Electronics End Markets

Bharat Electronics

BELNSEMega CapParent: Government of India

Live₹440.9syncing…

Defence PSU with broad electronics, radar, communications and emerging semiconductor packaging exposure.

Market Cap

₹3.22L cr

Price

441

1Y 36%

Direct exposure

50/100

0–100 directness

Buy

Fundamental

81/ 100

Quality of growth, returns, cash conversion and balance sheet

Technical (TQ-100)

89/ 100

A+

Trend, momentum, volume and relative strength composite

Valuation

30/ 100

Higher = cheaper vs peers and own history

Final composite

70/ 100

Blended decision input

Data transparency

What's real, what's pending, on this page

Real financials loaded

✓ Real / verified

· Live price, day change, market cap — NSE direct
· 1Y OHLCV, RSI(14), 50/200 DMA, 1M/3M/1Y returns, RS vs Nifty — computed from real NSE OHLCV
· Sector P/E — NSE direct
· Promoter %, pledge %, MF/FII/public split, 9-quarter history — Trendlyne
· Earnings call AI summaries — Trendlyne (where available)
· Technical (TQ-100) score — computed from real OHLCV
· Annual revenue / EBITDA / PAT / OCF / FCF / equity / assets — Trendlyne (audited annuals)

⚠ Analyst-set (qualitative)

· Segment classification + semicon directness score — analyst seed
· Bull/bear case + monitorables (curated thesis) — analyst seed
· Governance risk score (seed) — being replaced by AI-agent assessment
· Synthesized 5Y forecast removed entirely (was inaccurate)

Real financials extracted for 42 of 45 companies. See /data-sources for full provenance.

Bharat Electronics · BEL

₹440.9+40.65% over 6M

Price50 DMA200 DMA

RSI (14)

Momentum oscillator · 6M view

Volume (60D)

Fundamental score (SageOne 100)

81/ 100A

Growth 20 / Margin 15 / ROC 20 / Cash 15 / Leverage 10 / Reinvestment 8 / Accounting 7 / Governance 5 minus red flags (capped -20).

Base 81

Growth quality/ 20

11.0

Rev 1Y 16.7% · 3Y CAGR 16.3%

Margin & profitability/ 15

13.6

EBITDA 23.6% · PAT 21.7%

Return on capital/ 20

19.1

ROCE 30% · ROE 33%

Cash flow quality/ 15

9.4

OCF/EBITDA 81% · FCF yield -0.4%

Leverage discipline/ 10

10.0

Net Debt/EBITDA -1.00x

Reinvestment runway/ 8

6.6

ROCE × retention proxy

Accounting quality/ 7

7.0

OCF conversion proxy

Governance/ 5

4.3

Pledge 0.0% · Risk 14/100

✓ Computed from real Trendlyne annuals (revenue, EBITDA, PAT, OCF, equity).

Technical score (TQ-100)

89/ 100A+

Computed from real 1Y OHLCV pulled from NSE direct: trend, momentum, volume, RS vs Nifty, MA cluster, mean reversion, volatility, patterns minus red flags.

Base 89

Trend structure/ 20

19.4

Above 200DMA · -7% from 52W high

Momentum velocity/ 15

15.0

RSI(14) 60 · 1M 2.0%

Volume dynamics/ 15

13.5

Bucket: Mega Cap

Relative strength/ 15

12.0

RS vs Nifty 18%

MA cluster/ 10

10.0

200DMA + 1Y trend confirmation

Mean-reversion runway/ 10

8.3

RSI(14) 60; ideal 50-60

Volatility profile/ 8

3.6

Bucket: Mega Cap

Pattern integrity/ 7

7.0

Trend continuation proxy

AI research agents

Re-classify segment exposure and re-assess governance risk by running fresh AI agents on the latest data. Results cache to data/agents.json.

Segment classifier

Maps to value-chain segments + computes 0-100 directness

Seed: Electronics End Markets · 50/100

Governance assessor

Forensic-accounting flags + 0-100 risk score

Seed: 14/100 risk

AI thesis

Generates a fresh thesis grounded in this company's data. Wires to Anthropic when ANTHROPIC_API_KEY is set, otherwise returns a deterministic mock.

Curated thesis

Analyst-set bull, bear and monitorables · use AI thesis above for a fresh take

High-quality defence electronics franchise with strategic semiconductor optionality; valuations near peak.

