Company Valuation: Bharat Electronics Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 513,756 713,069 1,472,555 2,201,705 2,928,297 2,803,300 - -
Change - 38.8% 106.51% 49.52% 33% -4.27% - -
Enterprise Value (EV) 1 438,628 633,592 1,363,187 2,108,345 2,844,765 2,668,958 2,639,106 2,580,049
Change - 44.45% 115.15% 54.66% 34.93% -6.18% -1.12% -2.24%
P/E 21.9x 23.7x 36.6x 41.7x 48.4x 40.2x 34.4x 29.6x
PBR 4.29x 5.25x 9.16x 11.2x 12.4x 9.8x 8.2x 6.89x
PEG - 0.8x 1.1x 1.3x 3.4x 2.6x 2x 1.8x
Capitalization / Revenue 3.35x 4.04x 7.3x 9.31x 10.7x 8.77x 7.56x 6.59x
EV / Revenue 2.86x 3.59x 6.76x 8.91x 10.4x 8.35x 7.11x 6.06x
EV / EBITDA 13.3x 15.7x 27.3x 31.2x 35.5x 29x 24.7x 20.9x
EV / EBIT 15x 17.4x 29.7x 33.3x 38x 30.9x 26.3x 22.3x
EV / FCF 12.2x 107x 34x -403x 556x 39.7x 46.4x 39.4x
FCF Yield 8.22% 0.94% 2.94% -0.25% 0.18% 2.52% 2.16% 2.54%
Dividend per Share 2 1.5 1.8 2.8 2.4 2.5 3.66 4.124 4.718
Rate of return 2.13% 1.85% 1.39% 0.8% 0.62% 0.95% 1.08% 1.23%
EPS 2 3.213 4.11 5.5 7.23 8.27 9.53 11.14 12.94
Distribution rate 46.7% 43.8% 50.9% 33.2% 30.2% 38.4% 37% 36.5%
Net sales 1 153,138 176,462 201,694 236,580 274,796 319,531 370,947 425,461
EBITDA 1 33,092 40,475 49,982 67,676 80,153 92,013 106,811 123,715
EBIT 1 29,291 36,396 45,857 63,320 74,914 86,249 100,403 115,721
Net income 1 23,489 30,067 40,200 52,882 60,485 69,662 81,392 94,652
Net Debt 1 -75,128 -79,477 -109,368 -93,361 -83,532 -134,342 -164,194 -223,251
Reference price 2 70.28 97.55 201.45 301.20 400.60 383.50 383.50 383.50
Nbr of stocks (in thousands) 7,309,779 7,309,779 7,309,779 7,309,779 7,309,779 7,309,779 - -
Announcement Date 5/23/22 A 5/20/23 A 5/20/24 A 5/19/25 A 5/19/26 A - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
36.04x6.61x27.72x0.58% 324B
30.78x2.88x17.1x1.54% 250B
25.64x1.7x12.68x1.79% 171B
34.48x5.02x21.07x0.99% 161B
33.5x3.67x16.66x1.23% 157B
-685.49x1.73x39.15x-.--% 147B
16.71x1.63x11.69x2.75% 118B
41.07x9.26x28.73x0.23% 90.2B
19.53x1.66x13.56x1.9% 89.64B
Average -49.75x 3.80x 20.93x 1.22% 167.6B
Weighted average by Cap. -38.97x 3.96x 21.47x 1.16%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

  1. Stock Market
  2. Stocks
  3. BEL Stock
  4. BEL Stock
  5. Valuation Bharat Electronics Limited