Bharat Electronics Ltd - Stock Valuation and Financial Performance

BSE: 500049 | NSE: BEL | Defence | Large Cap

Bharat Electronics Share Price

278.90 -6.85 -2.40%
as on 21-Jan'25 16:59

DeciZen - make an informed investing decision on Bharat Electronics

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Semi Strong

Bharat Electronics stock performance -

P/E Ratio (SA):
45.97
Market Cap:
2,08,876.9 Cr.
52-wk low:
171.7
52-wk high:
340.4

Is Bharat Electronics Ltd an attractive stock to invest in?

1. Is Bharat Electronics Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Bharat Electronics Ltd is a good quality company.

2. Is Bharat Electronics Ltd undervalued or overvalued?

The key valuation ratios of Bharat Electronics Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Bharat Electronics Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Bharat Electronics Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Bharat Electronics:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Bharat Electronics Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % 19.7%20.6%24.7%25.4%32.2%26.3%28.5%27.8%31.3%36%-
Value Creation
Index
0.80.81.21.31.91.01.51.51.82.2-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 6,8437,3288,61210,32212,08512,92114,06415,31417,64620,16921,431
Sales YoY Gr.-7.1%17.5%19.9%17.1%6.9%8.8%8.9%15.2%14.3%-
Adj EPS 1.41.621.92.62.52.83.24.15.56.2
YoY Gr.-11.8%26.7%-7.4%39.2%-6.1%12.2%14.4%29.3%32.9%-
BVPS (₹) 1011.310.210.612.313.514.816.418.62223.8
Adj Net
Profit
1,1431,2721,5011,3781,9211,8052,0252,3193,0003,9824,547
Cash Flow from Ops. 1,3492,249-97.4-7891,4662,5335,1034,1611,0874,648-
Debt/CF from Ops. 00-0.5-0.1000000-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 12.8%10.8%12.8%14.3%
Adj EPS 15.9%15.7%25.3%32.9%
BVPS9.2%12.3%14.2%18.4%
Share Price 24.2% 51.4% 59.3% 44.3%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
15.315.118.218.122.919.119.620.423.526.927.2
Op. Profit
Mgn %
16.71819.616.922.519.522.421.522.423.926.4
Net Profit
Mgn %
16.717.417.413.415.91414.415.21719.721.2
Debt to
Equity
00000000000
Working Cap
Days
543443384429442463474470442412256
Cash Conv.
Cycle
30927927126523121618817116516194

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 27.20%

Sales growth is growing at healthy rate in last 3 years 12.77%

Net Profit is growing at healthy rate in last 3 years 25.31%

Sales growth is good in last 4 quarters at 17.07%

No data to display

Latest Financials - Bharat Electronics Ltd.

Standalone Consolidated
TTM EPS (₹) 6.2 6.2
TTM Sales (₹ Cr.) 21,431 21,555
BVPS (₹.) 23.8 24.2
Reserves (₹ Cr.) 16,669 16,929
P/BV 12.00 11.83
PE 45.97 46.01
From the Market
52 Week Low / High (₹) 171.70 / 340.35
All Time Low / High (₹) 0.17 / 340.35
Market Cap (₹ Cr.) 2,08,877
Equity (₹ Cr.) 731
Face Value (₹) 1
Industry PE 41

Quarterly Results

 Dec'23 YoY Gr. Rt. %Mar'24 YoY Gr. Rt. %Jun'24 YoY Gr. Rt. %Sep'24 YoY Gr. Rt. %
Sales (₹ Cr.) 4,120 1.88,529 32.14,199 19.64,583 14.8
Adj EPS (₹) 1.2 48.82.4 30.51.1 45.21.5 34.2
Op. Profit Mgn % 25.47 438 bps26.73 -153 bps22.31 338 bps30.29 514 bps
Net Profit Mgn % 21.59 710 bps20.91 -24 bps18.48 336 bps23.81 347 bps

Management X-Ray of Bharat Electronics:

Shareholding Pattern

JavaScript chart by amCharts 3.21.5
JavaScript chart by amCharts 3.21.5Promoters:51.14%Institutions:38.28%Non-Institutions:10.59%

Promoter's Holding & Share Pledging

JavaScript chart by amCharts 3.21.5Sep22Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec240%10%20%30%40%50%60%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Bharat Electronics

