Bharat Electronics Ltd(BEL)

NSE: BELBSE: 500049

₹ 360.1-1.88%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 2.63 L crNext results: 30 Oct 2026Website: bel-india.inUpdated: 24 Oct 2026

About

Bharat Electronics Ltd (BEL) is a Navratna defence PSU established in 1954 under the Ministry of Defence, making radars, weapon systems, communication, electronic warfare, avionics and electro-optic equipment mainly for the Indian armed forces. ICRA describes it as a dominant supplier of electronic equipment to the Indian defence forces. In FY26 it reported revenue of ₹27610.11 crore, with defence contributing 88% of revenue and non-defence 12%. It operates 30 strategic business units at nine locations.^[1][2]

Business segments

Defence contributed 88% of revenue in FY26; non-defence contributed the remaining 12%.^[1]
BEL aims to raise the non-defence share to about 20% of turnover (FY26 annual report).^[1]
Non-defence work covers civil aviation, railways and metro, space electronics, AI, cyber security, medical electronics, smart cities and unmanned systems; BEL also makes EVMs and VVPATs (FY26).^[1]

Products and programmes

Portfolio spans radars and fire control, weapon systems, communication and network-centric systems, EW and avionics, anti-submarine warfare, electro-optics, tank electronics, strategic components and homeland security (FY26).^[1]
BEL is main system integrator for QRSAM, with BDL as missile partner; programme execution runs 5 - 6 years from order receipt.^[3]
BEL has supplied about 80% of existing 2 kW laser-DEW orders; a microwave-DEW prototype developed with DRDO is ready.^[4]
BEL formed a consortium with L&T to pursue the AMCA programme as system integrator; RFP response deadline was extended to 27 August 2026.^[3]
BEL expects to supply 50 - 60% of electronics across 6 subsystems for the P-75I submarine programme, in advanced discussions with MDL.^[5]
BEL holds Green Channel Certificates for 92 products across 13 SBUs/Units (FY26).^[1]

Order book

Order book was about ₹73,882 crore as on 1 April 2026, versus about ₹71,650 crore as on 1 April 2025.^[1][6]
Order book stood at ₹72,258 crore as of 1 July 2026.^[4]
Q1 FY27 order inflows were ₹3,754 crore; FY26 inflows were ₹30,045 crore; FY25 orders won were Rs 18,715 Cr.^[4][6]
FY27 order inflow guidance is above ₹55,000 crore, including the ~₹30,000 crore QRSAM contract.^[4]
Export order book was an all-time high USD 496 Million as on 1 April 2026, versus USD 348.46 Million as on 1 April 2025; it was USD 465 million in Q1 FY27.^[1][6][4]
Major outstanding orders include air defence radars, avionics for LCA, mountain radars, electronic fuzes, an air defence weapon system and an EW suite for helicopters (FY26).^[1]
The unexecuted order book is expected to be recognised as revenue over 3-5 years (FY26).^[1]

Key operating numbers

Receivable days improved from 176 days at 31 March 2026 to 140 days at 30 June 2026.^[4]
Indigenous content averaged 80 - 85% across the portfolio in FY26; at sub-product level it ranges from about 50% to above 90%.^[5]
R&D spend was ₹2,048 crore in FY26 (7.68% of turnover), versus Rs 1,472 Cr (6.4% of turnover) in FY25.^[1][6]
R&D headcount exceeded 3,200 engineers as of Q3 FY26.^[7]

Operations and manufacturing

Manufacturing units are in Bengaluru, Ghaziabad, Pune, Machilipatnam, Panchkula, Chennai, Kotdwar, Hyderabad and Navi Mumbai; headquarters is in Bengaluru (FY26).^[1]
Four new Regional Product Support Centres were set up in FY26 at Jodhpur, Pathankot, Kolkata and Chabua; Water Front Support Centres operate at seven ports.^[1]

Customers and exports

The Indian Ministry of Defence is the dominant end-customer.^[5]
Export markets include France, Spain, the USA, Israel, Sweden, Mauritius, Armenia, Sri Lanka, Denmark, Colombia and SEZs; overseas offices in New York and ASEAN countries (FY26).^[1]
International OEMs engaged include Thales, Safran, SAAB, Airbus Defence & Space, General Atomics, Lockheed Martin, Boeing and Elbit (FY26).^[1]
Long-term export target is 10% of revenues within 4 - 5 years; FY27 internal export target is USD 300 million.^[4]
Exports were USD 106.17 Mn in FY25.^[6]
Customer advances stood at ₹12,500 crore as of 31 March 2026.^[5]

Expansion and capex

A Defence System Integration Complex is being built in Andhra Pradesh on 920 acres, mainly for QRSAM integration plus UAV, missile and radar work, with minimum committed capex of ₹1,400 crore over 3 - 4 years.^[3]
Capex was about ₹892 crore in FY26, funded from internal accruals; FY27 capex guidance is above ₹1,200 crore.^[1][4]
Other expansion projects named in FY25: Hot Integration facility Vellore, Fuze facility Nagpur, Radar facility in UP, EW factory Ibrahimpatnam.^[6]
BEL plans manufacturing facilities for LEO satellites and space payloads (FY25 annual report).^[6]
Management targets zero imports at module/sub-module level (excluding semiconductors) within 5 years.^[4]
BEL has set a target of Net Zero carbon emissions by 2035.^[1]

Joint ventures and pipeline

BEL formed BEL IAI AeroSystems Pvt Ltd, a JV with IAI, Israel, for MRSAM product support; incorporated Sep 2024.^[1][6]
BEL entered a Joint Venture Agreement with Safran Electronics and Defence, France, for HAMMER weapons (FY26).^[1]
QRSAM contract (~₹30,000 crore) awaited CCS approval; management committed to a maximum September 2026 timeline as of the Q1 FY27 call.^[4]
Shatrughat and Samaghat EW orders (~₹9,000+ crore combined) were expected within 3 - 6 months of the Q1 FY27 call.^[4]
HAMMER order (~₹2,500+ crore) and Shakti Phase IV order (~₹2,000 crore) are both expected in FY27.^[4]
BEL is in advanced discussions with C-DAC on an indigenous data centre solution targeting ₹2,000 - 10,000 crore of orders.^[5]

Market Cap

₹2,63,225 Cr

High / Low

₹473 / 361

Stock P/E

44.8

Price / Book

11.5

Book Value

₹33

EPS

₹8.3

No. of Shares

730.98 Cr

ROCE

36.7%

ROE

27.6%

OPM

28.6%

Debt / Equity

0.00

Sales

₹27,610 Cr

Net Profit

₹6,062 Cr

Promoter holding

51.1%

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Bharat Electronics Ltd(BEL)

About

Business segments

Products and programmes

Order book

Key operating numbers

Operations and manufacturing

Customers and exports

Expansion and capex

Joint ventures and pipeline

Signal history

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