Fundamental Analysis of Bharat Electronics Ltd

About the Company - Bharat Electronics Ltd

Bharat Electronics Ltd. is a Public Limited Listed company incorporated on 21/04/1954 and has its registered office in the State of Karnataka, India. Company’s Corporate Identification Number(CIN) is L32309KA1954GOI000787 and registration number is 000787. Currently Company is involved in the business activities of Manufacture of communication equipment. Company’s Total Operating Revenue is Rs. 15313.76 Cr. and Equity Capital is Rs. 243.66 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Aerospace & Defense	Outer Ring Road, Bengaluru Karnataka 560045	secretary@bel.co.in http://www.bel-india.in

Management
Name	Position Held
Mr. Bhanu Prakash Srivastava	Chairman & Managing Director
Mr. Manoj Jain	Director - R & D
Mr. S Damodar Bhattad	Director - Finance & CFO
Mr. N Vikraman	Director - Human Resources
Mr. K V Suresh Kumar	Director - Marketing
Mr. T Natarajan	Government Nominee Director
Dr. Binoy Kumar Das	Government Nominee Director
Dr. P V Parthasarathi	Non Official PartTime (Ind.) Director
Mr. Mansukhbhai S Khachariya	Non Official PartTime (Ind.) Director
Dr. N Santhoshkumar	Non Official PartTime (Ind.) Director
Mr. Prafulla Kumar Choudhury	Non Official PartTime (Ind.) Director
Dr. Shivnath Yadav	Non Official PartTime (Ind.) Director
Mr. Gokulan Bangakandy	Non Official PartTime (Ind.) Director
Mrs. Shyama Singh	Non Official PartTime (Ind.) Director

Basic Stock Data of Bharat Electronics Ltd

Last Updated: July 5, 2024, 10:58 pm

Market Cap	2,36,873 Cr.
Current Price	324
High / Low	327/122
Stock P/E	59.4
Book Value	22.3
Dividend Yield	0.56 %
ROCE	34.8 %
ROE	26.4 %
Face Value	1.00
PEG Ratio	4.67

Bharat Electronics Ltd Quarterly Results

Month	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Sales	2,320	6,917	1,649	3,678	3,702	6,340	3,141	3,962	4,153	6,479	3,533	4,009	4,162
Expenses	1,864	4,937	1,579	2,814	2,872	4,762	2,618	3,093	3,290	4,647	2,860	2,995	3,090
Operating Profit	456	1,981	70	864	829	1,578	522	868	863	1,832	673	1,014	1,072
OPM %	20%	29%	4%	23%	22%	25%	17%	22%	21%	28%	19%	25%	26%
Other Income	24	58	45	62	60	64	82	74	59	66	140	137	167
Interest	0	6	0	0	0	4	1	2	10	2	1	2	1
Depreciation	100	97	97	99	98	106	99	109	106	114	109	108	107
Profit before tax	380	1,936	18	826	791	1,531	504	831	806	1,782	703	1,041	1,132
Tax %	29%	30%	27%	26%	26%	25%	29%	26%	25%	23%	25%	25%	25%
Net Profit	278	1,368	24	625	596	1,155	366	624	614	1,382	539	790	860
EPS in Rs	0.38	1.87	0.03	0.85	0.82	1.58	0.50	0.85	0.84	1.89	0.74	1.08	1.18

