# Bharat Electronics (BEL.NSE)

Canonical: https://gigainvestors.com/s/BEL.NSE

Analysis as of: 2026-10-16T07:33:23.401Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 380.40 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.18×

- FY2018: 0.17×

- FY2019: 0.21×

- FY2020: 0.18×

- FY2021: 0.20×

- FY2022: 0.19×

- FY2023: 0.21×

- FY2024: 0.23×

- FY2025: 0.27×

- FY2026: 0.27×

### moat: pass

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- Conservative return floor, median: 18.7%

- Conservative return floor, second lowest: 15.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.9%

- ROIC including acquisitions, ten-year median: 35.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 207B

- Net income, five-year total: INR 208B

- Return on incremental invested capital: 29.0%

- Working capital / revenue, annual change: -2.4 pp

- Working capital / revenue, change between three-year averages: -17.3 pp

- Working capital / revenue, final three-year average: 62.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

- FY2026: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 1.94 to 7.28 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.8%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: INR 2.58T

- Cumulative retained earnings: INR 159B

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 18.0%

- Per-share value change: INR 5.34

- Per-share value, starting three-year median: INR 1.94

- Per-share value, ending three-year median: INR 7.28

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.3%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: INR 295B

- ROIC, last three-year median: 44.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 2.07

- FY2018: INR 1.94

- FY2019: INR 2.58

- FY2020: INR 2.50

- FY2021: INR 2.87

- FY2022: INR 3.28

- FY2023: INR 4.09

- FY2024: INR 5.45

- FY2025: INR 7.28

- FY2026: INR 8.29

### accounting: pass

- Sloan accruals exceed 10%

- Sloan accruals: 10.2%

- Receivables to sales index (DSRI): 1.22×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.25×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 9.0%

- FY2018: 11.2%

- FY2019: 1.8%

- FY2020: -3.1%

- FY2021: -10.2%

- FY2022: -5.3%

- FY2023: 5.0%

- FY2024: -1.7%

- FY2025: 11.7%

- FY2026: 10.2%

## Holders

## Price story

Up 185% since Oct 2023 · sales +16.2%

Story as of 2026-10-16T09:59:55.904Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +16.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 87B 

- FY2018: INR 104B 

- FY2019: INR 122B 

- FY2020: INR 130B 

- FY2021: INR 141B 

- FY2022: INR 154B 

- FY2023: INR 177B 

- FY2024: INR 203B 

- FY2025: INR 238B 

- FY2026: INR 276B 

### Gross margin · FY2026

gross margin 46.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2023: 42.7% 

- FY2024: 46.0% 

- FY2025: 46.0% 

- FY2026: 46.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in aerospace & defense; annual sales are INR 276.1 billion.

- Source: https://www.screener.in/company/BEL/consolidated/ (filed 2026-10-16T07:33:23.401Z); FY2026: revenue 276100000000; grossProfit 127590000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 46% to 46.2% during 2024–26; it earns 45.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.401Z); FY2024: grossProfit / revenue = 46%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.401Z); FY2025: grossProfit / revenue = 46%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.401Z); FY2026: grossProfit / revenue = 46.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.401Z); 10-year return on capital observations [[2023,0.4675734034473481],[2024,0.6406513288509985],[2025,0.44675360123890767],[2026,0.3616739759405035]]; median 0.45716350234312786. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 7.1% of cash earnings; earns 29% on new investment.

- Source: https://www.screener.in/company/BEL/consolidated/ (filed 2026-10-16T07:33:23.401Z); FY2017: growth capex 2136189281.810443; upkeep 5803810718.189557; owner earnings 11556189281.810444. Growth capex / owner earnings = 0.1848523963840594.

- Source: https://www.screener.in/company/BEL/consolidated/ (filed 2026-10-16T07:33:23.401Z); FY2018: growth capex 2918597281.0900784; upkeep 5151402718.909922; owner earnings 11888597281.090078. Growth capex / owner earnings = 0.24549551238751938.