MRP
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MOS
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DP
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Base EPS
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DPS
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MRP: ₹ 0
DP: ₹0
Base EPS ₹:
DPS ₹:
MOS (%):
Expected EPS Growth Rate:
0%
Base 0%
50%
Expected Rate of Return:
0%
Base 0%
50%
Future PE:
0
Base 0
200
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max

Event Update

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Analyst's Notes

Bharat Electronics: Q1FY24 Result Update - 07 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

3,533

+12%

Order book position at Rs. 65,356 Cr

EBITDA

673

+29%

 

EBITDA Margin

19%

+240 bps

Improvement was led by efficiency in execution

PAT

11,120

47%

PAT growth aided by higher other income

Stellar performance. Management guidance on revenue growth (17%), order flow (20,000Cr) as well as margins (21-23%) provides good visibility of earnings growth.

 

Bharat Electronics: Valuation update - 30 Sep 2021

Event: Bharat Electronics (BEL) conducted analyst concall and shared new initiatives.

  • BEL shared that the company is seeing healthy pipeline for defence systems i.e. its core business. Besides, it is also targeting new avenues for growth where its existing capability and plants can be utilized, esp. Metros/Healthcare/Airport.
  • BEL expects 15,000 Cr to 17,000 Cr order inflows in FY22 and 20-22%+ operating margin profile. It expects to build order book in range of 5000 Cr from non-defence orders, which can provide it better growth opportunity.

 

Bharat Electronics: Quarterly Result update - 31 Jan 2020

Results: Bharat Electronics Ltd (BEL) reports year on year decline in sales by 18%. The operating profit declined by 54% year on year. The major drop in the sales was due to loss of certain projects on account of delay in customer clearances, obsolescence in input material, scope changes and non-readiness of project sites.

 Key highlights during the quarter:-      

  • Revenues were contributed by - Smart cities, Thermal Imager sights, Radar systems, Integrated Air Command and Control System and Long-Range Surface-to-Air Missile.
  • The order inflow was meagre and fell by 42% year on year. However, current order book stands at 55,000 crores which is 5x of TTM sales.
  • Key orders won during 3QFY20 include: AMC for Akash Missile systems, Coastal surveillance system and Repair facility for Navy.

Outlook: The management expects to realise all the deferred sales in 4QFY20 and maintains its FY20 revenue guidance of Rs.12,500 crores. Further, it expects recovery of profitability in the 4Q on back of higher execution. Due to higher customer advances, the cash balance increased during the quarter. BEL has managed its working capital well, despite continued delays in collections, with customer advances.

 

We had given a BUY on BEL in our Modi 2.0 report. The stock may have overreacted after the result and seen a major fall. This could be because of government selling pressure for CPSE ETF which has led to fall across all the PSU stocks. We believe that the downside risk in this stock is limited due to its 5x order book to sales and guidance of 10-12% CAGR over the long term. Since we are restricting amount of exposure we have to PSU companies, we are recommending BUY on Engineers India over BEL. If you're holding, retain small allocation only. 

Bharat Electronics Change in earnings power - 06 Sep 2018

The Ministry of Defence (MOD) has slashed the benchmark margin on prospective contracts awarded on a nomination basis to 7.5% for both the value-added and bought-out components (versus 12.5% permitted for value-added earlier).

What does it mean for BEL?

BEL executes two types of contracts. One that it obtains by bidding through tender route and other that it gets by nomination from the government. Former has better ROEs as pricing happens in bidding process and since internally BEL has better efficiencies, it can earn very good return on investment. However, the latter has lower margins and hence lower ROE.

Current policy indicates, profit margins would shrink thereby diluting overall ROE more in mid to low teens. The management has highlighted that the current order book won’t have lower margins but only future order inflow would come in at lower margins.

Current composition of order book doesn’t imply fall in profitability over next 2-3 years. But beyond that blended margins would be lower which could lead to fall in earnings power and hence would deserve lower PE ratio.

Again this would depend on how is the order book mix. Higher percentage of nomination orders would imply lower profits and vice versa. It is difficult to ascertain the same now. For now we are not reducing the valuation to gauge an extent of fall in earnings power. But we can’t buy the stock unless, we understand future order book composition. However, if the stock price falls to such an extent that it reflects worst possible profitability, we will consider buying it.