Last Updated: June 11, 2024, 2:28 am

Bharat Electronics Ltd Quarterly Chart

Bharat Electronics Ltd Profit & Loss

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	5,914	6,273	6,518	7,093	7,354	8,656	10,401	12,164	12,968	14,109	15,368	17,734	18,174
Expenses	5,280	5,604	5,593	5,913	5,961	6,864	8,361	9,255	10,209	10,895	12,024	13,645	13,792
Operating Profit	635	669	925	1,179	1,393	1,792	2,039	2,909	2,759	3,214	3,344	4,090	4,382
OPM %	11%	11%	14%	17%	19%	21%	20%	24%	21%	23%	22%	23%	24%
Other Income	598	622	438	507	573	420	196	73	99	125	232	281	402
Interest	5	7	7	7	10	18	6	16	8	10	9	19	15
Depreciation	126	136	150	166	192	212	272	338	372	387	401	429	437
Profit before tax	1,103	1,147	1,206	1,513	1,764	1,983	1,957	2,628	2,478	2,942	3,166	3,923	4,332
Tax %	23%	21%	21%	21%	24%	24%	28%	30%	28%	30%	26%	25%
Net Profit	847	911	952	1,197	1,337	1,523	1,431	1,887	1,825	2,100	2,400	2,986	3,324
EPS in Rs	1.07	1.15	1.20	1.51	1.69	2.07	1.96	2.58	2.50	2.87	3.28	4.08	4.55
Dividend Payout %	20%	20%	20%	20%	31%	33%	34%	44%	37%	46%	46%	44%

Bharat Electronics Ltd Profit & Loss Yearly Chart

Bharat Electronics Ltd Growth

Compounded Sales Growth
10 Years:	11%
5 Years:	11%
3 Years:	11%
TTM:	3%

Compounded Profit Growth
10 Years:	13%
5 Years:	16%
3 Years:	18%
TTM:	29%

Stock Price CAGR
10 Years:	34%
5 Years:	50%
3 Years:	76%
1 Year:	131%

Return on Equity
10 Years:	19%
5 Years:	21%
3 Years:	21%
Last Year:	23%

Last Updated: April 6, 2024, 9:32 am

Bharat Electronics Ltd Balance Sheet

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	80	80	80	80	240	223	244	244	244	244	244	731	731
Reserves	5,822	6,407	7,140	8,037	9,006	7,512	7,772	8,968	9,828	10,816	12,042	13,131	14,085
Borrowings	1	1	0	25	28	64	80	34	8	3	53	61	61
Other Liabilities	9,138	8,367	7,760	7,587	9,330	9,800	10,868	11,575	14,271	18,430	21,574	21,567	21,389
Total Liabilities	15,041	14,855	14,980	15,729	18,605	17,600	18,965	20,821	24,351	29,492	33,912	35,490	36,267
Fixed Assets	530	600	695	1,073	1,232	1,501	1,839	2,298	2,713	2,652	2,675	2,963	3,427
CWIP	147	328	458	140	430	743	940	849	828	883	1,006	855	433
Investments	-0	-0	-0	0	462	491	937	964	1,110	1,306	1,572	650	651
Other Assets	14,364	13,926	13,828	14,516	16,481	14,865	15,248	16,710	19,700	24,651	28,659	31,022	31,756
Total Assets	15,041	14,855	14,980	15,729	18,605	17,600	18,965	20,821	24,351	29,492	33,912	35,490	36,267

Bharat Electronics Ltd Reserves and Borrowings Chart

Bharat Electronics Ltd Cash Flow

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	179	-1,539	-569	1,434	2,260	-61	-687	1,514	2,570	5,093	4,207	1,267
Cash from Investing Activity	-953	1,753	759	-839	-1,470	3,115	-6	-896	-649	-2,595	-4,872	2,691
Cash from Financing Activity	-239	-158	-213	-209	-318	-2,857	-1,202	-663	-1,061	-1,076	-1,078	-1,313
Net Cash Flow	-1,014	56	-23	386	472	197	-1,895	-45	861	1,422	-1,742	2,645

Bharat Electronics Ltd Financial Efficiency Indicators

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	168	196	233	196	185	184	176	161	189	170	145	145
Inventory Days	274	306	325	321	401	407	305	275	204	233	230	240
Days Payable	111	110	120	111	112	108	91	89	126	155	139	124
Cash Conversion Cycle	331	391	438	406	473	483	390	347	267	248	237	261
Working Capital Days	-113	16	89	53	10	63	126	134	119	47	4	28
ROCE %	20%	18%	18%	20%	20%	23%	25%	30%	26%	28%	27%	30%

