Bharat Electronics Past Earnings Performance
Past criteria checks 2/6
Bharat Electronics has been growing earnings at an average annual rate of 22.8%, while the Aerospace & Defense industry saw earnings growing at 30.9% annually. Revenues have been growing at an average rate of 13.3% per year. Bharat Electronics's return on equity is 25.3%, and it has net margins of 22%.
Key information
22.76%
Earnings growth rate
22.75%
EPS growth rate
| Aerospace & Defense Industry Growth | 24.15% |
| Revenue growth rate | 13.35% |
| Return on equity | 25.25% |
| Net Margin | 21.96% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 02
500049: Defence Contracts And Dividend Outlook Will Keep Shares Fairly Valued
Analysts have adjusted their price target for Bharat Electronics to ₹394.35 from ₹369.44, reflecting updated assumptions on the discount rate, revenue growth, profit margins and future P/E multiples. What's in the News Bharat Electronics has scheduled a board meeting on May 19, 2026 to consider and approve audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, and to consider a final dividend for FY 2025-26.
Narrative Update • May 04
500049: Defence Electronics Orders And Dividend Will Drive Long Term Upside
Analysts have adjusted their price target on Bharat Electronics slightly higher to approximately ₹493 from ₹486, reflecting updated views on the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Bharat Electronics reported fresh orders worth ₹5,690 million at the start of FY 2026-27, covering avionics, electronic warfare systems, high energy laser solutions, communication equipment, tank subsystems, laser based fuzes, test equipment, upgrades, spares and services (Client announcement).Narrative Update • Apr 19
500049: New Defence Orders And Dividend Will Still Leave Shares Overpriced
Analysts have modestly raised their fair value estimate for Bharat Electronics to ₹369.44 from ₹356.36, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E multiples. What's in the News Bharat Electronics reported additional orders worth ₹16.6b since the last disclosure on 17 March 2026, spanning satellite communication networks, electronic warfare systems, avionics, software solutions, munitions, EVMs, and various upgrades, spares and services (Key Developments).Narrative Update • Apr 05
500049: New Defence Orders And Dividend Will Still Leave Shares Overpriced
Analysts have modestly raised their fair value estimate for Bharat Electronics from about ₹353 to roughly ₹356, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What's in the News Bharat Electronics signed an MoU with RRP Electronics and RRP Defense to jointly pursue work in semiconductors, electro optics, unmanned systems and other defence technologies, with a focus on indigenisation, capability building and potential export opportunities (Key Developments).Narrative Update • Mar 22
500049: Defence Electronics Order Wins And Dividend Will Support Long Term Upside
Analysts have kept the price target for Bharat Electronics steady at about ₹485.56 per share, with only marginal fine tuning to inputs such as the discount rate and assumed future P/E. This reflects largely unchanged views on the stock’s valuation drivers.Narrative Update • Mar 08
500049: Defence Electronics Orders And Dividend Will Support Balanced Long Term Outlook
Analysts have adjusted their price target for Bharat Electronics from ₹463.81 to ₹485.56, citing updated assumptions on discount rate, revenue growth, profit margins, and future P/E as the key drivers of this change. What's in the News Bharat Electronics declared an interim dividend of ₹1.95 per equity share of face value ₹1, for the 2025-26 financial year, with payment expected within 30 days of the 27 February 2026 board decision (company announcement).Narrative Update • Feb 21
500049: Defence Order Wins And Dividend Plans Will Not Justify Current Pricing
Analysts have lifted their price target on Bharat Electronics by roughly ₹40 to ₹353, citing updated assumptions that include a revised fair value estimate, a slightly lower discount rate, a recalibration of expected revenue growth, a higher profit margin outlook, and a modest change in the future P/E multiple. What's in the News Bharat Electronics has scheduled a board meeting on February 27, 2026, to consider, among other items, the declaration of an interim dividend for FY 2025-26 (company filing).
Narrative Update • Feb 07
500049: Future Order Wins Will Support Bullish Long Term Outlook
Analysts have lifted their price target for Bharat Electronics to ₹565 from ₹547.77, citing updated assumptions for the discount rate, revenue growth, profit margin, and future P/E, which together support a higher fair value estimate. What's in the News Bharat Electronics has secured additional orders worth INR 6.1b since the last disclosure on 8 January 2026, including communication equipment, medical electronics, thermal imagers, jammers, spares and services (company announcement).Narrative Update • Jan 24
500049: Defence Electronics Orders Will Support Constructive Long Term Outlook
Analysts have adjusted their price target for Bharat Electronics to ₹463.81, reflecting updated assumptions for discount rate, revenue growth, profit margin and future P/E. These changes slightly refine, rather than materially shift, their prior view.Narrative Update • Jan 09
500049: Defence And Aerospace Orders Will Support Steady Outlook Ahead
Analysts have made a small upward tweak to their fair value estimate for Bharat Electronics to ₹463.81 from ₹462.85, reflecting slightly adjusted views on the discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Bharat Electronics reported receiving orders worth ₹5,960 million since January 1, 2026, covering software solutions, drone detection systems, upgrades, spares, services and jamming terminals (Client Announcements).Narrative Update • Dec 14
500049: Defence And Aerospace Orders Will Drive Strong Upside Ahead
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).Narrative Update • Nov 29
500049: New Defence Orders Will Drive Upward Momentum Over Coming Year
Analysts have slightly increased their price target for Bharat Electronics from ₹458.74 to ₹462.85. This reflects marginal improvements in fair value estimates based on updated model inputs.Narrative Update • Nov 15
500049: Order Wins And Margin Expansion Will Sustain Measured Outlook
Analysts have raised their price target for Bharat Electronics from ₹434.67 to ₹458.74. They cite improvements in profit margin and a lower discount rate as key factors in their updated valuation.Narrative Update • Oct 31
500049: Recent Defence Orders And Partnerships Will Support Future Performance
Analysts have modestly raised their price target for Bharat Electronics from ₹430.29 to ₹434.67. This change reflects updated assessments of the company's long-term value drivers.
