Bharat Electronics Limited (BEL), established in 1954 and headquartered in Bangalore, Karnataka, is a leading Indian public sector company specializing in aerospace and defense electronics. Operating under the Ministry of Defence, BEL manufactures a diverse range of advanced electronic products for the Indian Armed Forces, including avionics, radars, weapon systems, electronic voting machines, and satellite communication systems. In addition to its core defense offerings, BEL has successfully diversified into areas such as homeland security, smart cities, e-governance, and medical electronics, demonstrating its versatility and commitment to technological innovation. For the fiscal year 2023-24, BEL reported impressive financial performance with a revenue of ₹19,820 crore (approximately $2.4 billion) and a net income of ₹4,020 crore (approximately $480 million), underscoring its strong market position and financial stability. BEL’s global presence is reinforced by its overseas office in New York, which supports procurement and materials, thereby enhancing its international operations. As a Navratna PSU, BEL plays a crucial role in advancing India’s self-reliance in defense technology, contributing significantly to the nation’s strategic defense initiatives. Through its robust product portfolio, consistent financial growth, and expanding global footprint, Bharat Electronics Limited continues to solidify its status as a pivotal entity in India’s defense and aerospace sectors.
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | |
| Promoters + | 51.14% | 51.14% | 51.14% | 51.14% | 51.14% |
| FIIs + | 17.35% | 17.19% | 17.77% | 17.56% | 17.43% |
| DIIs + | 24.84% | 24.19% | 23.37% | 22.63% | 20.62% |
| Public + | 6.68% | 7.49% | 7.72% | 8.66% | 10.82% |
| No. of Shareholders | 7,67,820 | 9,74,782 | 10,98,228 | 13,64,873 | 25,18,663 |
The shareholding pattern of the company, observed between June 2023 and June 2024, reflects notable shifts among key investor groups. The Promoters maintained a steady stake of 51.14% throughout the entire period, indicating stable ownership control. However, there were fluctuations in the holdings of Foreign Institutional Investors (FIIs), which showed a slight decline from 17.35% in June 2023 to 17.19% in September 2023, before rebounding to 17.77% in December 2023 and then declining to 17.43% by June 2024.
Domestic Institutional Investors (DIIs) experienced a more significant reduction in their stake, dropping from 24.84% in June 2023 to 20.62% by June 2024, suggesting a decrease in interest from domestic institutions. In contrast, the Public shareholding steadily increased, starting at 6.68% in June 2023 and rising to 10.82% by June 2024, reflecting growing retail investor participation.
Additionally, the number of shareholders surged significantly over the year, growing from 7,67,820 in June 2023 to 25,18,663 by June 2024, which highlights a dramatic increase in investor engagement, particularly from public shareholders. These trends suggest a gradual shift from institutional to public ownership during this period.
Below are the trading platforms that you can use to purchase Bharat Electronics shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| October 2024 | 302.65 | 263.18 |
| November 2024 | 314.76 | 273.70 |
| December 2024 | 317.91 | 276.44 |
In October 2024, Bharat Electronics’ stock price is expected to reach a maximum of ₹302.65 and a minimum of ₹263.18. Moving into November 2024, the price is anticipated to rise further, with a maximum of ₹314.76 and a minimum of ₹273.70. By December 2024, Bharat Electronics is projected to see a maximum price of ₹317.91 and a minimum price of ₹276.44.
| When | Maximum Price | Minimum Price |
| January 2025 | 321.09 | 246.99 |
| February 2025 | 324.33 | 249.48 |
| March 2025 | 331.14 | 254.72 |
| April 2025 | 327.86 | 252.20 |
| May 2025 | 318.31 | 244.86 |
| June 2025 | 332.64 | 255.87 |
| July 2025 | 326.11 | 250.86 |
| August 2025 | 336.20 | 258.62 |
| September 2025 | 340.24 | 261.72 |
| October 2025 | 349.08 | 268.52 |
| November 2025 | 357.81 | 275.24 |
| December 2025 | 373.91 | 287.62 |
As we move through 2025, Bharat Electronics’ stock is projected to rise steadily. In January, it is expected to range between ₹321.09 and ₹246.99, and by March, it may reach a maximum of ₹331.14. June could see prices between ₹332.64 and ₹255.87, with further growth in September, reaching ₹340.24. By December 2025, the stock is anticipated to peak at ₹373.91, with a minimum of ₹287.62.
