BEL.NS
Bharat Electronics LimitedIndustrials·Aerospace & Defense
$410.75
$3.0T market cap
Revenue
$193.8B
Free Cash Flow
$-13.4B
Rev Growth
+0.0%
FCF Margin
-6.9%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Bharat Electronics Limited designs, manufactures, and supplies electronic equipment and systems for the defense and civilian markets in India. Its 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, shelters and masts, simulators, and batteries; microwave tubes and power modules, microwave super components, digital multich
2-Year Price History
$416.55+42.9%
Quarterly Financials & Projections
Quarterly Waterfall (INR M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q2 | 57,921 | 18,561 | 15,757 | 12,878 | -8,893 | -13,436 | -4,544 | 81,165 | 588.9 | 7,310 | 56.7% | 1124.9x | -- |
| Act | 2026-Q1 | 44,397 | 12,343 | 16,672 | 9,699 | 0.0 | 0.0 | -0.0 | 95,451 | 0.0 | 7,293 | 84.2% | 857.2x | -- |
| Act | 2025-Q4 | 91,496 | 27,905 | 70,990 | 21,270 | 0.0 | 0.0 | -0.0 | 95,451 | 612.3 | 7,309 | 387.9% | 476.2x | -- |
Valuation & Metrics
Market Stats
Price$410.75
Market Cap$3.0T
Enterprise Value$2.9T
P/S Ratio15.5x
P/FCF--
EV/FCF--
FCF Margin (TTM)-6.9%
FCF Yield-0.4%
Dividend Yield (TTM)1.1%
Annual Dilution0.0%
CurrencyINR
TTM Financial Snapshot
Revenue$193.8B
Net Income$43.8B
Free Cash Flow$-13.4B
Revenue Growth (YoY)+0.0%
EBITDA Margin30.3%
Net Margin22.6%
FCF Margin-6.9%
CapEx % of Revenue2.3%
SBC % of Revenue0.0%
ROIC176.2%
WC Change % Rev-15.5%
Interest Coverage657.1x
Forward Outlook & Risk
Employees
Headcount11,444
Revenue / Employee$16,935,879
Gross Profit / Employee$7,483,756
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
0.0%(-0.0% YoY)
1 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.0%(+0.0% YoY)
0 filers
Vanguard, iShares, SPDR
Market makers
0.0%(+0.0% YoY)
0 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Stanley-Laman Group, Ltd. | $2.8M | $96.10 | −$240M | −$2.9M | -0.2% | $805M |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+0.23%
avg per quarter
Holders (ex-self)
-0.22%
excl. this stock
Buyers (this Q)
+0.00%
0 buyers · $0.00B in
Sellers (this Q)
+0.23%
1 sellers · $0.00B out
alpha coverage: 100% of $ has a lifetime-alpha record
Holder behavior (holder profile)source: holder
On big dips (−10%+)
-1.8%
how holders react when this stock falls
On quiet Qs
-7.7%
−10% to +10% baseline
On rallies (+10%+)
+5.4%
how they react when this stock rises
Holders' portfolio flow this Q
+13.1%
inflows — adds are organic
Sellers' portfolio flow this Q
+13.1%
Sellers grew AUM elsewhere — opinionated cut of this stock.
Biggest decreases this quarter
Top-5 holders · 100.0%
Stanley-Laman Group, Ltd.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Stanley-Laman Group, Ltd.650K