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India's state-owned defense electronics maker, supplying radar, communication and weapon-system electronics to the armed forces.
India's state-owned defense electronics maker, supplying radar, communication and weapon-system electronics to the armed forces.
Wins defence-ministry contracts, often as the single domestic source, books revenue as items are delivered, and earns a recurring flow from repair and upgrades of equipment already fielded. It is the main electronics partner on missile and radar programmes such as the Akash air-defence system. The Indian government owns the majority.
In one line: India's L3Harris for defense electronics.
Moat: wide (regulatory licence, installed base, IP / patents). Preferred/sole domestic supplier for many defense-electronics categories under India's indigenization policy.
Headquarters: Bengaluru, India · Founded: 1954 · Employees: 21,551
Size Bharat Electronics (BEL.NS) is an India Industrials company (Aerospace & Defense) with a market value of $30.6B, the 32nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹396.00 on 6 Nov 2026.
Performance Over six months the shares fell 9.9%, against -0.6% for the median peer and 0.0% for the India market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 20.3% over the last twelve months (peer median +12.0%); the operating margin is 26.1% (peer median 11.2%).
Valuation It trades at 41.5× forward earnings against a peer median of 22.1× (6th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 38% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +24 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 18.8 points above its cost of capital (15.8% WACC).
Next results Next results expected around 22 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹303B | ₹271B | ₹235B | ₹202B | ₹176B |
| Revenue growth | — | +16% | +16% | +15% | — |
| Gross profit | ₹103B | ₹92.8B | ₹78.5B | ₹63.4B | ₹47.6B |
| EBITDA | ₹85.4B | ₹81.6B | ₹68.8B | ₹51.8B | ₹41.4B |
| Net income | ₹64.0B | ₹60.6B | ₹53.2B | ₹39.8B | ₹29.8B |
| Free cash flow | n/a | ₹11.4B | ₹2.21B | ₹44.5B | ₹9.26B |
| Capital expenditure | n/a | ₹9.85B | ₹10.1B | ₹6.53B | ₹5.90B |
| Total debt | ₹852M | ₹655M | ₹612M | ₹625M | ₹613M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bharat Electronics BEL.NS | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% |
| Hindustan Aeronautics HAL.NS | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% |
| L3Harris LHX | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BEL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.7% | +4.1% | 11th highest of 21 |
| 6-month return | -9.9% | -0.6% | 9th lowest of 20 |
| Distance from 52-week high | -16.4% | -23.7% | 5th highest of 21 |
| Revenue growth (TTM) | +20.3% | +12.0% | 9th highest of 20 |
| Operating margin | 26.1% | 11.2% | highest of 21 |
| Forward P/E | 41.5× | 22.1× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 38.2% | 7.0% | 3rd most demanding of 16 |
| Growth delivered (Del g) | +14.3% | +10.2% | 5th highest of 15 |
| Hurdle (Req g minus delivered) | +24.0 pp | -1.2 pp | 2nd most demanding of 15 |
| ROIC minus cost of capital | +18.8 pp | +8.3 pp | 2nd highest of 20 |
| EV / EBITDA | 32.7× | 18.8× | 4th most expensive of 17 |
| Net debt / EBITDA | -1.1× | 1.6× | 3rd least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bharat Electronics BEL.NS | India | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% | +14.3% |
| Leonardo LDO.MI | Italy | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% | +7.8% |
| Rocket Lab RKLB | United States | $31.8B | -50% | +53% | -29% | n/a | n/a | n/a |
| Kongsberg Gruppen KOG.OL | Norway | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% | +4.3% |
| Elbit Systems ESLT | United States | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% | +11.5% |
| Saab SAAB-B.ST | Sweden | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% | +17.4% |
| Hindustan Aeronautics HAL.NS | India | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% | +7.2% |
| Dassault Aviation AM.PA | France | $26.0B | +6% | +33% | 9% | 19.6× | 5.2% | +6.2% |
| Axon Enterprise AXON | United States | $25.4B | -22% | +35% | 1% | 36.5× | n/a | n/a |
| Hanwha Aerospace 012450.KS | South Korea | $25.0B | -53% | +28% | 11% | 17.2× | -7.0% | +38.1% |
| HEICO HEI | United States | $39.2B | +14% | +21% | 24% | 47.8× | 24.5% | +20.2% |
| Singapore Technologies Engineering S63.SI | Singapore | $22.6B | -13% | +11% | 9% | 27.3× | 5.3% | +11.5% |
| Bombardier BBD-B.TO | Canada | $22.5B | +8% | +11% | 11% | 22.1× | 19.0% | +8.9% |
| Rheinmetall RHM.DE | Germany | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% | +12.9% |
| Arxis ARXS | United States | $21.5B | +42% | +114% | 20% | 54.2× | 58.8% | n/a |
| MTU Aero Engines MTX.DE | Germany | $20.9B | +21% | +12% | 13% | 18.5× | 6.3% | +17.1% |
| AVIC Shenyang Aircraft 600760.SS | China | $20.8B | +4% | -1% | 8% | 45.1× | n/a | n/a |
| L3Harris LHX | United States | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% | +3.7% |
| Honeywell Aerospace HONA | United States | $48.5B | n/a | n/a | 20% | 18.8× | n/a | n/a |
| FTAI Aviation FTAI | United States | $18.4B | -33% | +46% | 23% | 16.7× | n/a | n/a |
| Thales HO.PA | France | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% | +7.6% |