Navratna defence-electronics PSU building radars, EW suites and communication systems for India's armed forces
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 5,533 | +25.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 25.0 | −3.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,048 | +8.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 27.97 | −1.7 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 2.03 | +3.9 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 19.82 | −1.1 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
6 of 11 judged targets kept · 21 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Next-Gen Corvettes (NGC) Subsystem Orders | INR 14,000-15,000 crores in FY26 | Q3 FY25 | No specific update on the final FY26 order value for NGC. The topic remains unaddressed. | Ghosted |
| QRSAM Order Finalization | RFP expected Q1 FY26 | Q2 FY25 | 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.' | Delayed |
| FY26 Revenue Growth | around 15% for FY26 | Q4 FY25 | Achieved 16.16% revenue growth for the full year FY26, meeting the guidance. | Achieved |
5 of Bharat Electronics Limited's 32 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 29 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹422.05 on 24 Oct 2025 → ₹367.95. High ₹468.45 (6 Mar 2026), low ₹362 (23 Oct 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
6 of 11 judged targets kept · 21 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Next-Gen Corvettes (NGC) Subsystem Orders | INR 14,000-15,000 crores in FY26 | Q3 FY25 | No specific update on the final FY26 order value for NGC. The topic remains unaddressed. | Ghosted |
| QRSAM Order Finalization | RFP expected Q1 FY26 | Q2 FY25 | 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.' | Delayed |
| FY26 Revenue Growth | around 15% for FY26 | Q4 FY25 | Achieved 16.16% revenue growth for the full year FY26, meeting the guidance. | Achieved |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 32 tracked commitments, with each call’s wording and source.
Call summaries
Bharat Electronics Limited Q1 FY27
Bharat Electronics Limited reported a strong Q1 FY27 with revenue growing 25.27% YoY to ₹5,533 crores and PAT increasing 8.17% to ₹1,048 crores. The EBITDA margin for the quarter was 25.83%. The company maintains a robust order book of ₹72,258 crores and is confident in achieving its annual guidance for order inflow and margins, despite some procedural delays for key orders like QRSAM.
Read the full callBharat Electron Q4 FY26
Bharat Electronics Limited reported a strong Q4 FY26, with revenue growing 16.16% to INR27,480 crores and PAT increasing 14.37% to INR6,048 crores. The company's EBITDA margin expanded to 30%, and the order book remained robust at INR73,882 crores. Management provided an optimistic outlook for FY27, targeting over 15% revenue growth and over INR55,000 crores in order inflow, while acknowledging minor supply chain disruptions and increased receivables in FY26.
Read the full callBEL Q3 FY26
BEL delivered strong 9M FY26 results with 19% revenue growth and 30% EBITDA margin, well above the 15% and 27% guidance. QRSAM remains on track with >90% confidence for Q4 FY26 order receipt. NGC orders of INR 2,000-3,000 crores expected this quarter with remaining INR 10,000-12,000 crores in H1 FY27. Provision write-back of INR 256 crores supported Q3 margins. R&D spend being increased to INR 1,700+ crores this year and INR 2,000+ crores next year, with 20%+ annual growth committed.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +8% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 4,583 | 5,756 | 9,120 | 4,417 | 5,764 | 7,122 | 10,177 | 5,533 |
| Expenses | 3,195 | 4,103 | 6,331 | 3,177 | 4,068 | 5,004 | 7,215 | 4,144 |
| Operating profit | 1,389 | 1,653 | 2,789 | 1,240 | 1,695 | 2,118 | 2,962 | 1,389 |
| Operating margin | 30.0% | 29.0% | 31.0% | 28.0% | 29.0% | 30.0% | 29.0% | 25.0% |
| Other income | 167 | 205 | 194 | 164 | 159 | 160 | 108 | 167 |
| Interest | 1 | 1 | 6 | 1 | 2 | 2 | 2 | 1 |
| Depreciation | 103 | 103 | 130 | 113 | 118 | 127 | 165 | 153 |