Currently, we advise you not to buy and wait for our new valuation after studying one or two quarters.

In past, we had recommended Buy on Bharat Electronics in Jan’14 on Rs.30/share and gave SELL on Rs. 100/share in Feb’2015.

Bharat Electronics - Macro Defense Story Intact - 12 Jul 2016

Order flow rising

BEL’s FY16 order flow has risen 3.3x (79%) YoY to Rs 17100 Cr and order book is up 50% YoY to Rs 32000 Cr. Management has indicated that strong order book growth is sustainable from a medium-term perspective. This lends future revenue visibility.

Macro defence story intact

Domestic manufacturing on a rise: New defence procurement policy introduced in March 2016 prioritises domestic content procurement v/s foreign purchases. As a result, 48% of the USD 28 billion ordering in the last 18 months will be manufactured domestically, vs. the last 5-7 year run-rate of 30% levels. Also, India’s defence foreign procurement has declined by 29% YoY in FY15 and 10% YoY in FY16.

Key takeaway

  • R&D spend has risen to an all-time high of 10% of sales in FY16. 12 new patents have been filed. Rs 600 Cr. FY16 capex gives confidence in management executing planned Rs 2000 Cr over 3-4 years for a missile facility and upgradation.
  • Electronic warfare systems, Akash Missiles, Advanced Composite Communication systems are expected to drive FY17E order flow.
  • USD12 bn Tactical Communication Systems is also listed as a potential order in FY17E, which could be a game-changer for BEL.
  • Lower revenue growth, as ramp-up esp. on the Rs 8000 Cr order air force may need time.
  • Reduced dependence on purchases and higher revenues from indigenous technology (86% vs. 80% YoY) has driven gross margins.

What can investors expect?

Rise in patent filings, R&D as a proportion of revenues, indigenous technology and capex for upgrading facilities are important signs in the right direction.

We expect BEL to maintain net profit margins of 17-18% vs. 19% in FY16, based on product mix linked revenue expectations. We expect it to maintain 13% 5 year CAGR earnings growth.We are, however, increasing our PE ratio to 18. We think this better reflect the companies monopoly status and higher capability, that will aloow it to capture opportunities in the defense sector of India. We recommend HOLD on the stock. Wait for our BUY/SELL signal to time your purchase and sell decision.

Key Ratios of Bharat Electronics

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Company Name CMP(₹)
Change ₹(%)
Market Cap
Net Sales (₹ Cr.)
Latest EPS (₹)
Net Profit Margin %
Latest P/E
Latest P/BV
Hindustan Aeron 4,051.9 -136.1 (-3.3%) Large Cap 30,381 127.4 25 32.9 9
Bharat Electronics 278.9 -6.9 (-2.4%) Large Cap 20,169 6.2 19.7 46 12

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales6,8437,3288,61210,32212,08512,92114,06415,31417,64620,169
Operating Expenses 5,6996,0136,9248,5769,36110,41810,90812,02313,68815,347
Manufacturing Costs196198165189188178378235194233
Material Costs3,7443,8204,3925,4815,9137,0797,7898,8739,80910,566
Employee Cost 1,2631,2571,5481,7721,8792,0571,9412,1092,2982,467
Other Costs 4957378191,1331,3811,1048018061,3872,082
Operating Profit 1,1441,3151,6871,7472,7232,5033,1563,2903,9584,822
Operating Profit Margin (%) 16.7%17.9%19.6%16.9%22.5%19.4%22.4%21.5%22.4%23.9%
Other Income 483597550457311333155256453936
Interest 68165157981812
Depreciation 154172192251316350366380408412
Exceptional Items 0000000000
Profit Before Tax 1,4671,7322,0291,9482,7032,4792,9353,1583,9855,335
Tax 2994254825497766858698099781,315
Profit After Tax 1,1671,3071,5481,3991,9271,7942,0652,3493,0074,020
PAT Margin (%) 17.1%17.8%18.0%13.6%15.9%13.9%14.7%15.3%17.0%19.9%
Adjusted EPS (₹)1.51.72.11.92.62.52.83.24.15.5
Dividend Payout Ratio (%)20%31%32%35%43%38%47%47%44%40%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 7,8948,9847,5097,7619,0199,85310,80811,98413,58216,082
Share Capital 80240223244244244244244731731
Reserves 7,8148,7447,2857,5178,7759,60910,56411,74112,85115,351
Minority Interest0000000000
Debt001733000000
Long Term Debt001733000000
Short Term Debt0000000000
Trade Payables1,1261,1611,3311,4011,4352,4253,2973,3663,3203,694
Others Liabilities 7,6867,5187,7688,8969,53811,13614,48517,47917,64918,805
Total Liabilities 16,70617,66316,62418,09219,99223,41428,59032,82934,55138,581

