Arthneeti

Bharat Electronics Q2 FY27 Share Price & Earnings Call Analysis

₹369.90-0.03% today
Market cap
₹2.71L Cr
P/E
44.02
ROE
27.45%
PEG
1.65
Price to sales
9.44
Debt to equity
0.00
52W high / low
₹468 / ₹362
Sales growth (5Y)
14.37%
EBITDA margin
28.55%
Net profit margin
21.85%
Promoter holding
51.14%
Sales (last year)
₹28,717 Cr

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]

Guidance scorecard · Q2 FY27 call

What Bharat Electronics Ltd's management guided
and where it ranks in Aerospace & Defense

#18of 20 in
Aerospace & Defense
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ1 FY27 call

10–20%
  • Bharat Electronics Limited (BEL) expects a revenue growth of 15% for the financial year 2026-27.
  • The company met its internal expectations in Q1 and is confident of achieving the guidance for the year.
  • Order inflow is anticipated to be more than INR 20,000 crores, including significant programs like QRSAM.
  • Planned R&D investment is over INR 2,200 crores and capital expenditure exceeds INR 1,200 crores.
  • BEL aims to maintain an EBITDA margin between 21% to 23%.
  • Export revenue targets include gradual increase, aiming to achieve 10% of total revenues through exports within five years.
  • Major programs like Shatrughat, Samaghat (~INR 9,000 crores), Shakti Phase 4 (~INR 2,000 crores), and HAMMER (~INR 2,500 crores) expected to contribute significantly.

2 more points from Bharat Electronics Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Bharat Electronics Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Bharat Electronics Limited (BEL) has planned a capex of more than INR 1,200 crores for the current financial year.
  • This capex is primarily for production-related infrastructure and capacity enhancement.
  • Indigenization efforts are funded separately through the R&D budget, not from capex.
  • R&D budget for this year is allocated at more than INR 2,200 crores, focusing on niche technology development, indigenization, and collaborative R&D.
  • BEL aims for zero import of any subsystem or module (except components like semiconductors) within the next 5 years, supported by its upcoming formal indigenization policy.

2 more points from Bharat Electronics Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Bharat Electronics Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • Current order book stands around INR 72,000 crores.
  • Top 7-8 major projects constitute about INR 20,000 crores of this, including Fuzes, LRSAM, LCA LRUs, BMP-2 upgrade, Ashwini Radar, EW suite for Mi-17 V5, MPR Arudhra.
  • Total expected order inflow for the financial year is INR 55,000+ crores including QRSAM.
  • Major upcoming orders include Shatrughat, Samaghat (expected in 3-6 months), NGC and P75I naval programs (high probability), HAMMER project and Shakti Phase 4.
  • QRSAM order is delayed and expected by Q1/Q2 FY27, awaiting CCS approval.

2 more points from Bharat Electronics Ltd's call on the order book

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Full Q1 FY27 analysis
Full Aerospace & Defense ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Aerospace & Defense
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Bharat Electronics Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Aerospace & Defense companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹5,744 Cr216.9
240%+Up 0–2%₹1,197 Cr55.6
340%+Flat₹17,585 Cr—
440%+Flat₹15,942 Cr131.4
540%+Flat₹9,001 Cr274.4
640%+Flat₹8,041 Cr111.6

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Bharat Electronics Ltd announcements

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Financials of Bharat Electronics Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Bharat Electronics Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +51.14%51.14%51.14%51.14%51.14%51.14%51.14%51.14%51.14%51.14%51.14%51.14%
FIIs +17.77%17.56%17.43%17.27%17.34%17.55%18.56%18.14%18.51%19.51%18.02%16.99%
DIIs +23.37%22.63%20.62%20.22%20.94%20.87%20.60%20.88%20.47%20.00%21.02%21.86%
Public +7.72%8.66%10.82%11.37%10.58%10.43%9.70%9.84%9.87%9.37%9.82%10.00%
No. of Shareholders10,98,22813,64,87325,18,66327,72,00226,53,67626,78,43525,42,37824,98,58825,43,62225,30,89626,04,29826,45,635