Bharat Electronics Ltd Financial Efficiency Indicators Chart

Bharat Electronics Ltd Share Holding Pattern

Month	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Promoters	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%	51.14%
FIIs	11.58%	14.10%	15.73%	17.21%	16.77%	15.99%	17.36%	17.34%	16.42%	17.35%	17.19%	17.77%
DIIs	30.21%	28.92%	28.33%	26.77%	26.71%	27.77%	25.63%	25.04%	25.50%	24.84%	24.19%	23.37%
Public	7.07%	5.85%	4.81%	4.89%	5.38%	5.11%	5.88%	6.47%	6.95%	6.68%	7.49%	7.72%
No. of Shareholders	3,73,893	3,49,284	3,25,933	3,67,504	4,31,034	4,37,097	5,79,807	7,07,098	7,80,211	7,67,820	9,74,782	10,98,228

Bharat Electronics Ltd Shareholding Pattern Chart

No. of Bharat Electronics Ltd Shareholders

Bharat Electronics Ltd Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Nippon India CPSE ETF	232,980,748	12.81	3222.12	18,588,756	2024-07-05	1153.34%
Kotak Flexicap Fund - Regular Plan	133,000,000	4.52	1839.39	18,588,756	2024-07-05	615.49%
HDFC Mid-Cap Opportunities Fund - Regular Plan	106,684,890	3.03	1475.45	18,588,756	2024-07-05	473.92%
Kotak Emerging Equity Fund - Regular Plan	55,087,745	2.25	761.86	18,588,756	2024-07-05	196.35%
ICICI Prudential Bharat 22 ETF	44,917,930	5.08	620.99	18,588,756	2024-07-05	141.64%
Canara Robeco Emerging Equities	38,700,000	2.96	535.22	18,588,756	2024-07-05	108.19%
Kotak Equity Opportunities Fund - Regular Plan	28,500,000	2.54	394.16	18,588,756	2024-07-05	53.32%
DSP Flexi Cap Fund	21,379,061	3.23	295.67	18,588,756	2024-07-05	15.01%
HDFC Hybrid Equity Fund - Regular Plan	19,348,504	1.27	267.59	18,588,756	2024-07-05	4.09%
Aditya Birla Sun Life Flexi Cap Fund	18,588,756	1.45	257.08	18,588,756	2024-07-05	0%

Bharat Electronics Ltd ROCE Trend

Bharat Electronics Ltd EPS Trend

Bharat Electronics Ltd Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	1.00	1.00	1.00	1.00	1.00
Basic EPS (Rs.)	5.45	4.09	9.85	8.62	7.49
Diluted EPS (Rs.)	5.45	4.09	9.85	8.62	7.49
Cash EPS (Rs.)	6.00	4.61	11.31	10.08	8.88
Book Value[Excl.RevalReserv]/Share (Rs.)	22.36	18.99	50.49	45.45	41.39
Book Value[Incl.RevalReserv]/Share (Rs.)	22.36	18.99	50.49	45.45	41.39
Revenue From Operations / Share (Rs.)	27.73	24.26	63.07	57.90	53.22
PBDIT / Share (Rs.)	7.82	5.97	14.66	13.69	11.71
PBIT / Share (Rs.)	7.21	5.39	13.02	12.10	10.19
PBT / Share (Rs.)	7.20	5.37	12.99	12.07	10.17
Net Profit / Share (Rs.)	5.39	4.02	9.66	8.49	7.36
NP After MI And SOA / Share (Rs.)	5.45	4.08	9.85	8.61	7.49
PBDIT Margin (%)	28.20	24.62	23.24	23.64	22.00
PBIT Margin (%)	26.01	22.20	20.63	20.89	19.13
PBT Margin (%)	25.98	22.12	20.60	20.85	19.11
Net Profit Margin (%)	19.45	16.57	15.32	14.66	13.82
NP After MI And SOA Margin (%)	19.65	16.82	15.60	14.87	14.06
Return on Networth / Equity (%)	24.40	21.53	19.52	18.97	18.10
Return on Capital Employeed (%)	30.13	26.38	22.13	23.28	21.61
Return On Assets (%)	10.08	8.40	7.07	7.11	7.49
Asset Turnover Ratio (%)	0.54	0.51	0.48	0.52	0.57
Current Ratio (X)	1.55	1.46	1.39	1.41	1.46
Quick Ratio (X)	1.21	1.15	1.11	1.11	1.15
Inventory Turnover Ratio (X)	1.51	1.56	1.54	1.50	1.40
Dividend Payout Ratio (NP) (%)	0.00	41.63	42.65	48.75	41.41
Dividend Payout Ratio (CP) (%)	0.00	36.40	36.54	41.16	34.40
Earning Retention Ratio (%)	0.00	58.37	57.35	51.25	58.59
Cash Earning Retention Ratio (%)	0.00	63.60	63.46	58.84	65.60
Interest Coverage Ratio (X)	800.64	292.09	707.41	523.62	792.74
Interest Coverage Ratio (Post Tax) (X)	553.26	197.68	467.23	325.86	498.95
Enterprise Value (Cr.)	136217.25	63213.27	43828.31	25423.10	16469.79
EV / Net Operating Revenue (X)	6.72	3.56	2.85	1.80	1.27
EV / EBITDA (X)	23.83	14.48	12.27	7.62	5.77
MarketCap / Net Operating Revenue (X)	7.27	4.02	3.34	2.16	1.40
Retention Ratios (%)	0.00	58.36	57.34	51.24	58.58
Price / BV (X)	9.02	5.14	4.18	2.76	1.80
Price / Net Operating Revenue (X)	7.27	4.02	3.34	2.16	1.40
EarningsYield	0.02	0.04	0.04	0.06	0.10

