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Consolidated Standalone

Bharat Electronics

₹227.1 0.8 | 0.4%

Market Cap ₹165969 Cr.

Stock P/E 46.5

P/B 10.6

Current Price ₹227.1

Book Value ₹ 21.4

Face Value 1

52W High ₹241.5

Dividend Yield 0.79%

52W Low ₹ 105.8

Edit Ratio

Bharat Electronics Research see more...

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Equity Research: BHARAT ELECTRONICS LTD

Overview Inc. Year: 1954Industry: Engineering - Industrial Equipments

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.) Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Net Sales 3678 3702 6340 3141 3962 4153 6479 3533 4009 4162
Other Income 62 60 64 82 74 59 66 140 137 167
Total Income 3740 3762 6404 3223 4035 4212 6545 3673 4146 4330
Total Expenditure 2814 2872 4762 2618 3093 3290 4647 2860 2995 3090
Operating Profit 926 889 1641 605 942 922 1898 813 1151 1240
Interest 0 0 4 1 2 10 2 1 2 1
Depreciation 99 98 106 99 109 106 114 109 108 107
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 827 791 1531 504 831 806 1782 703 1041 1132
Provision for Tax 216 206 385 148 216 203 415 174 261 284
Profit After Tax 610 585 1147 356 615 603 1366 529 781 848
Adjustments 14 11 8 10 9 10 16 10 9 11
Profit After Adjustments 624 596 1154 366 624 613 1382 538 789 860
Adjusted Earnings Per Share 0.9 0.8 1.6 0.5 0.9 0.8 1.9 0.7 1.1 1.2

Bharat Electronics Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 6273 6518 7093 7354 8668 10401 12164 12968 14109 15368 17734 18183
Other Income 655 457 512 600 499 452 215 331 154 254 374 510
Total Income 6927 6975 7604 7953 9167 10853 12379 13298 14262 15622 18108 18694
Total Expenditure 5639 5612 5917 6021 6955 8618 9397 10440 10924 12046 13738 13592
Operating Profit 1288 1363 1687 1933 2212 2235 2982 2858 3339 3576 4371 5102
Interest 7 7 7 10 18 6 16 8 10 9 19 6
Depreciation 136 150 166 192 212 272 338 372 387 401 429 438
Exceptional Income / Expenses 3 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1147 1206 1513 1764 1983 1957 2628 2478 2942 3166 3923 4658
Provision for Tax 236 254 316 427 486 550 780 686 872 812 983 1134
Profit After Tax 911 952 1197 1337 1497 1407 1848 1793 2069 2354 2940 3524
Adjustments -0 -0 0 1 27 24 38 31 30 44 44 46
Profit After Adjustments 911 951 1197 1337 1524 1432 1886 1824 2099 2399 2984 3569
Adjusted Earnings Per Share 1.2 1.2 1.5 1.7 2.1 2 2.6 2.5 2.9 3.3 4.1 4.9

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 15% 11% 11% 11%
Operating Profit CAGR 22% 15% 14% 13%
PAT CAGR 25% 18% 16% 12%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 110% 68% 50% 34%
ROE Average 22% 21% 20% 18%
ROCE Average 30% 28% 28% 24%

Bharat Electronics Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 6647 7441 8318 9246 7736 8016 9212 10072 11060 12286 13862
Minority's Interest 3 4 6 5 14 13 13 14 15 16 18
Borrowings 0 0 0 0 17 33 0 0 0 0 0
Other Non-Current Liabilities 1043 984 1027 444 550 572 675 898 1122 1406 542
Total Current Liabilities 8745 8087 7897 8451 8751 9896 10449 12866 16830 19581 20566
Total Liabilities 16439 16516 17248 18146 17067 18530 20349 23850 29026 33290 34987
Fixed Assets 600 695 1073 1232 1501 1839 2298 2713 2652 2675 2963
Other Non-Current Assets 1500 1542 1239 1081 1500 2387 2177 2399 2661 3321 1977
Total Current Assets 14339 14280 14936 15833 14067 14305 15874 18738 23713 27294 30048
Total Assets 16439 16516 17248 18146 17067 18530 20349 23850 29026 33290 34987

Bharat Electronics Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 1752 1809 1786 2031 2503 2700 804 760 1621 3043 1301
Cash Flow from Operating Activities -1540 -569 1434 2260 -61 -687 1514 2570 5093 4207 1267
Cash Flow from Investing Activities 1753 759 -839 -1470 3115 -6 -896 -649 -2595 -4872 2691
Cash Flow from Financing Activities -157 -213 -209 -318 -2857 -1202 -663 -1061 -1076 -1078 -1313
Net Cash Inflow / Outflow 56 -23 386 472 197 -1895 -45 861 1422 -1742 2645
Closing Cash & Cash Equivalent 1809 1786 2171 2503 2700 804 760 1621 3043 1301 3946

