Bharat Electronics Financial Statements

Name: Bharat Electronics Financials — historical data
Creator: StockeZee

For Mar 2026, Bharat Electronics reported revenue of ₹27,610 crore and net profit of ₹6,062 crore. Return on equity stands at 27.60%. Profit & loss, balance sheet and cash flow across 9 reported years are below.

Updated 31 Jul 2026Source: NSE & BSE company filingsNifty 50 constituent

Latest year revenue: ₹27,610 Cr
EBITDA: ₹8,049 Cr
Operating margin: 29.15%
Profit after tax: ₹6,062 Cr
Net margin: 21.96%
EPS: ₹8.29
Latest year: Mar 2026
Years reported: 9

Bharat Electronics profit & loss

Reported annual performance for Bharat Electronics, oldest to newest. Figures in ₹ crore unless a row states otherwise.

Bharat Electronics annual profit and loss statement. Figures in ₹ crore unless a row states otherwise.
Line item	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue from Operations	10,485	12,164	12,968	14,109	15,368	17,734	20,268	23,769	27,610
Sales Growth YoY %	—	16.01%	6.61%	8.8%	8.93%	15.4%	14.29%	17.27%	16.16%
Other Income	196	73	99	125	232	281	670	742	566
Total Income	10,681	12,237	13,067	14,234	15,600	18,015	20,938	24,511	28,176
Cost of Goods Sold (COGS)	5,519	5,944	7,097	7,826	8,897	9,828	10,576	12,187	14,033
Cost of Materials Consumed	4,648	5,316	5,897	6,718	8,124	9,393	10,509	12,578	13,882
Purchases of Stock-in-Trade	497	759	951	1,233	1,053	828	629	430	748
Changes in Inventories	375	-131	249	-125	-280	-393	-562	-821	-597
Gross Profit	4,966	6,220	5,870	6,283	6,471	7,907	9,692	11,582	13,577
Gross Margin %	47.36%	51.13%	45.27%	44.53%	42.11%	44.58%	47.82%	48.73%	49.17%
Total Operating Expenses	2,931	3,314	3,116	3,072	3,130	3,821	4,646	4,748	5,528
Employee Benefit Expense	1,788	1,895	2,075	1,956	2,128	2,317	2,489	2,761	3,116
Other Expenses	1,143	1,419	1,041	1,116	1,002	1,504	2,156	1,987	2,412
EBITDA	2,035	2,906	2,754	3,211	3,341	4,086	5,046	6,834	8,049
OPM %	19.41%	23.89%	21.24%	22.76%	21.74%	23.04%	24.9%	28.75%	29.15%
Total Non-Operating Expenses	274	351	375	394	406	444	450	477	562
Depreciation & Amortisation	272	338	372	387	401	429	443	467	556
Finance Costs	2	13	4	6	5	15	7	10	7
Profit Before Tax (PBT)	1,957	2,628	2,478	2,942	3,166	3,923	5,266	7,099	8,053
Tax Expense	550	780	686	872	812	983	1,323	1,812	2,029
Current Tax	450	804	717	802	914	857	1,387	1,768	2,064
Deferred Tax	100	-23	-31	71	-103	125	-64	44	-35
Effective Tax %	28.09%	29.69%	27.67%	29.66%	25.64%	25.05%	25.12%	25.52%	25.2%
Total Profit for Period	1,431	1,887	1,825	2,100	2,400	2,986	3,985	5,323	6,062
Less: Non-controlling Interests	-1	0	1	1	1	2	1	1	0
Net Profit (Owner's PAT)	1,432	1,886	1,824	2,099	2,399	2,984	3,985	5,321	6,062
Net Profit Margin %	13.65%	15.51%	14.06%	14.88%	15.61%	16.83%	19.66%	22.39%	21.96%
PAT Growth YoY %	—	31.76%	-3.32%	15.08%	14.29%	24.41%	33.51%	33.55%	13.92%
Earnings Per Share (EPS)	₹1.96	₹2.58	₹2.5	₹2.87	₹3.28	₹4.08	₹5.45	₹7.28	₹8.29
Diluted Shares Outstanding (Cr.)	731	731	731	731	731	731	731	731	731
Profit/Loss from Associates	24	39	32	30	46	46	42	36	39
Other Comprehensive Income (Net of Tax)	2	-41	-41	-88	-149	-166	-58	7	36
Expenses	8,724	9,609	10,589	11,292	12,433	14,092	15,672	17,412	20,123
Material Cost %	44.33%	43.7%	45.47%	47.61%	52.86%	52.96%	51.85%	52.92%	50.28%
Employee Cost %	17.05%	15.58%	16%	13.86%	13.85%	13.07%	12.28%	11.61%	11.28%
Other Cost %	10.91%	11.66%	8.03%	7.91%	6.52%	8.48%	10.64%	8.36%	8.74%
Interest Coverage (x)	805.25	201.42	661.83	443.2	582.13	244.62	644.71	657.68	1,113.47

Bharat Electronics revenue and profit trend

Reported annual revenue and net profit, oldest to newest. Two panels because the two measures live on different scales — one shared axis would distort both.

