NSE/BEL

BELBharat Electronics Ltd

Defence · NSE

₹462.75+1.56%

52-wk low52-WEEK RANGE52-wk high

₹280.15+65.2% from low ·-1.2% from high₹468.45

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

BEL+65.18% · 1Y

Range high ₹473.45Range low ₹276.6Latest ₹462.75252 bars · daily-close · NSE bhavcopy + 10Y history

DefenceAerospace & DefenseLargecapLow Risk

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite63/100

Performance

High

Amongst the strong performers in the market.

· 52w return +54.3% — strong momentum
· Trades 11.7% above 200-DMA — uptrend intact

Valuation

High

Looks expensive vs the sector.

· P/E 56.5 close to sector median 60.4
· P/B 15.60 above sector median

Growth

Medium

Steady but not standout growth.

· Revenue YoY +17.9%
· Profit YoY +31.6% — strong earnings growth

Profitability

High

Showing good signs of profitability & efficiency.

· ROE 27.6% — high-quality compounder
· Net margin 22.3% — strong pricing power

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeB(72/100)

Durability

A+

88/100

Financially resilient — strong quality + solvency profile.

Show 4 drivers

Piotroski F-score6/9 (67pt)
Altman Z" score3.26 (100pt)
Debt/Equity0.00 (100pt)
ROE27.6% (100pt)

Valuation

43/100

Trading at a premium — growth must keep delivering to justify.

Show 4 drivers

P/E vs sector (56.5 / 60.4)94% (69pt)
P/B15.60 (40pt)
Dividend yield0.94% (24pt)
EV/EBITDA42.2 (0pt)

Momentum

A+

86/100

Strong, confirmed momentum across price + technicals.

Show 5 drivers

52w change+54.3% (100pt)
DMA-trend alignmentup (75pt)
RSI (14)66.1 (89pt)
Price vs 200-DMA+12.2% (84pt)
MACD regimebullish (75pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)56.50

FAIR

CheapestP/E 56.5 near sector median.Most expensive

P/B15.60

OVERVALUED

CheapestP/B 15.60 at 91th %ile of sector.Most expensive

EV/EBITDA42.19

OVERVALUED

Monthly seasonality

Avg monthly return over 10 years · historical — not a forecast

Best: Jun +7.22% · Worst: Feb -3.13%

Jan

+0.7%

40% win

Feb

-3.1%

30% win

Mar

+1.3%

60% win

Apr

+6.1%

70% win

May

+7.2%

50% win

Jun

+7.2%

Monthly return distribution

Distribution of 120 monthly returns

Mean

+2.63%

Median

+0.84%

Std dev

9.93%

Best

+28.1%

Worst

-29.3%

% positive

55%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 5

High-quality compounder (ROE 27.6%)
Above 20% ROE consistently flags capital-efficient businesses
Lean balance sheet (D/E 0.00)
Low leverage means earnings are less sensitive to rate cycles
Strong net margin (22.3%)
High margin indicates pricing power + operating efficiency
Bankruptcy risk low (Altman Z″ 3.26)
Z″ above 2.60 sits squarely in the 'safe' zone
Top quartile ROE in Defence
Rank 2 of 11 peers

WEAKNESSES · 0

No material weaknesses flag from the numbers

OPPORTUNITIES · 0

No strong near-term catalysts visible

THREATS · 0

No immediate threats from the data

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

+1.6%

+4.6%

+5.3%

+11.3%

+13.8%

+64.4%

+68.5%

+56.7%

10Y

+29.0%

Fundamentals

VALUATION

Market cap

₹3,36,177 Cr

P/E (TTM)

56.5

P/E (fwd)

46.8

next 12m

P/B

15.60

EV/EBITDA

42.2

Book value

₹29.48

per share

PROFITABILITY · QUALITY

ROE

27.6%

ROCE

—

Net margin

22.3%

Op margin

27.8%

Gross margin

48.2%

D/E

0.00

GROWTH · MARKET

Rev YoY

+17.9%

Profit YoY

+31.6%

Div yield

0.94%

Payout

29.4%

52w change

+54.3%

Beta

0.31

defensive

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 5

+Forward P/E materially below trailing (46.8x vs 56.5x)Street expects earnings growth that compresses the multiple — positive surprise cushion
+High ROE of 27.6%Capital-efficient business — every rupee of equity generates 27.6 paise of earnings
+Strong operating margin (27.8%)Meaningful pricing power or cost discipline — above many Indian companies
+Profit growing fast (+31.6% YoY)Operating leverage kicking in — bottom line out-growing top line
+3-year revenue CAGR of 15.3%Sustained multi-year growth — not a one-quarter flash

CONS · 0

No material concerns surface from the ratios alone — still layer qualitative research.

Sector-relative context

Defence · 11 peers

P/E (TTM)

This stock

56.50

Sector median

60.36

Rank 5/11 (64th %ile)

ROE

This stock

27.6%

Sector median

14.9%

Rank 10/11 (18th %ile)

P/B

This stock

15.60

Sector median

11.83

Rank 10/11 (18th %ile)

Quality score · Piotroski F-score

6 / 9

Decent quality — clears Piotroski bar

✓Profitable (positive net income)· Most basic check — company makes money
✓Positive return on assets· Assets generate returns
✓Positive operating cash flow· Profits are backed by real cash, not accruals
✓Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
✓Long-term debt decreased YoY· Deleveraging — lower refinancing risk
✗ROA improved YoY· Getting more productive with the asset base
✗Operating margin expanded YoY· Pricing power or cost discipline
✗

Forensic score · Altman Z″ (emerging markets)

Bankruptcy-risk predictor · 1995 Altman emerging-market revision

SAFE3.26

Z″ = 3.26 — well inside the SAFE zone. Low bankruptcy risk signal across liquidity, profitability and solvency inputs.

Component	Ratio	Weight	Contribution
Working Capital / Total Assets (A)	0.239	×6.56	1.570
Retained Earnings / Total Assets (B)	0.236	×3.26	0.770
EBIT / Total Assets (C)	0.087	×6.72	0.586
Book Equity / Total Liabilities (D)	0.322	×1.05	0.338

Zones: Z″ ≥ 2.60 safe · 1.10–2.60 grey · < 1.10 distress. All four inputs derived from latest annual filing.

Analyst consensus

28 analysts · BUY

Target mean

₹488.29

Target high

₹565.00

Target low

₹300.00

Upside vs today

+6.2%

Street consensus target is +6.2% vs current price. Consensus is a lagging sentiment read, not a forecast.

Company + balance sheet snapshot

Industry

Aerospace & Defense

Employees

11,199

Shares out

731

Revenue (TTM)

₹26,535 Cr

EBITDA

₹7,827 Cr

Total debt

₹59 Cr

Cash

₹8,117 Cr

Net debt

₹-8,058 Cr

Quarterly results

Last 5 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q4
Revenue	4,605	5,771	8,498	4,440	7,154
Operating profit	1,289	1,559	2,838	1,117	1,992
OPM %	28.0%	27.0%	33.4%	25.2%	27.8%
Interest	1

Annual P&L

Last 4 years · ₹ Cr · all line items

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	15,085	17,404	19,905	23,117
Operating profit	2,959	3,773	4,781	6,526
OPM %	19.6%	21.7%	24.0%	28.2%
Interest	5	15	7	9

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
BELTHIS Bharat Electronics Limited	₹462.75	+54.3%	3,36,177	56.5	15.60	27.6%	0.00	+17.9%
HAL Hindustan Aeronautics Limited	₹4,388.1	+1.8%	2,90,549	32.7	7.83	24.0%	0.00	+10.7%
SOLARINDS Solar Industries India Limited	₹15,089	+21.0%	1,35,518	93.6	26.49	—	0.16	+24.2%
MAZDOCK Mazagon Dock Shipbuilders Limited	₹2,616.4	-5.4%	1,05,423	43.8	11.83	—	0.00	+20.8%
BDL Bharat Dynamics Limited	₹1,380.7	-3.3%	50,076	86.0	11.87	13.8%	0.00	+41.2%
COCHINSHIP Cochin Shipyard Limited	₹1,561.1	+5.0%	40,876	56.2	7.17	12.8%	0.20	+24.2%
GRSE Garden Reach Shipbuilders & Engineers Limited	₹2,712	+55.8%	30,574	44.3	13.31	30.0%	0.01	+41.3%
DATAPATTNS Data Patterns (India) Limited	₹3,494.2	+78.4%	19,992	81.1	12.99	16.0%	0.00	+36.3%
ASTRAMICRO Astra Microwave Products Limited	₹1,093.45	+35.6%	10,269	64.2	8.82	13.7%	0.24	+16.3%

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Quarter	EPS estimate	EPS actual	Surprise %
-1q	2.02	2.17	+7.2%
-2q	1.55	1.76	+13.5%
-3q	1.35	1.33	-1.5%
-4q	2.62	2.91	+11.3%

Date	Amount
2026-03-06	₹1.95
2025-08-14	₹0.90
2025-03-11	₹1.50
2024-08-14	₹0.80
2024-03-22	₹0.70
2024-02-09	₹0.70
2023-08-17	₹0.60
2023-03-24	₹0.60
2023-02-10	₹0.60
2022-08-08	₹0.50
2022-03-24	₹0.50
2022-02-09	₹0.50
2021-09-14	₹0.40
2021-03-23	₹0.47
2021-02-08	₹0.47
2020-09-15	₹0.47
2020-02-11	₹0.47
2019-08-20	₹0.57
2019-03-27	₹0.23
2019-02-08	₹0.10

Date	Ratio
2022-09-15	3:1
2017-09-28	11:10
2017-03-16	10:1

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	244	731	731	731
Reserves	8,010	9,352	11,474	14,715
Borrowings	53	61	63	61
Total liabilities	33,911	35,491	39,527	40,832
Fixed assets	2,986	3,078	3,276	3,694
CWIP	477	385	488	490
Investments	1,339	449	531	582
Other assets	28	6	252	194
Total assets	33,911	35,491	39,527	40,832

Metric	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	4,207	1,199	4,659	587
CF Investing	-4,872	2,708	-5,924	617
CF Financing	-1,078	-1,262	-1,475	-1,696
Net cash flow	-1,742	2,645	-2,739	-493
Free cash flow	3,653	609	4,007	-425

BELBharat Electronics Ltd

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Peer comparison · Defence

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Recent news

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Technical snapshot

Earnings history + surprises

Dividends + splits history

Stock scorecard

Recent news

SWOT analysis

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Balance sheet

Cash flow statement

Peer comparison · Defence

Ratios