BEL

Bharat Electronics share price & financials

Price
₹426.9
Market cap
₹2.8L Cr
Sector
Capital Goods
Calls analysed
8
Latest concall · Q1 FY27 · call held 27 Jul 2026

Bharat Electronics Limited Q1 FY27

Revenue from Operations ₹5,533 cr +25%EBITDA Margin 25.83% Profit After Tax ₹1,048 cr +8%EPS ₹1.43 +8%

What went well

  • Strong revenue growth of 25.27% YoY, reaching ₹5,533 crores.
  • Profit after tax (PAT) increased by 8.17% YoY to ₹1,048 crores.
  • Healthy EBITDA margin of 25.83% for the quarter.

What to watch

  • QRSAM order, initially expected by March, is now delayed to Q1/Q2 FY27, maximum by September, due to procedural delays.
  • Order inflow for Q1 FY27 was ₹3,754 crores, which is lower than some previous quarters, though management attributes this to structured ordering rather than spillover.
Read the full call →

What Bharat Electronics Limited does

Bharat Electronics Limited (BEL) is a Navratna public-sector enterprise under the Ministry of Defence that designs, develops, manufactures and supplies a wide range of strategic electronic products and systems, primarily for the Indian armed forces. It is a multi-product, multi-technology, multi-unit company with over six decades of experience and is a key player in the Indian defence segment, with a growing presence in civilian and export markets. Its output spans radars, weapon and fire-control systems, electronic warfare suites, communication networks and command-and-control systems, earned largely through long-cycle defence programs and order-book execution.

Segments

  • Defence
  • Non-Defence (Civilian)
Manufacturing units in India
Nine units organised into 24 Strategic Business Units
Engineers on staff
5,712 (of 8,853 total employees, ~half in R&D)
Research & development labs
Two Central Research Laboratories (Bengaluru, Ghaziabad) plus a Product Development & Innovation Centre, Bengaluru
Water Front Support Centres
Seven
Ownership & status
Navratna defence PSU under the Ministry of Defence, established 1954
Global defence ranking
56th among top 100 defence companies worldwide (Defence News Top 100, 2021)
Founded 1954Headquarters Outer Ring Road, Nagavara, Bengaluru - 560045, IndiaEmployees 8,853 (31 March 2022) Company website

Guidance record · Q1 FY27

what the last two calls moved 32 tracked 6 delivered 5 missed 21 open
  • Next-Gen Corvettes (NGC) Subsystem Orders went quiet said Q3 FY25 Promised: INR 14,000-15,000 crores in FY26 Q1 FY27: No specific update on the final FY26 order value for NGC. The topic remains unaddressed.
  • QRSAM Order Finalization delayed said Q2 FY25 Promised: RFP expected Q1 FY26 Q1 FY27: The June-end deadline was missed. Management now states the order may come by Q1/Q2, 'maximum by September we will get and I am still sticking to that.'
  • FY26 Revenue Growth delivered said Q4 FY25 Promised: around 15% for FY26 Q4 FY26: Achieved 16.16% revenue growth for the full year FY26, meeting the guidance.

All 32 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 25.3%, net profit up 8.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue4,583 5,756 9,120 4,417 5,764 +26%7,122 +24%10,177 +12%5,533 +25%
EBITDA1,389 1,653 2,789 1,240 1,695 +22%2,118 +28%2,962 +6%1,389 +12%
Net profit1,091 1,316 2,105 969 1,286 +18%1,590 +21%2,203 +5%1,048 +8%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +4.2% 1Y

₹380₹400₹420₹440₹460Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 31 Oct 2025Q3 FY26 — 28 Jan 2026Q4 FY26 — 20 May 2026Q1 FY27 — 27 Jul 2026

1Y: ₹388.05 on 10 Sept 2025 → ₹404.35. High ₹468.45 (6 Mar 2026), low ₹383.45 (18 Dec 2025).

How the price took the results

close before → close after

Q1 FY27
+0.5%
27 Jul
Q4 FY26
−2.3%
20 May
Q3 FY26
+8.9%
28 Jan
Q2 FY26
+4.0%
31 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 15.8% a year over 3 years, FY23 to FY26. Operating margin widened to 29.2%.

Year endingFY23FY24FY25FY26
Revenue₹17.7k Cr₹20.2k Cr₹23.7k Cr₹27.5k Cr
Operating profit₹4.1k Cr₹5.0k Cr₹6.8k Cr₹8.0k Cr
Operating margin23.0%24.8%28.6%29.2%
Interest₹15 Cr₹8 Cr₹9 Cr₹7 Cr
Depreciation₹423 Cr₹412 Cr₹436 Cr₹523 Cr
Net profit₹3.0k Cr₹4.0k Cr₹5.3k Cr₹6.0k Cr
Net margin16.8%19.9%22.4%22.0%
Cash from operations₹1.1k Cr₹4.6k Cr₹480 Cr₹1.5k Cr
Free cash flow₹524 Cr₹4.0k Cr₹-521 Cr₹515 Cr
ROCE31.0%36.0%39.0%37.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹244 Cr₹244 Cr₹731 Cr₹731 Cr₹731 Cr₹731 Cr
Reserves₹10.6k Cr₹11.7k Cr₹12.9k Cr₹15.4k Cr₹20.8k Cr₹23.0k Cr
Borrowings₹3 Cr₹53 Cr₹61 Cr₹63 Cr₹59 Cr₹65 Cr
Other liabilities₹18.2k Cr₹21.4k Cr₹21.4k Cr₹23.0k Cr₹21.3k Cr₹20.3k Cr
Total liabilities₹29.1k Cr₹33.5k Cr₹35.1k Cr₹39.2k Cr₹42.9k Cr₹44.1k Cr
Fixed assets₹2.5k Cr₹2.5k Cr₹2.7k Cr₹2.8k Cr₹4.1k Cr₹3.9k Cr
Capital work in progress₹736 Cr₹859 Cr₹841 Cr₹891 Cr₹564 Cr₹728 Cr
Investments₹1.3k Cr₹1.6k Cr₹664 Cr₹768 Cr₹779 Cr₹864 Cr
Other assets₹24.5k Cr₹28.5k Cr₹30.9k Cr₹34.7k Cr₹37.5k Cr₹38.6k Cr
Total assets₹29.1k Cr₹33.5k Cr₹35.1k Cr₹39.2k Cr₹42.9k Cr₹44.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −0.54 pp while DIIs added +0.42 pp. The shareholder count grew 2% to 26,04,298.

