | ₹12,286.00 Cr | ₹13,862.00 Cr | ₹16,326.00 Cr | ₹19,974.00 Cr | ₹23,988.00 Cr |
Current assets, Inventory, Trade receivables, Cash & equivalents, Non-current assets, CWIP, Others, Total debt, Long-term debt, Current (short-term) debt have filed figures for only some of the years shown — no further verified source covers the rest, so those years are left blank rather than estimated.
Annual only — the data source doesn’t publish quarterly balance-sheet detail for most NSE-listed companies.
10 · Cash Flow Statement
Annual
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ₹5,093.22 Cr | ₹4,207.22 Cr | ₹1,199.00 Cr | ₹4,659.00 Cr | ₹564.00 Cr | ₹1,541.00 Cr | |
| Investing cash flow | ₹-2,595.22 Cr | ₹-4,871.66 Cr | ₹2,690.84 Cr | ₹-5,923.85 Cr | ₹639.29 Cr | ₹1,730.00 Cr |
| ₹-1,075.73 Cr | ₹-1,077.60 Cr | ₹-1,262.08 Cr | ₹-1,475.01 Cr | ₹-1,696.43 Cr | ₹-2,096.86 Cr | |
| Capital expenditure | ₹-469.25 Cr | ₹-554.56 Cr | ₹-590.00 Cr | ₹-653.00 Cr | ₹-1,011.00 Cr | ₹-985.00 Cr |
| End cash position | ₹3,042.90 Cr | ₹1,300.86 Cr | ₹3,945.69 Cr | ₹1,206.32 Cr | ₹713.45 Cr | ₹1,887.96 Cr |
Annual only — the data source has no quarterly cash-flow-statement coverage.
11 · Shareholding Pattern
NSE, quarterly
| Line item | Sep 21–Jun 26(21Q) |
|---|---|
| Promoter | 51.14% |
| Public | 48.86% |
| Employee trusts | 0.00% |
Source: NSE quarterly shareholding-pattern filings, collapsed to periods where the reported percentages held steady — a column spanning several quarters means no change was filed across them. No FII/DII sub-split available from this source — Public includes all non-promoter, non-employee-trust holders.
12 · Peer Comparison
Industrials
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| Larsen & Toubro Limited | ₹5.24 L Cr | ₹3,836.2 | 31.6 | 4.79 | 14.7% | 1.15 | +11.8% | +4.1% |
| Adani Ports and Special Economic Zone Limited | ₹4.00 L Cr | ₹1,824 | 29.4 | 4.17 | 13.3% | 0.66 | +27.1% | +29.1% |
| Hindustan Aeronautics Limited | ₹3.20 L Cr | ₹4,800.3 | 34.3 | 7.80 | 22.2% | 0.00 | +5.6% | -1.2% |
| Bharat Electronics Limited | ₹2.82 L Cr | ₹395.45 | 46.0 | 11.75 | 25.3% | 0.00 | +15.9% | -4.1% |
| InterGlobe Aviation Limited | ₹1.87 L Cr | ₹4,920 | — | 26.87 | -34.3% | 11.15 | +6.6% | -13.9% |
| ABB India Limited | ₹1.51 L Cr | ₹7,270.5 | 95.5 | 19.28 | 21.3% | 0.01 | +8.1% | +33.7% |
| Bharat Heavy Electricals Limited | ₹1.43 L Cr | ₹429.2 | 58.8 | 5.47 | 6.1% | 0.31 | +18.3% | +83.2% |
| Hitachi Energy India Limited | ₹1.39 L Cr | ₹32,700 | 121.7 | 26.89 | 19.1% | 0.02 | +27.2% | +68.7% |
| Cummins India Limited | ₹1.39 L Cr | ₹5,099.5 | 57.8 | 16.42 | 27.9% | 0.00 | +16.9% | +24.3% |
| CG Power and Industrial Solutions Limited | ₹1.39 L Cr | ₹892 | 107.6 | 17.39 | 15.1% | 0.01 | +25.1% | +13.7% |
| Siemens Limited | ₹1.33 L Cr | ₹3,763.5 | 78.8 | 10.07 | 15.9% | 0.01 | +16.2% | +13.3% |
| Polycab India Limited | ₹1.24 L Cr | ₹8,241 | 43.5 | 10.34 | 22.3% | 0.37 | +28.3% | +13.7% |
Ranked by market cap within Industrials, same metrics as the Fundamentals screener. Click a column to sort.
Documents
Annual reports
Show all 28
Concall transcripts
Show all 11
Official documents linked from their sources — offer documents as filed with SEBI (sebi.gov.in), annual reports and earnings-call transcripts as published on BSE (bseindia.com) and NSE (nseindia.com). Links open the source's own hosting; nothing is re-hosted here.
Index membership
64 indices
NSE weights are a free-float market-cap-share estimate, not NSE’s own published (and sometimes capped) index weight. BSE weights are BSE’s own published index weight, not an estimate. Indices without weight data are listed without one, in alphabetical order after the weighted ones.