WatchTalking point
Growing, but light on cash
Revenue grew 16.2% but only 0.25× of reported profit came through as operating cash.
Importance 62 / 95 · cash quality
Bharat Electronics · Research view
Bharat Electronics Ltd.
NSE: BELBSE: 500049ISIN INE263A01024Face value ₹1consolidated
₹384
−0.90% · 2026-10-01 · 52-wk ₹383–₹468
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Profit compounding faster than revenue
Over 4 years profit compounded at 26.1% a year while revenue compounded at 15.8% a year.
Importance 62 / 95 · growth
StrengthTalking point
Book value compounding
Net worth compounded at 18.2% a year over 4 years (₹12,302 → ₹24,007).
Importance 57 / 95 · financial health
Concern
Weak cash conversion
Operating cash flow was only 0.25× reported profit (FY2026).
Importance 57 / 95 · cash quality
Section 03 · The company
Who is this company?
Classified by the exchange under Industrials › Capital Goods › Aerospace & Defense › Aerospace & Defense.
- Market cap
- ₹2.80 L cr
- FY2026 revenue
- ₹27,610 cr
- FY2026 net profit
- ₹6,062 cr
- Net worth
- ₹24,007 cr
- Total debt
- ₹0 crnet cash
- EPS (basic)
- ₹8.29
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 3 aerospace & defense.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Over 4 years profit compounded at 26.1% a year while revenue compounded at 15.8% a year.
Rule PROFIT_CAGR_VS_REVENUE_CAGR
- Revenue growth per year
- +15.8%over 4 years
- Revenue growth
- +16.2%vs last year
- Net profit growth
- +13.9%vs last year
- Change in net profit since FY22
- +153%
Revenue compounded at 15.8% a year over 4 years (₹15,368 → ₹27,610).
Net profit grew 13.9% year on year (FY2025 → FY2026).
Revenue grew 16.2% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹5,547 cr, up 24.9% from ₹4,440 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Concern
Q1 FY27 EBITDA margin was 28.1%, down 3.48 percentage points from 31.6% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
Watch
Q1 FY27 revenue was ₹5,547 cr, down 45.7% from ₹10,224 cr in the previous quarter (Q4 FY26).
Rule QTR_REVENUE_SEQUENTIAL_CHANGE
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 4,605 | — | 1,093 | — | 23.7% |
| Q3 FY25 | 5,771 | +38.6% | 1,312 | +52.5% | 22.7% |
| Q4 FY25 | 9,150 | +6.8% | 2,127 | +18.4% | 23.2% |
| Q1 FY26 | 4,440 | +4.6% | 969 | +22.5% | 21.8% |
| Q2 FY26 | 5,792 | +25.8% | 1,287 | +17.8% | 22.2% |
| Q3 FY26 | 7,154 | +24.0% | 1,580 | +20.4% | 22.1% |
| Q4 FY26 | 10,224 | +11.7% | 2,226 | +4.7% | 21.8% |
| Q1 FY27 | 5,547 | +24.9% | 1,055 | +8.8% | 19.0% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹28,717 crTTM
- EBITDA
- ₹8,772 crTTM
- EBIT
- ₹8,176 crTTM
- PBT
- ₹8,170 crTTM
- Net profit
- ₹6,148 crTTM
C. Corporate actions
13 Aug 2026DividendFinal Dividend - Rs. - 0.5500 — ₹0.55/share
6 Mar 2026DividendInterim Dividend - Rs. - 1.9500 — ₹1.95/share
14 Aug 2025DividendFinal Dividend - Rs. - 0.9000 — ₹0.90/share
11 Mar 2025DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
14 Aug 2024DividendFinal Dividend - Rs. - 0.8000 — ₹0.80/share
22 Mar 2024DividendInterim Dividend - Rs. - 0.7000 — ₹0.70/share
9 Feb 2024DividendInterim Dividend - Rs. - 0.7000 — ₹0.70/share
17 Aug 2023DividendFinal Dividend - Rs. - 0.6000 — ₹0.60/share
24 Mar 2023DividendInterim Dividend - Rs. - 0.6000 — ₹0.60/share
10 Feb 2023DividendInterim Dividend - Rs. - 0.6000 — ₹0.60/share
15 Sept 2022Bonus issueBonus issue 2:1 — 1:3
8 Aug 2022DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
24 Mar 2022DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
9 Feb 2022DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
14 Sept 2021DividendFinal Dividend - Rs. - 1.2000 — ₹1.20/share
23 Mar 2021DividendInterim Dividend - Rs. - 1.4000 — ₹1.40/share
8 Feb 2021DividendInterim Dividend - Rs. - 1.4000 — ₹1.40/share
15 Sept 2020DividendFinal Dividend - Rs. - 1.4000 — ₹1.40/share
11 Feb 2020DividendInterim Dividend - Rs. - 1.4000 — ₹1.40/share
20 Aug 2019DividendFinal Dividend - Rs. - 1.7000 — ₹1.70/share
27 Mar 2019DividendInterim Dividend - Rs. - 0.7000 — ₹0.70/share
19 Mar 2019DividendInterim Dividend - Rs. - 0.7000 — ₹0.70/share
8 Feb 2019DividendInterim Dividend - Rs. - 0.3000 — ₹0.30/share
20 Aug 2018DividendFinal Dividend - Rs. - 0.4000 — ₹0.40/share
8 Feb 2018DividendInterim Dividend - Rs. - 1.6000 — ₹1.60/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Margin and return trends are shown above.
