Bharat Electronics quarterly results and financials

Bharat Electronics (BEL)₹394.55−0.79%(9 Nov 2026 close)Aerospace & Defense

Key facts

In the Sep 2026 quarter (consolidated), Bharat Electronics reported sales of ₹7,325 Cr, up 26.6% from Sep 2025, and net profit of ₹1,541 Cr, up 19.6% year on year. For the year to Mar 2026, sales were ₹27,616 Cr and net profit ₹6,073 Cr.

Sales (Sep 2026): ₹7,325 Cr
Net profit (Sep 2026): ₹1,541 Cr
Sales (FY Mar 2026): ₹27,616 Cr
Net profit (FY Mar 2026): ₹6,073 Cr
EPS (Sep 2026): ₹2.10
Borrowings (Mar 2026): ₹64.95 Cr

Company filings, consolidated accounts; latest reported quarter Sep 2026

Bharat Electronics quarterly results

₹ crore unless stated; each column is a quarter.

Bharat Electronics Quarterly results
	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales	4,161	8,570	4,244	4,606	5,771	9,145	4,439	5,787	7,150	10,226	5,544	7,325
Expenses	3,085	6,266	3,287	3,198	4,092	6,322	3,197	4,084	5,019	7,230	4,149	5,276
Operating Profit	1,070	2,287	947	1,400	1,666	2,812	1,237	1,701	2,125	2,980	1,388	2,041
OPM %	25.9%	26.9%	21.9%	30.0%	29.0%	30.9%	27.9%	28.9%	30.0%	28.9%	24.9%	28.0%
Other Income	167	225	204	158	186	195	163	154	139	110	170	187
Interest	1.01	4.01	1.01	1.01	1.01	6.01	1.01	2.01	2.01	2.01	1.01	3.01
Depreciation	107	119	108	111	111	138	121	126	135	173	161	171
Profit before tax	1,127	2,379	1,040	1,440	1,737	2,857	1,274	1,720	2,121	2,906	1,391	2,045
Tax %	25.0%	25.0%	25.0%	25.0%	25.0%	26.0%	25.0%	26.0%	26.0%	24.0%	25.0%	25.0%
Net Profit	861	1,800	792	1,095	1,314	2,131	969	1,289	1,582	2,230	1,057	1,541
EPS (Rs)	1.17	2.45	1.09	1.50	1.78	2.92	1.34	1.77	2.17	3.03	1.45	2.10

Bharat Electronics profit and loss

₹ crore unless stated; years end in March. TTM is the last four quarters.

Bharat Electronics Profit and loss
	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	7,357	8,651	10,407	12,172	12,974	14,103	15,360	17,746	20,282	23,756	27,616	30,244
Expenses	5,948	6,848	8,344	9,240	10,200	10,871	12,010	13,631	15,191	16,900	19,522	21,675
Operating Profit	1,391	1,790	2,038	2,906	2,757	3,212	3,342	4,084	5,051	6,828	8,046	8,533
OPM %	19.0%	20.9%	19.9%	23.9%	21.0%	23.0%	21.9%	22.9%	24.9%	28.9%	28.9%	28.2%
Other Income	575	421	197	73.19	99.31	125	233	282	671	743	567	607
Interest	10.02	18.02	6.01	16.01	8.01	10.01	9.01	19.02	12.01	13.01	10.02	8.04
Depreciation	192	212	272	338	372	387	401	429	443	467	556	640
Profit before tax	1,757	1,975	1,950	2,619	2,468	2,932	3,155	3,906	5,243	7,075	8,022	8,463
Tax %	24.0%	24.0%	28.0%	30.0%	28.0%	30.0%	26.0%	25.0%	25.0%	26.0%	25.0%	—
Exceptional items	0.00	0.99	0.99	0.00	0.00	0.99	3.99	5.99	18.99	28.96	27.96	—
Net Profit	1,339	1,525	1,432	1,890	1,827	2,104	2,402	2,989	3,992	5,332	6,073	6,409
EPS (Rs)	1.70	2.08	1.97	2.57	2.51	2.88	3.29	4.09	5.44	7.29	8.28	8.75
Dividend payout %	31.0%	33.0%	34.0%	44.0%	37.1%	46.1%	46.0%	44.0%	40.0%	33.1%	30.1%	—

Bharat Electronics balance sheet

₹ crore, at each year end.

