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Consolidated Standalone

Bharat Electronics

₹426.9 7.1 | 1.7%

Market Cap ₹312018 Cr.

Stock P/E 59

P/B 14.5

Current Price ₹426.9

Book Value ₹ 29.5

Face Value 1

52W High ₹436

Dividend Yield 0.56%

52W Low ₹ 240.2

Edit Ratio

Bharat Electronics Research see more...

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Equity Research: BHARAT ELECTRONICS LTD

Overview Inc. Year: 1954Industry: Defence

Bharat Electronics Limited is an India-based employer, which manufactures and resources electronic equipment and systems to the defense area as well as for non-defense markets. Its defense products are Land-based Radars, Naval Systems,Defense Communication Products, Electronic Warfare Systems, Avionics, Electro Optics, Tank and Armored Fighting Vehicle Electronic Systems, C4I Systems, Weapon Systems, Shelters and Masts, Simulators and Batteries, among others. Its non defense products include Homeland Security, Civilian Radars,Telecom and Broadcast Systems,Cyber Security, and e-Governance Systems, among others. It manufactures electronic products and systems for the navy, army, and the air force. It gives electronic manufacturing services in regions of printed circuit board meeting and testing; precision machining and fabrication; opto electronics additives and assemblies; microwave integrated circuit assemblies; additives modules, and offsets, among others.

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Bharat Electronics Share Price

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Peer Comparison

Bharat Electronics Quarterly Results

#(Fig in Cr.) Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Net Sales 3533 4009 4162 8564 4244 4605 5771 9150 4440 5792
Other Income 140 137 167 225 204 158 186 195 163 154
Total Income 3673 4146 4330 8790 4447 4763 5957 9344 4603 5946
Total Expenditure 2860 2995 3090 6277 3295 3205 4101 6334 3201 4090
Operating Profit 813 1151 1240 2513 1152 1558 1856 3011 1402 1856
Interest 1 2 1 4 1 1 1 6 1 2
Depreciation 109 108 107 119 108 111 111 138 121 126
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 703 1041 1132 2390 1043 1445 1744 2867 1279 1728
Provision for Tax 174 261 284 604 262 361 442 746 319 450
Profit After Tax 529 781 848 1786 781 1084 1301 2121 961 1278
Adjustments 10 9 11 11 10 9 10 6 9 9
Profit After Adjustments 538 789 860 1797 791 1092 1311 2127 970 1288
Adjusted Earnings Per Share 0.7 1.1 1.2 2.5 1.1 1.5 1.8 2.9 1.3 1.8

Bharat Electronics Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 7093 7354 8668 10401 12164 12968 14109 15368 17734 20268 23769 25153
Other Income 512 600 499 452 215 331 154 254 374 851 897 698
Total Income 7604 7953 9167 10853 12379 13298 14262 15622 18108 21119 24666 25850
Total Expenditure 5917 6021 6955 8618 9397 10440 10924 12046 13738 15397 17087 17726
Operating Profit 1687 1933 2212 2235 2982 2858 3339 3576 4371 5721 7579 8125
Interest 7 10 18 6 16 8 10 9 19 12 13 10
Depreciation 166 192 212 272 338 372 387 401 429 443 467 496
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1513 1764 1983 1957 2628 2478 2942 3166 3923 5266 7099 7618
Provision for Tax 316 427 486 550 780 686 872 812 983 1323 1812 1957
Profit After Tax 1197 1337 1497 1407 1848 1793 2069 2354 2940 3943 5287 5661
Adjustments 0 1 27 24 38 31 30 44 44 41 34 34
Profit After Adjustments 1197 1337 1524 1432 1886 1824 2099 2399 2984 3985 5321 5696
Adjusted Earnings Per Share 1.5 1.7 2.1 2 2.6 2.5 2.9 3.3 4.1 5.5 7.3 7.8

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 17% 16% 13% 13%
Operating Profit CAGR 32% 28% 22% 16%
PAT CAGR 34% 31% 24% 16%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 52% 59% 68% 27%
ROE Average 29% 26% 24% 20%
ROCE Average 39% 35% 32% 28%

Bharat Electronics Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 8318 9246 7736 8016 9212 10072 11060 12286 13862 16326 19974
Minority's Interest 6 5 14 13 13 14 15 16 18 18 19
Borrowings 0 0 17 33 0 0 0 0 0 0 0
Other Non-Current Liabilities 1027 444 550 572 675 898 1122 1406 542 581 552
Total Current Liabilities 7897 8451 8751 9896 10449 12866 16830 19581 20566 22027 19753
Total Liabilities 17248 18146 17067 18530 20349 23850 29026 33290 34987 38952 40297
Fixed Assets 1073 1232 1501 1839 2298 2713 2652 2675 2963 3035 3419
Other Non-Current Assets 1239 1081 1500 2387 2177 2399 2661 3321 1977 1854 2020
Total Current Assets 14936 15833 14067 14305 15874 18738 23713 27294 30048 34063 34858
Total Assets 17248 18146 17067 18530 20349 23850 29026 33290 34987 38952 40297

