Bharat Electronics Limited

Capital Goods · Aerospace & Defense

NSE: BEL BSE: 500049

₹388.30

Sept. 30, 2026 · NSE · nse_bhavcopy

Peers in Aerospace & Defense

The largest companies in the same industry by market cap. This company ranks #2 of 26. PE, ROE, 1Y return and scores come from the daily/weekly precomputed snapshot.

Company	Market cap (₹ Cr)	PE (TTM)	ROE	1Y return	Div. yield	Quality	Valuation	Momentum
Hindustan Aeronautics Limited	312,184	33.6	22.2%	-2.8%	—	90	12	31
Bharat Electronics Limited (this stock)	283,839	46.4	25.3%	-4.5%	—	96	0	13
Bharat Dynamics Limited	40,692	78.1	11.3%	-28.0%	—	87	0	11
Garden Reach Shipbuilders & Engineers Limited	24,994	31.2	26.2%	-17.5%	0.90%	80	38	8
Data Patterns (India) Limited	24,000	89.6	15.6%	62.9%	0.23%	69	0	30
Aequs Limited	18,744	—	—	—	—	74	0	92
SIGMA ADVANCED SYSTEMS LIMITED	18,077	324.6	56.4%	554.4%	—	84	0	92
Astra Microwave Products Limited	15,540	89.0	14.7%	63.1%	0.15%	65	0	66

Valuation multiples

Current only. Market cap is the whole company's; sales/EBITDA are trailing-twelve-month standalone; debt and cash come from the latest filed standalone balance sheet (March 31, 2026). EBITDA = PBT + interest + depreciation.

Enterprise value

₹282,012 Cr

EV / EBITDA

32.2x

EV / Sales

9.86x

Market cap / Sales

9.93x

Earnings yield

2.16%

Quarterly Financials

Download CSV

Standalone Consolidated

↑ Positive

Quarterly Revenue

Jun 2026 quarterly revenue is Rs 5,700 Cr, up 24.5% YoY.

↑ Positive

Quarterly Net Profit

Jun 2026 quarterly net profit is Rs 1,048 Cr, up 8.2% YoY.

Period end	Revenue (₹ Cr)	PBT (₹ Cr)	Net profit (₹ Cr)	Basic EPS
June 30, 2026	5,533	1,403	1,048	₹1.4300
March 31, 2026	10,177	2,904	2,203	₹3.0100
Dec. 31, 2025	7,122	2,148	1,590	₹2.1700
Sept. 30, 2025	5,764	1,734	1,286	₹1.7600
June 30, 2025	4,417	1,289	969	₹1.3300
March 31, 2025	9,120	2,848	2,105	₹2.8700
Dec. 31, 2024	5,756	1,754	1,316	₹1.8100
Sept. 30, 2024	4,583	1,451	1,091	₹1.4900
June 30, 2024	4,199	1,037	776	₹1.0600
March 31, 2024	8,529	2,386	1,784	₹2.4400
Dec. 31, 2023	4,137	1,172	893	₹1.2200
Sept. 30, 2023	3,993	1,073	812	₹1.1100
June 30, 2023	3,511	704	531	₹0.7300

Quarterly income statement (standalone, ₹ Cr)

