Stock BEL BHARAT ELECTRONICS LIMITED
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Financials Bharat Electronics Limited

Equities

BEL

INE263A01024

Aerospace & Defense

Delayed Bombay S.E.
Other stock markets
 01:43:09 2024-06-10 am EDT 		5-day change 1st Jan Change
285.4 INR +0.83% Intraday chart for Bharat Electronics Limited -10.36% +55.16%
Jun. 03 India stocks eye records as exit polls point to Modi landslide RE
May. 27 Axiscades Arm to Develop Radar Processing Systems for Bharat Electronics MT

Valuation

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 227,334 181,161 304,818 513,756 713,069 2,069,398 - -
Enterprise Value (EV) 1 218,138 164,683 291,151 438,628 633,592 1,472,555 1,957,382 1,946,806
P/E ratio 11.8 x 10.1 x 14.8 x 21.9 x 23.7 x 36.6 x 45.1 x 38.5 x
Yield 3.64% 3.77% 3.2% 2.13% 1.85% 0.79% 0.96% 1.13%
Capitalization / Revenue 1.88 x 1.4 x 2.17 x 3.35 x 4.04 x 7.3 x 8.77 x 7.49 x
EV / Revenue 1.81 x 1.27 x 2.07 x 2.86 x 3.59 x 7.3 x 8.29 x 7.04 x
EV / EBITDA 7.62 x 6.03 x 9.15 x 13.3 x 15.7 x 29.5 x 33.8 x 28.2 x
EV / FCF 28.7 x 9.2 x 6.28 x 12.2 x 107 x 55.2 x 59.8 x 47.6 x
FCF Yield 3.49% 10.9% 15.9% 8.22% 0.94% 1.81% 1.67% 2.1%
Price to Book 2.52 x 1.84 x 2.82 x 4.29 x 5.25 x 13.3 x 10.9 x 9.28 x
Nbr of stocks (in thousands) 7,309,779 7,309,779 7,309,779 7,309,779 7,309,779 7,309,779 - -
Reference price 2 31.10 24.78 41.70 70.28 97.55 283.1 283.1 283.1
Announcement Date 5/29/19 6/29/20 6/22/21 5/23/22 5/20/23 5/20/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 120,846 129,211 140,638 153,138 176,462 201,694 235,991 276,466
EBITDA 1 28,621 27,301 31,811 33,092 40,475 49,982 57,826 68,930
EBIT 1 25,459 23,805 28,148 29,291 36,396 45,857 54,610 65,467
Operating Margin 21.07% 18.42% 20.01% 19.13% 20.63% 22.74% 23.14% 23.68%
Earnings before Tax (EBT) 1 27,032 24,792 29,348 31,578 39,849 53,346 61,501 72,891
Net income 1 19,273 17,938 20,654 23,489 30,067 40,200 45,848 54,596
Net margin 15.95% 13.88% 14.69% 15.34% 17.04% 19.93% 19.43% 19.75%
EPS 2 2.637 2.453 2.827 3.213 4.110 5.500 6.277 7.361
Free Cash Flow 1 7,603 17,897 46,357 36,077 5,931 35,978 32,719 40,904
FCF margin 6.29% 13.85% 32.96% 23.56% 3.36% 17.83% 13.86% 14.8%
FCF Conversion (EBITDA) 26.56% 65.55% 145.73% 109.02% 14.65% 76.7% 56.58% 59.34%
FCF Conversion (Net income) 39.45% 99.77% 224.44% 153.59% 19.73% 98.97% 71.36% 74.92%
Dividend per Share 2 1.133 0.9333 1.333 1.500 1.800 2.229 2.711 3.209
Announcement Date 5/29/19 6/29/20 6/22/21 5/23/22 5/20/23 5/20/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2025 Q1
Net sales 1 48,442 22,962 69,083 16,346 36,606 52,952 36,937 63,249 31,128 39,458 41,310 64,566 35,108 44,985 75,042 47,773 83,524 -
EBITDA 1 - 4,404 19,706 628.6 8,564 9,193 8,221 15,678 5,135 8,558 8,535 18,248 6,644 9,982 16,688 10,550 19,515 -
EBIT - 3,459 18,789 -293.5 7,623 - 7,292 14,668 4,194 - 7,527 - - - - 9,220 17,254 -
Operating Margin - 15.06% 27.2% -1.8% 20.83% - 19.74% 23.19% 13.47% - 18.22% - - - - 19.3% 20.66% -
Earnings before Tax (EBT) 1 - 3,688 19,305 151.7 8,277 8,429 7,883 15,266 5,781 8,249 8,004 17,815 7,038 9,776 17,767 10,469 19,098 -
Net income 1 5,442 2,619 13,524 111.5 6,126 6,238 5,834 11,418 4,315 6,110 5,988 13,654 5,308 7,231 13,432 7,729 14,299 -
Net margin 11.23% 11.4% 19.58% 0.68% 16.74% 11.78% 15.79% 18.05% 13.86% 15.49% 14.49% 21.15% 15.12% 16.07% 17.9% 16.18% 17.12% -
EPS - 0.3600 1.850 0.0167 0.8367 - 0.7967 1.563 0.5900 0.8400 0.8200 1.860 - 3.000 - 1.976 2.047 -
Dividend per Share 2 - - - - - - - - - - - 1.200 - - - - 2.537 -
Announcement Date 11/4/19 1/28/21 6/22/21 8/6/21 10/29/21 10/29/21 1/28/22 5/23/22 7/16/22 10/27/22 1/28/23 5/20/23 7/27/23 - 10/28/23 - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 9,197 16,477 13,667 75,128 79,477 84,262 112,017 122,593
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 7,603 17,897 46,357 36,077 5,931 35,978 32,719 40,904
ROE (net income / shareholders' equity) 23% 19% 20% 20.6% 23.5% 24.8% 26.2% 26.7%
ROA (Net income/ Total Assets) - 8.08% - 7.52% 8.78% 9.1% 10% 10.7%
Assets 1 - 221,873 - 312,516 342,523 399,513 458,210 511,602
Book Value Per Share 2 12.30 13.50 14.80 16.40 18.60 21.30 25.90 30.50
Cash Flow per Share 2 - 3.460 6.980 5.690 1.580 2.680 4.260 5.760
Capex 1 7,379 7,428 4,677 5,535 5,621 7,259 7,335 7,129
Capex / Sales 6.11% 5.75% 3.33% 3.61% 3.19% 3.6% 3.11% 2.58%
Announcement Date 5/29/19 6/29/20 6/22/21 5/23/22 5/20/23 5/20/24 - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Bharat Electronics Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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