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Aerospace and defence electronics Navratna company

Bharat Electronics Limited is a completely debt free, cash rich and Indian Government-owned aerospace and defence electronics Navratna company. It primarily manufactures advanced electronic products for ground and aerospace applications.

Bharat Electronics Limited

Current market price on the date of publishing this report-: 100 Rs


Established up in 1954, by the Government of India under the Ministry of Defence Bharat Electronics was set up in the newly independent India to develop indigenous industry. BEL was set up in association with CSF, France (now, Thales), to manufacture basic communication equipment, BEL now produces a wide range of state-of-the-art equipment in fields such as Defence Communication, Radars, Naval Systems, C4I Systems, Weapon Systems, Homeland Security, Telecom & Broadcast Systems, Electronic Warfare, Tank Electronics, Electro Optics, Professional Electronic Components and Solar Photovoltaic Systems, BEL also provides turnkey system solutions. Civilian products from BEL include Electronic Voting Machines, Tablet PC, solar-powered traffic signal systems and Access Control Systems.

Bharat Electronics Ltd was set up at Bangalore, India, by the Government of India under the Ministry of Defence in the year 1954 to meet the specialised electronic needs of the Indian defence services. Over the years, then company has grown into a multi-product, multi-technology, multi-unit company serving the needs of customers in diverse fields in India and abroad. The company started with the manufacture of few communication equipment in the year 1956. They went on to produce Receiving Valves in the year 1961, Germanium Semiconductors in the year 1962 and Radio Transmitters for AIR in the year 1964.

BEL was established to meet the specialized electronic equipment requirements of the Indian Defence Services. While this continues to be its prime focus, the Company has a significant presence in the civilian market, too. BEL exports some of its products and services to a number of countries as well.

More focus is not placed on displaying extensive historical information about the company because a large amount of data is available from a variety of sources online.

Business Products

Defence Products


Defense communication products include Radios, Base station/ repeaters, Satcom solution: Sc extended C/KU band, Radios (CNR), Military switching equipment, Tactical communication systems and network, Naval communication systems and Encryption products.

Radar Systems include Surveillance Radars, Sonar Systems, Fire control systems, Naval Communication systems 

Electronic Warfare Systems include Radar Electronic support measure systems , ELINT / COMINT / SIGINT, Jammers, Integrated electronic warfare systems.

Avionics include Ground control station and datalink for UAV, Cockpit modules for light combat aircraft LCA, Flight control system for light combat aircraft LCA.

Electro Optics include Laser range finders LRF, Night Vision Devices, Weapon sights, Eco Systems

Tank & Armoured Fighting Vehicle Electronic Systems include Tank & armoured fighting vehicle electronic systems.

Weapon Systems

C4I systems and accessories

Shelters & Masts


Batteries include primary , secondary as well as lithium batteries

Component Devices include various Micro electric mechanical systems

Non defence segment products include

  • Cyber Security
  • E-Mobility
  • Railways
  • e-Governance Systems
  • Homeland Security
  • Civilian Radars
  • Turnkey Projects
  • Components / Devices
  • Telecom, Broadcast Systems
  • Software Services
  • Electronic Manufacturing Services
  • Exports

Key achievements made during the year ended March 22.

Company bagged Largest export order worth USD 93.15 Million from Airbus Defence and Space for the manufacture and supply of Radar Warning Receiver (RWR) and Missile Approach Warning System (MAWS) under the prestigious C295 aircraft programme . 

Company also bagged Largest Avionics order worth Rs 2,400 Crore from HAL for manufacturing and supply of 20 types of critical airborne electronic systems for the LCA Tejas Fighter Aircraft programme. 

Company also bagged orders from MoD, GoI for Indian Air Force worth Rs 1,109 Crore order for Instrumented Electronic Warfare Range (IEWR)  as well as for Rs 1,993 Crore order for supply of Advanced Electronic Warfare (EW) suite for Fighter aircraft.


For the year ended March 2022

  • Company achieved a turnover of Rs  15,043.67 Crore as against Rs  13,818.16 Crore in FY 2020-21, registering a growth of 8.87%.
  • BEL achieved an export sale of USD 33.3 Million and exported to countries like USA, France, China, Germany, Switzerland, ASEAN, Mauritius, Republic of Armenia, Sri Lanka, Sweden and Israel. The major Products/Systems exported include Coastal Radar System, Communication Equipment’s, Data Link, Radar Finger Printing System,
    TR Modules, Low Band Receiver LRUs, Mechanical Parts (Contract Manufacturing Services), Solar Hybrid Power Plants at Radar Station Locations, EOS, Cable Looms, Radar Spares, Sub-Assemblies of Missile Systems, Radar Spares, Shelter Spares, PCB Assemblies, etc. 
  • The Profit After Tax grew 13.73% to Rs  2,348.93 Crore in FY 2021-22 as against Rs  2,065.42 Crore in FY 2020-21.

For Q1 FY 23

  • In the Q1 we have clocked turnover of 3064 Crores, registering a growth of 95% Y-o-Y. 
  • Profit before tax stood at 578 Crores. 
  • Profit after tax at 431 Crores.
  • EBITDA stood at 23% and management is quite hopeful of maintaining it around 23%.
  • GEBE and Bel’s order book position is standing on July 1, 2022 at Rs.55,300 Crores. 
  • Net profit for Q1FY23 stood at 366 crores up from 24 crs in the same quater last year thereby registering a growth of 1425%.

Stock Bonus

On August 4, 2022, the company made an announcement regarding the bonus issue. The bonus shares are distributed in a 2:1 ratio.


Management has planned out 3000 Crores of capex out of which some 2000 Crores has already happened Nimmaluru is very nearing completion this year management is very hopeful it will get completed. This year management is hopeful of achieving around 1000 Crores of capex and most of its capex plans are on the way. 

Managements comments

Management is planning 18000 to 19000 Crores revenue which could go as high as 20000 crs in the coming period. This revenue management expects to come from 

Management has given EBITDA margin guidance for FY2023 that of 23% for the coming period and Is confident of achieving the same.

Management is targeting to reach 10% of turnover through exports but currently it is very less.  For the year ended Fy 23 management is targeting 15% revenue growth.

Sectorial Outlook

According to reports, India is one of the world’s top five defence spenders. The government allocated Rs 1.52 lakh crore for defence capital expenditure in the FY23 budget, representing an 11 percent compounded annual rise over FY20-23. This capital expenditure accounts for around 29 percent of the total defence budget of Rs 5.25 lakh crore, compared to approximately 25 percent in FY20.

The entire defence equipment procurement budget for FY23 was Rs 1.24 lakh crore, of which Rs 84,598 crore — or 68 percent of the procurement budget — was set aside for the purchase of locally manufactured weapons and systems in order to strengthen self-reliance in the sector.

The government has announced three lists totalling 310 defence products that will be acquired domestically in the next three to five years over the last two years. 90 of these 310 items are expected to be indigenous by December 2022. Furthermore, in the last six months, the Defence Ministry has notified two lists of 458 items for indigenisation.

Along with the Indian government’s increased emphasis on the defence sector, initiatives like ‘Make in India’ and ‘Atmanirbhar Bharat’ have led to a notion among market participants that enterprises making defence equipment will perform well.

Furthermore, tensions with China and Pakistan, as well as the Russia-Ukraine situation, are expected to improve defence companies’ growth prospects.


BEL is a multi-product, multi-technology and multi- unit company with over six decades of experience. It has capabilities in designing, developing, manufacturing and supplying a wide range of strategic electronic products/systems, including those involving emerging technologies, to meet the evolving needs of global customers in diverse field. BEL is completely debt free and has cash balance of more than 7500 crs. With various initiatives taken by the government for Make in India production as well as indigenous production as well as manufacturing of the  goods BEL is set to benefit huge in the coming period. And beside being a completely debt free cash company BEL is worth having in the portfolio to balance the portfolio as well as maintain overall momentum of the portfolio.

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