āagman

Not investment advice. Data and computed figures, for information only.

Bharat Electronics Ltd

NSE: BELF&O
₹380.40
−₹1.95 (−0.51%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹2,69,110 Cr
CMP
₹380.40
52-wk High / Low
₹473 / 361
P/E
43.8
P/B
11.2
Book Value
₹32.8
Div Yield
0.68%
ROCE
36.0%
ROE
27.4%
Face Value
₹1
D/E
0.00

Price−8.0% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
6
/ 9
6 of 9 F-score tests passed
Graham Number
₹78
√(22.5 × EPS × book value per share)
ROIC
23.5%
vs 12.3% sector median
Cash flow to profit
0.25
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−286
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
19.2%
ROE × earnings retention ratio
ROE stability
2.6
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −1.49DII +1.02
Latest quarter vs the previous one
Cash-accrual divergence
10.6%
of assets
Low = accruals track cash flow
Strengths
+ROCE has stayed above the sector median for 5 consecutive years (weakest: 30% vs the 2023 sector median of 20%)
+FII holding rose by 1.6pp over the last year
Watch-outs
−Borrowings are up 132.1% since FY2016 (28 to 65)
−Price trades below its 200-day moving average (0.9x)
−Balance-sheet accruals of 10.6% of average assets — earnings are not cash-backed

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales3,5334,0094,1628,5644,2444,6055,7719,1504,4405,7927,15410,2245,547
Expenses2,8602,9953,0906,2773,2953,2054,1016,3343,2014,0905,0277,2434,159
Operating Profit6731,0141,0722,2879481,4001,6692,8161,2381,7022,1272,9821,388
OPM %19.0%25.3%25.8%26.7%22.3%30.4%28.9%30.8%27.9%29.4%29.7%29.2%25.0%
Other Income140137167225204158186195163154139110170
Interest1214111612221
Depreciation109108107119108111111138121126135173161
Profit before tax7031,0411,1322,3901,0431,4451,7442,8671,2791,7282,1282,9171,396
Net Profit5397908601,7977911,0931,3122,1279691,2871,5802,2261,055
EPS (₹)0.741.081.182.461.081.491.792.911.331.762.163.041.44

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7,0937,3548,65610,40112,16412,96814,10915,36817,73420,26823,76927,61028,717
Expenses5,9135,9616,8648,3619,25510,20910,89512,02413,64515,21716,93219,55720,518
Operating Profit1,1791,3931,7922,0392,9092,7593,2143,3444,0905,0516,8378,0538,199
OPM %16.6%18.9%20.7%19.6%23.9%21.3%22.8%21.8%23.1%24.9%28.8%29.2%28.6%
Other Income5075734201967399125232281670742566572
Interest710186168109191213106
Depreciation166192212272338372387401429443467556595
Profit before tax1,5131,7641,9831,9572,6282,4782,9423,1663,9235,2667,0998,0538,170
Net Profit1,1971,3371,5231,4311,8871,8252,1002,4002,9863,9855,3236,0626,148
EPS (₹)1.511.692.071.962.582.502.873.284.085.457.288.298.40

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital80240223244244244244244731731731731—
Reserves8,0379,0067,5127,7728,9689,82810,81612,04213,13115,59519,24323,257—
Borrowings2528648034835361636165—
Other Liabilities7,5879,3309,80010,86811,57514,27118,43021,57421,56723,13620,78820,473—
Total Liabilities15,72918,60517,60018,96520,82124,35129,49233,91235,49039,52440,82444,527—
Fixed Assets1,0731,2321,5011,8392,2982,7132,6522,6752,9633,0353,4194,121—
CWIP1404307439408498288831,0068558941,052731—
Investments04624919379641,1101,3061,572650682743800—
Other Assets14,51616,48114,86515,24816,71019,70024,65128,65931,02234,91335,61038,876—
Total Assets15,72918,60517,60018,96520,82124,35129,49233,91235,49039,52440,82444,527—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity−5691,4342,260−61−6871,5142,5705,0934,2071,1994,6595641,541
Cash from Investing Activity759−839−1,4703,115−6−896−649−2,595−4,8722,708−5,9246391,730
Cash from Financing Activity−213−209−318−2,857−1,202−663−1,061−1,076−1,078−1,262−1,475−1,696−2,097
Net Cash Flow−23386472197−1,895−458611,422−1,7422,645−2,739−4931,175

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %18.020.020.023.025.030.026.028.027.030.035.039.036.0
ROE %————————————27.4
EPS (₹)1.201.511.692.071.962.582.502.873.284.085.457.288.29
Book Value (₹)————————————32.8
Face Value (₹)————————————1
P/E————————————43.8
Div Yield %————————————0.68
NPM %14.615.816.916.813.515.414.014.815.416.619.021.721.5
OPM %14.017.019.021.020.024.021.023.022.023.025.029.029.0
D/E0.000.000.000.010.010.000.000.000.000.000.000.000.00
P/B————————————11.2

