By Dalal Street Investment Journal (DSIJ)
Bharat Electronics Ltd reported ₹6,062 crore PAT in FY26 with 31.2% EBITDA margin and maintained a debt-free balance sheet. Its ₹74,000 crore order book, defence electronics portfolio and execution capability remain key factors influencing future growth.
Factors relevant to a long-term assessment of BEL include its defence order pipeline, the use of electronics in modern warfare, and its ability to execute projects while maintaining profitability.
BEL operates across radars, communication systems, electronic warfare and naval solutions. With an order book of around ₹74,000 crore at the start of FY27, the company has visibility into potential future revenue. However, the stock’s valuation reflects only part of the expected growth in the defence sector.
Going ahead, execution remains a factor to monitor. Timely delivery of projects, working capital management and maintaining margins will influence the company’s ability to meet market expectations.
BEL’s strategic role, balance sheet and return ratios are among the factors reflected in its valuation. Future stock performance will depend on earnings growth and changes in valuation. When assessing the stock, investors should consider both the company’s growth prospects and its valuation.
Bharat Electronics Limited (BEL) is a defence electronics company and a Navratna PSU under the Ministry of Defence. Established in 1954, the company supplies systems to the armed forces across areas such as radars, communication networks, electronic warfare, naval systems and missile electronics.
Unlike defence companies focused on manufacturing platforms, BEL operates mainly in defence electronics and system integration. This segment provides exposure to the use of technology in modern warfare, including surveillance, communication and electronic countermeasures.
Business segment | Contribution |
Defence business | 90% |
Non-defence business | 10% |
Defence remains BEL’s primary revenue driver, contributing around 90% of FY26 revenue. Its non-defence operations include areas such as homeland security, smart cities, medical electronics and railway systems.
BEL’s business includes its association with the military, indigenous design capabilities and participation in defence projects. In FY26, the firm received orders worth around ₹30,000 crore across sectors, including radars, avionics, electronic warfare and naval systems.
India’s emphasis on defence indigenisation and reduced dependency on imports may affect the demand environment in the sector. Relevant factors include order execution, technological developments and competition.
BEL reported financial results over the past three years, supported by defence spending, execution of existing programmes and its order backlog. Its revenue is distributed across various defence electronics sectors.
Financials (₹ crore) | FY24 | FY25 | FY26 |
Revenue from operations | 20,268 | 23,769 | 27,610 |
Revenue growth | — | 17% | 16% |
EBITDA | 5,717 | 7,576 | 8,615 |
EBITDA margin | 28.21% | 31.87% | 31.20% |
Profit Before Tax (PBT) | 5,266 | 7,099 | 8,053 |
Profit After Tax (PAT) | 3,985 | 5,323 | 6,062 |
(Source: BSE, Company Annual Report)
Revenue from operations of BEL grew from ₹20,268 crore in FY24 to ₹27,610 crore in FY26, supported by defence demand and execution. Revenue growth was 16.16% in FY26 following growth in FY25.
PAT increased from ₹3,985 crore in FY24 to ₹6,062 crore in FY26. The EBITDA margin was above 30% during FY26, based on the reported financial results.
Moving forward, the company’s growth will depend on execution of its order backlog and profitability.
BEL has historically traded at a premium valuation, with return ratios, its debt-free balance sheet and its role in India’s defence ecosystem among the factors considered by the market. Future returns will depend on earnings growth and changes in valuation.
Key ratio (FY26/TTM) | BEL | View |
Observation | 48x | Premium valuation |
Valuation | 12x | Reflects high return ratios |
ROE of 27% | 27% | Strong capital efficiency |
ROCE of 36% | 36% | Healthy operating efficiency |
Debt-to-equity of 0.00x | 0.00x | Strong balance sheet |
(Source: DSIJ, BSE, NSE)
The company’s ROE was 27%, and ROCE was 36%. The company also had a debt-to-equity ratio of 0.00x, based on the reported figures.
Valuation remains an important factor, with the defence industry trading at a P/E of around 85.7 times. BEL’s valuation reflects factors including profitability, its role in the defence sector, order visibility and India’s import substitution efforts.
Going ahead, the valuation will depend in part on whether earnings growth supports the prevailing market multiple.
In CY26 so far, BEL’s share price has gained 1.22% as of September 10, 2026. From a technical perspective, the weekly chart shows a support zone at ₹378-380. This support is based on a horizontal trendline. Resistance is placed in the ₹431-435 region. A sustained move above this zone would indicate a change in price momentum.
The stock is currently trading below its short-term, medium-term and long-term moving averages on the daily time frame. On the weekly time frame, the stock is trading below its 20 and 50-week moving averages, while it continues to hold above the 100 and 200-week moving averages.
BEL’s ownership structure reflects continued Government of India control of the company. Institutional investors also hold a portion of the company’s shares.
Shareholding Pattern | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
Promoters | 51.14% | 51.14% | 51.14% | 51.14% |
FIIs | 18.14% | 18.51% | 19.51% | 18.02% |
DIIs | 20.88% | 20.47% | 20.00% | 21.02% |
Public & Others | 9.84% | 9.87% | 9.37% | 9.82% |
(Source: BSE, NSE, DSIJ)
Promoter shareholding was 51.14% across the four reported quarters, indicating the government’s control in BEL. FII shareholding decreased in Jun 2026 after increasing in the previous quarters, while DII shareholding increased to 21.02%.
BEL’s ownership structure remained broadly stable across the reported quarters. The domestic institutional stake increased to 21.02% in Jun 2026, while FII shareholding was 18.02%.
BEL’s EPS grew at a CAGR of around 25% during FY22-FY26. The change in earnings was supported by defence expenditure, execution and the company’s order book.
