BeaconCaps

Beacon Capital Advisors Private Limited | SEBI Registered Research Analyst | Reg. No. INH000021377 | BSE Enlistment No. 6605 | CIN U74999MH2021PTC359682 | Registered Office: 5W, 5th Floor, The Metropolitan, Block E, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra, 400051. | Tel: +91 88283 05996 | https://beaconcaps.com/

Investment in securities market is subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, enlistment with RAASB and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

SME Scorecard · BEL · as of Mar 2026

Bharat Electronics Ltd

Price
₹378.3
-2.35% · as of 07 Oct, 3:30 pm
Market cap
₹2,76,931 Cr
latest
P / E
45.1
trailing
52-week
377 – 473
low – high
Run the valuation reportFull data page
A
82/100
17 of 19 signals scored
Five pillars

Every signal, with the figure it came from.

Growth
weight 25
82
  1. Revenue CAGR, 3y
    ₹17,734 Cr (Mar 2023) → ₹27,610 Cr (Mar 2026).
    15.9%
    64
    Good
  2. Profit CAGR, 3y
    Net profit ₹2,986 Cr (Mar 2023) → ₹6,062 Cr (Mar 2026).
    26.6%
    100
    Good
  3. Latest quarter revenue YoY
    Jun 2026: ₹5,547 Cr vs Jun 2025: ₹4,440 Cr.
    24.9%
    83
    Good
Profitability
weight 25
96
  1. Return on equity
    Top-ratio ROE.
    27.4%
    100
    Good
  2. Return on capital employed
    Top-ratio ROCE.
    36.4%
    100
    Good
  3. Operating margin
    OPM for Mar 2026.
    29%
    97
    Good
  4. Margin trend
    OPM 23% (Mar 2023) → 29% (Mar 2026).
    +6.0 pp
    88
    Good
Balance sheet
weight 20
100
  1. Debt to equity
    Borrowings ₹65 Cr ÷ net worth ₹23,988 Cr (Mar 2026).
    0.0×
    100
    Good
  2. Interest cover
    (PBT ₹8,053 Cr + interest ₹10 Cr) ÷ interest, Mar 2026.
    806.3×
    100
    Good
  3. Debt growth vs revenue growth
    Borrowings are under 5% of net worth (Mar 2026).
    Negligible debt
    100
    Good
Cash conversion
weight 15
40
  1. Cash from operations ÷ profit, 3 FY
    CFO ₹6,764 Cr ÷ net profit ₹15,370 Cr, cumulative.
    0.4×
    37
    Flag
  2. Free-cash-flow-positive years of 3
    Mar 2026: ₹560 Cr · Mar 2025: ₹-444 Cr · Mar 2024: ₹4,015 Cr
    2 of 3
    67
    Watch
  3. Debtor days
    As of Mar 2026.
    170 days
    7
    Flag
  4. Accounting flags
    working-capital days rising.
    1 flag
    50
    Watch
Governance
weight 15
76
  1. Promoter holding
    Quarter ended Jun 2026.
    51.14%
    78
    Good
  2. Promoter holding change
    51.14% (Sep 2023) → 51.14% (Jun 2026).
    0.0 pp
    50
    Good
  3. Promoter pledge
    A pledge is only reported when one exists; none listed here, but this is not confirmation of zero.
    —
    —
    Not scored
  4. Institutional holding
    FII 18.02% + DII 21.02%, Jun 2026.
    39.04%
    100
    Good
  5. Auditor & related-party flags
    Not in the source data. Not scored; read the annual report.
    —
    —
    Not scored
Four lenses

The same card, read for each segment.

Pre-listing01
Founders benchmarking an issue

Benchmarking a listing against Bharat Electronics: the market pays 45.1× earnings for 15.9% revenue CAGR over 3 years at a 29% operating margin, with promoters holding 51.14%. Debt to equity of 0.0× is the leverage bar peers will compare a new issue against.

Retail02
Two numbers and the flags

Grade A (82/100). ROE 27.4% and debt to equity 0.0× are the two numbers to remember. No scored signal is flagged, which is rare; it still says nothing about price. Price sits 1% of the way up its 52-week range.

HNI03
Float and position sizing

Float check: promoters 51.14%, institutions 39.04%, public 9.82% across 26,04,298 shareholders on a ₹2,76,931 Cr market cap. Leverage and cash items to size for: Cash from operations ÷ profit 0.4×; Debtor days 170 days; Free-cash-flow-positive years 2 of 3.

Institutional04
Diligence priorities

Diligence priorities: Cash from operations ÷ profit 0.4×; Debtor days 170 days; Free-cash-flow-positive years 2 of 3. Auditor changes, related-party dealings and contingent liabilities are not scored here and need the filings.

How this score is built

Arithmetic, not opinion.

Five pillars, weighted Growth 25, Profitability 25, Balance sheet 20, Cash conversion 15, Governance 15. Each pillar is the plain average of its scored signals; the overall is the weighted average of scored pillars, renormalised when a pillar has nothing to score. Grades: A at 75 or above, B at 60, C at 45, D below.

Each signal maps a reported figure to 0–100 on a straight ramp between two anchors (for example ROE 0% → 0, 25% → 100) or, for trends, 50 ± a fixed amount per percentage point. There is no model, no weighting by sector, and no judgement call in the arithmetic.

Inputs are the reported tables: annual profit and loss, balance sheet, cash flow, ratios and the quarterly shareholding pattern. A promoter pledge is scored only when one is reported, so “not scored” there is not a clean bill. Auditor changes, related-party dealings and contingent liabilities are never in the input and are listed as not scored so the gap is visible. Banks and NBFCs use a different P&L layout, so several signals will show as not scored. Informational only — not investment advice.

General disclaimer

This report has been prepared by Beacon Capital Advisors Private Limited ("BCAPL") for the exclusive use of its clients who have accepted BCAPL's terms and conditions. It is not an offer or solicitation to buy or sell any security and may not be reproduced, redistributed or published, in whole or in part, without BCAPL's written consent. It does not take into account the investment objectives, financial situation or particular needs of any recipient, who should exercise independent judgement and seek professional advice before investing.

The report is based on information obtained from public and other sources believed reliable, but BCAPL makes no representation as to its accuracy or completeness. Opinions, estimates, target prices and projections are as of the report date, rest on stated assumptions, and are subject to change without notice. They are not assurances of returns. Any investment made on the basis of this report is subject to market risk, and there is no recourse to claim losses incurred on such investments. Past performance is not indicative of future results.

This report is not directed to, or intended for distribution to, any person in any jurisdiction where such distribution would be contrary to law or would subject BCAPL to any registration requirement.

BCAPL's affiliates may have business relationships with the subject company in capacities unrelated to research. BCAPL maintains information barriers and a conflict-of-interest policy under Regulation 26 and the SEBI general guidelines on conflicts of interest; research is not influenced by such relationships.

Grievances: [email protected]; SEBI SCORES at https://scores.sebi.gov.in; Smart ODR at https://smartodr.in.