Financials of Bharat Electronics Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +4,0094,1628,5644,2444,6055,7719,1504,4405,7927,15410,2245,5477,328
Expenses +2,9953,0906,2773,2953,2054,1016,3343,2014,0905,0277,2434,1595,287
Operating Profit1,0141,0722,2879481,4001,6692,8161,2381,7022,1272,9821,3882,041
OPM %25%26%27%22%30%29%31%28%29%30%29%25%28%
Other Income +137167225204158186195163154139110170187
Interest2141116122213
Depreciation108107119108111111138121126135173161171
Profit before tax1,0411,1322,3901,0431,4451,7442,8671,2791,7282,1282,9171,3962,054
Tax %25%25%25%25%25%25%26%25%26%26%24%25%25%
Net Profit +7908601,7977911,0931,3122,1279691,2871,5802,2261,0551,540
EPS in Rs1.081.182.461.081.491.792.911.331.762.163.041.442.11

Financials of Bharat Electronics Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +7,0937,3548,65610,40112,16412,96814,10915,36817,73420,26823,76927,61030,253
Expenses +5,9135,9616,8648,3619,25510,20910,89512,02413,64515,21716,93219,55721,715
Operating Profit1,1791,3931,7922,0392,9092,7593,2143,3444,0905,0516,8378,0538,538
OPM %17%19%21%20%24%21%23%22%23%25%29%29%28%
Other Income +5075734201967399125232281670742566605
Interest710186168109191213107
Depreciation166192212272338372387401429443467556640
Profit before tax1,5131,7641,9831,9572,6282,4782,9423,1663,9235,2667,0998,0538,496
Tax %21%24%24%28%30%28%30%26%25%25%26%25%
Net Profit +1,1971,3371,5231,4311,8871,8252,1002,4002,9863,9855,3236,0626,401
EPS in Rs1.511.692.071.962.582.502.873.284.085.457.288.298.75
Dividend Payout %20%31%33%34%44%37%46%46%44%40%33%30%

Financials of Bharat Electronics Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital80240223244244244244244731731731731731
Reserves8,0379,0067,5127,7728,9689,82810,81612,04213,13115,59519,24323,25725,528
Borrowings +252864803483536163616585
Other Liabilities +7,5879,3309,80010,86811,57514,27118,43021,57421,56723,13620,78820,47319,204
Total Liabilities15,72918,60517,60018,96520,82124,35129,49233,91235,49039,52440,82444,52745,548
Fixed Assets +1,0731,2321,5011,8392,2982,7132,6522,6752,9633,0353,4194,1214,573
CWIP1404307439408498288831,0068558941,052731481
Investments04624919379641,1101,3061,572650682743800842
Other Assets +14,51616,48114,86515,24816,71019,70024,65128,65931,02234,91335,61038,87639,652
Total Assets15,72918,60517,60018,96520,82124,35129,49233,91235,49039,52440,82444,52745,548

Financials of Bharat Electronics Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +1,4342,260-61-6871,5142,5705,0934,2071,1994,6595641,541
Cash from Investing Activity +-839-1,4703,115-6-896-649-2,595-4,8722,708-5,9246391,730
Cash from Financing Activity +-209-318-2,857-1,202-663-1,061-1,076-1,078-1,262-1,475-1,696-2,097
Net Cash Flow386472197-1,895-458611,422-1,7422,645-2,739-4931,175
Free Cash Flow1,2081,607-853-1,4927851,8254,6253,6606114,015-444560
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit152%193%33%-0%79%114%175%150%55%120%33%44%

Financials of Bharat Electronics Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days196185184176161189170145145133140170
Inventory Days321401407305275204233230240257273265
Days Payable111112108918912615513912412810093
Cash Conversion Cycle406473483390347267248237261262313342
Working Capital Days52863125134119474281885135
ROCE %20%20%23%25%30%26%28%27%30%35%39%36%

Guidance history

How Bharat Electronics Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlanned—Rising
Q3 FY26 call →10–20%FlatPlanned—Rising
Q2 FY26 call →10–20%FlatPlanned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

22out of 100

Momentum score · price trend

22 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−9.8%51%
Last 6 months−14.2%31%
Last 3 months−4.6%58%

The price is 21% below its all-time high of ₹468.45 (6 Mar 2026). Stocks more than 20% below their peak have their score halved, so 44 became 22.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Bharat Electronics Ltd: 0.4 × 51 + 0.4 × 31 + 0.2 × 58 = 44, halved to 22 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Bharat Electronics Ltd's management said in earlier quarters

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