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On 6 Nov 2026, Bharat Electronics was priced at ₹396.00, or 45.3× trailing earnings, against an industry P/E of 54.7×, and the shares are 16% below their 52-week high. Sales and net profit grew 15% and 27% a year over 3 years, with ROCE of 32% and ROE of 27%. It carries very little debt, and its dividend yield is 0.6%. It is a large-cap company with a market cap of ₹2.9 lakh crore, ranked 2nd of 27 Aerospace & Defense companies by market cap; the shares fell 4.8% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹390.00
Day high
₹396.00
Day low
₹385.50
Prev. close
₹395.10
Volume
88.3 L

Health check

4 good · 1 fair · 1 to check
  • ReturnsIn line

    −4.8% over a year, better than 4 of 7 peers.

  • Price tagCheaper

    P/E 45.3 vs industry 54.7.

  • GrowthSlow

    Sales +15.5%, profit +26.6% a year over 3 years.

  • ProfitabilityStrong

    ROCE 31.9% vs peer median 20.4%.

  • Balance sheetSolid

    Practically debt-free, Piotroski 8 of 9.

  • Red flagsNone found

    No warning signs in the headline numbers.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Aerospace & Defense

26 listed peers. Screen the industry

Large cap

₹2.9L Cr, #2 of 27 in its industry by size.

Defensive

Beta 0.33 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Sep 2026: sales ₹30,253 Cr · profit ₹6,399 Cr
Market cap
₹2.9L Cr
Large cap
P/E
45.3
Industry 54.7
Price to book
11.01
Peers 9.16
Dividend yield
0.63%
ROE
26.7%
Peers 23.2%
ROCE
31.9%
Peers 20.4%
Debt to equity
0.00
Debt ₹85 Cr
EPS (TTM)
₹8.75
Face value ₹1
OPM (TTM)
28.2%
Net margin 21.2%
Sales growth
+26.5%
Latest quarter vs a year ago
Profit growth
+19.9%
Latest quarter vs a year ago
Price to sales
9.57
EV/EBITDA 32.8

Strengths and risks

Strengths

  • Return on equity of 26.7%.
  • Return on capital employed of 31.9%.
  • Practically debt-free.
  • Quarterly sales up 26.5% on a year ago.
  • Net margin of 21.2%.

No obvious red flags in the headline numbers.

Derived automatically from reported figures. Not a recommendation.

About Bharat Electronics

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…

Headquarters
Bengaluru
Employees
9,420
Sector
Industrials
ISIN
INE263A01024
Website
bel-india.in

Price range

52 weeks

₹354.55₹473.45

Today

₹385.50₹396.00
Avg volume (3M)
1 Cr
1-year return
minus 4.8%
From 52-week high
minus 16.4%

Analyst consensus

32 analysts
Strong buyMean target ₹494.03 plus 24.8%

Target range, with today’s price

Low ₹347.00High ₹550.00

Next results expected around 28 Jan 2027

Consensus from Yahoo Finance. Not a recommendation.

Peers · Aerospace & Defense

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
HALHindustan Aeronautics4,980.00minus 1.25%3,33,05035.728.513.8%25.3%0.006.4%plus 7.6%
BELBharat Electronics396.00plus 0.23%2,89,46745.333.731.9%28.2%0.0015.5%minus 4.8%
MAZDOCKMazagoan Dock Shipbuilders1,840.00plus 0.05%74,22230.321.928.5%16.2%0.0819.6%minus 31.5%
BDLBharat Dynamics1,060.00minus 1.40%38,85674.6152.17.2%12.8%0.00−0.9%minus 27.4%
COCHINSHIPCochin Shipyard1,220.00minus 1.05%32,09647.230.316.7%12.6%0.2826.9%minus 30.3%
GRSEGarden Reach Shipbuilders & Engineers2,135.70minus 0.07%24,46530.625.836.8%11.0%0.0140.0%minus 16.4%
DATAPATTNSData Patterns (India)3,767.70minus 4.85%21,09387.854.820.4%39.6%0.0026.8%plus 46.6%
SIGMAADVSIGMA ADVANCED SYSTEMS909.25minus 2.25%17,26998.4264.652.6%14.9%0.71528.7%plus 319.3%
Median of 7 peers–−1.25%32,09647.230.320.4%14.9%0.0126.8%−16.4%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Dec 25Mar 26Jun 26Sep 26
4,4407,15410,2245,5477,328
3,2015,0277,2434,1595,287
1,2382,1272,9821,3882,041
27.9%29.7%29.2%25.0%27.9%
163139110170187
1.421.61.22.6
121135173161171
1,2792,1282,9171,3962,054
24.9%26.2%24.1%25.2%25.5%
9701,5792,2251,0541,540
1.332.163.041.442.11

Sep 25 not reported by the data source.

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+15.5%
Profit CAGR 3Y
+26.6%
EPS CAGR 3Y
+26.5%
ROE
26.7%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
17,40419,90523,11726,796
–+14.4%+16.1%+15.9%
13,20214,68116,12418,448
4,2025,2246,9938,348
24.1%26.2%30.3%31.2%
276646724544
14.66.99.46.5
429443467556
−111−154−142−277
3,9235,2667,0998,053
25.0%25.1%25.5%25.2%
2,9843,9855,3216,062
–+33.5%+33.6%+13.9%
4.095.457.288.29

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
731731731731
13,13115,59519,24323,257
61.362.561.265.5
21,56823,13820,79720,484
35,49139,52740,83244,538
3,0783,2763,6943,979
385488490497
449531582625
8,23311,1349,5988,585
23,34524,09926,46830,852
35,49139,52740,83244,538

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
1,1994,6595641,541
2,708−5,9246391,730
−1,262−1,475−1,696−2,097
2,645−2,739−4931,175
−590−653−1,011−985
6094,007−447556
−1,243−1,462−1,681−2,083

Shareholding pattern

Source: NSE filings
51.1%
promoters
  • Promoters51.14%
  • Public48.86%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202651.14%48.86%0.00
30 Jun 202651.14%48.86%0.00
31 Mar 202651.14%48.86%0.00
31 Dec 202551.14%48.86%0.00
30 Sep 202551.14%48.86%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you