Indicator	Jun 26	Mar 26	Dec 25	Sep 25	Jun 25	Mar 25	Dec 24	Sep 24	Jun 24	Mar 24	Dec 23	Sep 23	Jun 23
Total income (before exceptional items)	5,700	10,285	7,282	5,923	4,580	9,314	5,961	4,750	4,400	8,749	4,360	4,164	3,652
Operating revenue	5,533	10,177	7,122	5,764	4,417	9,120	5,756	4,583	4,199	8,529	4,137	3,993	3,511
Other income	167	108	160	159	164	194	205	167	202	221	223	171	142
Operating expenses	4,144	7,215	5,004	4,068	3,177	6,331	4,103	3,195	3,262	6,249	3,087	2,989	2,846
Operating profit	1,389	2,962	2,118	1,695	1,240	2,789	1,653	1,389	937	2,280	1,049	1,004	664
Operating profit margin	25.1%	29.1%	29.7%	29.4%	28.1%	30.6%	28.7%	30.3%	22.3%	26.7%	25.4%	25.2%	18.9%
Depreciation	153	165	127	118	113	130	103	103	100	111	100	100	101
Interest	1	2	2	2	1	6	1	1	1	4	1	2	1
Exceptional items, gain / (loss)	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit before tax	1,403	2,904	2,148	1,734	1,289	2,848	1,754	1,451	1,037	2,386	1,172	1,073	704
Tax	354	701	558	448	320	743	438	360	261	602	279	261	173
Net profit	1,048	2,203	1,590	1,286	969	2,105	1,316	1,091	776	1,784	893	812	531
EPS	1.43	3.01	2.17	1.76	1.33	2.87	1.81	1.49	1.06	2.44	1.22	1.11	0.73
Net profit (TTM)	6,128	6,048	5,950	5,676	5,481	5,288	4,967	4,544	4,265	4,020	3,602	3,307	3,106
EPS (TTM)	8.37	8.27	8.13	7.77	7.50	7.23	6.80	6.21	5.83	5.50	4.92	4.52	4.25

Total income excludes exceptional items, which are shown on their own row. Trendlyne and Screener fold exceptional items into revenue or other income, so their totals differ from this table by exactly that row.

Annual Financials

Year ended	Revenue (₹ Cr)	PBT (₹ Cr)	Net profit (₹ Cr)
March 31, 2026	27,480	8,075	6,048
March 31, 2025	23,658	7,090	5,288
March 31, 2024	20,169	5,335	4,020
March 31, 2023	17,646	3,985	3,007

Annual income statement (standalone, ₹ Cr; CAGR to the latest year)

Indicator	CAGR 3Y	CAGR 5Y	Mar 26	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20	Mar 19	Mar 18	Mar 17
Total income (before exceptional items)	16.0%	14.6%	28,070^†	24,426^†	20,925^†	18,006^†	15,547^†	14,190^†	13,023^†	12,254^†	10,601^†	9,563^†
Operating revenue	15.9%	14.3%	27,480	23,658	20,169	17,646	15,314^†	14,064^†	12,921^†	12,085^†	10,401^†	9,084^†
Other income	—	—	590^†	768^†	756^†	360^†	234^†	126^†	102^†	170^†	200^†	479^†
Operating expenses	—	—	19,464^†	16,890^†	15,171^†	13,599^†	12,005^†	10,883^†	10,191^†	—	—	—
Operating profit	25.6%	20.3%	8,015^†	6,768^†	4,998^†	4,048^†	3,309^†	3,181^†	2,730^†	—	—	—
Operating profit margin	—	—	29.2%^†	28.6%^†	24.8%^†	22.9%^†	21.6%^†	22.6%^†	21.1%^†	—	—	—
Depreciation	—	—	524^†	436^†	412^†	408^†	380^†	366^†	350^†	316^†	—	192^†
Interest	—	—	7^†	10^†	7^†	15^†	5^†	6^†	3^†	—	1^†	—
Exceptional items, gain / (loss)	—	—	0^†	0^†	0^†	0^†	0^†	0^†	0^†	0^†	0^†	0^†
Profit before tax	26.5%	22.4%	8,075	7,090	5,335	3,985	3,158^†	2,935^†	2,479^†	2,703^†	1,948^†	2,029^†
Tax	—	—	2,027^†	1,802^†	1,315^†	978^†	809^†	869^†	685^†	776^†	549^†	482^†
Net profit	26.2%	24.0%	6,048	5,288	4,020	3,007	2,349^†	2,065^†	1,794^†	1,927^†	1,399^†	1,548^†
EPS	16.1%	-0.5%	8.27^†	7.23^†	5.50^†	5.29^†	9.64^†	8.48^†	7.36^†	—	—	—

^† Derived: the sum of that fiscal year's four quarterly filings (a real annual filing is used wherever one exists). Checked against filed annual figures, the sum lands within 0.5% for about 94% of company-years.

