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Swing Capital

Bharat Electronics Ltd

NSE: BEL BSE: 500049

Incorporated in 1954, Bharat Electronics Ltd manufactures and supplies electronic equipment and systems to the defence sector. Company also has a limited presence in the civilian market[1]

₹425
52W: ₹358 — ₹473
PE 52.1 · Book ₹29.1 · +1360% vs book
Market Cap₹3,10,483 Cr
Stock P/E52.1Price to Earnings
ROCE39.4%Return on Capital
ROE29.5%Return on Equity
Div. Yield0.57%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 24.1% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 27.0%
  • +Company has been maintaining a healthy dividend payout of 39.0%

Weaknesses

  • −Stock is trading at 14.4 times its book value
  • −Working capital days have increased from 43.6 days to 85.3 days

Shareholding Pattern

Promoters51.14%
FIIs19.51%
DIIs20%
Public9.37%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters51.14%51.14%51.14%51.14%51.14%51.14%51.14%51.14%
FIIs17.43%17.27%▼0.217.34%▲0.117.55%▲0.218.56%▲1.018.14%▼0.418.51%▲0.419.51%▲1.0
DIIs20.62%20.22%▼0.420.94%▲0.720.87%▼0.120.6%▼0.320.88%▲0.320.47%▼0.420%▼0.5
Public10.82%11.37%▲0.510.58%▼0.810.43%▼0.29.7%▼0.79.84%▲0.19.87%▲0.09.37%▼0.5

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales3,9934,1378,5294,1994,5835,7569,1204,4175,7647,122
Expenses2,9893,0876,2493,2623,1954,1036,3313,1774,0685,004
Operating Profit1,0041,0492,2809371,3891,6532,7891,2401,6952,118
OPM %25%25%27%22%30%29%31%28%29%30%
Net Profit8128931,7847761,0911,3162,1059691,2861,590
EPS ₹1.111.222.441.061.491.82.881.331.762.18

AI Insights

Revenue Trend

TTM revenue at ₹26,422Cr, up 11.7% YoY. OPM at 30%.

Debt Position

Borrowings at ₹59Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹561Cr (14% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 20% (-4.84pp change). FIIs: 19.51% (+2.16pp change). Promoters hold 51.14%.

Margin & Efficiency

ROCE improving from 18% (Mar 2014) to 39% (Mar 2025). Working capital days: 85.

Valuation

PE 52.1x with 39.4% ROCE. Price is 1360% above book value of ₹29.1. Dividend yield: 0.57%.

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