BEL.NS Bharat Electronics Limited
INR·Price 408.20·Mkt cap 2.98TComputed from the latest reported financials and the current market price.
Who's the real player?
A genuine play on this theme — most of its business sits right here.
Is the business healthy?
A mixed picture — real strengths, but soft spots in cash flow, returns or debt.
- ⚠High accrual ratio: earnings not backed by cash (manipulation risk)
- ⚠Weak FCF conversion (<50% of net income turns into free cash)
- ⚠Receivables growing much faster than revenue (channel-stuffing risk)
- Strong capital efficiency
- High growth quality
- Good operating and gross margins
Are the smart people buying?
No ownership-change data for this stock. Conviction is judged from capex and buyback signals alone.
What is management saying?
No earnings-call transcript or filings found for this stock.
Is the price right?
Intrinsic value 35.20 vs price 408.20 — screens expensive on a cash-flow DCF (-91.4% to intrinsic). The base FCF growth assumption is 0%, which may be unrealistic for a growing company.
| Intrinsic / share | 35.20 |
| Price | 408.20 |
| Upside to intrinsic | -91.4% |
| Reverse-DCF implied g | 35.1% |
Base FCF 22.81B · growth 0.0% · discount 12.0% · terminal 5.0%.
Sensitivity — intrinsic value / share
Each cell is the intrinsic value at that growth (across →) and discount rate (down ↓). Center ★ is the base case. Cells green = above price (cheap), red = below (expensive).
| Growth rate → | |||||
|---|---|---|---|---|---|
| Disc ↓ ╲ g | -4% | -2% | 0% | 2% | 4% |
| 10% | 35.21 | 40.6 | 46.94 | 54.39 | 63.12 |
| 11% | 30.58 | 34.97 | 40.11 | 46.13 | 53.16 |
| 12% | 27.23 | 30.91 | ★ 35.2 | 40.21 | 46.04 |
| 13% | 24.69 | 27.84 | 31.5 | 35.75 | 40.7 |
| 14% | 22.68 | 25.42 | 28.6 | 32.27 | 36.53 |
Through the masters' eyes
Each investor's numeric rules, checked against this stock's metrics: exact math, no guesswork. Tap one to see which rules pass, fail, and what to judge yourself.
▶
Passes 2 of 2 of Peter Lynch's numeric checks. Still judge the non-numeric criteria below for yourself.
- Manageable debt (D/E ≤ 1.0) — now 0
- Solid liquidity (current ratio ≥ 1.5) — now 1.98
- A simple business you understand
- Which 'type' it is (fast grower, stalwart, cyclical…)
- A believable growth story
Couldn't check from available data: PEG ≤ 1 (growth cheap vs price) — not available; Earnings growth ≥ 15% — not available
▶
Passes 3 of 3 of Rakesh Jhunjhunwala's numeric checks. Still judge the non-numeric criteria below for yourself.
- ROE ≥ 18% — now 25.3%
- Net margin ≥ 10% — now 22%
- Conservative leverage (D/E ≤ 1.0) — now 0
- A large, scalable opportunity
- Trustworthy, ambitious management
- Conviction to hold through volatility
Couldn't check from available data: Earnings growth ≥ 15% — not available
▶
Passes 4 of 4 of Radhakishan Damani's numeric checks. Still judge the non-numeric criteria below for yourself.
- High returns on capital (ROCE ≥ 18%) — now 29.6%
- Very low debt (D/E ≤ 0.5) — now 0
- Consistent revenue (consistency ≥ 80%) — now 97.9%
- Positive net margin — now 22%
- A durable consumer franchise
- Pricing power
- A long runway, bought patiently
▶
Passes 2 of 2 of Raamdeo Agrawal's numeric checks. Still judge the non-numeric criteria below for yourself.
- Quality: ROCE ≥ 18% — now 29.6%
- Longevity: revenue consistency ≥ 70% — now 97.9%
- Durability of the growth (longevity)
- Quality and honesty of management
Couldn't check from available data: Growth: earnings CAGR ≥ 15% — not available; Price: PEG ≤ 2 — not available
▶
Passes 2 of 2 of Vijay Kedia's numeric checks. Still judge the non-numeric criteria below for yourself.
- ROE ≥ 15% — now 25.3%
- Manageable debt (D/E ≤ 1.0) — now 0
- Ambitious, capable management
- A small company with a large opportunity
- Patience to hold for years
Couldn't check from available data: Strong earnings growth ≥ 20% — not available
▶
Passes 4 of 5 of Warren Buffett's numeric checks. Still judge the non-numeric criteria below for yourself.
- ROE ≥ 15% — now 25.3%
- Net margin ≥ 10% — now 22%
- Positive free cash flow — now 2%
- Conservative leverage (D/E ≤ 1.0) — now 0
- Trades below intrinsic value (margin of safety ≥ 0) — now -1059.6%
- A business you can understand
- A durable competitive moat
- Honest, capable management
▶
Passes 3 of 4 of Charlie Munger's numeric checks. Still judge the non-numeric criteria below for yourself.
- High returns on capital (ROCE ≥ 15%) — now 29.6%
- ROE ≥ 15% — now 25.3%
- Conservative leverage (D/E ≤ 1.0) — now 0
- Trades below intrinsic value (margin of safety ≥ 0) — now -1059.6%
- A high-quality, understandable business
- A durable moat
- Management of integrity
▶
Passes 3 of 6 of Benjamin Graham's numeric checks. Still judge the non-numeric criteria below for yourself.
- Strong liquidity (current ratio ≥ 1.5) — now 1.98
- Debt below equity (D/E ≤ 1.0) — now 0
- Financially safe (Altman Z ≥ 3) — now 11.7
- P/E ≤ 15 — now 49.2
- P/B ≤ 1.5 — now 12.43
- Graham number: P/E × P/B ≤ 22.5 — now 611.6
- A long record of stable earnings
- An uninterrupted dividend history
Financial statements (INR)
↗ sourceCash-flow lines highlighted — we trust cash over reported profit.
| Line | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | 276.10B | 237.69B | 199.05B | 174.04B | — |
| Operating income | 74.94B | 63.66B | 47.81B | 37.73B | — |
| EBITDA | 86.15B | 75.76B | 57.16B | 43.66B | — |
| Net income | 60.62B | 53.21B | 39.85B | 29.84B | — |
| Operating cash flow | 15.41B | 5.64B | 46.59B | 11.99B | — |
| Capex | -9.85B | -10.11B | -6.53B | -5.90B | — |
| Free cash flow | 5.56B | -4.47B | 40.07B | 6.09B | — |
| Total assets | 445.38B | 408.32B | 395.27B | 354.91B | — |
| Total equity | 239.88B | 199.74B | 163.26B | 138.62B | — |
| Total debt | 654.60M | 612.30M | 625.10M | 613.40M | — |
| Cash & equivalents | 18.88B | 7.13B | 12.06B | 39.46B | — |