Bharat Electronics Balance sheet
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	79.86	240	223	244	244	244	244	244	731	730	730	732
Reserves	8,036	9,011	7,513	7,771	8,964	9,831	10,813	12,045	13,119	15,599	19,234	23,280
Borrowings	24.92	27.97	63.80	79.80	33.89	7.97	2.99	52.86	60.79	62.84	60.81	64.95
Other Liabilities	7,615	9,375	9,847	10,910	11,609	14,309	18,477	21,653	21,640	23,196	20,888	20,571
Total Liabilities	15,756	18,655	17,648	19,005	20,850	24,391	29,536	33,994	35,550	39,587	40,913	44,649
Fixed Assets	1,069	1,228	1,495	1,833	2,290	2,706	2,644	2,665	2,955	3,024	3,405	4,104
CWIP	140	430	744	942	850	829	884	1,008	857	895	1,053	732
Investments	0.00	462	491	938	964	1,110	1,307	1,574	650	682	744	800
Other Assets	14,547	16,534	14,918	15,292	16,747	19,747	24,700	28,748	31,088	34,986	35,712	39,012
Inventories	3,416	4,149	4,867	4,567	4,433	3,951	4,955	5,579	6,430	7,431	9,092	10,152
Trade receivables	3,801	3,722	4,364	5,011	5,370	6,723	6,559	6,103	7,029	7,390	9,115	12,873
Cash & equivalents	6,034	7,214	3,826	841	971	1,659	5,069	7,559	8,106	11,052	9,534	8,567
Total Assets	15,756	18,655	17,648	19,005	20,850	24,391	29,536	33,994	35,550	39,587	40,913	44,649

Bharat Electronics cash flow

₹ crore, for each year.

Bharat Electronics Cash flow
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	1,435	2,263	−61.14	−688	1,516	2,573	5,099	4,215	1,201	4,666	565	1,544
Cash from investing activity	−840	−1,471	3,116	−6.01	−897	−649	−2,596	−4,876	2,712	−5,924	639	1,731
Cash from financing activity	−209	−318	−2,852	−1,199	−662	−1,058	−1,074	−1,076	−1,260	−1,472	−1,694	−2,092
Net cash flow	385	470	196	−1,888	−44.83	857	1,417	−1,736	2,634	−2,728	−491	1,170
Capex	226	656	791	804	727	744	468	553	587	651	1,008	981
Free cash flow	1,211	1,612	−856	−1,497	788	1,829	4,640	3,669	613	4,025	−445	561
CFO / OP %	152.0%	193.0%	33.0%	0.0%	79.0%	114.0%	175.0%	150.0%	55.0%	120.0%	33.0%	44.0%

Bharat Electronics ratios

Working-capital days and returns, by year.

Bharat Electronics Ratios
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor days	196	185	184	176	161	189	170	145	145	133	140	170
Inventory days	322	402	408	306	276	205	234	231	241	258	274	266
Days payable	111	112	108	91	89	126	155	139	124	128	100	93
Cash conversion cycle	406	473	483	390	347	267	248	237	261	262	313	342
Working capital days	53	9	64	126	135	120	48	5	29	19	86	136
ROCE %	20.1%	20.1%	23.1%	25.1%	30.1%	26.1%	28.1%	27.1%	30.1%	35.1%	39.1%	36.1%

Bharat Electronics: frequently asked questions

What are the latest quarterly results of Bharat Electronics?

For the Sep 2026 quarter, Bharat Electronics reported sales of ₹7,325 Cr, up 26.6% year on year and net profit of ₹1,541 Cr, up 19.6% year on year. The operating margin was 28.0%.

What is the annual revenue of Bharat Electronics?

Bharat Electronics' sales for the year to Mar 2026 were ₹27,616 Cr; over the last twelve months they were ₹30,244 Cr.

What is the net profit of Bharat Electronics?

Net profit for the year to Mar 2026 was ₹6,073 Cr, and ₹6,409 Cr over the last twelve months. Earnings per share over the same trailing period were ₹8.75.

How much debt does Bharat Electronics have?

Bharat Electronics reported borrowings of ₹64.95 Cr at Mar 2026, against cash and equivalents of ₹8,567 Cr.

What is the free cash flow of Bharat Electronics?

Cash from operations was ₹1,544 Cr in the year to Mar 2026; after capital spending, free cash flow was ₹561 Cr.

Loading…