Fixed Assets

Gross Block2,4851,1471,6172,2203,0133,7954,1174,5345,0835,567
Accumulated Depreciation1,7141703626139291,2751,6382,0102,4112,808
Net Fixed Assets7719761,2551,6072,0842,5202,4802,5242,6722,759
CWIP 140430656833721683736859841891
Investments 193194609031,0191,1621,3311,554664768
Inventories3,3694,1324,8564,5514,4143,9104,9155,5406,4067,408
Trade Receivables3,7863,7124,3555,0505,3696,7336,5526,1037,0227,362
Cash Equivalents 5,8827,1653,7907398841,5585,0087,4998,00910,968
Others Assets2,7399291,2524,4095,5006,8497,5678,7508,9368,426
Total Assets 16,70617,66316,62418,09219,99223,41428,59032,82934,55138,581

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity 1,3492,249-97-7891,4662,5335,1034,1611,0874,648
PBT 1,4671,7322,0291,9482,7032,4792,9353,1583,9855,335
Adjustment -163-305-332108309320441256750964
Changes in Working Capital 3841251-1163-2193-78030122601550-2585-238
Tax Paid -338-429-649-677-767-568-532-802-1,063-1,413
Cash Flow From Investing Activity -842-1,4853,14841-854-639-2,569-4,8612,800-5,889
Capex -216-652-695-778-705-726-466-546-562-642
Net Investments -1,042-1,2373,526678-26347-2,161-4,4923,003-5,757
Others 4154053171411154158178359511
Cash Flow From Financing Activity -232-316-2,835-1,201-628-1,059-1,075-1,077-1,262-1,474
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 005017-33-25-8-4700
Interest Paid -10-12-1-12-3-6-5-15-7
Dividend Paid -220-296-677-819-546-979-1,023-1,023-1,242-1,462
Others -11-20-2,196-397-37-52-38-2-4-6
Net Cash Flow 275448216-1,948-168341,459-1,7772,625-2,715
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)15.6515.4918.7718.3322.9719.0119.9920.6123.5227.1
ROCE (%)19.7420.6224.7325.3832.2126.2928.4927.7831.3236.04
Asset Turnover Ratio0.420.450.530.60.630.60.540.50.520.55
PAT to CFO Conversion(x)1.161.72-0.06-0.560.761.412.471.770.361.16
Working Capital Days
Receivable Days211178161165157171172151136130
Inventory Days177178179165135118115125124125
Payable Days1131091049188100134137124121

Bharat Electronics Ltd Stock News

Bharat Electronics Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Bharat Electronics on 21-Jan-2025 16:59 is ₹278.9.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 21-Jan-2025 16:59 the market cap of Bharat Electronics stood at ₹2,08,876.9.
The latest P/E ratio of Bharat Electronics as of 21-Jan-2025 16:59 is 45.97.
The latest P/B ratio of Bharat Electronics as of 21-Jan-2025 16:59 is 12.00.
The 52-week high of Bharat Electronics is ₹340.4 and the 52-week low is ₹171.7.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bharat Electronics is ₹21,431 ( Cr.) .

About Bharat Electronics Ltd

From humble beginnings in 1954, when Bharat Electronics (BEL) was set up in association with CSF, France (now, Thales), to manufacture basic communication equipment, the company now produces a wide range of state-of-the-art equipment in fields such as Defence Communication, Radars, Naval Systems, C4I Systems, Weapon Systems, Homeland Security, Telecom & Broadcast Systems, Electronic Warfare, Tank Electronics, Electro Optics, Professional Electronic Components and Solar Photovoltaic Systems, BEL also provides turnkey system solutions. Civilian products from BEL include Electronic Voting Machines, Tablet PC, solar-powered traffic signal systems and Access Control Systems.

Starting from a single Unit in Jalahalli, Bangalore, the company has established its presence across the country by setting up eight other Units - in Ghaziabad, Pune, Machilipatnam, Panchkula, Kotdwara, Navi Mumbai, Chennai and Hyderabad. Each Unit has a specific product mix and customer focus. The company has also set up a wide network of offices and service centres countrywide as well as two overseas offices – at New York and Singapore. The company was established to meet the specialized electronic equipment requirements of the Indian Defence Services. While this continues to be its prime focus, the company has a significant presence in the civilian market, too. It exports some of its products and services to a number of countries as well.

Business area of the company

The company is an Indian state-owned aerospace and defence company. It is owned by the Indian Government and primarily manufactures advanced electronic products for the Indian Armed.

Awards

2009-10:

  • Raksha Mantri's Awards for Import Substitution, Design Efforts, Innovation and Best Performing Division among DPSUs.
  • Dun & Bradstreet Corporate Award 2009 in the category of Electrical and Electronic Equipment sector.
  • Indian Semiconductor Association Technovation Award for the Best Electronic Product of the Year 2010 for the Pre-shower 32 Channel Silicon Strip Detector supplied to CERN, Geneva, for the Big Bang Experiment.
  • SCOPE's Commendation Certificate for R&D, Technology Development & Innovation for the year 2007-08.
  • Ghaziabad Unit won the International Safety Award for the 18th time from the British Safety Council, UK.

2010-11:

  • BEL received Raksha Mantri Awards in the categories of Best Performing Division, Import Substitution, Design Effort and Innovation for the year 2008-09.
  • BEL won the Gold trophy for SCOPE Meritorious Award for Corporate Governance for the year 2009-10.
  • BEL won the Gold prize in the Heavy Industries category of DNA-Dainik Bhaskar India Pride Award (2010) for ‘Excellence in PSUs’.
  • BEL won the ELCINA-EFY Award for Excellence in Quality (first prize) for the year 2010-11.
  • ‘Gold Award’ for Advertisement & Appreciation for Corporate Film (Hindi) at the PRCI Annual Corporate Collateral Award (2011).

2011-12:

  • BEL received the Dun & Bradstreet-Rolta Corporate Award under the ‘Electrical and Electronic Equipment’ category for the year 2010.
  • BEL was conferred the PSE Excellence Award 2011 for R&D, Technology, Development & Innovation by the Department of Public Enterprises (DPE), Government of India, and Indian Chamber of Commerce in the Navratna category.
  • BEL won the Best Employer of Persons with Disabilities National Award for 2011.
  • BEL received the ‘Organization with Innovative Practices, 2012’ HR Leadership Award from the Institute of Public Enterprises.
  • BEL received the SCOPE Meritorious Award for R&D, Technology Development & Innovation for 2010-11; the SODET award for Technology Innovation - Gold Category and Broadcast Engineering Society Award for Disaster Warning System.

2012-13:

  • Businessworld International Business Award in the Electricals, Electronics & Machinery Category on May 28, 2012.
  • International Aerospace Awards on February 5, 2013. BEL received two awards--‘Most Influential Company of the Year’ and ‘Excellence in Exports’ at the second International Aerospace Awards organised by International Aerospace magazine.
  • Dun & Bradstreet-Rolta Corporate Award 2011 for the top Indian company in the Electrical & Electronic Equipment sector, on June 1, 2012.
  • Dalal Street ‘Most Efficient Navratna Manufacturing Unit’ Award at the 4th PSU Awards 2012 in March 2013.

2013-14:

  • BEL received the Raksha Mantri’s Awards for Excellence (2011-12) in four categories: ‘Best Performance in Exports’ (Institutional Award), ‘Indigenisation’ (Group/Individual Award), ‘Design Efforts’ and ‘Innovation’, on November 25, 2013.
  • Ghaziabad, Hyderabad, Machilipatnam and Navi Mumbai —won the ‘Strong Commitment to Excel’ recognition in the CII-EXIM Bank Award for Business Excellence.

