NSE: BEL - Bharat Electronics Limited

Yield per half year: -1.23%
Dividend yield: +0.77%
Sector: Industrials

Reporting Bharat Electronics Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ₹			871.57	727.97	663	1 228.3	1 454.9	886.99		921.03	992.23	4.03
Выручка, млрд ₹	73.78	83.25	100.78	118.55	126.37	138.5	81.74	14 991.3	17 145.83	17 145.83	6496.75	166.99
Чистая прибыль, млрд ₹	13.87	15.24	14.32	18.86	18.24	20.99	13	2 570.67	3 432.11	3 432.11	1211.00	185.04
EV, млрд ₹			340.23	219.95	154.35	267.84	277.23	58 075.2	123 367.96	123 367.96	36428.52	280.66
EBIT, млрд ₹	19.34	20.98	19.83	26.79	27.26	29.91	17.2	3 395.26	4 546.34	4 546.34	1603.19	178.24
EBITDA, млрд ₹	21.34	23.1	22.55	30.17	30.98	33.78	19.38	3 764.62	4 928.1	4 928.1	1755.37	175.63
Баланс стоимость, млрд ₹	89.86	77.36	50.21	58.58	63.59	110.3	66.57	11 939.88	14 063	14 063	5248.67	194.40
FCF, млрд ₹	16	-8.55	-14.94	7.85	18.24	46.24	19.79	582.63	3 451.44	3 451.44	823.67	185.36
Операционный денежный поток, млрд ₹	22.57	-0.6074	-6.87	15.46	25.7	50.93	22.8	1 091.22	4 013.51	4 013.51	1040.83	174.61
Операционная прибыль, млрд ₹	13.99	16.39	20.25	27.6	27.26	29.91	15.94	3 173.21	4 201.63	4 201.63	1489.59	173.89
Операционные расходы, млрд ₹	20.55	22.57	25.23	31.39	28.91	29.85	17.42	3 376.16	4 026.36	4 026.36	1495.74	168.39
CAPEX, млрд ₹	6.57	7.94	8.07	7.61	7.47	4.69	3	508.59	562.06	562.06	217.16	137.30

	2017Q4	2018Q1	2018Q2	2018Q4	2019Q1	2019Q2	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Капитализация, млрд ₹				638.26			786.1				747.72	1 506.41				765.22				1 079.5					976.99	6.55
Выручка, млрд ₹															39.07	40.65	63.45	2 971.55	3 369.85	3 567.99	7 376.77	3 655.25	3 966.48	4 970.65	4707.43	6.86
Чистая прибыль, млрд ₹															6.24	6.13	13.82	452.91	676.73	740.41	1 547.96	681.34	940.99	1 129.2	1007.98	8.81
EV, млрд ₹													486.22				670.57		85 487.23	116 957.3	114 883.31	204 553.6	177 128.72		139802.03	15.69
EBIT, млрд ₹															8.33	8.16	17.84	474.02	894.17	975.69	2 062.2	899.35	1 245.98	1 503.02	1337.25	9.03
EBITDA, млрд ₹															9.42	9.22	18.98	565.65	986.99	1 068.25	2 164.31	992.1	1 341.75	1 598.58	1433.00	8.40
Баланс стоимость, млрд ₹														123.02	129.31	129.48	138.62	11 673.91	12 702.39	12 777.34	14 063	14 078.43	15 211.96		13766.62	3.67
FCF, млрд ₹							4.56	4.56	4.56	4.56					2.19	2.12	2.28	1.18	185.63	185.12					75.27	144.47
Операционный денежный поток, млрд ₹							6.43	6.43	6.43	6.43					2.19	2.12	2.28	1.18	185.63	185.12					75.27	144.47
Операционная прибыль, млрд ₹														5.05	8.33	8.16	17.45	474.02	894.17	975.46	1 868.03	723.99	1 110.09		1114.35	4.42
Операционные расходы, млрд ₹															9.13	8.88	12.75	203.16	841.09	900.68	1 058.26	270.21	350.65	2 402.63	996.49	21.68
CAPEX, млрд ₹	2.02	2.02	2.02	1.9	1.9	1.9	1.87	1.87	1.87	1.87															1.88	-0.32

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ₹	26.85	27	8.04	7.6	16.21	30.43	7.05	3 398.67	1 039.08	1 039.08	898.29	129.81
Short Term Investments ₹	48.68	10.68	0.4913	1.65	0.5561	20.44	33.94	13 222.08	8 551.07	8 551.07	4365.62	587.66
Total Receivables ₹	42.39	53.59	88.33	54.32	130.91	136.5	64.36	11 382.02	6 368.73	6 368.73	3616.50	117.48
Total Current Assets ₹	160.53	140.69	143.33	158.74	187.38	237.16	147.89	25 881.97	29 340.55	29 340.55	11158.99	174.76
Чистые активы, млрд ₹			80.16	92.12	100.72	110.6	29.55	300.48		29.55	126.69	26.68
Активы, млрд ₹	185.25	175.96	189.51	208.21	243.48	294.92	183.75	30 570.74	34 046.77	34 046.77	13067.93	168.61
Short Term Debt ₹	0.2862	0.4692	0.4703	0.3363	0.0947	0.0135	0.0064	1.65	-13 170.65	-13 170.65	-2633.7771	-1168.20
Задолженность, млрд ₹	95.34	98.47	109.23	115.96	142.63	184.17	117.09	18 615.57	19 968.34	19 968.34	7805.56	168.67
Чистый долг, млрд ₹	-26.56	-26.36	-7.24	-7.26	-16.09	-30.4	-6.76	-3 345.83	-985.23	-985.23	-876.8620	127.72
Долг, млрд ₹			0.8036	0.3363	0.113	0.0252	0.2856	52.84	53.84	53.84	21.42	243.25
Расходы на обслуживание долга ₹	0.0548	0.1208	0.017	0.1227	0.0296	0.0581	0.0253	12.88	10.23	10.23	4.64	221.90
Чист. проц. доходы, млрд ₹			1.62	0.5774	0.9257	0.6388	1.8	2.63		2.63	1.31	35.42
Амортизация, млрд ₹	2	2.12	2.72	3.38	3.72	3.87	2.17	369.36	381.76	381.76	152.18	152.49
Себестоимость, млрд ₹	39.24	44.29	55.3	59.56	71.03	80.01	48.28	8 465.08	11 891.59	11 891.59	4111.20	178.46
Товарно материальные запасы ₹	42.13	48.82	46.16	44.43	39.58	49.68	30.3	5 554.1	6 414.47	6 414.47	2417.63	176.65

	2019Q1	2020Q1	2020Q3	2021Q1	2021Q3	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ₹	7.6	16.21		30.43		13.01			39.46		1 236.72	-7 085.74	9 523.72	-9 523.72	1 724.67		-824.8700	6.88
Short Term Investments ₹				20.44	112.54	62.64	112.96		153.5		6 086.34	14 171.49	8 738.23	19 047.45	5 669.91		10742.68	-1.41
Total Receivables ₹		130.91	3.09	136.5	2.52	141.24	2.76		4.03		6 289.31		66.42		7 087.59		2690.02	380.75
Total Current Assets ₹				237.16	250.67	272.94	267.68		300.48		26 338.04	7 085.74	29 340.55	9 523.72	29 304.26		20318.46	2.16
Чистые активы, млрд ₹						122.86	129.31		300.48								184.22	34.73
Активы, млрд ₹		243.48	251.76	294.92	310.77	339.11	334.78		354.91		31 092.78		34 046.77		34 287.39		20023.33	152.39
Short Term Debt ₹	0.3363	0.0947		0.0135	-0.0845	0.0119	-0.0829		0.0192		1.83		1.95		1.67		1.08	-282.32
Задолженность, млрд ₹		142.63	150.39	184.17	195.93	216.08	205.3		216.12		18 375.22		19 968.34		19 059.66		11564.93	147.48
Чистый долг, млрд ₹				-30.4	0.0651	-12.48	0.8816		-38.84		-1 184.1	7 085.74	-9 469.88	9 523.72	-1 723		846.50	7.79
Долг, млрд ₹						0.527			0.6134		52.62		53.84		52.33		31.99	150.83
Расходы на обслуживание долга ₹							0.0175	0.0972	0.0246	0.9	1.29	0.4393	3.49	1.02	1.14	1.14	1.45	21.01
Амортизация, млрд ₹							1.09	1.06	1.14	91.63	92.81	92.56	102.11	92.75	95.77	95.55	95.75	0.64
Себестоимость, млрд ₹							22.35	24.2	33.52	2 294.37	1 752.1	1 836.06	4 450.48	2 661.05	2 505.74	2 568.02	2804.27	6.94
Товарно материальные запасы ₹		39.58	46.95	49.68	58.94	55.92	65.36		64.48		5 771.85		6 414.47		8 064.08		4076.05	161.97