BEL operates in the defence electronics segment, focusing on radars, communication systems and electronic warfare. HAL manufactures aircraft and aerospace platforms, while BDL focuses on missiles. The comparison highlights differences in the businesses and the role of electronics in defence systems.
Company | Core business | FY26 revenue | Order book |
BEL | Defence electronics, radars, communication systems | ₹27,610 crore | ₹74,000 crore |
HAL | Aircraft, helicopters and aerospace platforms | ₹33,000 crore | ₹2.5 lakh crore |
BDL | Missiles and missile systems | ₹2,866 crore | ₹26,176 crore |
Data Patterns | Defence electronics and aerospace systems | ₹925 crore | ₹926 crore |
(Source: DSIJ, Companies Annual Reports)
HAL has a large order backlog for its aircraft programmes, while BEL operates across several defence electronics sectors. Data Patterns has a smaller revenue base and operates in defence electronics and aerospace systems. Differences in size, business mix and order books affect how these companies compare.
BEL’s long-term growth will depend on converting its order pipeline into revenue while maintaining profitability during India’s defence indigenisation cycle.
BEL operates in the defence sector, and factors that may affect its performance include execution, valuation and competition. Its order book was worth ₹74,000 crore at the start of FY27.
Risk factor | Impact on BEL |
Premium valuation | Any slowdown in earnings growth could lead to valuation correction. |
Order execution delays | Delays in converting the order book into revenue may impact growth. |
Government dependency | A large portion of the business depends on defence procurement decisions. |
Margin pressure | Changes in product mix or project execution costs can affect profitability. |
Rising competition | Increased participation from private defence companies may impact future opportunities. |
(Source: DSIJ, BEL Annual Report)
Valuation is a factor, as BEL trades at a premium relative to some measures of the sector. A slowdown in earnings growth could put pressure on the valuation.
Factors to monitor include order conversion, execution efficiency and margin sustainability.
BEL’s order book is supported by its presence across defence electronics segments such as radars, communication systems, electronic warfare and naval systems.
Order book parameters | Details |
Order book position | ₹74,000 crore |
FY26 order inflows | ₹30,000 crore |
FY27 order inflow guidance | ₹55,000 crore |
Export order book | $495 million |
(Source: DSIJ, BEL Annual Report)
The company secured orders worth around ₹30,000 crore in FY26 and entered FY27 with an order backlog of ₹74,000 crore. BEL has guided for order inflows of over ₹55,000 crore in FY27, with opportunities including programmes such as QRSAM, LRSAM, Akash missile systems, electronic warfare solutions and radar systems.
The company’s order pipeline provides revenue visibility, while defence contracts can take time due to testing and approval requirements.
Moving forward, BEL’s growth will depend on converting its pipeline orders into revenue and securing additional defence contracts.
BEL is part of India’s push for self-reliance in defence. The company works across radars, electronic warfare systems, communication networks, weapon systems, electro-optics and network-centric solutions, which can contribute to reducing dependence on imported defence electronics.
BEL focuses on indigenous technology development. Products designed and manufactured within India contribute around 80% of the company’s annual revenue, while R&D spending has remained in the range of 6.25–7.5% of sales over the past five years.
The company has over 2,600 R&D engineers working on technology development and localisation. BEL also collaborates with DRDO, research institutions, MSMEs, start-ups and private companies on defence systems and the domestic supply chain.
BEL’s role in defence indigenisation provides exposure to India’s focus on locally developed defence equipment. Converting these opportunities into orders and profitable growth will depend on execution.
BEL Bonus and Dividend History
BEL has paid bonuses and dividends to shareholders. Its cash flows, debt position and government-backed business structure are among the factors associated with its shareholder payout policy.
Ex-bonus date | Bonus ratio |
September 2015 | 2:1 |
September 2017 | 1:10 |
September 2022 | 2:1 |
(Source: BSE, NSE)
BEL has announced three bonus issues since 2015, the latest being a 2:1 ratio in September 2022. This means shareholders received two additional shares for every one share held on the record date.
Financial year | Dividend per share |
FY26 | ₹2.50 |
FY25 | ₹2.40 |
FY24 | ₹2.20 |
(Source: BSE, NSE)
BEL has paid dividends in the reported financial years. The share price and dividend per share influence the dividend yield.
Changes in the share price and dividends have driven shareholder returns. The contribution of each component can vary over time.
The BEL share price estimate for 2026 is based on factors such as earnings growth, order book execution and the valuation multiple assigned by the market to defence stocks. The estimate can change if these factors change.
Factors relevant to a long-term assessment of BEL include its market presence, government defence spending, demand for indigenous defence equipment, valuation and order execution.
BEL commenced FY27 with an order book of approximately ₹74,000 crore. The order book consists of projects related to radars, communication systems, electronic warfare, naval systems and other defence electronics.
Yes, BEL has announced bonus issues. It has declared three bonus issues since 2015, with the most recent issue at a 2:1 ratio in September 2022.
BEL mainly operates in defence electronics, designing systems such as radars, communication systems, electronic warfare systems, naval electronics and other defence solutions. Most of its income is generated from defence-related business.
SEBI Registered Research Analyst (INH000006396).
Founded in 1986, Dalal Street Investment Journal (DSIJ) brings decades of experience in India’s equity markets. DSIJ's research combines fundamental analysis with price action, guided by disciplined risk management and capital preservation. They follow a structured, data-driven approach designed to help investors and traders make informed decisions beyond short-term market noise.
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As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).
US INVESTING
International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.
IPO
This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.
SCREENERS
Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform.
SECURITIES
Securities quoted are exemplary and not recommendatory.
IPV
Account would be open after all procedure relating to IPV and client due diligence is completed.
IMAGES
The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites.
THIRD PARTY PRODUCT DISCLAIMER
Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.
As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.
