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Last Updated on: 22 May, 2024|Author: Getaka | Social: X Twitter Profile

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.
INDUSTRYADDRESSCONTACT
Aerospace & DefenseOuter Ring Road, Bengaluru Karnataka 560045secretary@bel.co.in
http://www.bel-india.in
Management
NamePosition Held
Mr. Bhanu Prakash SrivastavaChairman & Managing Director
Mr. Manoj JainDirector - R & D
Mr. S Damodar BhattadDirector - Finance & CFO
Mr. N VikramanDirector - Human Resources
Mr. K V Suresh KumarDirector - Marketing
Mr. T NatarajanGovernment Nominee Director
Dr. Binoy Kumar DasGovernment Nominee Director
Dr. P V ParthasarathiNon Official PartTime (Ind.) Director
Mr. Mansukhbhai S KhachariyaNon Official PartTime (Ind.) Director
Dr. N SanthoshkumarNon Official PartTime (Ind.) Director
Mr. Prafulla Kumar ChoudhuryNon Official PartTime (Ind.) Director
Dr. Shivnath YadavNon Official PartTime (Ind.) Director
Mr. Gokulan BangakandyNon Official PartTime (Ind.) Director
Mrs. Shyama SinghNon Official PartTime (Ind.) Director

Basic Stock Data of Bharat Electronics Ltd

Last Updated: April 17, 2024, 1:07 pm

Market Cap 1,70,647 Cr.
Current Price 233
High / Low238/100
Stock P/E47.8
Book Value 20.3
Dividend Yield0.77 %
ROCE29.9 %
ROE22.8 %
Face Value 1.00
PEG Ratio3.76

Data Source: screener.in

Bharat Electronics Ltd Quarterly Results

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales2,3206,9171,6493,6783,7026,3403,1413,9624,1536,4793,5334,0094,162
Expenses1,8644,9371,5792,8142,8724,7622,6183,0933,2904,6472,8602,9953,090
Operating Profit4561,981708648291,5785228688631,8326731,0141,072
OPM %20%29%4%23%22%25%17%22%21%28%19%25%26%
Other Income24584562606482745966140137167
Interest06000412102121
Depreciation1009797999810699109106114109108107
Profit before tax3801,936188267911,5315048318061,7827031,0411,132
Tax %29%30%27%26%26%25%29%26%25%23%25%25%25%
Net Profit2781,368246255961,1553666246141,382539790860
EPS in Rs0.381.870.030.850.821.580.500.850.841.890.741.081.18

Last Updated: May 11, 2024, 11:35 am

Bharat Electronics Ltd Quarterly Chart

Bharat Electronics Ltd Profit & Loss

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales5,9146,2736,5187,0937,3548,65610,40112,16412,96814,10915,36817,73418,174
Expenses5,2805,6045,5935,9135,9616,8648,3619,25510,20910,89512,02413,64513,792
Operating Profit6356699251,1791,3931,7922,0392,9092,7593,2143,3444,0904,382
OPM %11%11%14%17%19%21%20%24%21%23%22%23%24%
Other Income5986224385075734201967399125232281402
Interest5777101861681091915
Depreciation126136150166192212272338372387401429437
Profit before tax1,1031,1471,2061,5131,7641,9831,9572,6282,4782,9423,1663,9234,332
Tax %23%21%21%21%24%24%28%30%28%30%26%25%
Net Profit8479119521,1971,3371,5231,4311,8871,8252,1002,4002,9863,324
EPS in Rs1.071.151.201.511.692.071.962.582.502.873.284.084.55
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

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital80808080240223244244244244244731731
Reserves5,8226,4077,1408,0379,0067,5127,7728,9689,82810,81612,04213,13114,085
Borrowings110252864803483536161
Other Liabilities9,1388,3677,7607,5879,3309,80010,86811,57514,27118,43021,57421,56721,389
Total Liabilities15,04114,85514,98015,72918,60517,60018,96520,82124,35129,49233,91235,49036,267
Fixed Assets5306006951,0731,2321,5011,8392,2982,7132,6522,6752,9633,427
CWIP1473284581404307439408498288831,006855433
Investments-0-0-004624919379641,1101,3061,572650651
Other Assets14,36413,92613,82814,51616,48114,86515,24816,71019,70024,65128,65931,02231,756
Total Assets15,04114,85514,98015,72918,60517,60018,96520,82124,35129,49233,91235,49036,267

Bharat Electronics Ltd Reserves and Borrowings Chart

Bharat Electronics Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 179-1,539-5691,4342,260-61-6871,5142,5705,0934,2071,267
Cash from Investing Activity -9531,753759-839-1,4703,115-6-896-649-2,595-4,8722,691
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-1,01456-23386472197-1,895-458611,422-1,7422,645

Bharat Electronics Ltd Financial Efficiency Indicators

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days168196233196185184176161189170145145
Inventory Days274306325321401407305275204233230240
Days Payable1111101201111121089189126155139124
Cash Conversion Cycle331391438406473483390347267248237261
Working Capital Days-113168953106312613411947428
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

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Promoters51.14%51.14%51.14%51.14%51.14%51.14%51.14%51.14%51.14%51.14%51.14%51.14%
FIIs11.58%14.10%15.73%17.21%16.77%15.99%17.36%17.34%16.42%17.35%17.19%17.77%
DIIs30.21%28.92%28.33%26.77%26.71%27.77%25.63%25.04%25.50%24.84%24.19%23.37%
Public7.07%5.85%4.81%4.89%5.38%5.11%5.88%6.47%6.95%6.68%7.49%7.72%
No. of Shareholders3,73,8933,49,2843,25,9333,67,5044,31,0344,37,0975,79,8077,07,0987,80,2117,67,8209,74,78210,98,228