- Source: https://www.screener.in/company/BEL/consolidated/ (filed 2026-10-16T07:33:23.401Z); FY2019: growth capex 3025087812.2325478; upkeep 4264912187.7674522; owner earnings 17975087812.232548. Growth capex / owner earnings = 0.16829335377009347.

- Source: https://www.screener.in/company/BEL/consolidated/ (filed 2026-10-16T07:33:23.401Z); FY2020: growth capex 1472717234.1899376; upkeep 5997282765.810062; owner earnings 15962717234.189938. Growth capex / owner earnings = 0.09225980843885279.

- Source: https://www.screener.in/company/BEL/consolidated/ (filed 2026-10-16T07:33:23.401Z); FY2021: growth capex 820000000; upkeep 3870000000; owner earnings 20990000000. Growth capex / owner earnings = 0.03906622201048118.

- Source: https://www.screener.in/company/BEL/consolidated/ (filed 2026-10-16T07:33:23.401Z); FY2022: growth capex 1540000000; upkeep 4010000000; cash acquisitions 0; owner earnings 23973300000. Growth capex plus acquisitions / owner earnings = 0.06423813158805838.

- Source: https://www.screener.in/company/BEL/consolidated/ (filed 2026-10-16T07:33:23.401Z); FY2023: growth capex 1610000000; upkeep 4290000000; cash acquisitions 0; owner earnings 29796700000. Growth capex plus acquisitions / owner earnings = 0.05403282913879725.

- Source: https://www.screener.in/company/BEL/consolidated/ (filed 2026-10-16T07:33:23.401Z); FY2024: growth capex 2100000000; upkeep 4430000000; cash acquisitions 0; owner earnings 39792200000. Growth capex plus acquisitions / owner earnings = 0.05277416177039721.

- Source: https://www.screener.in/company/BEL/consolidated/ (filed 2026-10-16T07:33:23.401Z); FY2025: growth capex 5440000000; upkeep 4670000000; cash acquisitions 0; owner earnings 53150300000. Growth capex plus acquisitions / owner earnings = 0.10235125671915304.

- Source: https://www.screener.in/company/BEL/consolidated/ (filed 2026-10-16T07:33:23.401Z); FY2026: growth capex 4290000000; upkeep 5560000000; cash acquisitions 0; owner earnings 60547600000. Growth capex plus acquisitions / owner earnings = 0.07085334513671888.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.401Z); Incremental return on capital 0.29048908350807945, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.401Z); Dividend observations: [[2017,6830000000],[2018,8200000000],[2019,5660000000],[2020,9800000000],[2021,10230000000],[2022,10230000000],[2023,12430000000],[2024,14620000000],[2025,16810000000],[2026,20830000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 10.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.401Z); Closing price 380.4 INR; reporting-to-trading FX 1; FY2026 annual sales per share 37.7576542395249; price multiple 10.074778416763914. FY2026 cash earnings/share 8.280099043220059. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 43.61 per share

