BEL
Large CapBharat Electronics Limited
Industrials
Bharat Electronics Limited (BEL) is a Government of India Enterprise under the Ministry of Defence, specializing in defense electronics. It develops and manufactures a wide range of electronic products and systems for defense and non-defense applications, focusing on indigenization and new technologies.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 32/100margin compression · Rev +12% YoY · PAT +5% YoY · +43% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹10,224 Cr | +11.7% | +42.9% |
| EBITDA | ₹2,982 Cr | +5.9% | +40.2% |
| Operating margin | 29.0% | -200 bps | -100 bps |
| PAT | ₹2,226 Cr | +4.7% | +40.9% |
| PAT margin | 21.8% | -148 bps | -32 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
BEL reports strong FY26 performance: Revenue up 16% to INR27,480 Cr, PBT up 14% to INR8,075 Cr, PAT up 14% to INR6,048 Cr. EBITDA margin improved to 30%. Order book stands at INR73,882 Cr as of April 1, 2026, with FY26 order inflow of INR30,045 Cr.
BEL delivered robust FY26 results, meeting all guidance parameters with strong revenue and profit growth. The order book remains healthy, supported by a pipeline of large projects. Management's optimistic outlook for sustained double-digit growth, driven by indigenization and strategic investments, reinforces the long-term thesis despite some working capital fluctuations.
Revenue by Segment (FY27 Guidance)
Latest issuer-disclosed distribution across 2 reported categories.
QRSAM Program
Expected to be signed by June end, worst case July. First production model within 18 months of signing, followed by bulk supplies.
P-75I Submarine Program
More than 50% to 60% of electronics (25-30% of total submarine value) from BEL, including 6 subsystems. Discussions with MDL and foreign partner are advanced.
Next Generation Corvette (NGC)
Many subsystems expected this year, with some potentially spilling over to next year. At least 50% of subsystems hoped for this year.
Data Center Solutions
Targeting totally indigenous data center solutions with hardware, software, and cybersecurity components. Expecting INR1,000-INR5,000 crores business from the first segment.
FY26 Capital Expenditure
INR900 crores capital expenditure was booked in FY26.
FY27 Capital Investment Target
Targeting more than INR1,200 crores as a capital investment for FY27, representing 20%+ growth.
Planned Facility Expansions
Big projects at Palasamudram, Chitrakoot, and Vellore facilities are in pipeline, in addition to Ghaziabad and Bangalore.
Computing Infrastructure Investment
Invested INR100+ crores in computing infrastructure (CPU/GPU) in last 2 years; INR100-INR200 crores more in different stages of approval.
Indigenization Drive
Indigenization of critical technology, modules, and systems has helped improve profitability. Government policy supports Atmanirbharta.
New Technology Value Addition
New technologies mean more value addition, leading to higher margins when they go to field.
Government Support for Industry
Ministry of Defence supports industry to create an environment for Atmanirbharta, allowing profits from indigenization to flow back into capex/R&D.
Supply Chain Disruptions
Middle East crisis slightly affected supply chain, causing delays of around 1-1.5 months for some subcomponents, but no major yearly impact foreseen.
Export Order Uncertainty
Geopolitical situations and complications make it challenging to predict the materialization of export orders with certainty.
Semiconductor Dependence
All semiconductors are currently imported, forming 17-19% of material cost. Indigenization of ICs will take a few more years.
Geopolitical Risks for Exports
Acquiring export orders faces challenges due to geopolitical situations, making order acquisition less predictable than domestic programs.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The management explicitly presents financial results and guidance on a year-on-year basis, focusing on annual growth rates and full-year performance metrics, which is typical for a capital goods company with long project cycles.
Revenue from Operations
Increased to INR27,480 crores in '25-'26 as compared to INR23,658 crores previous year, with a growth of 16%.
Profit Before Tax (PBT)
Increased to INR8,075 crores in '25-'26 as compared to INR7,090 crores previous year, with a growth of 14%.
Profit After Tax (PAT)
Increased to INR6,048 crores in '25-'26 as compared to INR5,288 crores in the previous year, with a growth of 14%.
EBITDA Margin
Increased to 30% in '25-'26 as compared to 29% in '24-'25.
FY27 Revenue Growth Guidance
Retaining revenue growth of more than 15% for '26-'27.
FY27 EBITDA Margin Guidance
EBITDA margins will be more than 28% for '26-'27.
FY27 Order Inflow Expectation
Expecting order inflow of more than INR55,000 crores this year, including QRSAM.
Long-Term Growth Outlook
Highly optimistic for the next 5 years, expecting a higher trajectory, not a downtrend.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Revenue Growth | More than 15% (guidance) | Achievement of double-digit growth, especially given the large base and order book. |
| QRSAM Contract Signing | Expected by June end, worst case July. | Timely finalization and signing of the contract, as it is a significant order inflow driver. |
| P-75I Submarine Program Order | Advanced stage of discussion for 50-60% electronics share. | Materialization of orders for the 6 subsystems within the program. |
| FY27 Order Inflow | More than INR55,000 crores (guidance) | Ability to secure large-ticket orders beyond QRSAM to maintain order book health. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
EBITDA margins will remain more or less similar, and the company is confident to achieve more than 27% EBITDA by the year-end.
"EBITDA margins will remain more or less similar. And what the guidance we have given more than 27% EBITDA, we are confident to achieve by the year-end."
Outcome check: OPM moved from 29.0% to average 29.5% (+0.5 pp).
The company expects to receive around INR2,000 crores worth of emergency procurement orders mostly by the next 2 weeks.
"around INR2,000 crores worth of emergency procurement orders are in pipeline where CMCs are concluded, and we are expecting it mostly by next 2 weeks, so we will get."
The company expects to receive an order for avionics packages for 97 LCA aircraft from HAL, worth around INR2,500 crores, in another 1 to 1.5 months.
"we are expecting in another 1, 1.5 months, hopefully, we will get from HAL this order for avionics package for all the items for this 97 aircraft order. That may be around INR2,500 crores plus/minus something."
The company is confident to achieve more than INR27,000 crores in order receipts this financial year, excluding QRSAM.
"we are confident that we will definitely achieve more than INR27,000 crores order book -- order received in this financial year other than QRSAM."
Trend score and candlestick chart
52Neutrallabel neutral
Technical chart
BELweekly · 6M+5.8%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 50.
- RSI(14) at 50 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 13% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 17/20 to the score.
- Cash flow contributes 7/10 to the score.
Main drags
- Fair-value margin of safety is negative at -10.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 16/25; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Management has 100% delivered/partly-delivered outcomes on 1 checked claims. It ranks around the 98th percentile of the scored universe and 98th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Industrials: 98th pctile, median 68 · Large: 95th pctile, median 74
70 documents indexed, but claim history is not strong enough yet.
1/4 claims checked · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.1%.
- ▸9 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 49.80
- P/B
- 12.59
- EV/EBITDA
- 35.09
- Market Cap
- 301857.00Cr
Profitability
- ROE
- 27.60%
- ROCE
- 36.50%
- ROA
- 13.61%
- Dividend Y
- 0.58%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 27.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 1149.86×
- Altman Z
- 8.14
- Book Value
- 32.80
Cash Flow
- FCF Yield
- 1.08%
- FCF Positive Y
- 9/5
- OCF
- 1541.00 Cr
- EPS TTM
- 8.29
Shareholding
- Promoter Hold
- 51.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 46%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.