Promoters
51.1%
FIIs
18.0%
DIIs
21.0%
Public
9.8%

Since Jun 2025

  • FIIs −0.54 pp
  • DIIs +0.42 pp
  • Public +0.12 pp

How it drifted, 12 quarters

Over this window DIIs fell from 24.2% to 21.0% — −3.2 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 51.1%, FIIs 17.2%, DIIs 24.2%, Public 7.5%.Dec '23: Promoters 51.1%, FIIs 17.8%, DIIs 23.4%, Public 7.7%.Mar '24: Promoters 51.1%, FIIs 17.6%, DIIs 22.6%, Public 8.7%.Jun '24: Promoters 51.1%, FIIs 17.4%, DIIs 20.6%, Public 10.8%.Sep '24: Promoters 51.1%, FIIs 17.3%, DIIs 20.2%, Public 11.4%.Dec '24: Promoters 51.1%, FIIs 17.3%, DIIs 20.9%, Public 10.6%.Mar '25: Promoters 51.1%, FIIs 17.6%, DIIs 20.9%, Public 10.4%.Jun '25: Promoters 51.1%, FIIs 18.6%, DIIs 20.6%, Public 9.7%.Sep '25: Promoters 51.1%, FIIs 18.1%, DIIs 20.9%, Public 9.8%.Dec '25: Promoters 51.1%, FIIs 18.5%, DIIs 20.5%, Public 9.9%.Mar '26: Promoters 51.1%, FIIs 19.5%, DIIs 20.0%, Public 9.4%.Jun '26: Promoters 51.1%, FIIs 18.0%, DIIs 21.0%, Public 9.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Bharat Electronics Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
President Of India 51.14%unchanged
NPS Trust- A/C HDFC Pension Fund Management Limited Scheme E - Tier I (Various Schemes) Pension / PF2.29%+0.18 pp
Kotak Flexicap Fund (Various Schemes) Mutual fund2.26%unchanged
SBI Nifty 50 ETF - Various Schemes Mutual fund2.13%+0.08 pp
Cpse Exchange Traded Scheme - Various Schemes Mutual fund2.04%unchanged
HDFC Mutual Fund - Varuous Schemes Mutual fund1.31%+0.28 pp
Life Insurance Corporation Of India Various Scheme Insurer1.13%unchanged
Government Of Singapore - E Sovereign1.11%unchanged
Motilal Oswal (Various Schemes) Mutual fund1.07%unchanged
ICICI Prudential Nifty ETF - Various Schemes Mutual fund1.04%newly disclosed

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in BEL

Filings to Aug 2026

1 new, 16 added, 12 trimmed, 0 sold out — net +149.68 L shares (+3.9%).

Held by funds
₹16.2k Cr
39 schemes
Biggest holder
CPSE ETF
₹4.0k Cr · 21.2% of that fund
SchemeHoldingLast month
CPSE ETF Nippon India Mutual Fund₹4.0k Cr+1.10 L
SBI Nifty 50 ETF SBI Mutual Fund₹2.9k Cr+3.65 L
SBI BSE Sensex ETF SBI Mutual Fund₹2.0k Cr+4.75 L
HDFC Defence Fund HDFC Mutual Fund₹1.6k Cr+25.00 L
Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund₹904 Cr+4.38 L
SBI Arbitrage Fund SBI Mutual Fund₹792 Cr+27.80 L
HDFC Flexi Cap Fund HDFC Mutual Fund₹662 Cr+79.71 L
SBI PSU Fund SBI Mutual Fund₹534 Cr−13.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

16 added, 12 trimmed — net +1.50 cr shares (+3.9%)

Funds are sitting on
+66%
vs est. average cost
Held by funds
₹16.2k Cr
39 schemes · ≈ 6.0% of the company
Biggest holder
CPSE ETF
₹4.0k Cr · 21.2% of that fund
Longest holder
Nippon India Growth Mid Cap Fund
8y 1m · since Aug '18

Shares held by these funds −18%

Aug '23 39.36 cr shares Jul '26

What the price assumes

Expensive

To justify its price of ₹404, this stock must grow earnings at 30% every year for 7 years. Our analysis caps realistic growth at ~27%. At that growth it is worth ₹342 — downside of 15%.

Growth the price implies
30.2% a year
for 7 years, fading to 4%
It has actually compounded at
26.8% a year
net profit, FY23–FY26 · EPS 26.8%
The gap
0.0 pp
-15% downside if it only repeats history
Price today ₹404.35 Value at the reference growth ₹341.99

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse Bharat Electronics Limited

Guides on how to read this kind of business and the numbers that matter.