Bharat Electronics Limited (BEL) fair value: what the stock is really worth
We calculate from audited financials what Bharat Electronics Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range ₹45.38 – ₹468.45 · fair‑value band ₹63.61 – ₹190.58 · the ₹393.30 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 Sep 18, 2026.
Bharat Electronics Limited designs, manufactures, and supplies electronic equipment and systems for the defense and civilian markets in India.
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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.
Stock analysis
Bharat Electronics Limited (BEL) currently trades at ₹393.30, while our model-based Fair Value estimate is ₹119.72, implying the stock looks roughly 228.5% overvalued today.
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Valuation
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 ₹393.30 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.
Scenario range: ₹63.61 (bear) to ₹190.58 (bull), the price of ₹393.30 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
Key figures
Market cap ₹2.9T (≈ $29.9B) · P/E ratio 47.6 · P/S ratio 10.4 · EPS (TTM) ₹8.27 · Dividend yield 0.7% · Net margin 22.0% · Return on equity 27.6% · Return on assets (EBIT) 13.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 67 out of 100 (medium confidence).
What moves the price
The share trades about 17% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −29% fair-value upside, at −70%, BEL screens richer than that median.
Fair Value models
Bear ₹63.61Fair Value ₹119.72Bull ₹190.58
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹2.58 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+16.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.4%
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.8%
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What shareholders gained per year (last 5 years), in INR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+26.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+26.1%
Dividend (yield on the price)0.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.24% vs 17%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.21% → 27%
2026 sits 52% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+63.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+14.4%
Yearly sales growth analysts expect, extended to five years.
Compare Bharat Electronics Limited with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Aerospace & Defense · 232 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside−71% · Bottom 25%
Profitability
Return on equity (TTM)28% · Top 25%
Return on assets11% · Top 25%
Net margin (TTM)22% · Top 25%
Operating margin (TTM)27% · Top 25%
Growth and dividend
Revenue growth12% · Above median
Dividend yield (TTM)0.7% · Below median
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
P/E (TTM)47.6× · Pricier than median
P/B12.42× · Priciest 25%
P/S (TTM)10.79× · Priciest 25%
P/FCF2.8× · Cheapest 25%
EV/EBITDA36.0× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)59· sector 46
PAST (return on equity)100· sector 36
HEALTH (low debt)100· sector 93
DIVIDEND (yield)14· sector 17
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Bharat Electronics Limited (BEL) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of ₹119.72 versus a price of ₹393.30, about −70% upside (overvalued).
What is the fair value of BEL?
Our model-based fair value for Bharat Electronics Limited is ₹119.72 (as of Sep 18, 2026), built from audited fundamentals. The current price: ₹393.30.
What is the quality score of BEL?
Bharat Electronics Limited has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Bharat Electronics Limited (BEL)?
Our model-based price target is the fair value of ₹119.72 (as of Sep 18, 2026) from 26 valuation models. Cautious scenario ₹63.61, optimistic scenario ₹190.58. It is a calculation from audited fundamentals, not an analyst target.
What is the Bharat Electronics Limited stock forecast for 2026?
Our models put fair value at ₹119.72, about −70% upside versus a price of ₹393.30 (overvalued). Cautious scenario ₹63.61, optimistic scenario ₹190.58. The calculation is refreshed regularly with new filings.
What is the revenue of Bharat Electronics Limited (BEL)?
Bharat Electronics Limited reported trailing-twelve-month revenue of about ₹276B (latest available figure, as of Sep 18, 2026).
Does Bharat Electronics Limited pay a dividend?
Bharat Electronics Limited currently shows a dividend yield of about 0.72% relative to its recent price (as of Sep 18, 2026).
What growth is priced into Bharat Electronics Limited (BEL)?
For today's price to be fair in a discounted-cash-flow model, Bharat Electronics Limited would have to grow free cash flow by +63.2 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.4 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of BEL use?
Our models discount Bharat Electronics Limited at 10.4 %: a base by market capitalisation (large), damped by beta 0.25, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Bharat Electronics Limited that is +63.2 % per year a year over ten years, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has Bharat Electronics Limited (BEL) delivered so far?
