Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 11 Sep - BEL appoints M/s Rao & Emmar as statutory auditors for FY 2026-27.
Source: Bse
Bharat Electronics Limited (BEL)
Large CapIndustrials stocks · Large cap · NSE
Bharat Electronics Limited (BEL) is a Government of India Enterprise under the Ministry of Defence, specializing in defense electronics. It develops and manufactures a wide range of advanced electronic products and systems for defense and non-defense applications, serving as a key Development-cum-Production Partner for DRDO.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:49 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
33Bearishfull bear SMA stack · SMA20 -5.3% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BELD candles · FIT view-14.8%Latest close ₹371.20 on 2026-10-21
Bar
-1.6%
RSI
37
MACD hist
0.04
52W pos
9%
2026-10-21O ₹377.20H ₹377.80L ₹366.80C ₹371.20Vol 84.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BELNifty India ManufacturingNifty 500
- BEL
- -9.5%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -3.0 pp
Chart stats
21 Oct 2026- From 52W high
- -21.6%
- 52W range position
- 9%
- ATR (14)
- 2.0%
- Volume vs 20D
- 0.85x
- Avg traded value
- ₹373 Cr
- 20D price channel
- ₹360.5 - ₹400.7
₹473.5
₹360.5 - ₹473.5
₹7.6
Latest completed session
20-session average
19.8% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE57
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average32
Revenue +24.9% · PAT +8.9% YoY
Technical
Bearish33
Price trend and sector-relative-strength timing.
Valuation
Legacy model-12.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence85
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +25% YoY · PAT +9% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,547 Cr | +24.9% | -45.8% |
| EBITDA | ₹1,388 Cr | +12.1% | -53.5% |
| Operating margin | 25.0% | -300 bps | -400 bps |
| PAT | ₹1,055 Cr | +8.9% | -52.6% |
| PAT margin | 19.0% | -280 bps | -275 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 45.40
- P/B
- 11.65
- EV/EBITDA
- 31.78
- Market Cap
- 279380.00Cr
Profitability
- ROE
- 27.40%
- ROCE
- 36.40%
- ROA
- 13.81%
- Dividend Y
- 0.65%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 27.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 1366.50×
- Altman Z
- 8.18
- Book Value
- 32.80
Cash Flow
- FCF Yield
- 1.17%
- FCF Positive Y
- 9/5
- OCF
- 1541.00 Cr
- EPS TTM
- 8.40
Shareholding
- Promoter Hold
- 51.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 5,547-45.7% vs prev
Net Profit
₹ CrLatest: 1,055-52.6% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.6% over last month) — short-term momentum negative.
- RSI(14) at 37 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
45
RS percentile
Stage 4 Downtrend
1M return
-6.9%
3M return
-9.5%
6M return
-17.5%
1Y return
-8.8%
RS 1D
+2
RS 20D
+4
Sector rank
#6
Industry rank
-
Stage evidence
- Price is 9.8% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 96.64-0.68%
RS vs Nifty 50097
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth16/25
Quality18/20
Balance Sheet10/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
57
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
57/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 18/20 to the score.
- Cash flow contributes 7/10 to the score.
Main drags
- Fair-value margin of safety is negative at -12.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 16/25; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
45.4
PB
11.7
EV/EBITDA
31.8
ROE
27.4%
ROCE
36.4%
FCF Yield
1.2%
Debt/Equity
0.0
MoS
-12.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
57
Previous: 57
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-12.4%
Previous: -14.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
57
57
57
57
57
57
57
57
57
57
57
57
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹78.73
-371.5% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹330.12
-12.4% MoS
PEG
1.80
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DATAPATTNS
Small
Data Patterns (India) Limited
Defence Electronics
match 152
46
83.9
15.2%
-115%
FAIR VALUE
ASTRAMICRO
Micro
Astra Microwave Products Limited
Defence Electronics
match 151
44
78.4
16.0%
-99%
WATCHLIST
EBGNG
Small
GNG Electronics Limited
Defence Electronics
match 151
44
55.6
26.8%
-43%
WATCHLIST
MBEL
Small
M & B Engineering Limited
Defence Electronics
match 151
69
14.5
19.4%
+57%
UNDERVALUED
APOLLO
Micro
Apollo Micro Systems Limited
Defence Electronics
match 151
34
121.0
11.8%
-194%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-12T07:53:18.694Z
Management commentary snapshot
BEL reported strong FY26 results with revenue up 16% to INR27,480 crores, PBT up 14% to INR8,075 crores, and PAT up 14% to INR6,048 crores. EBITDA margin improved to 30%. Order book stands at INR73,882 crores as of April 1, 2026.
BEL delivered on its FY26 guidance with robust revenue and profit growth, driven by strong execution and indigenization efforts. The order book remains healthy, and management projects continued double-digit growth, supported by a significant pipeline of large defense projects and planned capacity expansion.
Current business mix
Revenue by Segment (Guidance)
Latest issuer-disclosed distribution across 2 reported categories.
Defense90.0%
Non-Defense10.0%
Growth engines
New Age Technologies
Developing capabilities in quantum computing, drone electronics, and AI through DRDO, startups, academia, and in-house efforts.
Submarine Programs (P-75I)
Expects 50-60% of electronics for the INR90,000 crore P-75I program, covering 6 subsystems, with 25-30% of total submarine value typically being electronics.
QRSAM Program
Confident of signing the QRSAM contract by June end (worst case July), with first production model delivery within 18 months of signing.