- EBITDA margin now
- 31.2%
- 5-year range
- 23.2–31.9%
- ROE FY2026
- 27.6%
- ROCE FY2026
- 36.6%
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Revenue grew 16.2% but only 0.25× of reported profit came through as operating cash.
Rule GROWTH_WITH_WEAK_CASH
Operating cash flowNet profit
- Total debt
- ₹0 crnet cash
- Operating cash flow ÷ net profit
- 0.25×FY2026
- Free cash flow
- ₹560 cr
- Current ratio
- 1.98×
Net worth compounded at 18.2% a year over 4 years (₹12,302 → ₹24,007).
Operating cash flow was only 0.25× reported profit (FY2026).
Cash conversion (CFO ÷ profit) has averaged 0.51× over the last 3 profit-making years versus 1.09× before that.
Free cash flow has been positive in 4 of the last 5 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 3 aerospace & defense (FY2026, consolidated). No peer-relative rule fired for this company.
Revenue growth
BEL · 1st of 3 · set median 6.8%
EBITDA margin
BEL · 2nd of 3 · set median 31.2%
Return on equity
BEL · 1st of 3 · set median 24.0%
P/E ratio
BEL · 2nd of 3 · set median 45.6×
- P / E
- 45.6×TTM to Jun 26
- P / B
- 11.7×latest book
- P / S
- 9.8×TTM sales
- Earnings yield
- 2.2%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 46.2× · P/S 9.9× · ROE 27.6%.
Section 09 · The stock
How has the stock performed?
Context
Over 4 years the stock returned 40.5% a year while profit compounded at 26.1% a year — the FY2022 base was somewhat depressed, so part of this is recovery rather than trend.
Rule STOCK_RAN_AHEAD · rebound
- 1-year return
- −5.7%
- 3-year return
- +177.3%
- 5-year return
- +470.3%
- From 52-wk high
- −18.1%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹402
- vs 200-day avg
- Below₹418
- RSI (14)
- 30.8neutral
- MACD histogram
- -1.9
- From 52-wk high
- −18.1%
- From 52-wk low
- +0.0%
- 30-day volatility
- 14.8%ann.
- 6-month return
- −7.5%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchGrowing, but light on cashRevenue grew 16.2% but only 0.25× of reported profit came through as operating cash.GROWTH_WITH_WEAK_CASH · conviction 62
- ConcernWeak cash conversionOperating cash flow was only 0.25× reported profit (FY2026).WEAK_CASH_CONVERSION · conviction 57
- WatchCash conversion trending downCash conversion (CFO ÷ profit) has averaged 0.51× over the last 3 profit-making years versus 1.09× before that.CASH_CONVERSION_DETERIORATING · conviction 56
- WatchReceivables stretchingReceivable days rose from 140 to 170 — collections are slower.RECEIVABLE_DAYS_JUMP · conviction 50
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 15,368 | 17,734 | 20,268 | 23,769 | 27,610 |
| Total income | 15,600 | 18,015 | 20,938 | 24,511 | 28,176 |
| EBITDA | 3,572 | 4,367 | 5,717 | 7,576 | 8,615 |
| Profit before tax | 3,166 | 3,923 | 5,266 | 7,099 | 8,053 |
| Net profit | 2,400 | 2,986 | 3,985 | 5,323 | 6,062 |
| EPS (₹) | 9.8 | 4.1 | 5.5 | 7.3 | 8.3 |
| Net worth | 12,302 | 13,879 | 16,344 | 19,993 | 24,007 |
| Total debt | 0 | 0 | 0 | 0 | 0 |
| Operating cash flow | 4,207 | 1,267 | 4,659 | 587 | 1,541 |
| Free cash flow | 3,660 | 678 | 4,015 | −422 | 560 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 15.4 | 14.3 | 17.3 | 16.2 |
| Profit growth YoY | — | 24.4 | 33.5 | 33.6 | 13.9 |
| Profitability | |||||
| EBITDA margin % | 23.2 | 24.6 | 28.2 | 31.9 | 31.2 |
| Net margin % | 15.4 | 16.6 | 19.0 | 21.7 | 21.5 |
| Return on equity % | 19.5 | 22.8 | 26.4 | 29.3 | 27.6 |
| Return on capital % | 25.8 | 30.1 | 34.9 | 39.1 | 36.6 |
| Leverage & cash | |||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash flow ÷ profit | 1.75 | 0.42 | 1.17 | 0.11 | 0.25 |
| Current ratio | 1.39 | 1.46 | 1.55 | 1.76 | 1.98 |