Broker’s call: BEL (Buy)

Target: ₹250

CMP: ₹201.45

Bharat Electronics Ltd (BEL) was founded in 1954 under the aegis of the Government of India’s Ministry of Defence, with a primary objective to fulfill the electronic equipment necessities of the defence sector.

The organisation is expanding its operations into diverse sectors beyond defense, particularly emphasizing energy storage products for electric vehicles (EVs), including both lithium-ion batteries and fuel cells, as well as the establishment of charging stations. In the fiscal year 2023, BEL’s defense segment constituted approximately 87 per cent of its total annual sales, while the non-defense segment accounted for around 11 per cent.

The contribution from non-defense activities fluctuated between 11 per cent and 20 per cent. The company’s objective is to increase the non-defense sector’s revenue share to 25 per cent by fiscal years 2024-2025.

BEL has been focusing on cost control and indigenization to improve the profitability. Company has been maintaining the ratio of current assets to current liabilities remains at around 1.5. The capital expenditure (Capex) for the first nine months has hovered around ₹400 crore, with projections indicating an increase to approximately ₹700 crore by the end of March ‘24.

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