Bharat Electronics Limited (BEL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-42.0%

₹218.33

vs ₹376.20 price

Levered DCF

₹336.06

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

10.38

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	48.33×	40.11×	38.73×	23.91×	21.42×	14.53×	9.93×	12.39×
P/B	12.21×	10.69×	9.45×	5.14×	4.18×	2.76×	1.8×	2.54×
P/S	10.61×	8.98×	7.61×	4.02×	3.34×	2.16×	1.4×	1.92×
EV / EBITDA	33.64×	31.13×	29.77×	16.39×	14.99×	8.32×	5.96×	7.64×
Gross margin	35.9%	47.6%	46.4%	42.6%	40.7%	43.1%	44.7%	49.9%
Operating margin	27.1%	29.9%	26.0%	22.1%	20.6%	20.9%	28.7%	34.3%
Net margin	22.0%	22.4%	19.7%	16.8%	15.6%	14.9%	14.1%	15.5%
Current ratio	1.98×	1.76×	1.55×	1.46×	1.39×	1.41×	1.46×	1.52×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	1,113.47×	572.96×	443.28×	208.44×	376.04×	306.12×	489.37×	942.98×
Dividend yield	0.7%	0.8%	0.9%	1.7%	2.0%	3.4%	5.4%	2.4%
Payout ratio	34.4%	31.6%	36.7%	41.6%	42.7%	48.7%	53.7%	30.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	25.3%	26.6%	24.4%	21.5%	19.5%	19.0%	18.1%	20.5%
Return on invested capital	22.2%	25.1%	22.6%	19.8%	16.5%	16.4%	23.6%	28.4%
Return on assets	13.6%	13.0%	10.1%	8.4%	7.1%	7.1%	7.5%	9.1%
Free cash flow yield	0.4%	-0.2%	2.6%	0.9%	7.1%	15.2%	10.1%	3.4%
Earnings yield	2.1%	2.5%	2.6%	4.2%	4.7%	6.9%	10.1%	8.1%
Enterprise value	₹2.9T	₹2.1T	₹1.5T	₹674.2B	₹501.2B	₹274.4B	₹165.3B	₹226.4B
Net debt / EBITDA	-0.21×	-0.1×	-0.22×	-0.94×	-0.37×	-0.92×	-0.58×	-0.25×
Cash conversion cycle (days)	360	310	360	384	234	368	388	431