Bharat Electronics Ltd

NSE: BEL · Aerospace & Defense · sector

₹363.00NSE close 2026-10-26

Key numbers

Market cap₹2,65,346 cr

Price₹363.00

52w high / low₹473 / ₹360

P/E43.2xSector median 75.3x

P/B11.1xSector median 8.2x

Book value₹32.8

Dividend yield0.79%Sector median 0.15%

ROE28.0%Sector median 12.6%

ROCE34.1%Sector median 13.7%

OPM28.6%Sector median 20.9%

Debt / equity0.00xSector median 0.11x

EV/EBITDA31.3xSector median 59.6x

Interest cover1,267.6x

Current ratio1.98x

Sales growth 3y+15.9%Sector median +15.9%

Profit growth 3y+26.6%Sector median +32.2%

PEG1.62x

Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 29 companies in Aerospace & Defense (P/E median leaves out loss-making companies). Tap ? for what a number means.

Things to know

Cash ₹8,572 cr vs borrowings ₹0 cr (FY26): cash is higher (net cash).
Operating profit covered interest 1,267.6x in the last 12 months.
No promoter shares are pledged.
Operating cash flow was below net profit in 3 of the last 5 years (FY26, FY25, FY23).
Revenue was higher than a year earlier in 4 of the last 4 quarters.
Other income was 9% of net profit in the last 12 months.
Debtor days went from 133 (FY24) to 170 (FY26).
Dividend paid in 5 of the last 5 financial years.
Price ₹363.00 on 2026-10-26: -23.3% from the 52-week high, +0.7% from the 52-week low.

Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.

Charts

Weekly close · high ₹462.75 · low ₹250.35

Quarterly results

₹ cr	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	4,605	5,771	9,150	4,440	5,792	7,154	10,224	5,547
EBITDA	1,400	1,669	2,816	1,238	1,702	2,127	2,982	1,388
OPM %	30.4%	28.9%	30.8%	27.9%	29.4%	29.7%	29.2%	25.0%
Other income	158	186	195	163	154	139	110	170
Net profit	1,092	1,311	2,127	970	1,288	1,579	2,225	1,054
EPS (₹)	1.50	1.79	2.91	1.33	1.76	2.16	3.04	1.44
Revenue YoY					+25.8%	+24.0%	+11.7%	+24.9%
Profit YoY					+17.9%	+20.5%	+4.6%	+8.7%

Consolidated figures where filed. Latest quarter Jun 2026.

Profit & loss (yearly)

₹ cr	FY22	FY23	FY24	FY25	FY26	TTM
Revenue	15,368	17,734	20,268	23,769	27,610	28,717
EBITDA	3,341	4,086	5,046	6,834	8,049	8,199
Net profit	2,399	2,984	3,985	5,321	6,062	6,146
EPS (₹)	9.85	4.09	5.45	7.28	8.29	8.40
Revenue growth		+15.4%	+14.3%	+17.3%	+16.2%	+19.8%
Profit growth		+24.4%	+33.5%	+33.6%	+13.9%	+11.8%
Dividend / share (₹)	4.20	2.70	2.00	2.30	2.85

Compounded growth	3 years	5 years	Last 12 months
Sales	+15.9%	+14.4%	+19.8%
Net profit	+26.6%	+23.6%	+11.7%
EPS	+26.6%	-0.8%	–
Share price	–	+14.7% (2y)	-11.1%

Balance sheet

₹ cr	FY22	FY23	FY24	FY25	FY26
Shareholders' equity	–	13,862	16,326	19,974	23,988
Borrowings	–	0	0	0	0
Cash & equivalents	–	8,112	11,057	9,545	8,572
Total assets	–	35,491	39,527	40,832	44,538
Fixed assets	–	2,694	2,788	3,205	3,482
Capital work in progress	–	361	456	477	486
Investments	–	449	531	582	625
Receivables	–	7,033	7,392	9,116	12,876
Inventory	–	6,448	7,447	9,119	10,176
Payables	–	3,330	3,706	3,339	3,583

Year-end figures from the March annual filing.

Cash flow

₹ cr	FY22	FY23	FY24	FY25	FY26
Cash from operations	4,207	1,267	4,659	587	1,541
Cash from investing	-4,872	2,691	-5,924	617	1,730
Cash from financing	-1,078	-1,313	-1,475	-1,696	-2,097
Capex	555	590	653	1,011	985
Free cash flow	3,653	676	4,007	-425	556

Free cash flow = cash from operations − capex.

