About the company:
Bharat Electronics Limited (BEL) is a Navratna public sector enterprise under the Ministry of Defence, Government of India. Established in 1954 and headquartered in Bengaluru, BEL specializes in defense electronics, manufacturing advanced radar systems, communication equipment, electronic warfare systems, avionics, and missile guidance systems. It also has a strong presence in civilian applications, including homeland security, e-governance, and solar energy solutions. With a focus on indigenous defense production and self-reliance (Atmanirbhar Bharat initiative), BEL plays a crucial role in India’s defense modernization.
Key Business Updates
Order Inflows: Achieved ₹11,000 Cr in orders, targeting ₹25,000 Cr for FY25.
Major Executed Orders in Q3:
Long-Range Surface-to-Air Missile (LRSAM)
Weapon-Locating Radar (WLR)
Integrated Air Command and Control System (IACCS)
Shakti Electronic Warfare System
Akash Prime Air Defense System
CBIC Civil Infrastructure Project
Large Orders in Pipeline:
QRSAM (Quick Reaction Surface-to-Air Missile): ₹25,000-30,000 Cr (Expected by FY26)
MRSAM & MFSTAR for Naval Corvettes: ₹14,000-15,000 Cr
P-75 & P-75I Submarine Electronics: Multi-thousand crore deal in final discussions
FY26 Order Pipeline: ₹25,000-50,000 Cr, driven by QRSAM & Naval projects.
Execution Timelines:
QRSAM: 18-24 months for initial production, full execution over 4 years.
MRSAM: Faster execution, expected ₹2,000-3,000 Cr annually.
Non-Defense & Exports Growth: Currently at 10%, targeting 20-25% in 5 years.
R&D & Indigenization: Progressing in radars, cybersecurity, homeland security, AI, robotics.
Revenue Growth: 15%+ CAGR
EBITDA Margin: 23-25%
Order Inflows: ₹25,000 Cr+ confirmed for FY25, higher for FY26
Here is Bharat Electronics Limited (BEL) financial performance for the last three quarters (Q3FY25, Q2FY25, and Q1FY25):
| Metric | Q3FY25 | Q2FY25 | Q1FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | ₹14,174 Cr | ₹10,948 Cr | ₹7,857 Cr |
| Profit Before Tax (PBT) (₹ Cr) | ₹4,242 Cr | ₹3,028 Cr | ₹1,795 Cr |
| Profit After Tax (PAT) (₹ Cr) | ₹3,183 Cr | ₹2,311 Cr | ₹1,371 Cr |
| EBITDA Margin | 28.07% | 26.50% | 25.80% |
| Earnings Per Share (EPS) | ₹4.36 | ₹3.17 | ₹1.88 |
| Order Book (₹ Cr) | ₹71,100 Cr | ₹72,850 Cr | ₹73,500 Cr |
| Order Inflows (₹ Cr) | ₹11,000 Cr | ₹6,800 Cr | ₹5,600 Cr |
| Gross Margin | 44.5% | 43.8% | 43.2% |
| ROE (Return on Equity) | 22.5% | 21.8% | 21.2% |
Recent updates:
Highlights from last concall:
Financial Performance Highlights
Revenue: ₹14,174 Cr (up from ₹11,485 Cr in Q3FY24)
Profit Before Tax (PBT): ₹4,242 Cr (vs. ₹2,949 Cr in Q3FY24)
Profit After Tax (PAT): ₹3,183 Cr (vs. ₹2,236 Cr in Q3FY24)
EBITDA Margin: 28.07% (vs. 23.67% last year)
Earnings Per Share (EPS): ₹4.36 (vs. ₹3.06 last year)
Order Book: ₹71,100 Cr as of January 1, 2025