BHARAT ELECTRONICS LTD (BEL): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹394.55 latest close · −5.6% over the last 90 sessions

₹394.55 month-end · −4.2% over 12 months

₹394.55 month-end · +170.4% over 3 years

₹394.55 month-end · +1314.2% since Jan '19

52-week range ₹354.55 to ₹473.45 · 1-year volatility 25.9%

Was the rally earned?

1 year3 years5 years

-4%share price, 1 yearRoughly flat

The share price was roughly flat over 1 year (-4%).
The share count barely moved.

Net profit growth+11 ptsNet profit rose about 12%, which lifts the price.

P/E change-15 ptsThe P/E fell from 54.8x to 47.0x, which lowers the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

+170%share price, 3 yearsEarnings-driven

Mostly yes.

Per-share earnings added 124 points to the rise, while the multiple moved less (P/E 35.8x to 47.0x).
The share count barely moved.

Net profit growth+124 ptsNet profit rose about 106%, which lifts the price.

P/E change+47 ptsThe P/E rose from 35.8x to 47.0x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

+481%share price, 5 yearsEarnings and multiple

Both mattered.

Per-share earnings added 294 points and the multiple added 188 points (P/E 23.7x to 47.0x).
The share count barely moved.

Net profit growth+293 ptsNet profit rose about 192%, which lifts the price.

P/E change+188 ptsThe P/E rose from 23.7x to 47.0x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with HINDUSTAN AERONAUTICS

How rough has the ride been?

Maximum drawdown-51.4%recovered 2020-12

1-year volatility25.9%annualised

Beta vs sector index0.913-year daily, correlation 0.76

Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-51.4% (2019-11 peak to 2020-03 low, recovered 2020-12)

-27.1% (2024-07 peak to 2025-02 low, recovered 2025-05)

-22.7% (2026-03 peak to 2026-10 low, not yet recovered)

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

47.0xP/E todayWithin its usual range

Against its own history72nd percentile

CheapestMedian 30.8xDearest

Usual range 13.1x to 54.9x since 2019-01.

Against Electronic Technology47.0x vs 55.3x

This company

47.0x

Sector median

55.3x

15% below the Electronic Technology median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianElectronic Technology median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianElectronic Technology median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianElectronic Technology median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Electronic Technology is valued

Where does it rank among Electronic Technology peers?

Each cell is the company's percentile rank among its Electronic Technology peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE92ndflat vs a year ago
Op. margin86th▼ 7 pts vs a year ago
Revenue growth47th▲ 8 pts vs a year ago
EPS growth43rd▼ 12 pts vs a year ago
Debt/equity ↓88thflat vs a year ago
Cash cycle ↓23rdflat vs a year ago
P/E ↓56th▲ 6 pts vs a year ago
12M momentum49th▼ 31 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Electronic Technology sector page Watch it move against Electronic Technology in the Observatory

What is the price implying?

~24%annual earnings growth implied by the priceAbove delivered growth

At P/E of 47.0x, a holder earning 12%/yr needs earnings to grow about 23.5%/yr for 10 years, then trade at 15x.

Delivered17.8%/yrEPS, last 10 fiscal years · fitted trend

Gap+5.7 ptsimplied minus delivered

Rank410thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	24.9%	26.0%	27.1%
15x	22.4%	23.5%	24.6%
20x	19.2%	20.3%	21.4%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 23.5%/yr

Looking back

Jan 2020Price implied 7%/yr; EPS has since grown 18%/yr (7.0 yrs)
Jan 2021Price implied 11%/yr; EPS has since grown 22%/yr (6.0 yrs)
Jan 2022Price implied 15%/yr; EPS has since grown 24%/yr (5.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Electronic Technology The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹394.55
P/E: 47.0x
ROCE: 36.0%
Market Cap: ₹2.88L cr
Revenue (TTM): ₹28717 cr
P/S: 10.0x
P/B: 12.0x
ROE: 25.6%
Operating Margin: 25.0%
Debt / Equity: 0.0x
Promoter Holding: 51.1%
12M Momentum: -4.2%

52-week range

₹354.55₹473.45

34% of the way from its 52-week low to its high

Price risk

1Y volatility

25.9%

Beta vs sector

1-year daily

0.74

Balance sheet & cash

Interest cover

operating profit ÷ interest

100.0x

Cash from profit, 3Y

operating cash flow ÷ net profit

0.44x

low

Share count, 1Y

unchanged

Are profits backed by cash?

