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Bharat Electronics

₹295.4 2.9 | 1%

Market Cap ₹215894 Cr.

Stock P/E 54.8

P/B 12.4

Current Price ₹295.4

Book Value ₹ 23.8

Face Value 1

52W High ₹340.4

Dividend Yield 0.74%

52W Low ₹ 171.7

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Bharat Electronics Research see more...

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Equity Research: BHARAT ELECTRONICS LTD

Overview Inc. Year: 1954Industry: Engineering - Industrial Equipments

Bharat Electronics Limited is an India-based employer, which manufactures and resources electronic equipment and systems to the defense area as well as for non-defense markets. Its defense products are Land-based Radars, Naval Systems,Defense Communication Products, Electronic Warfare Systems, Avionics, Electro Optics, Tank and Armored Fighting Vehicle Electronic Systems, C4I Systems, Weapon Systems, Shelters and Masts, Simulators and Batteries, among others. Its non defense products include Homeland Security, Civilian Radars,Telecom and Broadcast Systems,Cyber Security, and e-Governance Systems, among others. It manufactures electronic products and systems for the navy, army, and the air force. It gives electronic manufacturing services in regions of printed circuit board meeting and testing; precision machining and fabrication; opto electronics additives and assemblies; microwave integrated circuit assemblies; additives modules, and offsets, among others.

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Bharat Electronics Share Price

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Peer Comparison

Bharat Electronics Quarterly Results

#(Fig in Cr.) Sep 2015 Dec 2015 Mar 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018
Net Sales 1545 1600 3415 1795 2191 4227 1800 2473 2506 3622
Other Income 132 133 138 171 78 91 70 53 49 28
Total Income 1677 1733 3553 1966 2269 4318 1870 2526 2555 3650
Total Expenditure 1364 1322 2509 1456 1709 3247 1634 1880 2060 2826
Operating Profit 312 411 1044 510 560 1070 236 646 494 824
Interest 0 0 4 0 11 1 0 0 0 1
Depreciation 41 42 49 45 45 57 56 59 59 77
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 271 369 991 464 504 1012 179 587 435 747
Provision for Tax 65 89 247 118 131 221 54 175 132 188
Profit After Tax 206 280 745 346 374 792 125 412 303 559
Adjustments -206 -280 -745 -346 -374 -792 -125 -412 -303 -559
Profit After Adjustments 0 0 0 0 0 0 0 0 0 0
Adjusted Earnings Per Share 0.3 0.4 0.9 0.4 0.5 1.1 0.2 0.6 0.4 0.8

Bharat Electronics Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Net Sales 6276 6843 7328 8612 10322 12085 12921 14064 15314 17646 20169 10401
Other Income 448 483 597 550 457 311 333 155 256 453 936 200
Total Income 6724 7326 7925 9162 10779 12396 13254 14219 15570 18099 21106 10601
Total Expenditure 5401 5699 6013 6924 8576 9361 10418 10908 12023 13688 15347 8400
Operating Profit 1323 1627 1912 2237 2204 3035 2836 3310 3546 4411 5759 2200
Interest 6 6 8 16 5 15 7 9 8 18 12 1
Depreciation 142 154 172 192 251 316 350 366 380 408 412 251
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1175 1467 1732 2029 1948 2703 2479 2935 3158 3985 5335 1948
Provision for Tax 243 299 425 482 549 776 685 869 809 978 1315 549
Profit After Tax 932 1167 1307 1548 1399 1927 1794 2065 2349 3007 4020 1399
Adjustments 0 0 0 0 0 0 0 0 0 0 0 -1399
Profit After Adjustments 932 1167 1307 1548 1399 1927 1794 2065 2349 3007 4020 0
Adjusted Earnings Per Share 1.2 1.5 1.7 2.1 1.9 2.6 2.5 2.8 3.2 4.1 5.5 2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 14% 13% 11% 12%
Operating Profit CAGR 31% 20% 14% 16%
PAT CAGR 34% 25% 16% 16%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 62% 62% 55% 27%
ROE Average 27% 24% 22% 20%
ROCE Average 36% 32% 30% 26%

Bharat Electronics Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds 7030 7894 8984 7509 7761 9019 9853 10808 11984 13582 16082
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 17 33 0 0 0 0 0 0
Other Non-Current Liabilities 918 1019 264 382 430 547 783 1017 1313 460 509
Total Current Liabilities 7988 7793 8415 8717 9867 10426 12778 16765 19532 20509 21990
Total Liabilities 15936 16706 17663 16624 18092 19992 23414 28590 32829 34551 38581
Fixed Assets 651 771 976 1255 1607 2084 2520 2480 2524 2672 2759
Other Non-Current Assets 1219 1232 898 1347 2251 2105 2300 2533 3149 1976 1931
Total Current Assets 14065 14703 15788 14022 14233 15802 18595 23577 27157 29903 33891
Total Assets 15936 16706 17663 16624 18092 19992 23414 28590 32829 34551 38581