- 2016-12: INR 41.67 per share

- 2017-01: INR 46.67 per share

- 2017-02: INR 45.93 per share

- 2017-03: INR 47.50 per share

- 2017-04: INR 55.44 per share

- 2017-05: INR 52.32 per share

- 2017-06: INR 48.95 per share

- 2017-07: INR 54.17 per share

- 2017-08: INR 57.58 per share

- 2017-09: INR 54.27 per share

- 2017-10: INR 61.53 per share

- 2017-11: INR 61.93 per share

- 2017-12: INR 60.72 per share

- 2018-01: INR 56.45 per share

- 2018-02: INR 51.45 per share

- 2018-03: INR 47.15 per share

- 2018-04: INR 43.73 per share

- 2018-05: INR 38.13 per share

- 2018-06: INR 36.22 per share

- 2018-07: INR 38.78 per share

- 2018-08: INR 37.83 per share

- 2018-09: INR 26.77 per share

- 2018-10: INR 31.02 per share

- 2018-11: INR 27.75 per share

- 2018-12: INR 29.32 per share

- 2019-01: INR 27.88 per share

- 2019-02: INR 27.50 per share

- 2019-03: INR 31.08 per share

- 2019-04: INR 29.05 per share

- 2019-05: INR 37.22 per share

- 2019-06: INR 37.50 per share

- 2019-07: INR 34.23 per share

- 2019-08: INR 34.30 per share

- 2019-09: INR 36.10 per share

- 2019-10: INR 39.38 per share

- 2019-11: INR 34.37 per share

- 2019-12: INR 33.35 per share

- 2020-01: INR 30.22 per share

- 2020-02: INR 24.65 per share

- 2020-03: INR 24.82 per share

- 2020-04: INR 24.03 per share

- 2020-05: INR 23.07 per share

- 2020-06: INR 29.55 per share

- 2020-07: INR 31.95 per share

- 2020-08: INR 35.37 per share

- 2020-09: INR 31.92 per share

- 2020-10: INR 29.00 per share

- 2020-11: INR 37.03 per share

- 2020-12: INR 39.98 per share

- 2021-01: INR 43.35 per share

- 2021-02: INR 45.70 per share

- 2021-03: INR 41.70 per share

- 2021-04: INR 43.92 per share

- 2021-05: INR 48.47 per share

- 2021-06: INR 59.33 per share

- 2021-07: INR 61.55 per share

- 2021-08: INR 62.22 per share

- 2021-09: INR 67.65 per share

- 2021-10: INR 68.95 per share

- 2021-11: INR 67.92 per share

- 2021-12: INR 69.98 per share

- 2022-01: INR 69.90 per share

- 2022-02: INR 70.15 per share

- 2022-03: INR 70.27 per share

- 2022-04: INR 79.52 per share

- 2022-05: INR 78.25 per share

- 2022-06: INR 78.03 per share

- 2022-07: INR 91.73 per share

- 2022-08: INR 102.17 per share

- 2022-09: INR 100.95 per share

- 2022-10: INR 106.85 per share

- 2022-11: INR 105.10 per share

- 2022-12: INR 99.90 per share

- 2023-01: INR 94.95 per share

- 2023-02: INR 94.60 per share

- 2023-03: INR 97.55 per share

- 2023-04: INR 103.30 per share

- 2023-05: INR 112.15 per share

- 2023-06: INR 125.75 per share

- 2023-07: INR 130.70 per share

- 2023-08: INR 133.20 per share

- 2023-09: INR 138.30 per share

- 2023-10: INR 133.25 per share

- 2023-11: INR 145.90 per share

- 2023-12: INR 184.20 per share

- 2024-01: INR 185.90 per share

- 2024-02: INR 205.10 per share

- 2024-03: INR 201.50 per share

- 2024-04: INR 233.75 per share

- 2024-05: INR 295.95 per share

- 2024-06: INR 305.90 per share

- 2024-07: INR 316.05 per share

- 2024-08: INR 299.30 per share

- 2024-09: INR 285.10 per share

- 2024-10: INR 284.90 per share

- 2024-11: INR 308.00 per share

- 2024-12: INR 293.15 per share

- 2025-01: INR 292.65 per share

- 2025-02: INR 246.25 per share

- 2025-03: INR 301.32 per share

- 2025-04: INR 314.10 per share

- 2025-05: INR 384.60 per share

- 2025-06: INR 421.50 per share

- 2025-07: INR 383.10 per share

- 2025-08: INR 369.40 per share

- 2025-09: INR 403.95 per share

- 2025-10: INR 426.10 per share

- 2025-11: INR 411.75 per share

- 2025-12: INR 399.60 per share

- 2026-01: INR 449.00 per share

- 2026-02: INR 444.70 per share

- 2026-03: INR 400.65 per share

- 2026-04: INR 431.30 per share

- 2026-05: INR 410.75 per share

- 2026-06: INR 411.80 per share

- 2026-07: INR 387.85 per share

- 2026-08: INR 414.45 per share

- 2026-09: INR 388.30 per share

- 2026-10: INR 380.40 per share

## Annual estimated value (INR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:08.985Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations