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Last Updated: April 2, 2026, 2:42 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500049 | NSE: BEL

Bharat Electronics Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹355.53Overvalued by 15.15%vs CMP ₹419.00

P/E (51.3) × ROE (29.2%) × BV (₹29.50) × DY (0.57%)

₹159.65Overvalued by 61.90%vs CMP ₹419.00
MoS: -162.4% (Negative)Confidence: 63/100 (Moderate)Models: 1 Fair, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹426.6223%Fair (+1.8%)
Graham NumberEarnings₹73.5917%Over (-82.4%)
Earnings PowerEarnings₹46.0311%Over (-89%)
DCFCash Flow₹200.1711%Over (-52.2%)
Net Asset ValueAssets₹29.537%Over (-93%)
EV/EBITDAEnterprise₹79.919%Over (-80.9%)
Earnings YieldEarnings₹81.607%Over (-80.5%)
ROCE CapitalReturns₹57.449%Over (-86.3%)
Revenue MultipleRevenue₹32.546%Over (-92.2%)
Consensus (9 models)₹159.65100%Overvalued
Key Drivers: Wide model spread (₹30–₹427) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 20.0%

*Investments are subject to market risks

Investment Snapshot

74
Bharat Electronics Ltd scores 74/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health88/100 · Strong
ROCE 38.9% ExcellentROE 29.2% ExcellentD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money60/100 · Moderate
FII holding up 0.96% (6mo) Slight increasePromoter holding at 51.1% Stable
Earnings Quality65/100 · Strong
OPM expanding (23% → 27%) Improving
Quarterly Momentum68/100 · Strong
Revenue (4Q): +14% YoY GrowingProfit (4Q): +19% YoY Positive
Industry Rank75/100 · Strong
P/E 51.3 vs industry 66.4 In-lineROCE 38.9% vs industry 22.6% Above peersROE 29.2% vs industry 16.7% Above peers3Y sales CAGR: 16% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:42 am

Market Cap 3,06,060 Cr.
Current Price 419
Intrinsic Value₹159.65
High / Low 473/252
Stock P/E51.3
Book Value 29.5
Dividend Yield0.57 %
ROCE38.9 %
ROE29.2 %
Face Value 1.00
PEG Ratio2.57

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Bharat Electronics Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Bharat Electronics Ltd 3,06,060 Cr. 419 473/25251.3 29.50.57 %38.9 %29.2 % 1.00
Hindustan Aeronautics Ltd 2,45,494 Cr. 3,671 5,166/3,47927.7 5531.09 %33.9 %26.0 % 5.00
Bharat Dynamics Ltd 44,118 Cr. 1,204 2,097/1,08676.1 1150.39 %19.7 %14.4 % 5.00
Garden Reach Shipbuilders & Engineers Ltd 27,026 Cr. 2,359 3,538/1,36639.2 2000.59 %36.6 %27.6 % 10.0
Data Patterns (India) Ltd 17,398 Cr. 3,108 3,610/1,37369.8 2750.25 %21.0 %15.2 % 2.00
Industry Average62,347.73 Cr1,600.6466.40177.440.31%22.58%16.73%4.00

All Competitor Stocks of Bharat Electronics Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 4,1536,4793,5334,0094,1628,5644,2444,6055,7719,1504,4405,7927,154
Expenses 3,2904,6472,8602,9953,0906,2773,2953,2054,1016,3343,2014,0905,027
Operating Profit 8631,8326731,0141,0722,2879481,4001,6692,8161,2381,7022,127
OPM % 21%28%19%25%26%27%22%30%29%31%28%29%30%
Other Income 5966140137167225204158186195163154139
Interest 10212141116122
Depreciation 106114109108107119108111111138121126135
Profit before tax 8061,7827031,0411,1322,3901,0431,4451,7442,8671,2791,7282,128
Tax % 25%23%25%25%25%25%25%25%25%26%25%26%26%
Net Profit 6141,3825397908601,7977911,0931,3122,1279691,2871,580
EPS in Rs 0.841.890.741.081.182.461.081.491.792.911.331.762.16

Last Updated: February 6, 2026, 12:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 2:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 6,5187,0937,3548,65610,40112,16412,96814,10915,36817,73420,26823,76926,535
Expenses 5,5935,9135,9616,8648,3619,25510,20910,89512,02413,64515,21716,93218,652
Operating Profit 9251,1791,3931,7922,0392,9092,7593,2143,3444,0905,0516,8377,884
OPM % 14%17%19%21%20%24%21%23%22%23%25%29%30%
Other Income 4385075734201967399125232281670742650
Interest 771018616810919121311
Depreciation 150166192212272338372387401429443467520
Profit before tax 1,2061,5131,7641,9831,9572,6282,4782,9423,1663,9235,2667,0998,003
Tax % 21%21%24%24%28%30%28%30%26%25%25%26%
Net Profit 9521,1971,3371,5231,4311,8871,8252,1002,4002,9863,9855,3235,963
EPS in Rs 1.201.511.692.071.962.582.502.873.284.085.457.288.16
Dividend Payout % 20%20%31%33%34%44%37%46%46%44%40%33%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)25.74%11.70%13.91%-6.04%31.87%-3.29%15.07%14.29%24.42%33.46%33.58%
Change in YoY Net Profit Growth (%)0.00%-14.04%2.22%-19.95%37.91%-35.15%18.35%-0.78%10.13%9.04%0.12%

