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BEL

Bharat Electronics NSEI:BEL Stock Report

Last Price

₹233.50

Market Cap

₹569.2b

7D

-0.5%

1Y

33.4%

Updated

24 Jun, 2022

Data

Company Financials +
BEL fundamental analysis
Snowflake Score
Valuation2/6
Future Growth2/6
Past Performance4/6
Financial Health6/6
Dividends5/6

BEL Stock Overview

Bharat Electronics Limited, together with its subsidiaries, designs, manufactures, supplies, and exports electronic equipment and systems for the defense and civilian markets in India and internationally.

Bharat Electronics Competitors

 

 

 

 

 

 

 

 

 

 

 

 

Price History & Performance

Summary of all time highs, changes and price drops for Bharat Electronics
Historical stock prices
Current Share Price₹233.50
52 Week High₹259.50
52 Week Low₹162.35
Beta0.33
1 Month Change3.16%
3 Month Change13.35%
1 Year Change33.43%
3 Year Change107.56%
5 Year Change58.99%
Change since IPO11,231.62%

Recent News & Updates

Jun 20
Bharat Electronics (NSE:BEL) Knows How To Allocate Capital

Bharat Electronics (NSE:BEL) Knows How To Allocate Capital

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common...

Apr 20
Do Bharat Electronics's (NSE:BEL) Earnings Warrant Your Attention?

Do Bharat Electronics's (NSE:BEL) Earnings Warrant Your Attention?

Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of falling...

Apr 05
Estimating The Fair Value Of Bharat Electronics Limited (NSE:BEL)

Estimating The Fair Value Of Bharat Electronics Limited (NSE:BEL)

How far off is Bharat Electronics Limited ( NSE:BEL ) from its intrinsic value? Using the most recent financial data...

Shareholder Returns

BELIN Aerospace & DefenseIN Market
7D-0.5%-3.5%2.3%
1Y33.4%51.0%-0.9%

Return vs Industry: BEL underperformed the Indian Aerospace & Defense industry which returned 50.6% over the past year.

Return vs Market: BEL exceeded the Indian Market which returned -1.7% over the past year.

Price Volatility

Is BEL's price volatile compared to industry and market?
BEL volatility
BEL Average Weekly Movement4.7%
Aerospace & Defense Industry Average Movement6.9%
Market Average Movement6.9%
10% most volatile stocks in IN Market9.9%
10% least volatile stocks in IN Market4.5%

Stable Share Price: BEL is less volatile than 75% of Indian stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: BEL's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19549,172Anandi Ramalingamhttps://www.bel-india.in

Bharat Electronics Limited, together with its subsidiaries, designs, manufactures, supplies, and exports electronic equipment and systems for the defense and civilian markets in India and internationally. Its defense products include defense communication products, land-based radars, naval systems, electronic warfare systems, avionics, electro optics, tank and armored fighting vehicle electronic systems, weapon systems, C4I systems, shelters and masts, simulators, and batteries; microwave tubes and power modules, microwave super components, digital multichannel data recorders, and hybrid micro circuits; and micro electro mechanical systems. The company’s non-defense products comprise e-governance systems, homeland security products, civil radars, and telecom and broadcast systems; integrated traffic management systems, and solar power solutions; and PD and strategic products, silicon radiation detectors, passive vacuum devices, EMI filters, multichannel voice logging recorder systems, and digital multichannel data recorders.

Bharat Electronics Fundamentals Summary

How do Bharat Electronics's earnings and revenue compare to its market cap?
BEL fundamental statistics
Market Cap₹569.19b
Earnings (TTM)₹23.99b
Revenue (TTM)₹153.68b

23.7x

P/E Ratio

3.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BEL income statement (TTM)
Revenue₹153.68b
Cost of Revenue₹88.97b
Gross Profit₹64.71b
Other Expenses₹40.72b
Earnings₹23.99b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)9.85
Gross Margin42.11%
Net Profit Margin15.61%
Debt/Equity Ratio0.0%

How did BEL perform over the long term?

See historical performance and comparison

Dividends

1.9%

Current Dividend Yield

46%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is BEL undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BEL?

Other financial metrics that can be useful for relative valuation.

BEL key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue3.7x
Enterprise Value/EBITDA17x
PEG Ratio1.8x

Price to Earnings Ratio vs Peers

How does BEL's PE Ratio compare to its peers?

BEL PE Ratio vs Peers
The above table shows the PE ratio for BEL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average20.6x

Price-To-Earnings vs Peers: BEL is expensive based on its Price-To-Earnings Ratio (23.7x) compared to the peer average (20.6x).


Price to Earnings Ratio vs Industry

How does BEL's PE Ratio compare vs other companies in the Aerospace & Defense Industry?

Price-To-Earnings vs Industry: BEL is expensive based on its Price-To-Earnings Ratio (23.7x) compared to the Indian Aerospace & Defense industry average (20.1x)


Price to Earnings Ratio vs Fair Ratio

What is BEL's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BEL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.7x
Fair PE Ratio28.6x

Price-To-Earnings vs Fair Ratio: BEL is good value based on its Price-To-Earnings Ratio (23.7x) compared to the estimated Fair Price-To-Earnings Ratio (28.6x).


Share Price vs Fair Value

What is the Fair Price of BEL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BEL (₹233.5) is trading below our estimate of fair value (₹280.08)

Significantly Below Fair Value: BEL is trading below fair value, but not by a significant amount.


Price to Earnings Growth Ratio

PEG Ratio: BEL is poor value based on its PEG Ratio (1.8x)


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Future Growth

How is Bharat Electronics forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


13.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BEL's forecast earnings growth (13.4% per year) is above the savings rate (6.7%).

Earnings vs Market: BEL's earnings (13.4% per year) are forecast to grow slower than the Indian market (17.5% per year).

High Growth Earnings: BEL's earnings are forecast to grow, but not significantly.

Revenue vs Market: BEL's revenue (11% per year) is forecast to grow slower than the Indian market (11.5% per year).

High Growth Revenue: BEL's revenue (11% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BEL's Return on Equity is forecast to be high in 3 years time (22.5%)


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Past Performance

How has Bharat Electronics performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


10.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BEL has high quality earnings.

Growing Profit Margin: BEL's current net profit margins (15.6%) are higher than last year (14.9%).


Past Earnings Growth Analysis

Earnings Trend: BEL's earnings have grown by 10.3% per year over the past 5 years.

Accelerating Growth: BEL's earnings growth over the past year (14.3%) exceeds its 5-year average (10.3% per year).

Earnings vs Industry: BEL earnings growth over the past year (14.3%) underperformed the Aerospace & Defense industry 33.3%.


Return on Equity

High ROE: BEL's Return on Equity (19.5%) is considered low.


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Financial Health

How is Bharat Electronics's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: BEL's short term assets (₹272.9B) exceed its short term liabilities (₹195.8B).

Long Term Liabilities: BEL's short term assets (₹272.9B) exceed its long term liabilities (₹20.3B).


Debt to Equity History and Analysis

Debt Level: BEL is debt free.

Reducing Debt: BEL has no debt compared to 5 years ago when its debt to equity ratio was 0.8%.

Debt Coverage: BEL has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: BEL has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


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Dividend

What is Bharat Electronics's current dividend yield, its reliability and sustainability?

Dividend Score

5/6

Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


1.93%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: BEL's dividend (1.93%) is higher than the bottom 25% of dividend payers in the Indian market (0.44%).

High Dividend: BEL's dividend (1.93%) is in the top 25% of dividend payers in the Indian market (1.9%)


Stability and Growth of Payments

Stable Dividend: BEL's dividend payments have been volatile in the past 10 years.

Growing Dividend: BEL's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (45.7%), BEL's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (30%), BEL's dividend payments are well covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

1.8yrs

Average management tenure


CEO

Anandi Ramalingam (59 yo)

5.75yrs

Tenure

₹6,353,210

Compensation

Mrs. Anandi Ramalingam has been Chairman and Managing Director of Bharat Electronics Limited since July 01, 2021. She has been Director of Marketing and Whole Time Director at Bharat Electronics Limited si...


CEO Compensation Analysis

Compensation vs Market: Anandi's total compensation ($USD81.28K) is below average for companies of similar size in the Indian market ($USD926.41K).

Compensation vs Earnings: Anandi's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: BEL's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.


Board Members

Experienced Board: BEL's board of directors are not considered experienced ( 1.1 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Bharat Electronics Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Bharat Electronics Limited
  • Ticker: BEL
  • Exchange: NSEI
  • Founded: 1954
  • Industry: Aerospace and Defense
  • Sector: Capital Goods
  • Implied Market Cap: ₹569.188b
  • Shares outstanding: 2.44b
  • Website: https://www.bel-india.in

Number of Employees


Location

  • Bharat Electronics Limited
  • Outer Ring Road
  • Nagavara
  • Bengaluru
  • Karnataka
  • 560045
  • India

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/06/24 00:00
End of Day Share Price2022/06/24 00:00
Earnings2022/03/31
Annual Earnings2022/03/31


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 here.