2014-15:

  • Mentor Graphics Silicon India Leadership Award 2014 for ‘Best VLSI/Embedded Design in Defence/Aerospace Sector’.
  • SAP Award for Customer Excellence 2014.
  • SODET Gold Award for 2013-14 for ‘Technology Innovation’.

2015-16:

  • India Today PSU Awards: ‘Best Global Presence Award’, ‘Eco Friendly Award’ and ‘Best R&D Innovation Award.
  • Dun & Bradstreet ‘India’s Top PSUs Award 2015’, for the top Indian company in the Electrical & Electronic Equipment sector.
  • Digital India PSE of the Year Award at the 2nd IPSE Awards 2015 - India’s Public Sector Enterprises Awards for Excellence.
  • ELCINA-EFY Awards for Quality (1st prize in Large Scale category) and Exports (2nd prize in Large Scale category).

2016-17:

  • Dun & Bradstreet’s India’s Top PSU Award 2016 for Electricals & Electronics sector.
  • Dun & Bradstreet’s India’s Top 500 Company.
  • Governance Now PSU Award.
  • SAP Aerospace & Defence Award - Company of the Year.
  • First prize for Excellence in Suggestion Scheme Implementation for BEL’s Bangalore Complex.

2017-18:

  • Dun and Bradstreet India’s Top PSU Award 2017 in the Manufacturing: Medium and Light Engineering Sector category.
  • First prize in ‘Responsible Organisation Excellence Awards’ 2016-17 (PSU category) instituted by ASSOCHAM.
  • Six Raksha Mantri’s Awards for Excellence for the years 2014-15 and 2015-16: 2 awards for Indigenization; 2 awards for Design Effort; Best Performance in Export; Best Performing Division.

2019-20:

  • ‘Governance Now’ Awards for Research & Innovation, HR Excellence and Geo-Strategic Reach.
  • Indian Chamber of Commerce (ICC) PSE Excellence Awards for ‘R&D Excellence’, ‘Operational Performance Excellence’ and ‘Human Resources Management Excellence’.
  • Business World Digital India Award for ‘Best Initiative in Transport and Mobility’ in the Government sector for ‘SWAGAT’, the Automatic Fare Collection Gating System jointly developed by BEL & Centre for Development of Advanced Computing (CDAC).

Major events and milestones:

  • 2017: BEL Achieves Turnover of Rs 8,800 crore.
  • 2018: BEL signs MoU with L&T.
  • 2018: Eight new products were launched at stall at DEFEXPO 2018.
  • 2018: BEL achieves landmark turnover of more than Rs 10,000 crore.
  • 2018: BEL signs MoU with Mahindra Defence Systems.
  • 2018: BEL signs MoU with Mahindra Defence Systems.
  • 2018: BEL order book crosses Rs 50K Cr mark.
  • 2019: BEL signs MoU with Bharat Forge.
  • 2019: BEL signs MoU with Elettronica SpA (ELT).
  • 2019: BEL receives Export Order for $33 Million.
  • 2019: BEL signs MoU with JSR Dynamics for manufacture and sale of Glide Weapons and Light Weight Cruise missiles.
  • 2019: BEL signs Teaming Agreement with Hughes India for Helicopter Satcom Solutions.
  • 2019: BEL launches Atmospheric Water Generator Safe Drinking Water, Straight from the Air.
  • 2019: BEL, Elbit Systems sign TCA for Helmet Mounted Display System.
  • 2019: BEL inks MoU with TEL for growth in ammunition business.
  • 2020: BEL signs MoU with RailTel.
  • 2020: BEL signs MoU with Sigtech Wireless Technologies.
  • 2020: OFB signs MoU with BEL.
  • 2020: BEL signs MoU with Newspace & Research Technologies.
  • 2020: BEL and Tech Mahindra Collaborate to Design and Build Cutting Edge Digital Solutions for Aerospace & Defence.
  • 2020: BEL inks contract with MoD for Coastal Surveillance System, Phase-II.
  • 2020: BEL signs MoU with Indian Institute of Technology Madras (IITM).
  • 2020: BEL signs tripartite MoU with Elbit and GRSE for Unmanned Surface Vessels.
  • 2020: BEL achieves record turnover in excess of Rs 12,500 crore.
  • 2020: AAI, BEL sign MoU for co-operation in Civil Aviation industry.
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