Bharat Electronics Limited

NSEI:BEL Stock Report

Market Cap: ₹2.0t

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 (₹275.45) is trading above our estimate of fair value (₹86.84)

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 Ratio44.4x
Earnings₹45.40b
Market Cap₹2.04t

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 Average41.3x
HAL Hindustan Aeronautics
31.3x13.4%₹2.7t
MAZDOCK Mazagon Dock Shipbuilders
31.4x-2.0%₹822.0b
BDL Bharat Dynamics
61.4x22.4%₹354.2b
GRSE Garden Reach Shipbuilders & Engineers
41.1x16.1%₹161.4b
BEL Bharat Electronics
44.4x15.0%₹2.0t

Price-To-Earnings vs Peers: BEL is expensive based on its Price-To-Earnings Ratio (44.4x) compared to the peer average (41.3x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
BEL 44.4xIndustry Avg. 47.4xNo. of Companies11PE020406080100+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BEL is good value based on its Price-To-Earnings Ratio (44.4x) compared to the Asian Aerospace & Defense industry average (47.4x).

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 Ratio44.4x
Fair PE Ratio49.6x

Price-To-Earnings vs Fair Ratio: BEL is good value based on its Price-To-Earnings Ratio (44.4x) compared to the estimated Fair Price-To-Earnings Ratio (49.6x).

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₹275.45
₹331.17
+20.2%
14.2%₹380.00₹213.00n/a23
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₹115.00n/a23
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
Nov ’23₹108.50
₹115.51
+6.5%
13.2%₹135.00₹76.67₹132.4021

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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