| When | Maximum Price | Minimum Price |
| January 2026 | 385.13 | 296.25 |
| February 2026 | 375.50 | 288.85 |
| March 2026 | 383.01 | 294.62 |
| April 2026 | 390.83 | 300.63 |
| May 2026 | 386.96 | 297.66 |
| June 2026 | 396.63 | 305.10 |
| July 2026 | 388.85 | 299.12 |
| August 2026 | 400.88 | 308.37 |
| September 2026 | 408.90 | 314.54 |
| October 2026 | 419.53 | 322.71 |
| November 2026 | 430.02 | 330.78 |
| December 2026 | 440.77 | 339.05 |
| When | Maximum Price | Minimum Price |
| January 2027 | 445.17 | 342.44 |
| February 2027 | 456.59 | 351.22 |
| March 2027 | 474.40 | 364.92 |
| April 2027 | 465.09 | 357.76 |
| May 2027 | 451.55 | 347.34 |
| June 2027 | 471.87 | 362.97 |
| July 2027 | 462.61 | 355.86 |
| August 2027 | 476.92 | 366.86 |
| September 2027 | 493.61 | 379.70 |
| October 2027 | 506.45 | 389.58 |
| November 2027 | 519.11 | 399.32 |
| December 2027 | 532.09 | 409.30 |
| When | Maximum Price | Minimum Price |
| January 2028 | 542.73 | 417.48 |
| February 2028 | 556.65 | 428.19 |
| March 2028 | 578.35 | 444.89 |
| April 2028 | 567.01 | 436.17 |
| May 2028 | 550.50 | 423.46 |
| June 2028 | 575.27 | 442.52 |
| July 2028 | 563.99 | 433.84 |
| August 2028 | 581.44 | 447.26 |
| September 2028 | 601.79 | 462.91 |
| October 2028 | 617.43 | 474.95 |
| November 2028 | 632.87 | 486.82 |
| December 2028 | 648.69 | 498.99 |
| When | Maximum Price | Minimum Price |
| January 2029 | 661.66 | 508.97 |
| February 2029 | 678.63 | 522.02 |
| March 2029 | 705.10 | 542.38 |
| April 2029 | 691.27 | 531.75 |
| May 2029 | 671.14 | 516.26 |
| June 2029 | 701.34 | 539.49 |
| July 2029 | 687.59 | 528.91 |
| August 2029 | 708.85 | 545.27 |
| September 2029 | 733.66 | 564.35 |
| October 2029 | 752.74 | 579.03 |
| November 2029 | 771.55 | 593.50 |
| December 2029 | 790.84 | 608.34 |
| When | Maximum Price | Minimum Price |
| January 2030 | 806.66 | 620.51 |
| February 2030 | 827.34 | 636.42 |
| March 2030 | 859.61 | 661.24 |
| April 2030 | 842.76 | 648.27 |
| May 2030 | 818.21 | 629.39 |
| June 2030 | 855.03 | 657.71 |
| July 2030 | 838.26 | 644.82 |
| August 2030 | 864.19 | 664.76 |
| September 2030 | 894.44 | 688.03 |
| October 2030 | 917.69 | 705.92 |
| November 2030 | 940.63 | 723.56 |
| December 2030 | 964.15 | 741.65 |
As we move into 2030, Bharat Electronics’ stock is projected to see significant growth. In January, the price is expected to range from ₹620.51 to ₹806.66, while by March, it could rise further with a maximum of ₹859.61. Mid-year, in June, prices are anticipated between ₹657.71 and ₹855.03, reflecting steady performance. By September, the stock may climb to a maximum of ₹894.44. As we approach December 2030, Bharat Electronics’ stock is expected to peak at ₹964.15, with a minimum of ₹741.65.