Bharat Electronics Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:13%
5 Years:13%
3 Years:16%
TTM:14%
Compounded Profit Growth
10 Years:16%
5 Years:24%
3 Years:30%
TTM:30%
Stock Price CAGR
10 Years:28%
5 Years:60%
3 Years:50%
1 Year:25%
Return on Equity
10 Years:22%
5 Years:24%
3 Years:26%
Last Year:29%

Last Updated: September 5, 2025, 12:50 am

Balance Sheet

Last Updated: December 4, 2025, 1:02 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 8080240223244244244244244731731731731
Reserves 7,1408,0379,0067,5127,7728,9689,82810,81612,04213,13115,59519,24320,836
Borrowings 02528648034805361636159
Other Liabilities 7,7607,5879,3309,80010,86811,57514,27118,43421,57421,56723,13620,78821,299
Total Liabilities 14,98015,72918,60517,60018,96520,82124,35129,49433,91235,49039,52440,82442,925
Fixed Assets 6951,0731,2321,5011,8392,2982,7132,6522,6752,9633,0353,4194,114
CWIP 4581404307439408498288831,0068558941,052564
Investments 004624919379641,1101,3061,572650682743779
Other Assets 13,82814,51616,48114,86515,24816,71019,70024,65328,65931,02234,91335,61037,467
Total Assets 14,98015,72918,60517,60018,96520,82124,35129,49433,91235,49039,52440,82442,925

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -5691,4342,260-61-6871,5142,5705,0934,2071,1994,659587
Cash from Investing Activity + 759-839-1,4703,115-6-896-649-2,595-4,8722,708-5,924617
Cash from Financing Activity + -213-209-318-2,857-1,202-663-1,061-1,076-1,078-1,262-1,475-1,696
Net Cash Flow -23386472197-1,895-458611,422-1,7422,645-2,739-493
Free Cash Flow -9381,2081,607-853-1,4927851,8254,6253,6606114,015-422
CFO/OP -39%152%193%33%-0%79%114%175%150%55%120%33%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow925.00-24.00-27.00-63.00-78.00-32.00-6.003.00-50.00-57.00-58.00-55.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 233196185184176161189170145145133140
Inventory Days 325321401407305275204233230240257273
Days Payable 1201111121089189126155139124128100
Cash Conversion Cycle 438406473483390347267248237261262313
Working Capital Days 8952863125134119474281885
ROCE %18%20%20%23%25%30%26%28%27%30%35%39%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
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 16.42%17.35%17.19%17.77%17.56%17.43%17.27%17.34%17.55%18.56%18.14%18.51%
DIIs 25.50%24.84%24.19%23.37%22.63%20.62%20.22%20.94%20.87%20.60%20.88%20.47%
Public 6.95%6.68%7.49%7.72%8.66%10.82%11.37%10.58%10.43%9.70%9.84%9.87%
No. of Shareholders 7,80,2117,67,8209,74,78210,98,22813,64,87325,18,66327,72,00226,53,67626,78,43525,42,37824,98,58825,43,622

