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Bharat Electronics
Defence electronics near-monopoly — radars, EW suites, sonars, missile electronics. ~₹75K Cr order book; QRSAM award pipeline. 29% OPM with net cash balance sheet.
Order book · ~₹75K Cr order book; QRSAM + Akash + EW pipeline
Hold
₹408
Mkt cap ₹2.98 L Cr
P/E
49.1x
P/B
12.4x
ROCE
36.5%
ROE
27.6%
Div yield
0.59%
52W high
₹473
52W low
₹361
Promoter
51.1%
Score bridge (derived from real data)
Fundamental
84
Valuation
57
Technical
41
Moat (curated)
92
Fundamental = ROCE/ROE/OPM/growth/cash-conversion/leverage from Screener statements. Valuation = P/E, EV/EBITDA, P/B and distance-from-high. Technical = position in real 52-week range (full OHLCV indicators need a market-data API). Decision = weighted engine over all four.
52-week position
₹361now ₹408₹473
42/100
Technical rating D
Price · 2 years · SMA 50/200 · as of 2026-07-20
DownMACD Bearish50 < 200
RSI-14
RSI-14
45
vs SMA-50
-1.6%
vs SMA-200
-3.0%
1Y return
2.1%
Ann. vol
25%
Max DD 1Y
-14%
Annual trend · sales, PAT, OPM
Quarterly run-rate
Peer set · Defence Electronics & Radar
| Company | Mkt cap | P/E | OPM | ROCE | Sales 3Y | PAT 3Y | D/E | Composite |
|---|---|---|---|---|---|---|---|---|
| Bharat Electronics ◄ | ₹2.98 L Cr | 49.1x | 29% | 36.5% | 15.9% | 26.6% | 0.00x | 70 |
| Data Patterns | ₹22.3K Cr | 90.5x | 40% | 21.9% | 26.9% | 29.8% | 0.00x | 63 |
| Astra Microwave | ₹16.6K Cr | 86.2x | 29% | 20.2% | 12.5% | 40.2% | 0.22x | 68 |
| Apollo Micro Systems | ₹14.6K Cr | 129.0x | 24% | 14.5% | 44.8% | 77.9% | 0.41x | 55 |
| Centum Electronics | ₹5.5K Cr | 54.5x | 14% | 25.6% | 1.1% | — | 0.36x | 62 |
| Avantel | ₹4.6K Cr | 267.0x | 22% | 9.6% | 13.1% | -17.8% | 0.10x | 41 |
| DCX Systems | ₹2.1K Cr | — | -2% | 0.9% | -16.0% | — | 0.00x | 42 |
Financial statements
Source: Screener.inSales 3Y CAGR
15.9%
PAT 3Y CAGR
26.6%
OPM (latest)
29.0%
PAT margin
22.0%
D / E
0.00x
CFO / PAT
0.25x
EV / EBITDA
37.1x
FCF yield
1.1%
Ratio history · computed per year
| Ratio | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales growth YoY % | — | 15.4% | 14.3% | 17.3% | 16.2% |
| PAT growth YoY % | — | 24.4% | 33.5% | 33.6% | 13.9% |
| OPM % | 22% | 23% | 25% | 29% | 29% |
| PAT margin % | 15.6% | 16.8% | 19.7% | 22.4% | 22.0% |
| ROE % (PAT / net worth) | 19.5% | 21.5% | 24.4% | 26.6% | 25.3% |
| D / E (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Asset turnover (x) | 0.45 | 0.50 | 0.51 | 0.58 | 0.62 |
| CFO / PAT (x) | 1.75 | 0.40 | 1.17 | 0.11 | 0.25 |
Annual P&L · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Sales | 15,368 | 17,734 | 20,268 | 23,769 | 27,610 |
| Operating profit | 3,344 | 4,090 | 5,051 | 6,837 | 8,049 |
| OPM % | 22% | 23% | 25% | 29% | 29% |
| Net profit | 2,400 | 2,986 | 3,985 | 5,323 | 6,062 |
| EPS ₹ | 3.28 | 4.08 | 5.45 | 7.28 | 8.29 |
Quarterly · ₹ Cr
| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|
| Sales | 7,154 | 9,150 | 4,440 | 5,792 |
| OPM % | 30% | 31% | 28% | 29% |
| PAT | 1,580 | 2,127 | 969 | 1,287 |
Balance sheet · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity | 244 | 731 | 731 | 731 | 731 |
| Reserves | 12,042 | 13,131 | 15,595 | 19,243 | 23,257 |
| Borrowings | 53 | 61 | 63 | 61 | 65 |
| Total assets | 33,912 | 35,490 | 39,524 | 40,824 | 44,538 |
Cash flow · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Operating | 4,207 | 1,199 | 4,659 | 587 | 1,541 |
| Investing | -4,872 | 2,708 | -5,924 | 617 | 1,730 |
| Financing | -1,078 | -1,262 | -1,475 | -1,696 | -2,097 |
Shareholding
Promoters
51.1%
FII
18.0%
DII
21.0%
Public
9.8%
Mkt cap
₹2.98 L Cr
P/E
49.1x
52W range
₹361–473