Bharat Electronics Limited

NSEI:BEL Stock Report

Market Cap: ₹2.1t

Bharat Electronics Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

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 (₹290.5) is trading above our estimate of fair value (₹70.33)

Significantly Below Fair Value: BEL is trading above our estimate of fair value.


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/Revenue9.8x
Enterprise Value/EBITDA39.3x
PEG Ratio3.5x

Price to Earnings Ratio vs Peers

How does BEL's PE Ratio compare to its 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.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average61.3x
HAL Hindustan Aeronautics
42.9x8.8%₹3.2t
MAZDOCK Mazagon Dock Shipbuilders
33.3x-2.1%₹645.4b
BDL Bharat Dynamics
85x16.9%₹521.5b
DATAPATTNS Data Patterns (India)
84x22.2%₹149.7b
BEL Bharat Electronics
53.3x15.1%₹2.1t

Price-To-Earnings vs Peers: BEL is good value based on its Price-To-Earnings Ratio (53.3x) compared to the peer average (61.3x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a11.1%
n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a11.1%
n/an/an/a
No more companies

Price-To-Earnings vs Industry: BEL is expensive based on its Price-To-Earnings Ratio (53.3x) compared to the Asian Aerospace & Defense industry average (45.2x).


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 Ratio53.3x
Fair PE Ratio49x

Price-To-Earnings vs Fair Ratio: BEL is expensive based on its Price-To-Earnings Ratio (53.3x) compared to the estimated Fair Price-To-Earnings Ratio (49x).


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BEL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹290.50
₹298.04
+2.6%
12.6%₹342.00₹170.00n/a24
Jun ’25₹295.95
₹297.29
+0.5%
14.1%₹342.00₹170.00n/a24
May ’25₹233.75
₹216.78
-7.3%
15.6%₹280.00₹130.00n/a23
Apr ’25₹211.10
₹208.50
-1.2%
15.4%₹263.00₹130.00n/a22
Mar ’25₹205.60
₹199.52
-3.0%
11.5%₹225.00₹130.00n/a21
Feb ’25₹183.40
₹192.82
+5.1%
13.4%₹225.00₹130.00n/a22
Jan ’25₹184.95
₹164.17
-11.2%
17.0%₹221.00₹115.00n/a24
Dec ’24₹147.45
₹151.87
+3.0%
8.9%₹168.00₹115.00n/a23
Nov ’24₹132.40
₹150.52
+13.7%
9.0%₹168.00₹115.00n/a23
Oct ’24₹138.30
₹146.81
+6.2%
8.5%₹164.00₹115.00n/a21
Sep ’24₹137.85
₹144.50
+4.8%
10.8%₹164.00₹100.00n/a22
Aug ’24₹130.45
₹143.65
+10.1%
11.0%₹164.00₹100.00n/a23
Jul ’24₹125.75
₹127.73
+1.6%
9.4%₹150.00₹100.00n/a22
Jun ’24₹112.90
₹126.82
+12.3%
8.7%₹146.00₹100.00₹295.9522
May ’24₹103.30
₹122.00
+18.1%
8.0%₹139.00₹98.00₹233.7522
Apr ’24₹97.55
₹120.74
+23.8%
8.9%₹139.00₹98.00₹211.1022
Mar ’24₹97.05
₹120.25
+23.9%
8.6%₹134.67₹98.00₹205.6020
Feb ’24₹90.95
₹119.63
+31.5%
9.7%₹135.00₹98.33₹183.4021
Jan ’24₹99.90
₹118.76
+18.9%
12.2%₹135.00₹76.67₹184.9521
Dec ’23₹104.15
₹118.70
+14.0%
12.5%₹135.00₹76.67₹147.4520
Nov ’23₹108.50
₹115.51
+6.5%
13.2%₹135.00₹76.67₹132.4021
Oct ’23₹100.95
₹105.57
+4.6%
12.9%₹134.67₹76.67₹138.3020
Sep ’23₹106.60
₹101.33
-4.9%
10.9%₹121.00₹76.67₹137.8520
Aug ’23₹94.73
₹97.71
+3.1%
8.3%₹106.67₹76.67₹130.4521
Jul ’23₹76.60
₹90.37
+18.0%
6.8%₹100.67₹76.67₹125.7521
Jun ’23₹82.03
₹89.77
+9.4%
6.6%₹100.00₹76.67₹112.9020

Analyst Forecast: Target price is less than 20% higher than the current share price.


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