| Profit before tax | 1,451 | 1,754 | 2,848 | 1,289 | 1,734 | 2,148 | 2,904 | 1,403 |
| Tax rate | 25.0% | 25.0% | 26.0% | 25.0% | 26.0% | 26.0% | 24.0% | 25.0% |
| Net profit | 1,091 | 1,316 | 2,105 | 969 | 1,286 | 1,590 | 2,203 | 1,048 |
| EPS (₹ per share) | 1.49 | 1.80 | 2.88 | 1.33 | 1.76 | 2.18 | 3.01 | 1.43 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 17,713 | 20,170 | 23,658 | 27,480 |
| Expenses | 13,633 | 15,171 | 16,891 | 19,464 |
| Operating profit | 4,078 | 4,997 | 6,768 | 8,015 |
| Other income | 283 | 757 | 768 | 591 |
| Interest | 15 | 8 | 9 | 7 |
| Depreciation | 423 | 412 | 436 | 523 |
| Profit before tax | 3,922 | 5,335 | 7,090 | 8,075 |
| Net profit | 2,969 | 4,020 | 5,288 | 6,048 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 244 | 731 | 731 | 731 | 731 | 731 |
| Reserves | 11,741 | 12,851 | 15,351 | 18,967 | 20,836 | 22,967 |
| Borrowings | 53 | 61 | 63 | 61 | 59 | 65 |
| Other liabilities | 21,413 | 21,411 | 23,011 | 20,659 | 21,299 | 20,327 |
| Total liabilities | 33,450 | 35,054 | 39,156 | 40,418 | 42,925 | 44,090 |
| Fixed assets | 2,524 | 2,672 | 2,759 | 3,173 | 4,114 | 3,899 |
| Capital work in progress | 859 | 841 | 891 | 1,044 | 564 | 728 |
| Investments | 1,554 | 664 | 768 | 820 | 779 | 864 |
| Other assets | 28,513 | 30,877 | 34,738 | 35,381 | 37,467 | 38,600 |
| Total assets | 33,450 | 35,054 | 39,156 | 40,418 | 42,925 | 44,090 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 5,103 | 4,161 | 1,087 | 4,648 | 457 | 1,494 |
| Cash from investing | -2,569 | -4,861 | 2,800 | -5,889 | 772 | 1,747 |
| Cash from financing | -1,075 | -1,077 | -1,262 | -1,474 | -1,696 | -2,096 |
| Net cash flow | 1,459 | -1,777 | 2,625 | -2,715 | -467 | 1,145 |
| Free cash flow | 4,637 | 3,615 | 524 | 4,006 | -544 | 515 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 170 | 145 | 145 | 133 | 140 | 171 |
| Inventory days | 230 | 228 | 238 | 256 | 272 | 264 |
| Days payable | 154 | 138 | 124 | 128 | 99 | 92 |
| Cash conversion cycle | 246 | 235 | 260 | 262 | 313 | 342 |
| Working capital days | 47 | 3 | 29 | 17 | 85 | 135 |
| Return on capital employed | 28.0% | 28.0% | 31.0% | 36.0% | 39.0% | 37.0% |
| Dividend payout | 47.0% | 47.0% | 44.0% | 40.0% | 33.0% | 30.0% |
To justify its price of ₹368, this stock must grow earnings at 28% every year for 7 years. Our analysis caps realistic growth at ~27%. At that growth it is worth ₹342 — downside of 7%.
Ownership
Promoters hold 51.14% as of Sept 2026; institutions cut 0.19 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 1 holder trimming and 7 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Bharat Electronics Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 51.14% | unchanged | |
| 2.52% | newly disclosed | |
| 2.18% | newly disclosed | |
| 2.09% | newly disclosed | |
| 2.05% | newly disclosed | |
| Insurer | 1.79% | +0.66 pp |
| 1.49% | newly disclosed | |
| 1.41% | newly disclosed | |
| Sovereign | 1.06% | −0.05 pp |
| 1.01% | newly disclosed | |
| Pension / PF | — | off the list |
| Mutual fund | — | off the list |
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.
Filings to Sep 2026
0 new, 17 added, 16 trimmed, 1 sold out — net −90.08 L shares (−2.2%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| CPSE ETF Nippon India Mutual Fund | ₹3.8k Cr | −3.39 L | Jan '19 |
| SBI Nifty 50 ETF SBI Mutual Fund | ₹2.7k Cr | −0.11 L | Sep '24 |
| SBI BSE Sensex ETF SBI Mutual Fund | ₹1.9k Cr | +2.40 L | Jun '25 |
| HDFC Defence Fund HDFC Mutual Fund | ₹1.7k Cr | +20.00 L | Jun '23 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹866 Cr | +4.98 L | Sep '24 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹668 Cr | +1.29 L | Apr '26 |
| SBI Arbitrage Fund (Erstwhile known as SBI Arbitrage Opportunities Fund) SBI Mutual Fund | ₹629 Cr | −29.06 L | Apr '22 |
| SBI PSU Fund SBI Mutual Fund | ₹500 Cr | held | Jun '24 |
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 Sep 2026
17 added, 16 trimmed — net −90.08 L shares (−2.2%)
Shares held by these funds −15%
Oct '23 39.99 cr shares Sep '26
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