Bharat Electronics Ltd
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]
- Market Cap ₹ 2,14,505 Cr.
- Current Price ₹ 293
- High / Low ₹ 340 / 127
- Stock P/E 50.3
- Book Value ₹ 22.0
- Dividend Yield 0.75 %
- ROCE 35.7 %
- ROE 27.0 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 43.5%
Cons
- Stock is trading at 13.3 times its book value
- The company has delivered a poor sales growth of 10.8% over past five years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Aerospace & Defence Industry: Electronics - Components
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6,104 | 6,276 | 6,843 | 7,328 | 8,600 | 10,322 | 12,085 | 12,921 | 14,064 | 15,314 | 17,646 | 20,169 | 20,857 | |
5,456 | 5,382 | 5,695 | 5,953 | 6,834 | 8,319 | 9,219 | 10,187 | 10,880 | 12,001 | 13,595 | 15,167 | 15,587 | |
Operating Profit | 648 | 894 | 1,148 | 1,375 | 1,766 | 2,003 | 2,865 | 2,734 | 3,184 | 3,313 | 4,051 | 5,003 | 5,270 |
OPM % | 11% | 14% | 17% | 19% | 21% | 19% | 24% | 21% | 23% | 22% | 23% | 25% | 25% |
604 | 429 | 479 | 537 | 471 | 200 | 170 | 102 | 126 | 234 | 360 | 756 | 816 | |
Interest | 6 | 6 | 6 | 8 | 16 | 5 | 15 | 7 | 9 | 8 | 18 | 12 | 7 |
Depreciation | 131 | 142 | 154 | 172 | 192 | 251 | 316 | 350 | 366 | 380 | 408 | 412 | 411 |
Profit before tax | 1,115 | 1,175 | 1,467 | 1,732 | 2,029 | 1,948 | 2,703 | 2,479 | 2,935 | 3,158 | 3,985 | 5,335 | 5,668 |
Tax % | 20% | 21% | 20% | 25% | 24% | 28% | 29% | 28% | 30% | 26% | 25% | 25% | |
890 | 932 | 1,167 | 1,307 | 1,548 | 1,399 | 1,927 | 1,794 | 2,065 | 2,349 | 3,007 | 4,020 | 4,265 | |
EPS in Rs | 1.12 | 1.18 | 1.47 | 1.65 | 2.10 | 1.91 | 2.64 | 2.45 | 2.83 | 3.21 | 4.11 | 5.50 | 5.83 |
Dividend Payout % | 20% | 20% | 20% | 31% | 32% | 35% | 43% | 38% | 47% | 47% | 44% | 40% |
Compounded Sales Growth | |
---|---|
10 Years: | 12% |
5 Years: | 11% |
3 Years: | 13% |
TTM: | 16% |
Compounded Profit Growth | |
---|---|
10 Years: | 16% |
5 Years: | 16% |
3 Years: | 25% |
TTM: | 37% |
Stock Price CAGR | |
---|---|
10 Years: | 30% |
5 Years: | 52% |
3 Years: | 63% |
1 Year: | 112% |
Return on Equity | |
---|---|
10 Years: | 21% |
5 Years: | 22% |
3 Years: | 24% |
Last Year: | 27% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 80 | 80 | 80 | 240 | 223 | 244 | 244 | 244 | 244 | 244 | 731 | 731 |
Reserves | 6,224 | 6,937 | 7,805 | 8,744 | 7,285 | 7,517 | 8,775 | 9,609 | 10,564 | 11,741 | 12,851 | 15,351 |
0 | 0 | 0 | 0 | 50 | 67 | 33 | 8 | 3 | 53 | 61 | 63 | |
8,145 | 7,514 | 7,317 | 9,141 | 9,598 | 11,028 | 11,411 | 14,050 | 18,243 | 21,413 | 21,411 | 23,011 | |
Total Liabilities | 14,449 | 14,531 | 15,202 | 18,125 | 17,157 | 18,856 | 20,463 | 23,911 | 29,053 | 33,450 | 35,054 | 39,156 |
575 | 651 | 771 | 976 | 1,255 | 1,607 | 2,084 | 2,520 | 2,480 | 2,524 | 2,672 | 2,759 | |
CWIP | 161 | 197 | 140 | 430 | 656 | 833 | 721 | 683 | 736 | 859 | 841 | 891 |
Investments | 12 | 12 | 19 | 319 | 460 | 903 | 1,019 | 1,162 | 1,331 | 1,554 | 664 | 768 |
13,700 | 13,671 | 14,272 | 16,399 | 14,786 | 15,513 | 16,638 | 19,547 | 24,506 | 28,513 | 30,877 | 34,738 | |
Total Assets | 14,449 | 14,531 | 15,202 | 18,125 | 17,157 | 18,856 | 20,463 | 23,911 | 29,053 | 33,450 | 35,054 | 39,156 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-1,654 | -695 | 1,349 | 2,249 | -97 | -789 | 1,466 | 2,533 | 5,103 | 4,161 | 1,087 | 4,648 | |
1,888 | 872 | -842 | -1,485 | 3,148 | 41 | -854 | -639 | -2,569 | -4,861 | 2,800 | -5,889 | |
-157 | -212 | -232 | -316 | -2,835 | -1,201 | -628 | -1,059 | -1,075 | -1,077 | -1,262 | -1,474 | |
Net Cash Flow | 77 | -35 | 276 | 448 | 216 | -1,948 | -16 | 834 | 1,459 | -1,777 | 2,625 | -2,715 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 199 | 240 | 202 | 185 | 185 | 179 | 162 | 190 | 170 | 145 | 145 | 133 |
