Bharat Electronics Ltd

Bharat Electron Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Bharat Electronics Ltd

₹ 256 -1.59%
21 Feb - close price
bel-india.in BSE: 500049 NSE: BEL
About

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]

Key Points

Business Segments
1) Defence (81% in FY24 vs 90% in FY22): [1] [2] The company develops advanced electronic equipment, systems, and services for the Indian defense sector, including Radar and Fire Control Systems, Weapon Systems, Communication, Network Centric Systems (C4I), Electronic Warfare Systems, etc. It operates 29 strategic business units (SBUs), including 4 new SBUs- Network & Cyber Security, Unmanned Systems, Seekers, and Arms & Ammunition. The segmental revenue grew by 19%, supported by healthy order execution. [3]

Website BSE NSE
  • Market Cap ₹ 1,87,203 Cr.
  • Current Price ₹ 256
  • High / Low ₹ 340 / 179
  • Stock P/E 37.5
  • Book Value ₹ 24.2
  • Dividend Yield 0.86 %
  • ROCE 34.6 %
  • ROE 26.3 %
  • Face Value ₹ 1.00
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Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 43.4%

Cons

  • Stock is trading at 10.6 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

Part of Nifty 50 BSE 500 BSE Capital Goods BSE 100 BSE 200

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024
3,702 6,340 3,141 3,962 4,153 6,479 3,533 4,009 4,162 8,564 4,244 4,605 5,771
2,872 4,762 2,618 3,093 3,290 4,647 2,860 2,995 3,090 6,277 3,295 3,205 4,101
Operating Profit 829 1,578 522 868 863 1,832 673 1,014 1,072 2,287 948 1,400 1,669
OPM % 22% 25% 17% 22% 21% 28% 19% 25% 26% 27% 22% 30% 29%
60 64 82 74 59 66 140 137 167 225 204 158 186
Interest 0 4 1 2 10 2 1 2 1 4 1 1 1
Depreciation 98 106 99 109 106 114 109 108 107 119 108 111 111
Profit before tax 791 1,531 504 831 806 1,782 703 1,041 1,132 2,390 1,043 1,445 1,744
Tax % 26% 25% 29% 26% 25% 23% 25% 25% 25% 25% 25% 25% 25%
596 1,155 366 624 614 1,382 539 790 860 1,797 791 1,093 1,312
EPS in Rs 0.82 1.58 0.50 0.85 0.84 1.89 0.74 1.08 1.18 2.46 1.08 1.49 1.79
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
6,273 6,518 7,093 7,354 8,656 10,401 12,164 12,968 14,109 15,368 17,734 20,268 23,183
5,604 5,593 5,913 5,961 6,864 8,361 9,255 10,209 10,895 12,024 13,645 15,217 16,878
Operating Profit 669 925 1,179 1,393 1,792 2,039 2,909 2,759 3,214 3,344 4,090 5,051 6,305
OPM % 11% 14% 17% 19% 21% 20% 24% 21% 23% 22% 23% 25% 27%
622 438 507 573 420 196 73 99 125 232 281 670 773
Interest 7 7 7 10 18 6 16 8 10 9 19 12 8
Depreciation 136 150 166 192 212 272 338 372 387 401 429 443 448
Profit before tax 1,147 1,206 1,513 1,764 1,983 1,957 2,628 2,478 2,942 3,166 3,923 5,266 6,622
Tax % 21% 21% 21% 24% 24% 28% 30% 28% 30% 26% 25% 25%
911 952 1,197 1,337 1,523 1,431 1,887 1,825 2,100 2,400 2,986 3,985 4,992
EPS in Rs 1.15 1.20 1.51 1.69 2.07 1.96 2.58 2.50 2.87 3.28 4.08 5.45 6.82
Dividend Payout % 20% 20% 20% 31% 33% 34% 44% 37% 46% 46% 44% 40%
Compounded Sales Growth
10 Years: 12%
5 Years: 11%
3 Years: 13%
TTM: 28%
Compounded Profit Growth
10 Years: 15%
5 Years: 16%
3 Years: 24%
TTM: 40%
Stock Price CAGR
10 Years: 21%
5 Years: 56%
3 Years: 57%
1 Year: 25%
Return on Equity
10 Years: 20%
5 Years: 22%
3 Years: 23%
Last Year: 26%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 80 80 80 240 223 244 244 244 244 244 731 731 731
Reserves 6,407 7,140 8,037 9,006 7,512 7,772 8,968 9,828 10,816 12,042 13,131 15,595 16,929
1 0 25 28 64 80 34 8 3 53 61 63 61
8,367 7,760 7,587 9,330 9,800 10,868 11,575 14,271 18,430 21,574 21,567 23,136 22,085
Total Liabilities 14,855 14,980 15,729 18,605 17,600 18,965 20,821 24,351 29,492 33,912 35,490 39,524 39,806
600 695 1,073 1,232 1,501 1,839 2,298 2,713 2,652 2,675 2,963 3,035 3,473
CWIP 328 458 140 430 743 940 849 828 883 1,006 855 894 668
Investments 0 0 0 462 491 937 964 1,110 1,306 1,572 650 682 728
13,926 13,828 14,516 16,481 14,865 15,248 16,710 19,700 24,651 28,659 31,022 34,913 34,937
Total Assets 14,855 14,980 15,729 18,605 17,600 18,965 20,821 24,351 29,492 33,912 35,490 39,524 39,806

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-1,539 -569 1,434 2,260 -61 -687 1,514 2,570 5,093 4,207 1,199 4,659
1,753 759 -839 -1,470 3,115 -6 -896 -649 -2,595 -4,872 2,708 -5,924
-158 -213 -209 -318 -2,857 -1,202 -663 -1,061 -1,076 -1,078 -1,262 -1,475
Net Cash Flow 56 -23 386 472 197 -1,895 -45 861 1,422 -1,742 2,645 -2,739

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 196 233 196 185 184 176 161 189 170 145 145 133
Inventory Days 306 325 321 401 407 305 275 204 233 230 240 257
Days Payable 110 120 111 112 108 91 89 126 155 139 124 128
Cash Conversion Cycle 391 438 406 473 483 390 347 267 248 237 261 262
Working Capital Days 16 89 53 10 63 126 134 119 47 4 28 18
ROCE % 18% 18% 20% 20% 23% 25% 30% 26% 28% 27% 30% 35%

Shareholding Pattern

Numbers in percentages

Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024
51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14%
16.77% 15.99% 17.36% 17.34% 16.42% 17.35% 17.19% 17.77% 17.56% 17.43% 17.27% 17.34%
26.71% 27.77% 25.63% 25.04% 25.50% 24.84% 24.19% 23.37% 22.63% 20.62% 20.22% 20.94%
5.38% 5.11% 5.88% 6.47% 6.95% 6.68% 7.49% 7.72% 8.66% 10.82% 11.37% 10.58%
No. of Shareholders 4,31,0344,37,0975,79,8077,07,0987,80,2117,67,8209,74,78210,98,22813,64,87325,18,66327,72,00226,53,676

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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