Ratios by year

₹ cr	FY22	FY23	FY24	FY25	FY26
ROE %	–	21.5%	24.4%	26.6%	25.3%
ROCE %	–	28.4%	32.3%	35.6%	33.6%
Debtor days	–	145	133	140	170
Inventory days	–	239	257	273	265
Payable days	–	124	128	100	93
Cash conversion cycle (days)	–	260	262	313	342
Working capital days	–	195	217	232	248

Shareholding

Holder	% (2026-09-30)
Promoters	51.14%
FIIs	16.98%
DIIs	21.88%
of which Mutual funds	14.90%
of which Insurance	4.25%
Public (non-institutions)	10.00%

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters %	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%

Promoter group	%
President of India	51.14%

Public holders above 1%	%
NPS Trust - A/C LIC NPS Sanchay Scheme (Various Schemes)	2.52%
Kotak Mahindra Trustee Co Ltd A/C Infinity Hybrid Long-short Fund (Various Schemes)	2.18%
SBI Arbitrage Fund (Various Schemes)	2.09%
Nippon Life India Trustee Ltd A/C Nippon India Nifty India Manufacturi (Various Schemes)	2.05%
Life Insurance Corporation (Various Schemes)	1.79%
HDFC Mutual Fund - HDFC BSE India Sector Leaders Index Fund (Various Schemes)	1.49%
ICICI Prudential Life Cycle Fund 2036 (Various Schemes)	1.41%
Government of Singapore	1.06%
Motilal Oswal Nifty 100 ETF (Various Schemes)	1.01%

26,45,635 shareholders. Pledged: 0.00% of promoter shares.

Peers in Aerospace & Defense

Company	Market cap	P/E	P/B	ROE	ROCE	OPM	Sales 3y	Div yield
HAL	₹3,19,342 cr	34.3x	7.8x	24.5%	30.2%	29.6%	+7.1%	1.05%
BEL	₹2,65,346 cr	43.2x	11.1x	28.0%	34.1%	28.6%	+15.9%	0.79%
BDL	₹37,719 cr	72.4x	8.9x	12.6%	16.8%	12.7%	-0.6%	0.51%
GRSE	₹21,411 cr	26.7x	8.2x	34.0%	41.2%	11.1%	+39.8%	0.95%
DATAPATTNS	₹21,133 cr	78.8x	12.2x	16.5%	21.4%	39.3%	+26.8%	0.21%
AEQUS	₹16,257 cr	–	10.9x	-7.6%	1.1%	7.6%	–	–
APOLLO	₹15,269 cr	118.8x	11.6x	12.7%	11.6%	22.6%	+44.9%	0.06%
ASTRAMICRO	₹14,226 cr	75.3x	10.8x	15.7%	18.6%	28.6%	+12.6%	0.15%
ZENTEC	₹13,947 cr	77.1x	7.4x	10.3%	14.6%	32.6%	+46.5%	0.13%
PARAS	₹10,105 cr	107.0x	13.9x	13.8%	17.5%	26.1%	+28.9%	0.04%

All 29 companies in Aerospace & Defense →

Dividends & corporate actions

Ex-date	Action	Detail
2026-08-13	Dividend	Dividend - Re 0.55 Per Share
2026-03-06	Dividend	Interim Dividend - Rs 1.95 Per Share
2025-08-14	Dividend	Dividend - Rs 0.90 Per Share
2025-03-11	Dividend	Interim Dividend - Rs 1.5 Per Share
2024-08-14	Dividend	Annual General Meeting/Dividend - Re 0.80 Per Share
2024-03-22	Dividend	Interim Dividend - Re 0.70 Per Share
2024-02-09	Dividend	Interim Dividend - Re 0.70 Per Share
2023-08-17	Dividend	Annual General Meeting/Dividend - Re 0.60 Per Share
2023-03-24	Dividend	Interim Dividend - Rs 0.60 Per Share
2023-02-10	Dividend	Interim Dividend - Re 0.60 Per Share
2022-09-15	Bonus	Bonus 2:1
2022-08-08	Dividend	Annual General Meeting/Dividend - Rs 1.50 Per Share
2022-03-24	Dividend	Interim Dividend - Rs 1.50 Per Share
2022-02-09	Dividend	Interim Dividend - Rs 1.50 Per Share
2021-09-14	Dividend	Annual General Meeting/Dividend - Rs 1.20 Per Share
2021-03-23	Dividend	Interim Dividend - Rs 1.40 Per Share
2021-02-08	Dividend	Interim Dividend - Rs 1.40 Per Share
2020-09-15	Dividend	Annual General Meeting/Dividend - Rs 1.40 Per Share
2020-02-11	Dividend	Interim Dividend - Rs 1.40 Per Share
2019-08-20	Dividend	Annual General Meeting/Dividend - Rs 1.70 Per Share

Documents

Links go to the original files on the exchange website.

About the company

Manufacturing: Designing & development, engineering, manufacturing and sale of wide range of strategic electronic products and systems
Services: Installation & commissioning repairs and maintenance, AMC, product upgrade contracts for products/ systems delivered by the Company


Sector	Industrials
Industry	Aerospace & Defense
Sub-industry	Aerospace & Defense
Symbol	BEL
BSE code	500049
ISIN	INE263A01024
Face value	₹1.0
Incorporated	1954-04-21
Website	www.bel-india.in
Plants (India / abroad)	9 / 0

From the company's filings (BRSR FY26).

Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.