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

3/6

Valuation Score 3/6

  • 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 (₹290.85) is trading above our estimate of fair value (₹85.75)

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?

Key metric: As BEL is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BEL. This is calculated by dividing BEL's market cap by their current earnings.
What is BEL's PE Ratio?
PE Ratio46.8x
Earnings₹45.40b
Market Cap₹2.13t

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 Average57.4x
HAL Hindustan Aeronautics
32.9x12.5%₹2.8t
MAZDOCK Mazagon Dock Shipbuilders
37.1x0.3%₹952.8b
BDL Bharat Dynamics
82.1x22.6%₹454.3b
DATAPATTNS Data Patterns (India)
77.6x25.0%₹143.8b
BEL Bharat Electronics
46.8x15.0%₹2.1t

Price-To-Earnings vs Peers: BEL is good value based on its Price-To-Earnings Ratio (46.8x) compared to the peer average (49.7x).

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BEL 46.8xIndustry Avg. 50.8xNo. of Companies12PE020406080100+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BEL is good value based on its Price-To-Earnings Ratio (46.8x) compared to the Asian Aerospace & Defense industry average (50.8x).

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 Ratio46.8x
Fair PE Ratio49.7x

Price-To-Earnings vs Fair Ratio: BEL is good value based on its Price-To-Earnings Ratio (46.8x) compared to the estimated Fair Price-To-Earnings Ratio (49.7x).

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₹290.85
₹331.54
+14.0%
13.9%₹380.00₹213.00n/a24
Dec ’25₹308.00
₹331.54
+7.6%
13.9%₹380.00₹213.00n/a24
Nov ’25₹288.65
₹333.13
+15.4%
14.5%₹390.00₹213.00n/a23
Oct ’25₹283.95
₹331.61
+16.8%
15.5%₹390.00₹200.00n/a23
Sep ’25₹299.30
₹331.61
+10.8%
15.5%₹390.00₹200.00n/a23
Aug ’25₹311.15
₹336.50
+8.1%
13.6%₹390.00₹200.00n/a24
Jul ’25₹307.65
₹299.33
-2.7%
12.9%₹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₹115.00₹308.0023
Nov ’24₹132.40
₹150.52
+13.7%
9.0%₹168.00₹115.00₹288.6523
Oct ’24₹138.30
₹146.81
+6.2%
8.5%₹164.00₹115.00₹283.9521
Sep ’24₹137.85
₹144.50
+4.8%
10.8%₹164.00₹100.00₹299.3022
Aug ’24₹130.45
₹143.65
+10.1%
11.0%₹164.00₹100.00₹311.1523
Jul ’24₹125.75
₹127.73
+1.6%
9.4%₹150.00₹100.00₹307.6522
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

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/21 22:05
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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 here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Bharat Electronics Limited is covered by 45 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.

AnalystInstitution
Nitin BhasinAmbit Capital
Nishit MasterAnand Rathi Shares and Stock Brokers Limited
Santosh YellapuAngel Broking Private Limited