Share

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS		1.94	2.58	2.5	2.87	1.78	351.67	469.52		469.52	165.67	184.93
Цена акции ао	446.74	119.47	99.16	90.61	169.03	99.9	184.2	293.15	299.54	299.54	209.16	12.12
Число акций ао, млн		7295.09	7309.78	7309.78	7309.78	3960.87	629636.51	629636.51		629636.51	255570.69	143.80
FCF/акцию		-2.03	1.07	2.5	6.33	5	0.9253	5.48		5.48	4.05	17.00

	2018Q4	2019Q4	2020Q4	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS							0.86	0.83	1.89	61.96	92.58	101.29	211.77	93.21	129.2	154.18		137.93	8.77
Цена акции ао				207.31	207.48	235.66	247.68	104.68	96.08	110.48	131.47	147.68					299.54	157.05	25.53
Число акций ао, млн	7295.09	7341.1	7317.11	7266.59				7309.78				7309.78						7308.87	-0.09
FCF/акцию	0.2689	0.6211						0.2902	0.3119	0.2981	0.2962	0.294						0.2981	0.26

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	15.44	19.7	18.18	21.9	18.92	19.87	20.55	22.83	26.4		26.4	15.40	21.71	6.89
ROA, %	7.49	8.66	7.83	9.49	8.08	7.8	7.57	8.6	10.62		10.62	10.29	8.53	5.62
ROIC, %					28.23	28.22	29.51	31.94			31.94	19.62	29.48	3.13
ROS, %		18.3	14.21	15.91	14.43	15.16	15.9	17.15	20.02	20.02	20.02	11.68	17.65	5.72
ROCE, %		27.07	21.83	25.83	23.74	23.62	22.15	26.41	30.16	32.29	30.16	28.58	26.93	6.45
Ebit margin, %					19.68	21.31	21.04	22.65	26.52	26.52	26.52		23.61	4.47
Рентаб EBITDA, %		27.75	22.38	25.45	24.52	24.39	23.71	25.11	28.74	28.74	28.74	20.09	26.14	3.34
Чистая рентаб, %	18.8	18.3	14.21	15.91	14.43	15.16	15.9	17.15	20.02		20.02	11.68	16.53	6.77
Operation Margin, %		19.69	20.09	22.13	19.01	21.03	19.5	21.17	24.51	24.51	24.51	21.30	22.14	3.11
Доходность FCF, %			-1.71	1.08	2.75	3.76	2.51	0.7626					2.17	-6.72

	2018Q4	2019Q4	2020Q1	2020Q3	2021Q1	2021Q3	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Industry average	5 quarters average	CAGR 5
ROE, %								2.97	9.89	4.89	10.79	3.88	5.79	6.09	12.26	5.18	6.86		15.40	7.24	3.45
ROA, %			4.3	1.27	4.64	2.01	6.81		3.73		7.79		4.35		9.09		5.49		10.29	6.09	8.04
ROS, %									15.96	15.08	21.78	15.24	20.08	20.75	20.98	18.64	23.72	22.72	11.68	21.36	1.83
ROCE, %			16.52	5.51	17.53	7.2	11.21		5.66		11.9		6.77		14.33		7.97		28.58	9.33	7.08
Ebit margin, %													26.53	27.35	27.96	24.6	31.41	30.24		28.31	2.03
Рентаб EBITDA, %									24.11	22.68	29.91	19.04	29.29	29.94	29.34	27.14	33.83	32.16	20.09	30.48	1.44
Чистая рентаб, %									15.96	15.08	21.78	15.24	20.08	20.75	20.98	18.64	23.72	22.72	11.68	21.36	1.83
Operation Margin, %								16.37	21.31	20.07	27.5	15.95	26.53	27.34	25.32	19.81	27.99		21.30	25.40	1.08
Доходность FCF, %	0.3073	0.58								0.2772				0.1991						0.3409	-10.28

