Bharat Electronics Ltd - Stock Valuation and Financial Performance

BSE: 500049 | NSE: BEL | Engineering - Industrial Equipments | Large Cap

Bharat Electronics Share Price

232.50 3.70 1.62%
as on 12-Apr'24 10:20

DeciZen - make an informed investing decision on Bharat Electronics

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Bharat Electronics stock performance -

mw4me loader
P/E Ratio (SA):
47.38
Market Cap:
1,70,646.8 Cr.
52-wk low:
100
52-wk high:
235.2

Is Bharat Electronics Ltd an attractive stock to invest in?

1. Is Bharat Electronics Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Bharat Electronics Ltd is a good quality company.

2. Is Bharat Electronics Ltd undervalued or overvalued?

The key valuation ratios of Bharat Electronics Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Bharat Electronics Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Bharat Electronics Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of Bharat Electronics:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Bharat Electronics Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 14.1%15.4%15.1%18.3%18%22.9%19.1%19.7%20.4%23.6%-
Value Creation
Index
0.00.40.40.60.61.00.40.80.81.1-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 6,2766,8437,3288,61210,32212,08512,92114,06415,31417,64617,812
Sales YoY Gr.-9%7.1%17.5%19.9%17.1%6.9%8.8%8.9%15.2%-
Adj EPS 1.21.41.621.92.62.52.83.24.14.9
YoY Gr.-22%11.8%26.7%-7.4%39.2%-6.1%12.2%14.4%29.3%-
BVPS (₹) 8.91011.310.210.612.313.514.816.418.621.1
Adj Net
Profit
9351,1431,2721,5011,3781,9211,8052,0252,3193,0003,604
Cash Flow from Ops. -6951,3492,249-97.4-7891,4662,5335,1034,1611,155-
Debt/CF from Ops. 000-0.5-0.100000-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 12.2%11.3%11%15.2%
Adj EPS 14.8%16.8%18.4%29.3%
BVPS8.6%11.8%11.3%13.4%
Share Price 34.4% 49.2% 77.1% 130.4%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
1415.315.118.218.122.919.119.620.423.524.8
Op. Profit
Mgn %
14.116.71819.616.922.519.522.421.522.425.5
Net Profit
Mgn %
14.916.717.417.413.415.91414.415.21720.2
Debt to
Equity
0000000000-
Working Cap
Days
563543443384429442463474470442282
Cash Conv.
Cycle
31830927927126523121618817116592

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 24.80%

Sales growth is growing at healthy rate in last 3 years 10.95%

Net Profit is growing at healthy rate in last 3 years 18.40%

Sales growth is not so good in last 4 quarters at 4.24%

Latest Financials - Bharat Electronics Ltd.

Standalone Consolidated
TTM EPS (₹) 4.9 4.9
TTM Sales (₹ Cr.) 17,812 17,883
BVPS (₹.) 21.1 21.4
Reserves (₹ Cr.) 14,714 14,933
P/BV 11.05 10.89
PE 47.38 47.81
From the Market
52 Week Low / High (₹) 100.01 / 235.20
All Time Low / High (₹) 0.17 / 232.90
Market Cap (₹ Cr.) 1,70,647
Equity (₹ Cr.) 731
Face Value (₹) 1
Industry PE 50.3

Management X-Ray of Bharat Electronics:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Bharat Electronics

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales6,2766,8437,3288,61210,32212,08512,92114,06415,31417,646
Operating Expenses 5,4015,6996,0136,9248,5769,36110,41810,90812,02313,688
Manufacturing Costs183196198165189188178378235230
Material Costs3,6013,7443,8204,3925,4815,9137,0797,7898,8739,773
Employee Cost 1,0301,2631,2571,5481,7721,8792,0571,9412,1092,298
Other Costs 5864957378191,1331,3811,1048018061,387
Operating Profit 8751,1441,3151,6871,7472,7232,5033,1563,2903,958
Operating Profit Margin (%) 13.9%16.7%17.9%19.6%16.9%22.5%19.4%22.4%21.5%22.4%
Other Income 448483597550457311333155256453
Interest 6681651579818
Depreciation 142154172192251316350366380408
Exceptional Items 0000000000
Profit Before Tax 1,1751,4671,7322,0291,9482,7032,4792,9353,1583,985
Tax 243299425482549776685869809978
Profit After Tax 9321,1671,3071,5481,3991,9271,7942,0652,3493,007
PAT Margin (%) 14.8%17.1%17.8%18.0%13.6%15.9%13.9%14.7%15.3%17.0%
Adjusted EPS (₹)1.21.51.72.11.92.62.52.83.24.1
Dividend Payout Ratio (%)20%20%31%32%35%43%38%47%47%44%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 7,0307,8948,9847,5097,7619,0199,85310,80811,98413,582
Share Capital 8080240223244244244244244731
Reserves 6,9507,8148,7447,2857,5178,7759,60910,56411,74112,851
Minority Interest0000000000
Debt000173300000
Long Term Debt000173300000
Short Term Debt0000000000
Trade Payables1,1971,1261,1611,3311,4011,4352,4253,2973,3663,320
Others Liabilities 7,7097,6867,5187,7688,8969,53811,13614,48517,47917,649
Total Liabilities 15,93616,70617,66316,62418,09219,99223,41428,59032,82934,551