Bharat Electronics Ltd Shareholding Pattern Chart

No. of Bharat Electronics Ltd Shareholders

Bharat Electronics Ltd Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)
Nippon India CPSE ETF23298074812.813222.12
Kotak Flexicap Fund - Regular Plan1330000004.521839.39
HDFC Mid-Cap Opportunities Fund - Regular Plan1066848903.031475.45
Kotak Emerging Equity Fund - Regular Plan550877452.25761.86
ICICI Prudential Bharat 22 ETF449179305.08620.99
Canara Robeco Emerging Equities387000002.96535.22
Kotak Equity Opportunities Fund - Regular Plan285000002.54394.16
DSP Flexi Cap Fund213790613.23295.67
HDFC Hybrid Equity Fund - Regular Plan193485041.27267.59
Aditya Birla Sun Life Flexi Cap Fund185887561.45257.08

Bharat Electronics Ltd ROCE Trend

Bharat Electronics Ltd EPS Trend

Bharat Electronics Ltd Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue1.001.001.001.001.00
Basic EPS (Rs.)4.099.858.627.497.74
Diluted EPS (Rs.)4.099.858.627.497.74
Cash EPS (Rs.)4.6111.3110.088.888.97
Book Value[Excl.RevalReserv]/Share (Rs.)18.9950.4945.4541.3937.86
Book Value[Incl.RevalReserv]/Share (Rs.)18.9950.4945.4541.3937.86
Revenue From Operations / Share (Rs.)24.2663.0757.9053.2249.92
PBDIT / Share (Rs.)5.9714.6613.6911.7112.23
PBIT / Share (Rs.)5.3913.0212.1010.1910.84
PBT / Share (Rs.)5.3712.9912.0710.1710.79
Net Profit / Share (Rs.)4.029.668.497.367.58
NP After MI And SOA / Share (Rs.)4.089.858.617.497.74
PBDIT Margin (%)24.6223.2423.6422.0024.49
PBIT Margin (%)22.2020.6320.8919.1321.71
PBT Margin (%)22.1220.6020.8519.1121.60
Net Profit Margin (%)16.5715.3214.6613.8215.19
NP After MI And SOA Margin (%)16.8215.6014.8714.0615.50
Return on Networth / Equity (%)21.5319.5218.9718.1020.47
Return on Capital Employeed (%)26.3822.1323.2821.6125.46
Return On Assets (%)8.407.077.117.499.06
Asset Turnover Ratio (%)0.510.480.520.570.61
Current Ratio (X)1.461.391.411.461.52
Quick Ratio (X)1.151.111.111.151.09
Inventory Turnover Ratio (X)1.571.541.501.401.18
Dividend Payout Ratio (NP) (%)0.0042.6548.7541.4127.12
Dividend Payout Ratio (CP) (%)0.0036.5441.1634.4023.00
Earning Retention Ratio (%)0.0057.3551.2558.5972.88
Cash Earning Retention Ratio (%)0.0063.4658.8465.6077.00
Interest Coverage Ratio (X)292.09707.41523.62792.74233.66
Interest Coverage Ratio (Post Tax) (X)197.68467.23325.86498.95145.94
Enterprise Value (Cr.)63213.2743828.3125423.1016469.7921774.91
EV / Net Operating Revenue (X)3.562.851.801.271.79
EV / EBITDA (X)14.4812.277.625.777.31
MarketCap / Net Operating Revenue (X)4.023.342.161.401.87
Retention Ratios (%)0.0057.3451.2458.5872.87
Price / BV (X)5.144.182.761.802.47
Price / Net Operating Revenue (X)4.023.342.161.401.87
EarningsYield0.040.040.060.100.08

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: ₹222.94

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.

Overvalued: 4.32% compared to the current price ₹233

Intrinsic Value: ₹251.31

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: 7.86% compared to the current price ₹233

Last 5 Year EPS CAGR: 12.72%

*Investments are subject to market risks

Strength and Weakness of Bharat Electronics Ltd Stock

StrengthWeakness
  1. The stock has a high average ROCE of 23.75%, which is a positive sign.
  2. The company has higher reserves (9,274.31 cr) compared to borrowings (32.23 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (10.54 cr) and profit (1.77 cr) over the years.
  1. The stock has a high average Working Capital Days of 48.00, which may not be favorable.
  2. 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 222.94.

What is the Market Cap of Bharat Electronics Ltd?

The Market Cap of Bharat Electronics Ltd is 1,70,647 Cr..

What is the current Stock Price of Bharat Electronics Ltd as on 17 April 2024?

The current stock price of Bharat Electronics Ltd as on 17 April 2024 is 233.

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 ₹238/100.

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

The Stock P/E of Bharat Electronics Ltd is 47.8.

What is the Book Value of Bharat Electronics Ltd?

The Book Value of Bharat Electronics Ltd is 20.3.

What is the Dividend Yield of Bharat Electronics Ltd?

The Dividend Yield of Bharat Electronics Ltd is 0.77 %.

What is the ROCE of Bharat Electronics Ltd?

The ROCE of Bharat Electronics Ltd is 29.9 %.

What is the ROE of Bharat Electronics Ltd?

The ROE of Bharat Electronics Ltd is 22.8 %.

What is the Face Value of Bharat Electronics Ltd?

The Face Value of Bharat Electronics Ltd is 1.00.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

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