5 of 7checks within range1 beyond a threshold

Other income reliance7%Within range

Other income as a share of pre-tax profit (trailing twelve months): 7.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.44xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.44x (cash from operations ₹6,764 cr, net profit ₹15,370 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+30 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 30 days (170 vs 140). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress18% of fixed assetsWithin range

Capital work-in-progress is 18% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-35 days / 2 yrsWithin range

Days payable changed by -35 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, DIIs trimmed 3.2 pts; FIIs added 0.8 pts.
The number of shareholders rose from 9.7 lakh to 26.0 lakh (+167%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters51.1%51.1%0.0 pts

FIIs17.2%18.0%+0.8 pts

DIIs24.2%21.0%-3.2 pts

Public and others7.5%9.8%+2.3 pts

Number of shareholders

26.0 lakhshareholders+167% since Sep '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−10.3%typical 12-month return vs the marketBelow the base rate

We found 50 past situations where a non-financial company looked like BHARAT ELECTRONICS LTD today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −19% to +6% vs the market, against −4% for all non-financial companies in the same months.
The analogs' median sat below that base rate (gap −6.5%, 80% range −16.1% to −0.7%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 2 beyond the range shown, drawn at the edge

Similar setups' median

−10.3%

All companies' median

−3.8%

Beat the market

30% vs 46%

50 past situations · 50 companies · 32 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
TCS Technology Services	Jan 2020	25x	47%	+3%	−9%	+26%
ITC Consumer Non-Durables	Mar 2020	14x	34%	−42%	−44%	−29%
CUMMINSIND Producer Manufacturing	Jul 2025	49x	36%	−8%	−8%	+47%
INFY Technology Services	Apr 2021	33x	32%	+89%	−6%	−6%
DIVISLAB Health Technology	Mar 2021	70x	25%	+82%	−7%	−2%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
HINDUNILVR Consumer Non-Durables	Jun 2023	61x	27%	+20%	−2%	−37%
PIDILITIND Process Industries	Oct 2025	67x	30%	−8%	−10%	+7%
IGL Utilities	Nov 2020	28x	31%	+20%	−5%	−31%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and P/S. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to BHARAT ELECTRONICS LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

EICHER MOTORSEICHERMOT

Consumer Durables

87%similar

revenuemarket cap

CUMMINS INDIACUMMINSIND

Producer Manufacturing

80%similar

revenue growthpromoter holding

GLENMARK PHARMACEUTICALSGLENMARK

Health Technology

75%similar

ROCErevenue

DIVIS LABORATORIESDIVISLAB

Health Technology

72%similar

market capvolatility

HDFC ASSET MANAGEMENT COHDFCAMC

Finance

71%similar

EPS growthROCE

HINDUSTAN AERONAUTICSHAL

Electronic Technology

55%similar

market caprevenue

APAR INDUSTRIESAPARINDS

Electronic Technology

31%similar

revenueP/E

HITACHI ENERGY INDIAPOWERINDIA

Electronic Technology

31%similar

market capROCE

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Jun '21

2026
MarPeer rankSlipped to the 3rd quartile of Electronic Technology on EPS growth (from the 2nd quartile).
FebPriceVolume reached 8.7x its 50-day median on 2026-02-01; price -5.3% that day.
JanValuationP/E crossed above the 90th percentile of its own history to date (57.6x).
2025
SepValuationP/E crossed above the 90th percentile of its own history to date (53.7x).
JunPeer rankSlipped to the 2nd quartile of Electronic Technology on EPS growth (from the top quartile).
JunPriceVolume reached 5.9x its 50-day median on 2025-06-20; price +2.4% that day.
MayPriceRegained the 2024-07 peak, 3 months after the low.
MayValuationP/E crossed above the 90th percentile of its own history to date (56.4x).

Show 22 earlier events

2025
MarPeer rankMoved into the top quartile of Electronic Technology on EPS growth (from the 2nd quartile).
FebPriceFell 27% from the Jul 2024 peak to the Feb 2025 low.
2024
NovValuationP/E crossed above the 90th percentile of its own history to date (53.1x).
SepInstitutionsFII + DII holding fell 3.1 pts over 2 quarters to 38.0%.
SepPriceVolume reached 9.7x its 50-day median on 2024-09-27; price +1.0% that day.
JunResultsRevenue (TTM) reached a new high of ₹20,268 cr.
JunPriceVolume reached 8.4x its 50-day median on 2024-06-04; price -19.8% that day.
2023
DecPeer rankMoved into the 2nd quartile of Electronic Technology on EPS growth (from the 3rd quartile).
DecPriceVolume reached 5.2x its 50-day median on 2023-12-04; price +4.1% that day.
JunResultsRevenue (TTM) reached a new high of ₹17,734 cr.
JunPriceVolume reached 5.5x its 50-day median on 2023-06-28; price +2.0% that day.
MarValuationP/E crossed above the 90th percentile of its own history to date (29.7x).
MarPriceVolume reached 5.5x its 50-day median on 2023-03-31; price +6.6% that day.
2022
JulValuationP/E crossed above the 90th percentile of its own history to date (28.0x).
JulPriceVolume reached 8.4x its 50-day median on 2022-07-18; price +3.6% that day.
JunResultsRevenue (TTM) reached a new high of ₹15,368 cr.
JunPeer rankSlipped to the 3rd quartile of Electronic Technology on EPS growth (from the top quartile).
AprPriceVolume reached 6.9x its 50-day median on 2022-04-07; price +6.5% that day.
2021
OctPriceVolume reached 5.7x its 50-day median on 2021-10-29; price +3.3% that day.
JunResultsYear-on-year EPS growth turned positive.
JunPeer rankMoved into the top quartile of Electronic Technology on EPS growth (from the 3rd quartile).
JunPriceVolume reached 11.9x its 50-day median on 2021-06-23; price +11.3% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history60 months · 2021-12 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	47.0x	₹28717 cr	25.6%	36.0%	0.0x
2026-10	44.0x	₹28717 cr	25.6%	36.0%	0.0x
2026-09	46.2x	₹28717 cr	25.6%	36.0%	0.0x
2026-08	50.0x	₹27610 cr	25.3%	36.0%	0.0x
2026-07	46.8x	₹27610 cr	25.3%	36.0%	0.0x
2026-06	49.7x	₹27610 cr	25.3%	36.0%	0.0x
2026-05	50.3x	₹26536 cr	29.9%	39.0%	0.0x
2026-04	52.9x	₹26536 cr	29.9%	39.0%	0.0x
2026-03	49.1x	₹26536 cr	29.9%	39.0%	0.0x
2026-02	57.1x	₹25153 cr	28.5%	39.0%	0.0x
2026-01	57.6x	₹25153 cr	28.5%	39.0%	0.0x
2025-12	51.3x	₹25153 cr	28.5%	39.0%	0.0x
2025-11	54.8x	₹23966 cr	27.5%	39.0%	0.0x
2025-10	56.7x	₹23966 cr	27.5%	39.0%	0.0x
2025-09	53.7x	₹23966 cr	27.5%	39.0%	0.0x
2025-08	50.8x	₹23770 cr	26.6%	39.0%	0.0x
2025-07	52.7x	₹23770 cr	26.6%	39.0%	0.0x
2025-06	58.0x	₹23770 cr	26.6%	39.0%	0.0x
2025-05	56.4x	₹23184 cr	30.6%	35.0%	0.0x
2025-04	46.1x	₹23184 cr	30.6%	35.0%	0.0x
2025-03	44.2x	₹23184 cr	30.6%	35.0%	0.0x
2025-02	39.7x	₹21575 cr	27.8%	35.0%	0.0x
2025-01	47.1x	₹21575 cr	27.8%	35.0%	0.0x
2024-12	47.2x	₹21575 cr	27.8%	35.0%	0.0x
2024-11	53.1x	₹20979 cr	26.0%	35.0%	0.0x
2024-10	49.1x	₹20979 cr	26.0%	35.0%	0.0x
2024-09	49.2x	₹20979 cr	26.0%	35.0%	0.0x
2024-08	54.9x	₹20268 cr	24.4%	35.0%	0.0x
2024-07	58.0x	₹20268 cr	24.4%	35.0%	0.0x
2024-06	56.1x	₹20268 cr	24.4%	35.0%	0.0x
2024-05	72.5x	₹17734 cr	21.5%	30.0%	0.0x
2024-04	57.3x	₹17734 cr	21.5%	30.0%	0.0x
2024-03	49.4x	₹17734 cr	21.5%	30.0%	0.0x
2024-02	50.3x	₹17734 cr	21.5%	30.0%	0.0x
2024-01	45.6x	₹17734 cr	21.5%	30.0%	0.0x
2023-12	45.1x	₹17734 cr	21.5%	30.0%	0.0x
2023-11	35.8x	₹17734 cr	21.5%	30.0%	0.0x
2023-10	32.7x	₹17734 cr	21.5%	30.0%	0.0x
2023-09	33.9x	₹17734 cr	21.5%	30.0%	0.0x
2023-08	32.6x	₹17734 cr	21.5%	30.0%	0.0x
2023-07	32.0x	₹17734 cr	21.5%	30.0%	0.0x
2023-06	30.8x	₹17734 cr	21.5%	30.0%	0.0x
2023-05	34.2x	₹15368 cr	19.5%	27.0%	0.0x
2023-04	31.5x	₹15368 cr	19.5%	27.0%	0.0x
2023-03	29.7x	₹15368 cr	19.5%	27.0%	0.0x
2023-02	28.8x	₹15368 cr	19.5%	27.0%	0.0x
2023-01	28.9x	₹15368 cr	19.5%	27.0%	0.0x
2022-12	30.5x	₹15368 cr	19.5%	27.0%	0.0x
2022-11	32.0x	₹15368 cr	19.5%	27.0%	0.0x
2022-10	32.6x	₹15368 cr	19.5%	27.0%	0.0x
2022-09	30.8x	₹15368 cr	19.5%	27.0%	0.0x
2022-08	31.1x	₹15368 cr	19.5%	27.0%	0.0x
2022-07	28.0x	₹15368 cr	19.5%	27.0%	0.0x
2022-06	23.8x	₹15368 cr	19.5%	27.0%	0.0x
2022-05	27.3x	₹14109 cr	19.0%	28.0%	0.0x
2022-04	27.7x	₹14109 cr	19.0%	28.0%	0.0x
2022-03	24.5x	₹14109 cr	19.0%	28.0%	0.0x
2022-02	24.4x	₹14109 cr	19.0%	28.0%	0.0x
2022-01	24.4x	₹14109 cr	19.0%	28.0%	0.0x
2021-12	24.4x	₹14109 cr	19.0%	28.0%	0.0x

Older months are in the live observatory.

Methodology and data notes