Bharat Electronics Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 1786 2031 2503 2700 804 760 1621 3043 1301 3946 1206
Cash Flow from Operating Activities 1434 2260 -61 -687 1514 2570 5093 4207 1199 4659 587
Cash Flow from Investing Activities -839 -1470 3115 -6 -896 -649 -2595 -4872 2708 -5924 617
Cash Flow from Financing Activities -209 -318 -2857 -1202 -663 -1061 -1076 -1078 -1262 -1475 -1696
Net Cash Inflow / Outflow 386 472 197 -1895 -45 861 1422 -1742 2645 -2739 -493
Closing Cash & Cash Equivalent 2171 2503 2700 804 760 1621 3043 1301 3946 1206 713

Bharat Electronics Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 1.51 1.69 2.07 1.96 2.58 2.5 2.87 3.28 4.08 5.45 7.28
CEPS(Rs) 1.72 1.93 2.32 2.3 2.99 2.96 3.36 3.77 4.61 6 7.87
DPS(Rs) 2.92 1.7 0.68 0.67 3.4 0.93 1.33 4.5 1.8 2.2 2.4
Book NAV/Share(Rs) 10.5 11.67 10.5 10.97 12.6 13.78 15.13 16.81 18.96 22.34 27.32
Core EBITDA Margin(%) 16.52 17.25 18.58 17 22.75 19.49 22.57 21.6 22.54 24.03 28.11
EBIT Margin(%) 21.38 22.95 21.7 18.72 21.73 19.17 20.91 20.64 22.23 26.04 29.92
Pre Tax Margin(%) 21.28 22.82 21.5 18.66 21.6 19.11 20.85 20.59 22.12 25.98 29.87
PAT Margin (%) 16.83 17.29 16.24 13.42 15.19 13.82 14.66 15.31 16.58 19.45 22.24
Cash Profit Margin (%) 19.17 19.78 18.53 16.01 17.97 16.69 17.41 17.92 19 21.64 24.21
ROA(%) 7.09 7.55 8.5 7.91 9.51 8.11 7.83 7.56 8.61 10.67 13.34
ROE(%) 15.2 15.22 17.63 17.87 21.45 18.59 19.59 20.17 22.49 26.12 29.13
ROCE(%) 19.27 20.14 23.43 24.7 30.5 25.73 27.92 27.2 30.15 34.97 39.18
Receivable days 204.28 177.73 160.12 163.3 155.83 170.25 171.81 150.36 135.23 129.89 126.76
Inventory Days 173.56 179.01 178.9 164.66 135.35 118.23 115.43 125.32 123.9 125.11 127.19
Payable days 113.22 112.41 102.2 88.77 86.6 100.27 134.74 137.25 124.41 121.42 105.5
PER(x) 22.37 21.88 22.92 24.18 12.05 9.93 14.52 21.42 23.89 36.96 41.37
Price/Book(x) 3.22 3.17 4.51 4.32 2.47 1.8 2.76 4.18 5.14 9.02 11.02
Dividend Yield(%) 0.87 1.39 1.44 1.41 3.64 3.77 3.2 2.13 1.85 1.09 0.8
EV/Net Sales(x) 2.93 3 3.59 3.25 1.79 1.27 1.8 2.85 3.56 6.72 8.86
EV/Core EBITDA(x) 12.31 11.43 14.09 15.15 7.31 5.76 7.61 12.25 14.46 23.81 27.79
Net Sales Growth(%) 8.82 3.68 17.88 19.99 16.95 6.61 8.8 8.93 15.4 14.29 17.27
EBIT Growth(%) 25.4 16.64 12.78 -1.85 34.68 -5.98 18.72 7.57 24.16 33.91 34.73
PAT Growth(%) 25.78 11.67 11.99 -6 31.32 -3 15.44 13.78 24.88 34.1 34.09
EPS Growth(%) 25.84 11.71 22.41 -5.24 31.76 -3.31 15.08 14.29 24.41 33.51 33.55
Debt/Equity(x) 0 0 0.01 0.01 0 0 0 0 0 0 0
Current Ratio(x) 1.89 1.87 1.61 1.45 1.52 1.46 1.41 1.39 1.46 1.55 1.76
Quick Ratio(x) 1.46 1.38 1.05 0.98 1.09 1.15 1.11 1.11 1.15 1.21 1.3
Interest Cover(x) 204.26 182.11 111.94 308.71 165.99 324.55 307.12 371.32 209.33 437.67 567.56
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0

Bharat Electronics Shareholding Pattern

# Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Promoter 51.14 51.14 51.14 51.14 51.14 51.14 51.14 51.14 51.14 51.14
FII 17.35 17.18 17.78 17.56 17.43 17.27 17.35 17.56 18.56 18.15
DII 24.83 24.19 23.37 22.64 20.61 20.21 20.93 20.87 20.6 20.88
Public 6.68 7.49 7.72 8.66 10.82 11.38 10.59 10.43 9.71 9.84
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has delivered good profit growth of 24% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26%
  • Debtor days have improved from 121.42 to 105.5days.
  • Company is almost debt free.

Cons

  • Stock is trading at 14.5 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Bharat Electronics News

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