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E		24.27	12.04	9.35	14.21	21.85	23.89	36.23		36.23	157.60	21.11	31.11
P/BV		4.33	2.46	1.69	2.69	4.26	5.14	8.83		8.83	17.11	4.52	39.19
P/S		3.45	1.92	1.35	2.15	3.47	4.1	7.25		7.25	22.07	3.66	39.96
P/FCF		-58.35	92.78	36.35	26.56	39.83	136.25	42.42	0.2681	0.2681	43.23	49.07	-60.11
E/P		0.0164	0.0259	0.0275	0.0171	0.0165	0.0336	0.0234	3.71	3.71	0.08	0.7601	193.28
EV/EBIT				6.21	9.07	16.12	17.1	27.14	27.14	27.14		19.31	24.51
EV/EBITDA		15.09	7.29	4.98	7.93	14.31	15.43	25.03		25.03	104.51	13.54	38.12
EV/S				1.22	1.93	3.39	3.87	7.2	7.2	7.2	22.21	4.72	30.12
EV/FCF				8.46	5.79	14.01	99.68	35.74	35.74	35.74	157.61	38.19	43.91
Debt/EBITDA		0.0356	0.0111	0.0036	0.000746	0.0147	0.014	0.0109	0.0109	0.0109	1.16	0.0102	70.98
Netdebt/Ebitda	-1.14	-0.2883	-0.2288	-0.5194	-0.9	-0.3488	-0.8888	-0.1999	-0.1999	-0.1999	0.67	-0.5075	-25.99
Debt/Ratio				0.000464	8.6E-5	0.0016	0.0017	0.0016	0.0016	0.0016	0.12	0.0013	79.44
Debt/Equity				0.0011	0.000228	0.0043	0.0044	0.0038	1.42	0.0038	0.88	0.2865	473.95
Debt/Net Income				0.0062	0.0012	0.022	0.0206	0.0157	0.0157	0.0157	6.66	0.0150	67.24
PEG									0.1993	0.1993		0.1993	0.00
Бета							3.03	0.5433	-0.0197	-0.0197	1.15	1.18	-118.66
Индекс Альтмана							3.56	3.42	0.662	0.662	11.77	2.55	-42.92

	2018Q4	2019Q4	2020Q4	2021Q1	2021Q3	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E								26.79	26.31	23.73	29.09	30.42	35.74	36.23	53.44	45.86	41.71			157.60	42.60	3.14
P/BV			7.38			13.12	4.05	5.64	5.91	5.11		6.82	7.28	8.83		11.75				17.11	7.96	18.12
P/S								4.35	4.2	4.07	5.14	5.66	7.11	7.16	10.84	9.66	8.98			22.07	8.75	4.78
P/FCF	325.37	172.41							360.71				502.28							43.23	340.19	11.47
E/P	0.0081	0.0028	0.0037			0.004			0.008				0.008							0.08	0.0053	23.36
EV/EBIT												95.61	119.87	55.71	227.45	142.16					128.16	8.26
EV/EBITDA							13.47			15.36		20.84	26.61	23.33	39.21	31.82				104.51	28.36	8.83
EV/S												25.37	32.78	15.57	55.96	44.66				22.21	34.87	11.97
EV/FCF												460.52	631.79							157.61	546.15	17.13
Debt/EBITDA							0.0321			0.0323		0.0533		0.0249		0.039				1.16	0.0363	3.97
Netdebt/Ebitda				-1.49	0.007		-0.7606	0.0936		-2.05		-1.2	6.63	-4.38	9.6	-1.28				0.67	1.87	1.30
Debt/Ratio												0.0017		0.0016		0.0015				0.12	0.0016	-4.09
Debt/Equity												0.0041		0.0038		0.0034				0.88	0.0038	-6.05
Debt/Net Income												0.0778		0.0348		0.0556				6.66	0.0561	-10.59
Бета																		1.07	0.0648	1.15	0.5674	-75.39
Индекс Альтмана																		0.662	0.662	11.77	0.6620	0.00

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	2.2	2.96	8.2	5.66	9.8	10.23	10.23	6.73	1259.39			1222.34		259.28	164.11
Дивиденд		0.5152	0.6818	0.6666	1.6	0.9334	1.33	0.019	0.0221	0.0348		0.0267		0.4679	-48.20
Див доход, ао, %		1.2	1.11	2.4	4.66	2.42	1.94	1.65	0.9815	0.8934		0.7681	1.53	1.58	-18.07
Дивиденды / прибыль, %		21.36	44.85	57.27	30.02	53.74	48.73	42.66	41.64	36.69		36.69	24.49	44.69	-7.35
Dividend Coverage Ratio											2.79	2.79		2.79	0.00

	2019Q1	2019Q3	2020Q1	2020Q3	2021Q1	2021Q3	2022Q1	2022Q3	2023Q1	2023Q3	Industry average	5 quarters average	CAGR 5
Дивиденд	0.3333	0.5667	0.4667	0.4667	0.9333	0.4	1	0.5	1.2	0.6		0.7400	8.45
Див доход, ао, %	0.3872	0.5503	0.5493	0.4565	0.6899	0.2137	0.482	0.2019	1.25	0.4564	1.53	0.5208	16.39

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	11458	11458	0.00

	CAGR 5

	CAGR 5