Bharat Electronics Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 1.15 1.2 1.51 1.69 2.07 1.96 2.58 2.5 2.87 3.28 4.08
CEPS(Rs) 1.32 1.39 1.72 1.93 2.32 2.3 2.99 2.96 3.36 3.77 4.61
DPS(Rs) 2.23 2.33 2.92 1.7 2.25 2 3.4 2.8 4 4.5 1.8
Book NAV/Share(Rs) 8.39 9.39 10.5 11.67 10.5 10.97 12.6 13.78 15.13 16.81 18.96
Core EBITDA Margin(%) 10.06 13.79 16.52 17.25 18.58 17 22.75 19.49 22.57 21.6 22.54
EBIT Margin(%) 18.33 18.46 21.38 22.95 21.7 18.72 21.73 19.17 20.91 20.64 22.23
Pre Tax Margin(%) 18.23 18.35 21.28 22.82 21.5 18.66 21.6 19.11 20.85 20.59 22.12
PAT Margin (%) 14.47 14.49 16.83 17.29 16.24 13.42 15.19 13.82 14.66 15.31 16.58
Cash Profit Margin (%) 16.64 16.77 19.17 19.78 18.53 16.01 17.97 16.69 17.41 17.92 19
ROA(%) 5.48 5.78 7.09 7.55 8.5 7.91 9.51 8.11 7.83 7.56 8.61
ROE(%) 14.53 13.51 15.2 15.22 17.63 17.87 21.45 18.59 19.59 20.17 22.49
ROCE(%) 18.4 17.22 19.27 20.14 23.43 24.7 30.5 25.73 27.92 27.2 30.15
Receivable days 176.28 208.87 204.28 177.73 160.12 163.3 155.83 170.25 171.81 150.36 135.23
Inventory Days 173.63 183.2 173.56 179.01 178.9 164.66 135.35 118.23 115.43 125.32 123.9
Payable days 106.78 116.98 113.22 112.41 102.2 88.77 86.6 100.27 134.74 137.25 124.88
PER(x) 10.09 9.63 22.37 21.88 22.92 24.18 12.05 9.93 14.52 21.42 23.89
Price/Book(x) 1.38 1.23 3.22 3.17 4.51 4.32 2.47 1.8 2.76 4.18 5.14
Dividend Yield(%) 1.94 2.04 0.87 1.39 1.44 1.41 3.64 3.77 3.2 2.13 1.85
EV/Net Sales(x) 0.62 0.7 2.93 3 3.59 3.25 1.79 1.27 1.8 2.85 3.56
EV/Core EBITDA(x) 3 3.34 12.31 11.43 14.09 15.15 7.31 5.76 7.61 12.25 14.46
Net Sales Growth(%) 6.06 3.91 8.82 3.68 17.88 19.99 16.95 6.61 8.8 8.93 15.4
EBIT Growth(%) 4.22 5.08 25.4 16.64 12.78 -1.85 34.68 -5.98 18.72 7.57 24.16
PAT Growth(%) 7.54 4.44 25.78 11.67 11.99 -6 31.32 -3 15.44 13.78 24.88
EPS Growth(%) 7.57 4.45 25.84 11.71 22.41 -5.24 31.76 -3.31 15.08 14.29 24.41
Debt/Equity(x) 0 0 0 0 0.01 0.01 0 0 0 0 0
Current Ratio(x) 1.64 1.77 1.89 1.87 1.61 1.45 1.52 1.46 1.41 1.39 1.46
Quick Ratio(x) 1.27 1.35 1.46 1.38 1.05 0.98 1.09 1.15 1.11 1.11 1.15
Interest Cover(x) 173.35 178.15 204.26 182.11 111.94 308.71 165.99 324.55 307.12 371.32 209.33
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0

Bharat Electronics Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 51.14 51.14 51.14 51.14 51.14 51.14 51.14 51.14 51.14 51.14
FII 17.21 16.77 15.99 17.35 17.34 16.42 17.35 17.18 17.78 17.56
DII 26.77 26.71 27.77 25.63 25.05 25.5 24.83 24.19 23.37 22.64
Public 4.89 5.38 5.11 5.88 6.47 6.94 6.68 7.49 7.72 8.66
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 a good return on equity (ROE) track record: 3 Years ROE 21%
  • Debtor days have improved from 137.25 to 124.88days.
  • Company is almost debt free.

Cons

  • Stock is trading at 10.6 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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