Shareholding Pattern Chart

No. of Shareholders

Bharat Electronics Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Kotak Flexicap Fund 80,000,000 6.36 3592N/AN/AN/A
HDFC Defence Fund 33,830,000 19.49 1518.97N/AN/AN/A
Kotak Midcap Fund 33,587,745 2.55 1508.09N/AN/AN/A
Kotak Large & Midcap Fund 28,000,000 4.19 1257.2N/AN/AN/A
Canara Robeco Large and Mid Cap Fund 19,816,345 3.61 889.7521,816,3452026-02-22 13:02:29-9.17%
Motilal Oswal Large and Midcap Fund 15,420,591 4.74 692.3814,372,1192026-02-23 03:00:287.3%
Axis Large Cap Fund 13,449,385 1.86 603.8814,923,2302026-02-22 13:02:29-9.88%
SBI PSU Fund 12,975,000 9.74 582.58N/AN/AN/A
Motilal Oswal Midcap Fund 12,314,653 1.61 552.93N/AN/AN/A
Axis Flexi Cap Fund 11,788,313 4.19 529.3N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 7.285.454.099.858.62
Diluted EPS (Rs.) 7.285.454.099.858.62
Cash EPS (Rs.) 7.876.004.6111.3110.08
Book Value[Excl.RevalReserv]/Share (Rs.) 27.3222.3618.9950.4945.45
Book Value[Incl.RevalReserv]/Share (Rs.) 27.3222.3618.9950.4945.45
Revenue From Operations / Share (Rs.) 32.5227.7324.2663.0757.90
PBDIT / Share (Rs.) 10.367.825.9714.6613.69
PBIT / Share (Rs.) 9.727.215.3913.0212.10
PBT / Share (Rs.) 9.717.205.3712.9912.07
Net Profit / Share (Rs.) 7.235.394.029.668.49
NP After MI And SOA / Share (Rs.) 7.285.454.089.858.61
PBDIT Margin (%) 31.8728.2024.6223.2423.64
PBIT Margin (%) 29.9026.0122.2020.6320.89
PBT Margin (%) 29.8625.9822.1220.6020.85
Net Profit Margin (%) 22.2419.4516.5715.3214.66
NP After MI And SOA Margin (%) 22.3819.6516.8215.6014.87
Return on Networth / Equity (%) 26.6424.4021.5319.5218.97
Return on Capital Employeed (%) 33.7230.1326.3822.1323.28
Return On Assets (%) 13.0310.088.407.077.11
Asset Turnover Ratio (%) 0.590.540.510.480.52
Current Ratio (X) 1.761.551.461.391.41
Quick Ratio (X) 1.301.211.151.111.11
Inventory Turnover Ratio (X) 2.871.511.561.541.50
Dividend Payout Ratio (NP) (%) 31.5936.6941.6342.6548.75
Dividend Payout Ratio (CP) (%) 29.0433.0136.4036.5441.16
Earning Retention Ratio (%) 68.4163.3158.3757.3551.25
Cash Earning Retention Ratio (%) 70.9666.9963.6063.4658.84
Interest Coverage Ratio (X) 782.65800.64292.09707.41523.62
Interest Coverage Ratio (Post Tax) (X) 547.19553.26197.68467.23325.86
Enterprise Value (Cr.) 210645.02136217.2563213.2743828.3125423.10
EV / Net Operating Revenue (X) 8.866.723.562.851.80
EV / EBITDA (X) 27.8023.8314.4812.277.62
MarketCap / Net Operating Revenue (X) 9.267.274.023.342.16
Retention Ratios (%) 68.4063.3058.3657.3451.24
Price / BV (X) 11.029.025.144.182.76
Price / Net Operating Revenue (X) 9.267.274.023.342.16
EarningsYield 0.020.020.040.040.06

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

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 measuring, testing, navigating and control equipment. Company's Total Operating Revenue is Rs. 23658.01 Cr. and Equity Capital is Rs. 730.98 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Aerospace & DefenseOuter Ring Road, Bengaluru Karnataka 560045Contact not found
Management
NamePosition Held
Mr. Manoj JainChairman & Managing Director
Mr. S Damodar BhattadDirector - Finance & CFO
Mr. N VikramanDirector - Human Resources
Mr. K V Suresh KumarDirector - Marketing
Mr. Rajnish SharmaDirector
Mr. R Hari KumarDirector - R & D
Mr. Kamesh KasanaDirector
Dr. Binoy Kumar DasPart Time Official (Nominee) Director
Ms. Meera MohantyPart Time Official (Nominee) Director
Lt. Gen. Vishwambhar SinghPart Time Non Official Director
Mr. Pradeep TripathiPart Time Non Official Director
Mr. Bharatsinh Prabhatsinh ParmarPart Time Non Official Director

FAQ

What is the intrinsic value of Bharat Electronics Ltd and is it undervalued?

As of 18 April 2026, Bharat Electronics Ltd's intrinsic value is ₹159.65, which is 61.90% lower than the current market price of ₹419.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (29.2 %), book value (₹29.5), dividend yield (0.57 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Bharat Electronics Ltd?

Bharat Electronics Ltd is trading at ₹419.00 as of 18 April 2026, with a FY2026-2027 high of ₹473 and low of ₹252. The stock is currently near its 52-week high. Market cap stands at ₹3,06,060 Cr..

How does Bharat Electronics Ltd's P/E ratio compare to its industry?

Bharat Electronics Ltd has a P/E ratio of 51.3, which is below the industry average of 66.40. This is broadly in line with or below the industry average.

Is Bharat Electronics Ltd financially healthy?

Key indicators for Bharat Electronics Ltd: ROCE of 38.9 % indicates efficient capital utilization; ROE of 29.2 % shows strong shareholder returns. Dividend yield is 0.57 %.

Is Bharat Electronics Ltd profitable and how is the profit trend?

Bharat Electronics Ltd reported a net profit of ₹5,323 Cr in Mar 2025 on revenue of ₹23,769 Cr. Compared to ₹2,400 Cr in Mar 2022, the net profit shows an improving trend.

Does Bharat Electronics Ltd pay dividends?

Bharat Electronics Ltd has a dividend yield of 0.57 % at the current price of ₹419.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Bharat Electronics Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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