Bharat Electronics Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 1782 1747 2022 2470 2686 738 722 1556 3016 1239 3864
Cash Flow from Operating Activities -695 1349 2249 -97 -789 1466 2533 5103 4161 1087 4648
Cash Flow from Investing Activities 872 -842 -1485 3148 41 -854 -639 -2569 -4861 2800 -5889
Cash Flow from Financing Activities -212 -232 -316 -2835 -1201 -628 -1059 -1075 -1077 -1262 -1474
Net Cash Inflow / Outflow -35 275 448 216 -1948 -16 834 1459 -1777 2625 -2715
Closing Cash & Cash Equivalent 1747 2023 2470 2686 738 722 1556 3016 1239 3864 1149

Bharat Electronics Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) 1.18 1.47 1.65 2.1 1.91 2.64 2.45 2.83 3.21 4.11 5.5
CEPS(Rs) 1.36 1.67 1.87 2.36 2.26 3.07 2.93 3.33 3.73 4.67 6.06
DPS(Rs) 2.33 2.92 1.7 0.68 0.67 3.4 0.93 1.33 4.5 1.8 2.2
Book NAV/Share(Rs) 8.87 9.96 11.34 10.19 10.62 12.34 13.48 14.79 16.39 18.58 22
Core EBITDA Margin(%) 13.82 16.67 17.09 18.46 16.79 22.53 19.37 22.43 21.47 22.43 23.91
EBIT Margin(%) 18.66 21.46 22.61 22.38 18.77 22.49 19.24 20.93 20.66 22.69 26.51
Pre Tax Margin(%) 18.57 21.38 22.51 22.2 18.73 22.37 19.19 20.86 20.61 22.58 26.45
PAT Margin (%) 14.72 17.01 16.99 16.93 13.45 15.95 13.88 14.68 15.33 17.04 19.93
Cash Profit Margin (%) 16.97 19.25 19.23 19.03 15.87 18.56 16.59 17.29 17.81 19.35 21.98
ROA(%) 6.01 7.15 7.61 9.03 8.06 10.12 8.27 7.94 7.65 8.92 10.99
ROE(%) 13.96 15.65 15.49 18.77 18.33 22.97 19.01 19.99 20.61 23.52 27.1
ROCE(%) 17.69 19.74 20.62 24.73 25.38 32.21 26.29 28.49 27.78 31.32 36.04
Receivable days 215.26 210.51 177.82 161.06 165.01 157.32 170.92 172.34 150.71 135.74 130.15
Inventory Days 187.19 177.35 177.9 179.45 165.06 135.37 117.56 114.5 124.51 123.54 124.99
Payable days 117.78 113.24 109.28 103.55 90.95 87.53 99.51 134.05 137.04 124.39 121.14
PER(x) 9.83 22.94 22.39 22.57 24.73 11.8 10.1 14.76 21.87 23.72 36.63
Price/Book(x) 1.3 3.39 3.26 4.65 4.46 2.52 1.84 2.82 4.29 5.25 9.16
Dividend Yield(%) 2.04 0.87 1.39 1.44 1.41 3.64 3.77 3.2 2.13 1.85 1.09
EV/Net Sales(x) 0.73 3.05 3.02 3.62 3.29 1.81 1.28 1.81 2.87 3.59 6.76
EV/Core EBITDA(x) 3.47 12.85 11.56 13.94 15.4 7.21 5.84 7.7 12.37 14.35 23.67
Net Sales Growth(%) 2.82 9.04 7.09 17.52 19.86 17.07 6.92 8.84 8.89 15.23 14.3
EBIT Growth(%) 5.33 24.73 18.17 17.55 -4.55 39.23 -8.54 18.41 7.54 26.45 33.54
PAT Growth(%) 4.7 25.29 12 18.38 -9.58 37.73 -6.92 15.14 13.73 28 33.7
EPS Growth(%) 4.7 25.29 12 27.19 -8.83 37.73 -6.93 15.14 13.73 28 33.7
Debt/Equity(x) 0 0 0 0.01 0.01 0 0 0 0 0 0
Current Ratio(x) 1.76 1.89 1.88 1.61 1.44 1.52 1.46 1.41 1.39 1.46 1.54
Quick Ratio(x) 1.35 1.45 1.39 1.05 0.98 1.09 1.15 1.11 1.11 1.15 1.2
Interest Cover(x) 198.43 248.1 217.24 126.97 417.21 177.79 344.38 319.31 382.84 216.87 461.67
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0

Bharat Electronics Shareholding Pattern

# Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Promoter 51.14 51.14 51.14 51.14 51.14 51.14 51.14 51.14 51.14 51.14
FII 15.99 17.35 17.34 16.42 17.35 17.18 17.78 17.56 17.43 17.27
DII 27.77 25.63 25.05 25.5 24.83 24.19 23.37 22.64 20.61 20.21
Public 5.11 5.88 6.47 6.94 6.68 7.49 7.72 8.66 10.82 11.38
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 24%
  • Debtor days have improved from 124.39 to 121.14days.
  • Company is almost debt free.

Cons

  • Stock is trading at 12.4 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Bharat Electronics News

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