Inventory Days | 308 | 335 | 329 | 397 | 405 | 303 | 272 | 202 | 230 | 228 | 238 | 256 |
Days Payable | 109 | 121 | 110 | 112 | 111 | 93 | 89 | 125 | 154 | 138 | 124 | 128 |
Cash Conversion Cycle | 399 | 454 | 421 | 470 | 479 | 388 | 346 | 267 | 246 | 235 | 260 | 262 |
Working Capital Days | 9 | 88 | 55 | 10 | 64 | 128 | 136 | 120 | 47 | 3 | 29 | 17 |
ROCE % | 18% | 18% | 20% | 21% | 25% | 25% | 32% | 26% | 28% | 28% | 31% | 36% |
Documents
Announcements
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Intimation Under Regulation 30 Of SEBI(LODR) Regulations 2015
1d - Incorporation of BEL IAI AeroSystems Private Limited joint venture.
- Closure of Trading Window 25 Sep
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News Clarification With Reference To Recent News Item Which Appeared In The 'Www.Ndtvprofit.Com' Dated 19Th September, 2024 Captioned 'Bharat Electronics Signs Agreement With Reliasat To Collaborate On Space Products'
24 Sep - Bharat Electronics signs agreement with Reliasat for space products.
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Clarification sought from Bharat Electronics Ltd
20 Sep - Exchange has sought clarification from Bharat Electronics Ltd with reference to the media report on https://www.ndtvprofit.com dated September 19, 2024 (Link: https://www.ndtvprofit.com/business/bharat-electronics-signs-agreement-with-reliasat-to-collaborate-on-space-products) titled "Bharat Electronics …
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Announcement under Regulation 30 (LODR)-Change in Directorate
11 Sep - Appointment of Rajeev Prakash as part-time director.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2011
from nse
Concalls
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Aug 2024TranscriptPPT
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Aug 2024TranscriptPPTREC
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May 2024TranscriptPPT
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Feb 2024TranscriptPPTREC
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Nov 2023TranscriptPPT
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Aug 2023TranscriptPPT
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May 2023TranscriptPPT
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Feb 2023TranscriptPPT
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Sep 2022TranscriptNotesPPT
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Aug 2022TranscriptNotesPPT
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Jul 2022TranscriptPPT
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May 2022TranscriptNotesPPT
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Sep 2021TranscriptNotesPPT
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Sep 2019TranscriptNotesPPT
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Sep 2018TranscriptNotesPPT
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May 2018TranscriptNotesPPT
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May 2018TranscriptNotesPPT
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May 2017TranscriptNotesPPT
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Jun 2016TranscriptNotesPPT
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Sep 2015TranscriptNotesPPT
Business Overview:[1]
Company was formed under the Ministry of Defence to handle Indian Defense electronic needs. BEL is a multi-product, multi-technology, conglomerate that provides products and systems to India's armed forces in areas of Radars and fire Control Systems, Missile Systems, Communication and C4I systems, Electronic Warfare & Avionics, Naval Systems & Antisubmarine Warfare Systems, Electro Optics, Tank Electronics & Gun Upgrades, etc.