Bharat Electronics Limited (BEL) Fair Value & Analysis
Industrials · IN · Market cap ₹3.0T (≈ $31.6B) · ISIN INE263A01024
What is Bharat Electronics Limited really worth?
A solid business, but trading 239% above our fair value of ₹119.72.
Strengths
Risks
For context
Fair value as of: Aug 27, 2026
From 26 valuation models · updated 8 days ago
Share price +3.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (₹190.58). The favourable scenario is already priced in.
- The model range is unusually wide (₹71.17 to ₹190.58). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.
How to read this chart
60‑month range ₹45.20 – ₹468.45 · fair‑value band ₹71.17 – ₹190.58 · the ₹405.35 price screens above the ₹119.72 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.
Analysis
Bharat Electronics Limited (BEL) currently trades at ₹405.35, while our model-based Fair Value estimate is ₹119.72, implying the stock looks roughly 238.6% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of ₹159.95 per share, and 0 of the 26 models we run sit above the ₹405.35 price. Bear case: the Asset-Based group reads lowest at ₹21.99, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Bharat Electronics Limited generated revenue of ₹276B at a net margin of 22.0%. Revenue grew 11.7% year over year. It earns a return on equity of 27.6%. The balance sheet holds a net cash position of ₹85.1B. Fundamentals as of Aug 27, 2026
Our scenario range runs from ₹71.17 (bear case) to ₹190.58 (bull case); at ₹405.35, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 14% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −44% fair-value upside, at −70%, BEL screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹2.35 per share, which is 2.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: Growth Earnings (₹159.95) versus Asset-Based (₹21.99). Highest evidence: FCF DCF (78).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 61 · Market factors (momentum, volatility) 54
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Bharat Electronics Limited designs, manufactures, and supplies electronic equipment and systems for the defense and civilian markets in India.
Full company description
Bharat Electronics Limited designs, manufactures, and supplies electronic equipment and systems for the defense and civilian markets in India. The company's 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, upgrades, shelters and masts, simulators, batteries, components and devices, fuzes and unmanned systems; microwave tubes and power modules, microwave super components, digital multichannel data recorders, and hybrid micro circuits; and micro-electro mechanical systems, such as pressure transducers, and conductivity temperature and depth sensors. Its non-defense products comprise e-governance systems, homeland security products, civilian radars, and telecom and broadcast systems; integrated traffic management systems, real time train information systems, and solar power solutions; and PD and strategic products, silicon radiation detectors, passive vacuum devices, EMI filters, and multichannel voice logging recorder systems. It also provides electronic manufacturing services, including PCB assembly and testing, precision fabrication, microwave integrated circuit assemblies, super components modules, cable assemblies, and antennae manufacturing services; designs and manufactures transformers, coils, chokes, and sub-assemblies; and software services. In addition, the company offers cyber security products, such as data diodes and secure storage products; EV charging stations; and platform screen doors. Further, the company provides security architecture conceptualization and consulting, and information security audit services. It exports its products to the United States, France, Spain, the United Kingdom, Mauritius, Seychelles, Mauritius, the Republic of Armenia, Sri Lanka, Sweden, and Israel. Bharat Electronics Limited was incorporated in 1954 and is headquartered in Bengaluru, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Bharat Electronics Limited reported revenue of ₹276B in FY2026 versus ₹154B in FY2022, a compound +15.8%/yr. Reported net income was ₹60.6B in FY2026, compounding +26.1%/yr from FY2022.
of which total revenue +13.4 % · buybacks/dilution +0.8 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
BEL screens 239% overvalued. Compare with General Electric Company →
Peer Group
Aerospace & Defense · 229 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Aerospace & Defense median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| General Electric Company GE | $335.71 | $116.71 | −65% |
| RTX Corporation RTX | $212.08 | $88.37 | −58% |
| Airbus SE AIR | €213.00 | €117.01 | −45% |
| Lockheed Martin Corporation LMT | $565.89 | $419.01 | −26% |
| Howmet Aerospace Inc HWM | $264.85 | $50.43 | −81% |
| General Dynamics Corporation GD | $379.32 | $274.32 | −28% |
| Northrop Grumman Corporation NOC | $545.57 | $356.59 | −35% |
| TransDigm Group TDG | $1,235 | $571.03 | −54% |
| L3Harris Technologies, Inc LHX | $262.82 | $146.55 | −44% |
| Thales S.A HO | €243.70 | €171.13 | −30% |
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