Over the past 5 years revenue at Bharat Electronics Limited grew +14.4 % a year. The price currently implies +63.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Bharat Electronics Limited (BEL) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Bharat Electronics Limited (+63.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bharat Electronics Limited (BEL)?
The free-cash-flow yield on the price is 0.40 %: that much free cash flow Bharat Electronics Limited produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bharat Electronics Limited (BEL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bharat Electronics Limited it is ₹119.72 per share (as of Sep 18, 2026), against a price of ₹393.30. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Bharat Electronics Limited stock overvalued or undervalued in 2026?
As of Sep 18, 2026, BEL trades above its calculated fair value: price ₹393.30, fair value ₹119.72, a gap of about −70% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BEL?
No. The price is what the market pays today (₹393.30); the fair value is what the company's own numbers justify (₹119.72). For Bharat Electronics Limited the two are ₹273.58 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bharat Electronics Limited worth?
The market values Bharat Electronics Limited at about ₹2.9T (market capitalisation, as of Sep 18, 2026). Per share that is ₹393.30; our models calculate a fair value of ₹119.72 per share.
What do the bullish and bearish scenarios say about BEL?
Our models span a range for Bharat Electronics Limited: cautious scenario ₹63.61, base ₹119.72, optimistic ₹190.58 per share (as of Sep 18, 2026, price ₹393.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BEL?
Bharat Electronics Limited trades at a price-to-earnings ratio of 47.6 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹119.72 is built from several models across several years. Other multiples: P/B 12.4, P/S 10.8, EV/EBITDA 36.0.
How solid is the balance sheet of Bharat Electronics Limited (BEL)?
Balance-sheet figures for Bharat Electronics Limited (as of Sep 18, 2026): return on equity 27.6%. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is BEL from its 52-week high?
Bharat Electronics Limited trades at ₹393.30, about 17% below its 52-week high of ₹473.45 and 9% above the low of ₹359.67 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of ₹119.72 is for.
Which stocks are comparable to Bharat Electronics Limited?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Lockheed Martin Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Bharat Electronics Limited stock attractive at the current price?
The data as of Sep 18, 2026: price ₹393.30, calculated fair value ₹119.72 (−70%), Quality Score 65/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BEL calculated?
We run Bharat Electronics Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹119.72, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Bharat Electronics Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Bharat Electronics Limited (BEL)?
The closing price on Sep 18, 2026 was ₹393.30. Our model-based fair value is ₹119.72, about −70% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bharat Electronics Limited right 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 (₹63.61 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.
Where does the earnings growth of Bharat Electronics Limited (BEL) come from?
Earnings per share at Bharat Electronics Limited grew +16.9 % a year from 2015 to 2026. Broken into its drivers: revenue per share +14.3 %, EBIT margin −0.3 %, tax rate −0.3 %, residual (interest, one-offs) +2.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Bharat Electronics Limited
How large is the market capitalisation of Bharat Electronics Limited (BEL)?
The market capitalisation of Bharat Electronics Limited is ₹2.9T (≈ $29.9B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Bharat Electronics Limited (BEL)?
The price-to-sales ratio of Bharat Electronics Limited is 10.4 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bharat Electronics Limited (BEL)?
Earnings per share at Bharat Electronics Limited are ₹8.27 (price ÷ EPS = P/E 47.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bharat Electronics Limited (BEL)?
The dividend yield of Bharat Electronics Limited is 0.7% (payout 34.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Bharat Electronics Limited (BEL)?
The net margin of Bharat Electronics Limited is 22.0% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Bharat Electronics Limited (BEL)?
The return on equity (ROE) of Bharat Electronics Limited is 27.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Bharat Electronics Limited (BEL)?
On an EBIT basis the return on assets of Bharat Electronics Limited is 13.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Bharat Electronics Limited (BEL)?
The operating margin of Bharat Electronics Limited is 27.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bharat Electronics Limited (BEL)?
Revenue at Bharat Electronics Limited is growing +11.7% versus a year earlier (3y avg +15.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Bharat Electronics Limited (BEL)?
Earnings per share at Bharat Electronics Limited are growing +4.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Bharat Electronics Limited (BEL) hold?
Bharat Electronics Limited holds more cash than debt, ₹85.1B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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