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+14.0%
5 years+14.0%
3 years+16.0%
TTM+20.0%
Compounded profit growth
10 years+16.0%
5 years+24.0%
3 years+27.0%
TTM+12.0%
Stock price CAGR
10 years+26.0%
5 years+39.0%
3 years+39.0%
Last year−11.0%
Return on equity
10 years24.0%
5 years26.0%
3 years28.0%
Last year27.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters68.19%68.19%66.79%58.83%51.14%51.14%51.14%51.14%51.14%51.14%51.14%51.14%
FIIs6.65%6.65%6.44%7.49%10.71%11.58%16.77%16.42%17.56%17.55%19.51%18.02%
DIIs17.73%17.73%17.85%22.88%30.21%30.21%26.71%25.50%22.63%20.87%20.00%21.02%
Government————————————
Public7.43%7.43%8.92%10.80%7.95%7.07%5.38%6.95%8.66%10.43%9.37%9.82%
No. of shareholders82,16182,1612,16,9082,96,8992,86,6323,73,8934,31,0347,80,21113,64,87326,78,43525,30,89626,04,298
Change since Jun 2023 (pp)
Promoters −17.05FIIs +11.37DIIs +3.29Public +2.39

Documents

As of 11 Oct 2026
Announcements
Intimation Of ESG Rating.Closure of Trading WindowAnnouncement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_OrderAnnouncement under Regulation 30 (LODR)-Appointment of Statutory Auditor/sAnnouncement under Regulation 30 (LODR)-Date of payment of Dividend
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Jul 2026TranscriptJul 2026RecordingMay 2026TranscriptMay 2026RecordingJan 2026TranscriptJan 2026RecordingNov 2025TranscriptNov 2025RecordingAug 2025TranscriptAug 2025Recording

Corporate actions

As of 13 Aug 2026
13 Aug 2026DIVIDENDDividend - Re 0.55 Per Share—
6 Mar 2026DIVIDENDInterim Dividend - Rs 1.95 Per Share—
14 Aug 2025DIVIDENDDividend - Rs 0.90 Per Share—
11 Mar 2025DIVIDENDInterim Dividend - Rs 1.5 Per Share—
14 Aug 2024DIVIDENDAnnual General Meeting/Dividend - Re 0.80 Per Share—
22 Mar 2024DIVIDENDInterim Dividend - Re 0.70 Per Share—
9 Feb 2024DIVIDENDInterim Dividend - Re 0.70 Per Share—
17 Aug 2023DIVIDENDAnnual General Meeting/Dividend - Re 0.60 Per Share—
24 Mar 2023DIVIDENDInterim Dividend - Rs 0.60 Per Share—
10 Feb 2023DIVIDENDInterim Dividend - Re 0.60 Per Share—
15 Sep 2022BONUSBonus 2:1—
8 Aug 2022DIVIDENDAnnual General Meeting/Dividend - Rs 1.50 Per Share—
24 Mar 2022DIVIDENDInterim Dividend - Rs 1.50 Per Share—
9 Feb 2022DIVIDENDInterim Dividend - Rs 1.50 Per Share—
14 Sep 2021DIVIDEND Annual General Meeting/Dividend - Rs 1.20 Per Share—
23 Mar 2021DIVIDEND Interim Dividend - Rs 1.40 Per Share—
8 Feb 2021DIVIDEND Interim Dividend - Rs 1.40 Per Share—
15 Sep 2020DIVIDEND Annual General Meeting/Dividend - Rs 1.40 Per Share—
11 Feb 2020DIVIDEND Interim Dividend - Rs 1.40 Per Share—
20 Aug 2019DIVIDEND Annual General Meeting/Dividend - Rs 1.70 Per Share—
27 Mar 2019DIVIDEND Interim Dividend - Re 0.70 Per Share—
19 Mar 2019DIVIDEND Interim Dividend - Re 0.70 Per Share—
8 Feb 2019DIVIDEND Interim Dividend - Re 0.30 Per Share—
20 Aug 2018DIVIDEND Annual General Meeting/Dividend- Re 0.40 Per Share—
8 Feb 2018DIVIDEND Interim Dividend Rs 1.60 Per Share—
28 Sep 2017BONUS Bonus 1:10—
14 Aug 2017DIVIDEND Annual General Meeting/Dividend - Rs 1.05 Per Share—
29 Mar 2017DIVIDEND Interim Dividend Re 0.90 Per Share—
16 Mar 2017SPLIT Face Value Split From Rs 10/- Per Share To Re 1/- Per Share10 : 1
2 Feb 2017DIVIDEND Interim Dividend Rs 3/- Per Share (Purpose Revised)—
18 Aug 2016DIVIDEND Annual General Meeting/Dividend Rs 14.50 Per Share—
4 Feb 2016DIVIDEND Interim Dividend - Rs 2.50 Per Share (Purpose Revised)—
14 Sep 2015BONUS Bonus 2:1—
10 Aug 2015DIVIDEND Annual General Meeting/ Dividend - Rs 23.20/- Per Share—
28 Jan 2015DIVIDENDInterim Dividend Rs.6/- Per Share (Purpose Revised)—
12 Sep 2014DIVIDENDAnnual General Meeting / Final Dividend - Rs 17.30/- Per Share—
29 Jan 2014DIVIDENDInterim Dividend - Rs 6/- Per Share (Purpose Revised)—
6 Sep 2013DIVIDENDAnnual General Meeting / Final Dividend - Rs 16.30/- Per Share—
30 Jan 2013DIVIDENDInterim Dividend Rs 6 Per Share (Purpose Revised)—
7 Sep 2012DIVIDENDAnnual General Meeting And Dividend Rs.10.80 Per Share—
1 Feb 2012DIVIDENDInterim Dividend Rs.10/- Per Share (Purpose Revised)—
13 Sep 2011DIVIDENDAnnual General Meeting And Dividend - Rs.15.60 Per Share—
2 Feb 2011DIVIDENDInterim Dividend-Rs.6/- Per Share (Purpose Revised)—
13 Sep 2010DIVIDENDAnnual General Meeting And Dividend Rs.13.20 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman