Bharat Electronics Limited (BEL) is a premier Indian defence electronics company incorporated in 1954, manufacturing and supplying electronic equipment and systems primarily for the defence sector. BEL is a Navratna Public Sector Undertaking (PSU) under the Ministry of Defence, Government of India, and has been operating primarily in the aerospace and defence electronics sector since its founding in 1954. The Government of India (GoI) remains BEL's largest shareholder with a current shareholding of 51.14%.
The company has established itself as a critical player in India's defence ecosystem, serving the Indian Army, Navy, and Air Force with state-of-the-art electronic products and systems. The company's headquarters are located in Bengaluru. BEL plays a crucial role in advancing India's indigenous defence capabilities and is recognized as a significant manufacturer of advanced electronic products and systems for the nation's armed forces.
BEL operates with defence contributing 81% of revenue in FY24 (down from 90% in FY22), developing advanced electronic equipment, systems, and services for the Indian defense sector, including Radar and Fire Control Systems, Weapon Systems, Communication, Network Centric Systems (C4I), and Electronic Warfare Systems. The company operates 29 strategic business units (SBUs), including 4 new SBUs- Network & Cyber Security, Unmanned Systems, Seekers, and Arms & Ammunition.
The company's defense products include navigation systems, defense communication products, land-based radars, naval systems, electronic warfare systems, avionics, electro optics, tank & armored fighting vehicle electronic systems and weapon systems, simulators and others. Its non-defense portfolio provides cyber security, e-mobility, railways, e-governance systems, homeland security, civilian radars, turnkey projects, components/devices and telecom, broadcast systems.
BEL has diversified into various sectors like smart cities, homeland security solutions, e-governance solutions, energy storage products, including e-vehicle charging stations, space electronics including satellite integration, railways and metro solutions, telecom products, medical electronics, solar, network and cyber security solutions.
For the full financial year 2024-25, BEL's revenue from operations was ₹23,768.75 crore. The company recorded a consolidated Total Revenue of approximately ₹23,769 crore and a Profit After Tax (PAT) of about ₹5,323 crore for the fiscal year 2024-2025. The Return on Equity (ROE) stood at a healthy 29.3% for the same period.
For the full year, BEL achieved a turnover of ₹23,024.10 crore in FY25, marking a 16.17 per cent increase from ₹19,819.93 crore in FY24. Profit Before Tax (PBT) for FY25 reached ₹7,089.99 crore, registering a 32.91 per cent rise over ₹5,334.56 crore in the previous financial year.
For the quarter ended March 31, 2025 (Q4 FY25), the company recorded revenue from operations of ₹9,149.59 crore. BEL reported a 15 per cent year-on-year (YoY) rise in net profit to ₹2,127 crore for Q4 FY25, compared to ₹1,796.67 crore in the corresponding quarter of the previous financial year. The company also reported a 6 per cent YoY increase in revenue from operations, which stood at ₹9,149.59 crore in Q4FY25, compared to ₹8,564.08 crore in Q4FY24.
The company's EBITDA reached ₹2,815.5 crore in Q4 FY25, a 23% increase from ₹2,287.5 crore, with EBITDA Margin improving to 30.8%, up from 26.7%.
• Revenue Growth: The company has reported strong financial performance, with a 16% revenue growth and improved margins, attributed to effective operational efficiencies and indigenization efforts.
• Earnings Per Share: The EPS of Bharat Electronics is 2.91 for the quarter ended Mar 2025 and 7.28 for the financial year 2024-25.
• Valuation Ratios: The PE and PB ratio of Bharat Electronics stands at 58.50 and 15.60 respectively as of 04 Jul 2025.
• Dividend: The Board of Directors recommended a final dividend of ₹0.90 per equity share on a face value of ₹1 for FY25. The company had earlier declared an interim dividend of ₹1.50 per equity share for the financial year 2024–25 in March 2025.
As of April 1, 2025, BEL's order book stood at ₹71,650 crore, indicating a strong pipeline of projects. Bharat Electronics Limited (BEL) is poised for significant growth, driven by a robust order book exceeding ₹71,000 crores and a strategic focus on both defense and non-defense sectors.
The company has been securing consistent orders throughout 2025. BEL secured Rs.528 crore orders including radars, communication equipment, EVMs, and jammers on June 30, and received Rs.585 Cr orders for missile systems, communication equipment, jammers, spares, and services on June 20.
BEL is eyeing multiple large orders this year, including a Rs 6,000-10,000 crore deal to supply 10-12 major subsystems for Corvette ships to two defence shipyards, along with additional LCA (Light Combat Aircraft) requirements. The company remains in active discussions with the Army, Navy, and Air Force for emergency and strategic procurements.
The company's market capitalization stands at ₹3,12,530 crore as of recent data. The 52-week high of Bharat Electronics is ₹436.00 and 52-week low is ₹240.25 as of July 04, 2025.
Over the past 6 months, the Bharat Electronics share price has increased by 43.62% and in the last one year, it has increased by 39.25%. The stock has shown strong momentum, driven by consistent order wins and robust financial performance.
Bharat Electronics Limited is considered an effectively debt-free company. As of the financial year ending March 31, 2025, BEL reported a Debt-to-Equity ratio of 0.00, indicating it operates with negligible debt. This strong balance sheet provides significant financial flexibility for future investments and growth initiatives. The company's minimal reliance on borrowing is a key indicator of its robust financial health.
BEL is actively enhancing its technological capabilities, particularly in next-generation subsystems and system integration, which positions it favorably in the competitive defense market. In June 2025, BEL announced the signing of a Memorandum of Understanding (MoU) with Tata Electronics, focused on the development of indigenous electronics and semiconductor solutions, in line with the Government of India's vision for 'Atmanirbhar Bharat' (self-reliance).
Bharat Electronics Ltd has signed MoUs with ISRO for indigenous space-grade components, positioning as a key player in India's space-based surveillance. The company is expanding into space electronics, collaborating with ISRO to produce essential components.
Overall, BEL's proactive approach to innovation and market expansion reflects a confident outlook for sustained financial success. The company's strong order book, debt-free status, and strategic partnerships position it well for continued growth in India's expanding defence sector.