Indigenization
Indigenization of critical technology, modules, and systems is a key driver for margin expansion and profitability, with indigenous content averaging 80-85%.
Capacity and execution
Computing Infrastructure
Invested INR100+ crores in computing infrastructure (CPU/GPU) in last 2 years; INR100-200 crores more in different approval stages.
New Facilities
Large investments planned at Palasamudram, Chitrakoot, and Vellore facilities to upgrade for diversified products.
High-Performance Computing
Creating one separate high-performance computing infrastructure very soon.
AMCA Program Infrastructure
Will start investing on own infrastructure once selected as successful bidder for AMCA program.
Tailwinds
Government Policy Support
Ministry of Defense supports industry to create an environment of Atmanirbharta (self-reliance) and indigenization.
Indigenization Benefits
Faster indigenization leads to higher profitability and value addition, with indigenous content averaging 80-85%.
Export Opportunities
Working on big-ticket export items like communication equipment (SDRs, satellite communication) and customized C4I solutions.
Headwinds
Middle East Crisis
Supply chain slightly affected, causing 1-1.5 month delay for some subcomponents from Middle East, but no major yearly impact foreseen.
Semiconductor Imports
All semiconductors are currently imported, affecting indigenization score; major limitation for full localization.
Risk radar
Geopolitical Situations (Exports)
Real challenge in exports is order acquisition due to geopolitical situations and complications, making prediction difficult.
Foreign Component Dependence
Some programs like P-75I still have foreign components, and nitty-gritty of indigenization with foreign partners needs finalization.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The earnings call primarily discusses full-year FY26 results compared to the previous financial year (FY25), focusing on annual growth rates for revenue, profit, and order book.
Sector KPIs management disclosed
Revenue from Operations
Increased to INR27,480 crores in FY26 from INR23,658 crores in FY25, a growth of 16%.
Profit Before Tax (PBT)
Increased to INR8,075 crores in FY26 from INR7,090 crores in FY25, a growth of 14%.
Profit After Tax (PAT)
Increased to INR6,048 crores in FY26 from INR5,288 crores in FY25, a growth of 14%.
EBITDA Margin
Increased to 30% in FY26 as compared to 29% in FY25.
Management forward view
FY27 Revenue Growth Guidance
Retaining revenue growth guidance of more than 15% for FY27.
FY27 EBITDA Margin Guidance
EBITDA margins expected to be more than 28% for FY27.
FY27 Order Inflow Guidance
Expecting order inflow of more than INR55,000 crores for FY27, including QRSAM.
FY27 Capex Guidance
Targeting more than INR1,200 crores as capital investment for FY27 (20%+ growth).
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| QRSAM Contract Signing | Expected by June end, worst case July. | Timely signing of the contract and commencement of execution within 18 months for the first production model. |
| P-75I Order Finalization | Advanced stage of discussion with MDL and foreign partner for 50-60% electronics share. | Specific order value and execution timeline for BEL's share in the P-75I submarine program. |
| Data Center Business | Few hundred crores projects currently; eyeing INR1,000-INR5,000 crores from first segment, larger from homegrown solution. | Materialization of large orders for indigenous data center solutions (INR1,000-INR10,000 crores range). |
| AMCA Program RFP | Pre-RFP meetings held; formal RFP expected in next 15 days to 1.5 months. | Receipt of formal RFP and BEL's selection as successful bidder, leading to increased capital investment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
margin outlookdeliveredquantified
EBITDA margins will remain more or less similar, and the company is confident to achieve more than 27% EBITDA by the year-end.
Timeframe: By year-end (FY26)Direction: SustainConfidence: High
"EBITDA margins will remain more or less similar. And what the guidance we have given more than 27% EBITDA, we are confident to achieve by the year-end."
Outcome check: OPM moved from 29.0% to average 29.5% (+0.5 pp).
order inflownot yet verifiablequantified
The company expects to receive around INR2,000 crores worth of emergency procurement orders mostly by the next 2 weeks.
Timeframe: Next 2 weeksDirection: IncreaseConfidence: High
"around INR2,000 crores worth of emergency procurement orders are in pipeline where CMCs are concluded, and we are expecting it mostly by next 2 weeks, so we will get."
order inflownot yet verifiablequantified
The company expects to receive an order for avionics packages for 97 LCA aircraft from HAL, worth around INR2,500 crores, in another 1 to 1.5 months.
Timeframe: In another 1 to 1.5 monthsDirection: IncreaseConfidence: Moderate
"we are expecting in another 1, 1.5 months, hopefully, we will get from HAL this order for avionics package for all the items for this 97 aircraft order. That may be around INR2,500 crores plus/minus something."
order inflownot yet verifiablequantified
The company is confident to achieve more than INR27,000 crores in order receipts this financial year, excluding QRSAM.
Timeframe: This financial year (FY26)Direction: IncreaseConfidence: High
"we are confident that we will definitely achieve more than INR27,000 crores order book -- order received in this financial year other than QRSAM."
Trust Score
85Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 1 checked claims. It ranks around the 98th percentile of the scored universe and 98th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
69 docs text-extracted · 37 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
98th percentile
overall median 67 · Industrials: 98th pctile, median 68 · Large: 94th pctile, median 73
Evidence depth
Financial-only
69 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
1/4 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.2%.
- ▸9 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Bharat Electronics Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Date of payment of Dividend 8 Sep - Final dividend of Rs 0.55 per share will be paid on 09.09.2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Sep - Newspaper Publication - Notice of Loss of Share Certificates.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Aug - Newspaper Publication- Addendum to the Notice of 72nd AGM.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.