Update shared on 14 Dec 2025
Analysts have modestly raised their price target on Bharat Electronics by Rs 0.00, reflecting slightly higher assumed discount rates and future earnings multiples, while keeping core growth and margin expectations broadly unchanged.
What's in the News
- Bharat Electronics has secured additional defence and allied orders worth INR 8,710 million, including fire control systems, thermal imagers, ground support equipment, upgrades, spares and services (company disclosure).
- The company received fresh orders totaling INR 7,920 million for defence network upgrades, radio communication networks, radars, drones and combat management systems, along with spares and services (company disclosure).
- A consortium of L&T and Bharat Electronics pursuing India's 5th generation fighter aircraft (AMCA) has onboarded Dynamatic Technologies as an exclusive partner to strengthen domestic advanced aerospace manufacturing capabilities (company disclosure).
- Bharat Electronics secured additional orders worth INR 7,320 million, including indigenous software defined radios jointly developed with DRDO, tank subsystems, missile components and cyber security solutions, aimed at enhancing secure, real time military communications (company disclosure).
- Bharat Electronics formed a strategic partnership with Larsen & Toubro to jointly bid for and support the Indian Air Force's Advanced Medium Combat Aircraft programme, aligning with the Government of India's Atmanirbhar Bharat vision in defence (company disclosure).
Valuation Changes
- Fair Value: Unchanged at approximately ₹463 per share, indicating no revision to the intrinsic value estimate.
- Discount Rate: Risen slightly from about 13.61 percent to 13.68 percent, reflecting a marginally higher required rate of return.
- Revenue Growth: Essentially unchanged at around 17.79 percent, signaling stable long term growth expectations.
- Net Profit Margin: Stable at roughly 21.91 percent, with negligible change in projected profitability levels.
- Future P/E: Risen slightly from about 55.0x to 55.1x, implying a marginally higher valuation multiple on forward earnings.
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