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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +25% YoY · PAT +9% YoY
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Segment (Guidance)
Latest issuer-disclosed distribution across 2 reported categories.
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%.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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).
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
EBITDA margins will remain more or less similar, and the company is confident to achieve more than 27% EBITDA by the year-end.
"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).
The company expects to receive around INR2,000 crores worth of emergency procurement orders mostly by the next 2 weeks.
"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."
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.
"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."
The company is confident to achieve more than INR27,000 crores in order receipts this financial year, excluding QRSAM.
"we are confident that we will definitely achieve more than INR27,000 crores order book -- order received in this financial year other than QRSAM."
Trend score and candlestick chart
47NeutralSMA20 +2.2% / mo · MACD −
Technical chart
BELdaily · 1Y · AUTO-11.9%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 47. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~2.2% over last month) — short-term momentum positive.
- RSI(14) at 47 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 14% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 4.1% of the 30-week proxy.
- The 30-week proxy changed -0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 56 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 56 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -21.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 16/25; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: 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.
High Trust Lite: Promoter pledge is zero.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Industrials: 98th pctile, median 68 · Large: 94th pctile, median 73
62 documents have extracted text, but claim history is not strong enough yet.
1/4 claims checked · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.1%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 48.20
- P/B
- 12.35
- EV/EBITDA
- 33.70
- Market Cap
- 296302.00Cr
Profitability
- ROE
- 27.40%
- ROCE
- 36.40%
- ROA
- 13.81%
- Dividend Y
- 0.62%
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
- 1.10%
- FCF Positive Y
- 9/5
- OCF
- 1541.00 Cr
- EPS TTM
- 8.40
Shareholding
- Promoter Hold
- 51.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 34%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Industrials, ranked by similarity
Peers
Business-comparable names in Industrials, ranked by similarity
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.