Bull case

+Defence indigenization
+ROCE >30%
+Strong order book

Bear case

−PSU operating constraints
−Valuations rich
−Order lumpiness

Key monitorables

Order inflow run-rateMargin defenseSemicon packaging projects

Semiconductor exposure

How direct, how visible

Primary segment

Electronics End Markets

All segments

Electronics End Markets, Power Semiconductors

Exposure type

Indirect / pull-through

Policy beneficiary

Yes

Import substitution

High

Governance risk score

14/100 (lower = better)

Financial snapshot

Latest reported metrics · mock data, ready for live financials

Rev growth (1Y)

16.7%

Rev CAGR (3Y)

16.3%

EBITDA margin

23.6%

PAT margin

21.7%

ROCE

30%

ROE

33%

OCF / EBITDA

81%

Net Debt / EBITDA

-1.0x

Promoter holding

51.1%

Promoter pledge

0.0%

Valuation

P/E (TTM)

54.0

Forward P/E

40.0

EV/EBITDA

56.0

EV/Sales

13.2

P/B

20.0

FCF Yield

-0.4%

Dividend Yield

0.70%

Hist. percentile

80%

Peer percentile

80%

Technicals

RSI(14)

1M return

2.0%

1Y return

36%

From 52W high

-7%

RS vs Nifty

18%

>200 DMA

Yes

Annual financials — real data

Extracted from Trendlyne · audited annuals · TTM + last 6 fiscal years

✓ Real

Line	TTM	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	₹27.1k cr	₹24.4k cr	₹20.9k cr	₹18.0k cr	₹15.5k cr	₹14.2k cr	₹13.0k cr
↳ YoY growth	+10.9%	+16.7%	+16.2%	+15.8%	+9.6%	+9.0%	—
EBITDA	₹7.5k cr	₹5.8k cr	₹4.4k cr	₹3.5k cr	₹3.3k cr	₹2.8k cr	₹3.0k cr
↳ EBITDA margin	27.8%	23.6%	21.1%	19.7%	21.3%	20.0%	23.3%
PAT	₹6.0k cr	₹5.3k cr	₹4.0k cr	₹3.0k cr	₹2.3k cr	₹2.1k cr	₹1.8k cr
↳ PAT margin	22.0%	21.7%	19.2%	16.7%	15.1%	14.6%	13.8%
OCF	₹480 cr	₹4.6k cr	₹1.2k cr	₹4.2k cr	₹5.1k cr	₹2.5k cr	₹1.5k cr
↳ OCF / EBITDA	6.4%	80.8%	26.2%	117.5%	154.3%	89.4%	49.4%
FCF (= OCF − capex)	₹480 cr	₹-1.2k cr	₹1.2k cr	₹-699 cr	₹2.5k cr	₹1.9k cr	₹612 cr
Total Equity	₹19.7k cr	₹16.1k cr	₹13.6k cr	₹12.0k cr	₹10.8k cr	₹9.9k cr	₹9.0k cr
Total Assets	₹40.4k cr	₹39.2k cr	₹35.1k cr	₹33.4k cr	₹29.1k cr	₹23.9k cr	₹20.5k cr
↳ ROE	30.2%	32.9%	29.6%	25.1%	21.7%	21.0%	19.9%
↳ ROA	14.7%	13.5%	11.5%	9.0%	8.1%	8.6%	8.8%

Source: Trendlyne (Standalone where Consolidated unavailable). Last refresh on real-data ingest.

Promoter pledge & shareholding history

From Trendlyne · 9 quarters · synced Invalid Date

Pledge: 0.0%

Promoter

51.1%

Mutual Funds

14.3%

FII

19.5%

Public

9.4%

Promoter holding trend

51.1

Mar

51.1

Jun

51.1

Sep

51.1

Dec

51.1

Mar

51.1

Jun

51.1

Sep

51.1

Dec

51.1

Mar

Δ:+0.0% over 9 quarters

Commentary

·Government holding (PSU) stable at 51.1%
·No pledge

Management quality

Capital allocation, debt discipline, alignment, governance composite. Computed from disclosed metrics.

Capital allocation

Sustained high return on capital indicates disciplined reinvestment.

ROCE 30%, div yield 0.7%

Promoter holding

Promoter has strong skin in the game.

51.1%

Promoter pledge

No pledging — cleanest signal.

0.0%

Debt discipline

Net cash balance sheet.

Net Debt/EBITDA -1.00x

Cash conversion

Reported EBITDA reliably translates into cash.

OCF/EBITDA 81%

Governance composite

Clean governance signals across pledging, RPTs, auditor, KMP pay.

14/100 risk

Variant perception

What the market is pricing in versus our read, and what would invalidate the thesis.

What the market is pricing in

Continued execution and policy tailwinds. The market has rewarded Bharat Electronics for delivery and is paying a premium for what comes next.

What we think it's missing

Consensus appears reasonable. Look for thesis-changing catalysts (margin inflection, new customer wins, segment mix shift) rather than narrative re-rating alone.

Thesis killers

×Multiple compression on a single weak earnings print

References

Wire to live data sources in production

NSE filings Screener BSE corporate filings Annual report (latest)Concall transcript (latest)Investor presentation