Bharat Electronics Ltd Profitability Ratios (%)

Bharat Electronics Ltd Liquidity Ratios

Bharat Electronics Ltd Liquidity Ratios (%)

Bharat Electronics Ltd Interest Coverage Ratios (%)

Bharat Electronics Ltd Valuation Ratios

Fair Value

Fair Value: 351.66

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

Undervalued: 8.54% compared to the current price 324

Intrinsic Value: 396.40

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Undervalued: 22.35% compared to the current price ₹324

Last 5 Year EPS CAGR: 12.72%

*Investments are subject to market risks

Strength and Weakness of Bharat Electronics Ltd Stock

Strength	Weakness
The stock has a high average ROCE of 23.75%, which is a positive sign. The company has higher reserves (9,274.31 cr) compared to borrowings (32.23 cr), indicating strong financial stability. The company has shown consistent growth in sales (10.54 cr) and profit (1.77 cr) over the years.	The stock has a high average Working Capital Days of 48.00, which may not be favorable. The stock has a high average Cash Conversion Cycle of 356.00, which may not be favorable.

FAQ

What is the latest fair value of Bharat Electronics Ltd?

The latest fair value of Bharat Electronics Ltd is ₹351.66.

What is the Market Cap of Bharat Electronics Ltd?

The Market Cap of Bharat Electronics Ltd is 2,36,873 Cr..

What is the current Stock Price of Bharat Electronics Ltd as on 06 July 2024?

The current stock price of Bharat Electronics Ltd as on 06 July 2024 is 324.

What is the High / Low of Bharat Electronics Ltd stocks in FY 2024?

In FY 2024, the High / Low of Bharat Electronics Ltd stocks is 327/122.

What is the Stock P/E of Bharat Electronics Ltd?

The Stock P/E of Bharat Electronics Ltd is 59.4.

What is the Book Value of Bharat Electronics Ltd?

The Book Value of Bharat Electronics Ltd is 22.3.

What is the Dividend Yield of Bharat Electronics Ltd?

The Dividend Yield of Bharat Electronics Ltd is 0.56 %.

What is the ROCE of Bharat Electronics Ltd?

The ROCE of Bharat Electronics Ltd is 34.8 %.

What is the ROE of Bharat Electronics Ltd?

The ROE of Bharat Electronics Ltd is 26.4 %.

What is the Face Value of Bharat Electronics Ltd?

The Face Value of Bharat Electronics Ltd is 1.00.