New Narrative • Nov 07
Strategic Expansion Into Cyber Security And Unmanned Systems Promises Robust Future Growth
Strategic expansion into new areas aims to diversify revenue with high-margin products and services like cyber security and unmanned systems.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Bharat Electronics makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 276,101 | 60,620 | 31,156 | 0 |
| 31 Dec 25 | 265,353 | 59,638 | 30,999 | 0 |
| 30 Sep 25 | 251,521 | 56,957 | 29,520 | 0 |
| 30 Jun 25 | 239,649 | 55,004 | 27,905 | 0 |
| 31 Mar 25 | 237,688 | 53,214 | 28,103 | 0 |
| 31 Dec 24 | 231,832 | 49,915 | 26,784 | 0 |
| 30 Sep 24 | 215,747 | 45,401 | 26,314 | 0 |
| 30 Jun 24 | 209,789 | 42,370 | 25,274 | 0 |
| 31 Mar 24 | 202,682 | 39,845 | 25,359 | 0 |
| 31 Dec 23 | 181,833 | 35,694 | 24,651 | 0 |
| 30 Sep 23 | 181,742 | 33,229 | 24,124 | 0 |
| 30 Jun 23 | 181,268 | 31,573 | 23,650 | 0 |
| 31 Mar 23 | 177,344 | 29,844 | 23,667 | 0 |
| 31 Dec 22 | 175,951 | 27,566 | 23,394 | 0 |
| 30 Sep 22 | 171,437 | 27,395 | 22,758 | 0 |
| 30 Jun 22 | 168,601 | 27,402 | 22,097 | 0 |
| 31 Mar 22 | 153,682 | 23,989 | 21,593 | 0 |
| 31 Dec 21 | 159,458 | 26,128 | 20,259 | 0 |
| 30 Sep 21 | 145,646 | 22,950 | 19,752 | 0 |
| 30 Jun 21 | 140,818 | 20,695 | 19,393 | 0 |
| 31 Mar 21 | 141,087 | 20,989 | 19,599 | 0 |
| 31 Dec 20 | 130,080 | 17,776 | 20,556 | 0 |
| 30 Sep 20 | 129,657 | 17,222 | 20,532 | 0 |
| 30 Jun 20 | 125,188 | 16,671 | 20,628 | 0 |
| 31 Mar 20 | 129,677 | 18,239 | 20,747 | 0 |
| 31 Dec 19 | 110,501 | 13,777 | 19,419 | 0 |
| 30 Sep 19 | 115,108 | 16,706 | 19,848 | 0 |
| 30 Jun 19 | 121,562 | 19,086 | 19,466 | 0 |
| 31 Mar 19 | 121,642 | 18,864 | 18,951 | 0 |
| 31 Mar 18 | 104,008 | 14,317 | 17,876 | 0 |
| 31 Mar 17 | 86,683 | 15,236 | 15,594 | 0 |
| 31 Mar 16 | 73,538 | 13,374 | 12,673 | 0 |
Quality Earnings: 500049 has a high level of non-cash earnings.
Growing Profit Margin: 500049's current net profit margins (22%) are lower than last year (22.4%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: 500049's earnings have grown significantly by 22.8% per year over the past 5 years.
Accelerating Growth: 500049's earnings growth over the past year (13.9%) is below its 5-year average (22.8% per year).
Earnings vs Industry: 500049 earnings growth over the past year (13.9%) did not outperform the Aerospace & Defense industry 18.1%.
Return on Equity
High ROE: 500049's Return on Equity (25.3%) is considered high.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/09 08:29 |
| End of Day Share Price | 2026/06/09 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2026/03/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
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Analyst Sources
Bharat Electronics Limited is covered by 44 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Kavish Parekh | 360 ONE Capital Market Private Limited |
| Nishit Master | Anand Rathi Shares and Stock Brokers Limited |
| null null | Antique Stockbroking Ltd. |