Financial Condition of Bharat Electronics: Last 5 years
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
| Sales + | 12,968 | 14,109 | 15,368 | 17,734 | 20,268 | 20,979 |
| Expenses + | 10,209 | 10,895 | 12,024 | 13,645 | 15,217 | 15,657 |
| Operating Profit | 2,759 | 3,214 | 3,344 | 4,090 | 5,051 | 5,322 |
| OPM % | 21% | 23% | 22% | 23% | 25% | 25% |
| Other Income + | 99 | 125 | 232 | 281 | 670 | 733 |
| Interest | 8 | 10 | 9 | 19 | 12 | 7 |
| Depreciation | 372 | 387 | 401 | 429 | 443 | 442 |
| Profit before tax | 2,478 | 2,942 | 3,166 | 3,923 | 5,266 | 5,606 |
| Tax % | 28% | 30% | 26% | 25% | 25% | |
| Net Profit + | 1,825 | 2,100 | 2,400 | 2,986 | 3,985 | 4,238 |
| EPS in Rs | 2.5 | 2.87 | 3.28 | 4.08 | 5.45 | 5.8 |
| Dividend Payout % | 37% | 46% | 46% | 44% | 40% |
The financial performance of the company from March 2020 to March 2024, along with the trailing twelve months (TTM) data, reflects steady growth across key metrics. Sales have increased consistently, rising from ₹12,968 crore in March 2020 to ₹20,268 crore in March 2024, with a TTM figure of ₹20,979 crore. This upward trend in sales is accompanied by a corresponding rise in expenses, which grew from ₹10,209 crore in March 2020 to ₹15,217 crore in March 2024, reaching ₹15,657 crore in the TTM period.
As a result, the company’s operating profit improved from ₹2,759 crore in March 2020 to ₹5,051 crore by March 2024, with an OPM% (Operating Profit Margin) increasing from 21% to 25% during this period, indicating improved efficiency. The Other Income category saw significant growth, jumping from ₹99 crore in March 2020 to ₹670 crore in March 2024, with the TTM at ₹733 crore.
Despite a stable interest burden, which remained low at ₹7 crore in the TTM period, and modest increases in depreciation, which reached ₹442 crore in the TTM, the company’s profit before tax (PBT) surged from ₹2,478 crore in March 2020 to ₹5,266 crore in March 2024. The tax rate showed a gradual decline from 28% in March 2020 to 25% in recent years, further enhancing net profitability.
Consequently, net profit rose significantly, from ₹1,825 crore in March 2020 to ₹3,985 crore by March 2024, with the TTM figure reaching ₹4,238 crore. Earnings per share (EPS) followed a similar trajectory, increasing from ₹2.5 in March 2020 to ₹5.45 in March 2024, with a TTM EPS of ₹5.8.
While dividend payout ratios fluctuated slightly, peaking at 46% in March 2021 and 2022, the company maintained a stable return to shareholders, ending at 40% in March 2024. Overall, the financials demonstrate robust growth, improved profitability, and efficient cost management over the five-year period.
FAQS
As of 4th October 2024, the current share price of Bharat Electronics is 280 INR.
The share price target for Bharat Electronics in 2025 ranges from ₹244.86 to ₹373.91, reflecting a dynamic performance with varying prices throughout the year.
As our projections, reaching a share price of ₹500 by 2025 seems unlikely for Bharat Electronics. The anticipated share prices for 2025 within the range of ₹244.86 to ₹373.91, suggesting a significant gap from the speculated ₹500 target.
Factors that can affect the share price of Bharat Electronics include economic conditions, industry trends, company performance, government policies, and global events.
Considering Bharat Electronics’ robust financial performance, consistent revenue and profit growth, and the positive outlook indicated by the share price targets, it appears to be a promising investment. However, potential investors should carefully assess market conditions, monitor the company’s future performance, and weigh the associated risks before making an investment decision.
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Conclusion
In conclusion, Bharat Electronics Limited (BEL) has demonstrated remarkable financial and operational performance over the past few years. With steady growth in sales, rising from ₹12,968 crore in 2020 to ₹20,268 crore in 2024, along with improved operating profit and margins, BEL continues to solidify its leadership in the aerospace and defense electronics sectors. The company’s shareholding patterns reflect increased public participation and stable promoter control. Additionally, BEL’s stock price is projected to see consistent upward growth through 2024 to 2030, highlighting its strong market position and future potential.
What did we learn?
- 1 Shareholdings Patterns of Bharat Electronics
- 2 How to purchase Bharat Electronics shares?
- 3 Bharat Electronics (BEL) Share Price Prediction 2024 – 2030
- 4 Financial Condition of Bharat Electronics: Last 5 years
- 5 FAQS
- 5.1 What is the current share price of Bharat Electronics?
- 5.2 What is the share price target for Bharat Electronics in 2025?
- 5.3 Can Bharat Electronics reach a share price of 500 INR by 2025?
- 5.4 What factors affect the share price of Bharat Electronics?
- 5.5 Should I invest in Bharat Electronics shares?
- 6 Conclusion
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