Fixed Assets

Gross Block2,2272,4851,1471,6172,2203,0133,7954,1174,5345,083
Accumulated Depreciation1,5761,7141703626139291,2751,6382,0102,411
Net Fixed Assets6517719761,2551,6072,0842,5202,4802,5242,672
CWIP 197140430656833721683736859841
Investments 12193194609031,0191,1621,3311,554664
Inventories3,2993,3694,1324,8564,5514,4143,9104,9155,5406,406
Trade Receivables4,1293,7863,7124,3555,0505,3696,7336,5526,1037,022
Cash Equivalents 4,5645,8827,1653,7907398841,5585,0087,4998,009
Others Assets3,0842,7399291,2524,4095,5006,8497,5678,7508,936
Total Assets 15,93616,70617,66316,62418,09219,99223,41428,59032,82934,551

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -6951,3492,249-97-7891,4662,5335,1034,1611,155
PBT 1,1751,4671,7322,0291,9482,7032,4792,9353,1583,985
Adjustment -390-163-305-332108309320441256203
Changes in Working Capital -12823841251-1163-2193-78030122601550-2118
Tax Paid -198-338-429-649-677-767-568-532-802-915
Cash Flow From Investing Activity 872-842-1,4853,14841-854-639-2,569-4,8612,782
Capex -247-216-652-695-778-705-726-466-546-562
Net Investments 703-1,042-1,2373,526678-26347-2,161-4,4923,003
Others 4164154053171411154158178341
Cash Flow From Financing Activity -212-232-316-2,835-1,201-628-1,059-1,075-1,077-1,312
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0005017-33-25-8-47-51
Interest Paid -3-10-12-1-12-3-6-5-15
Dividend Paid -209-220-296-677-819-546-979-1,023-1,023-1,242
Others 0-11-20-2,196-397-37-52-38-2-4
Net Cash Flow -35275448216-1,948-168341,459-1,7772,625
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)13.9615.6515.4918.7718.3322.9719.0119.9920.6123.52
ROCE (%)17.6919.7420.6224.7325.3832.2126.2928.4927.7831.32
Asset Turnover Ratio0.410.420.450.530.60.630.60.540.50.52
PAT to CFO Conversion(x)-0.751.161.72-0.06-0.560.761.412.471.770.38
Working Capital Days
Receivable Days215211178161165157171172151136
Inventory Days187177178179165135118115125124
Payable Days1181131091049188100134137125

Bharat Electronics Ltd Stock News

Bharat Electronics Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Bharat Electronics on 12-Apr-2024 10:20 is ₹232.5.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Apr-2024 10:20 the market cap of Bharat Electronics stood at ₹1,70,646.8.
The latest P/E ratio of Bharat Electronics as of 12-Apr-2024 10:20 is 47.38.
The latest P/B ratio of Bharat Electronics as of 12-Apr-2024 10:20 is 11.05.
The 52-week high of Bharat Electronics is ₹235.2 and the 52-week low is ₹100.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bharat Electronics is ₹17,812 ( Cr.) .

About Bharat Electronics Ltd

From humble beginnings in 1954, when Bharat Electronics (BEL) was set up in association with CSF, France (now, Thales), to manufacture basic communication equipment, the company now produces a wide range of state-of-the-art equipment in fields such as Defence Communication, Radars, Naval Systems, C4I Systems, Weapon Systems, Homeland Security, Telecom & Broadcast Systems, Electronic Warfare, Tank Electronics, Electro Optics, Professional Electronic Components and Solar Photovoltaic Systems, BEL also provides turnkey system solutions. Civilian products from BEL include Electronic Voting Machines, Tablet PC, solar-powered traffic signal systems and Access Control Systems.

Starting from a single Unit in Jalahalli, Bangalore, the company has established its presence across the country by setting up eight other Units - in Ghaziabad, Pune, Machilipatnam, Panchkula, Kotdwara, Navi Mumbai, Chennai and Hyderabad. Each Unit has a specific product mix and customer focus. The company has also set up a wide network of offices and service centres countrywide as well as two overseas offices – at New York and Singapore. The company was established to meet the specialized electronic equipment requirements of the Indian Defence Services. While this continues to be its prime focus, the company has a significant presence in the civilian market, too. It exports some of its products and services to a number of countries as well.

Business area of the company

The company is an Indian state-owned aerospace and defence company. It is owned by the Indian Government and primarily manufactures advanced electronic products for the Indian Armed.

Awards

2009-10:

  • Raksha Mantri's Awards for Import Substitution, Design Efforts, Innovation and Best Performing Division among DPSUs.
  • Dun & Bradstreet Corporate Award 2009 in the category of Electrical and Electronic Equipment sector.
  • Indian Semiconductor Association Technovation Award for the Best Electronic Product of the Year 2010 for the Pre-shower 32 Channel Silicon Strip Detector supplied to CERN, Geneva, for the Big Bang Experiment.
  • SCOPE's Commendation Certificate for R&D, Technology Development & Innovation for the year 2007-08.
  • Ghaziabad Unit won the International Safety Award for the 18th time from the British Safety Council, UK.

2010-11:

  • BEL received Raksha Mantri Awards in the categories of Best Performing Division, Import Substitution, Design Effort and Innovation for the year 2008-09.
  • BEL won the Gold trophy for SCOPE Meritorious Award for Corporate Governance for the year 2009-10.
  • BEL won the Gold prize in the Heavy Industries category of DNA-Dainik Bhaskar India Pride Award (2010) for ‘Excellence in PSUs’.
  • BEL won the ELCINA-EFY Award for Excellence in Quality (first prize) for the year 2010-11.
  • ‘Gold Award’ for Advertisement & Appreciation for Corporate Film (Hindi) at the PRCI Annual Corporate Collateral Award (2011).

2011-12:

  • BEL received the Dun & Bradstreet-Rolta Corporate Award under the ‘Electrical and Electronic Equipment’ category for the year 2010.
  • BEL was conferred the PSE Excellence Award 2011 for R&D, Technology, Development & Innovation by the Department of Public Enterprises (DPE), Government of India, and Indian Chamber of Commerce in the Navratna category.
  • BEL won the Best Employer of Persons with Disabilities National Award for 2011.
  • BEL received the ‘Organization with Innovative Practices, 2012’ HR Leadership Award from the Institute of Public Enterprises.
  • BEL received the SCOPE Meritorious Award for R&D, Technology Development & Innovation for 2010-11; the SODET award for Technology Innovation - Gold Category and Broadcast Engineering Society Award for Disaster Warning System.

2012-13:

  • Businessworld International Business Award in the Electricals, Electronics & Machinery Category on May 28, 2012.
  • International Aerospace Awards on February 5, 2013. BEL received two awards--‘Most Influential Company of the Year’ and ‘Excellence in Exports’ at the second International Aerospace Awards organised by International Aerospace magazine.
  • Dun & Bradstreet-Rolta Corporate Award 2011 for the top Indian company in the Electrical & Electronic Equipment sector, on June 1, 2012.
  • Dalal Street ‘Most Efficient Navratna Manufacturing Unit’ Award at the 4th PSU Awards 2012 in March 2013.

2013-14:

  • BEL received the Raksha Mantri’s Awards for Excellence (2011-12) in four categories: ‘Best Performance in Exports’ (Institutional Award), ‘Indigenisation’ (Group/Individual Award), ‘Design Efforts’ and ‘Innovation’, on November 25, 2013.
  • Ghaziabad, Hyderabad, Machilipatnam and Navi Mumbai —won the ‘Strong Commitment to Excel’ recognition in the CII-EXIM Bank Award for Business Excellence.

2014-15:

  • Mentor Graphics Silicon India Leadership Award 2014 for ‘Best VLSI/Embedded Design in Defence/Aerospace Sector’.
  • SAP Award for Customer Excellence 2014.
  • SODET Gold Award for 2013-14 for ‘Technology Innovation’.

2015-16:

  • India Today PSU Awards: ‘Best Global Presence Award’, ‘Eco Friendly Award’ and ‘Best R&D Innovation Award.
  • Dun & Bradstreet ‘India’s Top PSUs Award 2015’, for the top Indian company in the Electrical & Electronic Equipment sector.
  • Digital India PSE of the Year Award at the 2nd IPSE Awards 2015 - India’s Public Sector Enterprises Awards for Excellence.
  • ELCINA-EFY Awards for Quality (1st prize in Large Scale category) and Exports (2nd prize in Large Scale category).

2016-17:

  • Dun & Bradstreet’s India’s Top PSU Award 2016 for Electricals & Electronics sector.
  • Dun & Bradstreet’s India’s Top 500 Company.
  • Governance Now PSU Award.
  • SAP Aerospace & Defence Award - Company of the Year.
  • First prize for Excellence in Suggestion Scheme Implementation for BEL’s Bangalore Complex.

2017-18:

  • Dun and Bradstreet India’s Top PSU Award 2017 in the Manufacturing: Medium and Light Engineering Sector category.
  • First prize in ‘Responsible Organisation Excellence Awards’ 2016-17 (PSU category) instituted by ASSOCHAM.
  • Six Raksha Mantri’s Awards for Excellence for the years 2014-15 and 2015-16: 2 awards for Indigenization; 2 awards for Design Effort; Best Performance in Export; Best Performing Division.

2019-20:

  • ‘Governance Now’ Awards for Research & Innovation, HR Excellence and Geo-Strategic Reach.
  • Indian Chamber of Commerce (ICC) PSE Excellence Awards for ‘R&D Excellence’, ‘Operational Performance Excellence’ and ‘Human Resources Management Excellence’.
  • Business World Digital India Award for ‘Best Initiative in Transport and Mobility’ in the Government sector for ‘SWAGAT’, the Automatic Fare Collection Gating System jointly developed by BEL & Centre for Development of Advanced Computing (CDAC).

Major events and milestones:

  • 2017: BEL Achieves Turnover of Rs 8,800 crore.
  • 2018: BEL signs MoU with L&T.
  • 2018: Eight new products were launched at stall at DEFEXPO 2018.
  • 2018: BEL achieves landmark turnover of more than Rs 10,000 crore.
  • 2018: BEL signs MoU with Mahindra Defence Systems.
  • 2018: BEL signs MoU with Mahindra Defence Systems.
  • 2018: BEL order book crosses Rs 50K Cr mark.
  • 2019: BEL signs MoU with Bharat Forge.
  • 2019: BEL signs MoU with Elettronica SpA (ELT).
  • 2019: BEL receives Export Order for $33 Million.
  • 2019: BEL signs MoU with JSR Dynamics for manufacture and sale of Glide Weapons and Light Weight Cruise missiles.
  • 2019: BEL signs Teaming Agreement with Hughes India for Helicopter Satcom Solutions.
  • 2019: BEL launches Atmospheric Water Generator Safe Drinking Water, Straight from the Air.
  • 2019: BEL, Elbit Systems sign TCA for Helmet Mounted Display System.
  • 2019: BEL inks MoU with TEL for growth in ammunition business.
  • 2020: BEL signs MoU with RailTel.
  • 2020: BEL signs MoU with Sigtech Wireless Technologies.
  • 2020: OFB signs MoU with BEL.
  • 2020: BEL signs MoU with Newspace & Research Technologies.
  • 2020: BEL and Tech Mahindra Collaborate to Design and Build Cutting Edge Digital Solutions for Aerospace & Defence.
  • 2020: BEL inks contract with MoD for Coastal Surveillance System, Phase-II.
  • 2020: BEL signs MoU with Indian Institute of Technology Madras (IITM).
  • 2020: BEL signs tripartite MoU with Elbit and GRSE for Unmanned Surface Vessels.
  • 2020: BEL achieves record turnover in excess of Rs 12,500 crore.
  • 2020: AAI, BEL sign MoU for co-operation in Civil Aviation industry.
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