Bharat Electronics balance sheet

Assets, liabilities and shareholders' equity as reported, in Schedule III order. Figures in ₹ crore unless a row states otherwise.

Bharat Electronics annual balance sheet with assets, liabilities and equity. Figures in ₹ crore unless a row states otherwise.
Line item	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Equity	9,225	10,086	11,075	12,302	13,879	16,344	19,993	24,007
Equity Share Capital	244	244	244	244	731	731	731	731
Reserves & Surplus	8,968	9,828	10,816	12,042	13,131	15,595	19,243	23,257
Equity Method Investments	130	162	190	233	201	152	161	175
Total Equity	9,225	10,086	11,075	12,302	13,879	16,344	19,993	24,007
Non-Current Liabilities	1,147	1,397	1,586	2,027	1,046	1,156	1,086	1,271
Deferred Tax Liabilities	—	—	0	1	3	5	10	11
Non-Current Provisions	924	1,164	1,412	1,805	845	967	902	1,084
Other Non-Current Liabilities	5	1	—	—	—	60	—	—
Non-Current Financial Liabilities	31	50	8	72	65	5	73	85
Current Liabilities	10,449	12,866	16,832	19,581	20,566	22,027	19,753	19,260
Trade Payables	1,434	2,450	3,298	3,369	3,330	3,706	3,339	3,583
Current Financial Liabilities	2,490	3,289	4,261	4,331	4,623	5,023	4,710	5,167
Other Current Financial Liabilities	1,056	839	963	962	1,292	1,317	1,371	1,584
Other Current Liabilities	7,462	9,225	12,203	14,809	15,299	16,292	14,287	13,221
Current Provisions	481	335	350	424	628	695	740	854
Current Tax Liabilities	—	—	—	1	—	0	—	—
Total Liabilities	11,596	14,263	18,417	21,608	21,612	23,182	20,839	20,530
Total Non-Current Assets	4,946	5,610	5,776	6,617	5,443	5,464	5,974	6,481
Property, Plant & Equipment (PPE)	2,139	2,568	2,486	2,509	2,694	2,788	3,205	3,482
Capital Work-in-Progress	323	247	397	446	361	456	477	486
Intangible Assets	159	145	167	166	268	247	215	639
Investment Property	0	0	0	0	0	0	0	0
Non-Current Investments	834	948	1,116	1,339	449	531	582	625
Loans – Non-Current	27	32	34	7	7	7	7	8
Other Non-Current Assets	307	399	436	711	445	252	194	209
Non-Current Financial Assets	891	1,010	1,152	1,371	476	557	612	658
Net Fixed Assets	2,620	2,959	3,050	3,121	3,324	3,492	3,896	4,606
Total Current Assets	15,874	18,738	23,716	27,294	30,048	34,063	34,858	38,057
Inventories	4,443	3,958	4,968	5,592	6,448	7,447	9,119	10,176
Trade Receivables	5,374	6,724	6,562	6,108	7,033	7,392	9,116	12,876
Cash & Cash Equivalents	760	1,621	3,043	1,301	3,946	1,206	713	1,888
Loans – Current	16	17	16	1	2	1	1	2
Current Financial Assets	6,398	8,434	11,698	13,776	15,350	18,745	18,904	21,610
Other Current Assets	4,789	6,061	6,914	7,781	7,846	7,422	6,481	5,990
Other Current Financial Assets	36	32	47	103	203	294	241	160
Current Tax Assets	244	285	136	145	403	450	354	281
Net Working Capital	5,426	5,872	6,884	7,713	9,482	12,036	15,105	18,797
Additional Asset Fields	689	712	661	802	672	727	672	714
Def Govt Grants Curr	16	18	17	17	17	16	16	17
Def Govt Grants Nc	188	182	165	148	134	118	102	91
Def Tax Assets	472	499	463	621	504	575	535	587
Non Controlling Int	13	14	15	16	18	18	19	19
Total Assets	20,821	24,348	29,492	33,911	35,491	39,527	40,832	44,538
Current Ratio (x)	1.52	1.46	1.41	1.39	1.46	1.55	1.76	1.98

Bharat Electronics cash flow statement

Cash generated and used across operating, investing and financing activities. Figures in ₹ crore unless a row states otherwise.