Annual ratios (standalone)

Ratio	Mar 26	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20	Mar 19	Mar 18	Mar 17
Operating margin	29.2%^†	28.6%^†	24.8%^†	22.9%^†	21.6%^†	22.6%^†	21.1%^†	—	—	—
EBIT margin	29.4%^†	30.0%^†	26.5%^†	22.7%^†	20.7%^†	20.9%^†	19.2%^†	—	18.7%^†	—
PBT margin	29.4%	30.0%	26.4%	22.6%	20.6%^†	20.9%^†	19.2%^†	22.4%^†	18.7%^†	22.3%^†
Net margin	22.0%	22.4%	19.9%	17.0%	15.3%^†	14.7%^†	13.9%^†	15.9%^†	13.5%^†	17.0%^†
Interest coverage	1202.64x^†	738.77x^†	760.91x^†	270.43x^†	652.09x^†	483.70x^†	761.48x^†	—	1534.73x^†	—
Dividend payout	—	—	—	—	—	—	—	—	—	—
Earnings retention	—	—	—	—	—	—	—	—	—	—
Current ratio	1.97x	1.76x	—	—	—	—	—	—	—	—
Quick ratio	1.44x	1.30x	—	—	—	—	—	—	—	—
Debt to equity	0.00x	0.00x	—	—	—	—	—	—	—	—
Return on equity	25.5%	26.8%	—	—	—	—	—	—	—	—
Return on assets	13.7%	13.1%	—	—	—	—	—	—	—	—
Return on capital employed	32.4%^†	34.3%^†	—	—	—	—	—	—	—	—
Asset turnover	0.62x	0.59x	—	—	—	—	—	—	—	—

Margins and asset turnover use operating revenue (interest earned for banks, excluding other income), not total income. Liquidity, leverage and return ratios need a filed standalone balance sheet, which exists only for recent years; returns use year-end equity/assets. Dividend payout is shown only for companies with a dividend record. † = built from a summed fiscal year.

Revenue Mix

Data unavailable.

Cash Flow

Year ended	Operating (₹ Cr)	Investing (₹ Cr)	Financing (₹ Cr)	Capex (₹ Cr)	Free Cash Flow (₹ Cr)
March 31, 2026	1,494	1,747	-2,096	983	511
March 31, 2025	480	748	-1,696	1,004	-524
March 31, 2024	4,648	-5,889	-1,474	647	4,001
March 31, 2023	1,155	2,782	-1,312	564	591
March 31, 2022	4,161	-4,861	-1,077	553	3,608

Balance Sheet (standalone)

Year ended	Total Assets (₹ Cr)	Total Equity (₹ Cr)	Reserves (₹ Cr)	Borrowings, Current (₹ Cr)	Borrowings, Non-current (₹ Cr)	Current Assets (₹ Cr)	Current Liabilities (₹ Cr)	Cash & Equivalents (₹ Cr)	Net Block (₹ Cr)	Inventory (₹ Cr)
March 31, 2026	44,090	23,698	22,967	0	0	37,773	19,175	1,827	3,405	10,094
March 31, 2025	40,418	19,698	18,967	0	0	34,627	19,699	682	3,124	9,070
March 31, 2024	—	—	—	—	—	—	—	—	—	—
March 31, 2023	—	—	—	—	—	—	—	—	—	—
March 31, 2022	—	—	—	—	—	—	—	—	—	—

Financial charts

Trend charts drawn from the standalone income-statement and ratio tables above (oldest year on the left); a gap means that period has no figure. Annual years marked † in the tables are derived from four quarters.