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Consolidated Standalone

Bharat Electronics

₹315.1 1.4 | 0.5%

Market Cap ₹230295 Cr.

Stock P/E 58.4

P/B 13

Current Price ₹315.1

Book Value ₹ 24.2

Face Value 1

52W High ₹340.4

Dividend Yield 0.7%

52W Low ₹ 157.4

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.) Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Net Sales 3141 3962 4153 6479 3533 4009 4162 8564 4244 4605
Other Income 82 74 59 66 140 137 167 225 204 158
Total Income 3223 4035 4212 6545 3673 4146 4330 8790 4447 4763
Total Expenditure 2618 3093 3290 4647 2860 2995 3090 6277 3295 3205
Operating Profit 605 942 922 1898 813 1151 1240 2513 1152 1558
Interest 1 2 10 2 1 2 1 4 1 1
Depreciation 99 109 106 114 109 108 107 119 108 111
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 504 831 806 1782 703 1041 1132 2390 1043 1445
Provision for Tax 148 216 203 415 174 261 284 604 262 361
Profit After Tax 356 615 603 1366 529 781 848 1786 781 1084
Adjustments 10 9 10 16 10 9 11 11 10 9
Profit After Adjustments 366 624 613 1382 538 789 860 1797 791 1092
Adjusted Earnings Per Share 0.5 0.9 0.8 1.9 0.7 1.1 1.2 2.5 1.1 1.5

Bharat Electronics Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Net Sales 6518 7093 7354 8668 10401 12164 12968 14109 15368 17734 20268 21575
Other Income 457 512 600 499 452 215 331 154 254 374 851 754
Total Income 6975 7604 7953 9167 10853 12379 13298 14262 15622 18108 21119 22330
Total Expenditure 5612 5917 6021 6955 8618 9397 10440 10924 12046 13738 15397 15867
Operating Profit 1363 1687 1933 2212 2235 2982 2858 3339 3576 4371 5721 6463
Interest 7 7 10 18 6 16 8 10 9 19 12 7
Depreciation 150 166 192 212 272 338 372 387 401 429 443 445
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1206 1513 1764 1983 1957 2628 2478 2942 3166 3923 5266 6010
Provision for Tax 254 316 427 486 550 780 686 872 812 983 1323 1511
Profit After Tax 952 1197 1337 1497 1407 1848 1793 2069 2354 2940 3943 4499
Adjustments -0 0 1 27 24 38 31 30 44 44 41 41
Profit After Adjustments 951 1197 1337 1524 1432 1886 1824 2099 2399 2984 3985 4540
Adjusted Earnings Per Share 1.2 1.5 1.7 2.1 2 2.6 2.5 2.9 3.3 4.1 5.5 6.3

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 14% 13% 11% 12%
Operating Profit CAGR 31% 20% 14% 15%
PAT CAGR 34% 24% 16% 15%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 95% 66% 56% 27%
ROE Average 26% 23% 21% 19%
ROCE Average 35% 31% 29% 26%

Bharat Electronics Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds 7441 8318 9246 7736 8016 9212 10072 11060 12286 13862 16326
Minority's Interest 4 6 5 14 13 13 14 15 16 18 18
Borrowings 0 0 0 17 33 0 0 0 0 0 0
Other Non-Current Liabilities 984 1027 444 550 572 675 898 1122 1406 542 581
Total Current Liabilities 8087 7897 8451 8751 9896 10449 12866 16830 19581 20566 22027
Total Liabilities 16516 17248 18146 17067 18530 20349 23850 29026 33290 34987 38952
Fixed Assets 695 1073 1232 1501 1839 2298 2713 2652 2675 2963 3035
Other Non-Current Assets 1542 1239 1081 1500 2387 2177 2399 2661 3321 1977 1854
Total Current Assets 14280 14936 15833 14067 14305 15874 18738 23713 27294 30048 34063
Total Assets 16516 17248 18146 17067 18530 20349 23850 29026 33290 34987 38952

Bharat Electronics Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 1809 1786 2031 2503 2700 804 760 1621 3043 1301 3946
Cash Flow from Operating Activities -569 1434 2260 -61 -687 1514 2570 5093 4207 1199 4659
Cash Flow from Investing Activities 759 -839 -1470 3115 -6 -896 -649 -2595 -4872 2708 -5924
Cash Flow from Financing Activities -213 -209 -318 -2857 -1202 -663 -1061 -1076 -1078 -1262 -1475
Net Cash Inflow / Outflow -23 386 472 197 -1895 -45 861 1422 -1742 2645 -2739
Closing Cash & Cash Equivalent 1786 2171 2503 2700 804 760 1621 3043 1301 3946 1206