Bharat Electronics annual cash flow statement across operating, investing and financing activities. Figures in ₹ crore unless a row states otherwise.
Line item	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Net Cash from Operating Activities	4,207	1,267	4,659	587	1,541
Profit Before Tax	3,166	3,923	5,266	7,099	8,053
Depreciation & Amortisation	401	429	443	467	556
Finance Costs	2	11	3	6	2
Working Capital Changes	1,658	-1,924	-304	-4,710	-4,559
Tax Paid	-804	-913	-1,418	-1,675	-2,021
Net Cash from Investing Activities	-4,872	2,691	-5,924	617	1,730
Purchase of PPE	-555	-590	-653	-1,011	-985
Sale of Fixed Assets	7	2	9	3	4
Interest Received	176	261	443	673	588
Net Cash from Financing Activities	-1,078	-1,313	-1,475	-1,696	-2,097
Proceeds from Borrowings	0	0	0	0	0
Repayment of Borrowings	0	0	0	0	0
Interest Paid	-3	-4	-4	-4	-7
Dividend Paid	-1,023	-1,243	-1,462	-1,681	-2,083
Buyback / Redemption of Shares	0	0	0	0	0
Lease Liabilities Paid	-2	-4	-6	-6	-7
Net Change in Cash	-1,742	2,645	-2,739	-493	1,175
Effect of Foreign Exchange Changes	0	0	0	0	0
Free Cash Flow	3,653	676	4,007	-425	556
CFO / PBT (x)	1.33	0.32	0.88	0.08	0.19

Bharat Electronics key ratios

Valuation, profitability, return, leverage and per-share measures computed from reported statements — not from adjusted or normalised earnings.

Bharat Electronics valuation, profitability, return and leverage ratios
Ratio	Category	Value
P/E (TTM)	Valuation	45.76
Forward P/E	Valuation	37.98
P/B	Valuation	11.72
PEG (TTM)	Valuation	1.65
EV / EBITDA (TTM)	Valuation	34.27
P/S (TTM)	Valuation	9.8
Operating margin	Profitability	29.2%
Net margin (TTM)	Profitability	22.29%
Return on equity	Return ratios	27.6%
Return on capital employed	Return ratios	36.5%
Return on assets	Return ratios	10.97%
Beta	Leverage & liquidity	1.29
EPS (TTM)	Per share	₹8.35
Book value	Per share	₹32.82
Revenue / share (TTM)	Per share	₹42.36
Cash flow / share	Per share	₹2.11
Dividend yield	Shareholder returns	1.12%
Dividend payout (TTM)	Shareholder returns	34.46%

How this is calculated

Statements are as filed with the exchanges. Consolidated figures are shown where reported. Figures are in rupees crore unless the table states otherwise. Ratios are computed from the same reported statements, not from adjusted or normalised earnings.

Index membership reflects the Nifty 100 as published by NSE Indices, effective 2026-03-30.

Bharat Electronics: frequently asked questions

What is Bharat Electronics's annual revenue?

Bharat Electronics reported revenue of ₹27,610 crore in Mar 2026, up 16.2% on the previous financial year.

Is Bharat Electronics profitable?

Bharat Electronics reported a net profit of ₹6,062 crore in Mar 2026, up 13.9% on the previous financial year.

What is Bharat Electronics's EPS?

Bharat Electronics reported earnings per share of ₹8.29 for Mar 2026.

What is Bharat Electronics's operating margin?

Bharat Electronics's operating margin for Mar 2026 was 29.15%.

What is Bharat Electronics's return on equity?

Bharat Electronics's return on equity stands at 27.60%. ROE measures profit generated per rupee of shareholder equity.

How many years of Bharat Electronics financials are shown?

9 reported financial years are tabulated on this page, the most recent being Mar 2026.

Are these figures consolidated or standalone?

Consolidated figures are shown wherever the company reports them, and standalone otherwise. The basis in use is labelled on the statement table.

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Disclaimer

The data, ratios and commentary about Bharat Electronics Ltd (BEL) on this page are published for educational and informational purposes only and are not investment, legal or tax advice. StockeZee is not a SEBI-registered investment adviser, research analyst or portfolio manager, and no content here should be construed as a recommendation to buy, hold or sell any security. Live and historical market data may be delayed, revised by the exchanges, or contain errors; figures sourced from third-party feeds and corporate disclosures may not always be current. Past performance is not indicative of future results, and equity investments carry the risk of capital loss. Before acting on anything you read here, please consult a SEBI-registered financial advisor and read all scheme-related documents carefully.