Bharat Electronics Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) 1.2 1.51 1.69 2.07 1.96 2.58 2.5 2.87 3.28 4.08 5.45
CEPS(Rs) 1.39 1.72 1.93 2.32 2.3 2.99 2.96 3.36 3.77 4.61 6
DPS(Rs) 2.33 2.92 1.7 0.68 0.67 3.4 0.93 1.33 4.5 1.8 2.2
Book NAV/Share(Rs) 9.39 10.5 11.67 10.5 10.97 12.6 13.78 15.13 16.81 18.96 22.34
Core EBITDA Margin(%) 13.79 16.52 17.25 18.58 17 22.75 19.49 22.57 21.6 22.54 24.03
EBIT Margin(%) 18.46 21.38 22.95 21.7 18.72 21.73 19.17 20.91 20.64 22.23 26.04
Pre Tax Margin(%) 18.35 21.28 22.82 21.5 18.66 21.6 19.11 20.85 20.59 22.12 25.98
PAT Margin (%) 14.49 16.83 17.29 16.24 13.42 15.19 13.82 14.66 15.31 16.58 19.45
Cash Profit Margin (%) 16.77 19.17 19.78 18.53 16.01 17.97 16.69 17.41 17.92 19 21.64
ROA(%) 5.78 7.09 7.55 8.5 7.91 9.51 8.11 7.83 7.56 8.61 10.67
ROE(%) 13.51 15.2 15.22 17.63 17.87 21.45 18.59 19.59 20.17 22.49 26.12
ROCE(%) 17.22 19.27 20.14 23.43 24.7 30.5 25.73 27.92 27.2 30.15 34.97
Receivable days 208.87 204.28 177.73 160.12 163.3 155.83 170.25 171.81 150.36 135.23 129.89
Inventory Days 183.2 173.56 179.01 178.9 164.66 135.35 118.23 115.43 125.32 123.9 125.11
Payable days 116.98 113.22 112.41 102.2 88.77 86.6 100.27 134.74 137.25 124.41 121.42
PER(x) 9.63 22.37 21.88 22.92 24.18 12.05 9.93 14.52 21.42 23.89 36.96
Price/Book(x) 1.23 3.22 3.17 4.51 4.32 2.47 1.8 2.76 4.18 5.14 9.02
Dividend Yield(%) 2.04 0.87 1.39 1.44 1.41 3.64 3.77 3.2 2.13 1.85 1.09
EV/Net Sales(x) 0.7 2.93 3 3.59 3.25 1.79 1.27 1.8 2.85 3.56 6.72
EV/Core EBITDA(x) 3.34 12.31 11.43 14.09 15.15 7.31 5.76 7.61 12.25 14.46 23.81
Net Sales Growth(%) 3.91 8.82 3.68 17.88 19.99 16.95 6.61 8.8 8.93 15.4 14.29
EBIT Growth(%) 5.08 25.4 16.64 12.78 -1.85 34.68 -5.98 18.72 7.57 24.16 33.91
PAT Growth(%) 4.44 25.78 11.67 11.99 -6 31.32 -3 15.44 13.78 24.88 34.1
EPS Growth(%) 4.45 25.84 11.71 22.41 -5.24 31.76 -3.31 15.08 14.29 24.41 33.51
Debt/Equity(x) 0 0 0 0.01 0.01 0 0 0 0 0 0
Current Ratio(x) 1.77 1.89 1.87 1.61 1.45 1.52 1.46 1.41 1.39 1.46 1.55
Quick Ratio(x) 1.35 1.46 1.38 1.05 0.98 1.09 1.15 1.11 1.11 1.15 1.21
Interest Cover(x) 178.15 204.26 182.11 111.94 308.71 165.99 324.55 307.12 371.32 209.33 437.67
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0

Bharat Electronics Shareholding Pattern

# Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Promoter 51.14 51.14 51.14 51.14 51.14 51.14 51.14 51.14 51.14 51.14
FII 15.99 17.35 17.34 16.42 17.35 17.18 17.78 17.56 17.43 17.27
DII 27.77 25.63 25.05 25.5 24.83 24.19 23.37 22.64 20.61 20.21
Public 5.11 5.88 6.47 6.94 6.68 7.49 7.72 8.66 10.82 11.38
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 23%
  • Debtor days have improved from 124.41 to 121.42days.
  • Company is almost debt free.

Cons

  • Stock is trading at 13 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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