Bharat Electronics BEL
Naval Shipbuilding & Defence Shipyards: Dominant defence electronics PSU - naval radars, sonar (HUMSA/USHUS), EW suites, combat management systems
Mapped in 6 themes: Nifty 50, Naval Shipbuilding & Defence Shipyards, Aerospace Component Manufacturing & MRO, 5G/6G Telecom Buildout, Rare-Earth Magnets (REPM) and Defence Procurement (DAC approvals).
Where Bharat Electronics sits in the supply chain
Bharat Electronics appears in 7 supply-chain layers across 5 themes: Naval Shipbuilding & Defence Shipyards, Aerospace Component Manufacturing & MRO, 5G/6G Telecom Buildout, Rare-Earth Magnets (REPM) and Defence Procurement (DAC approvals).
Naval Shipbuilding & Defence Shipyards › Naval Electronics, Sensors, Radar & Sonar
Direct supplierDominant defence electronics PSU - naval radars, sonar (HUMSA/USHUS), EW suites, combat management systems
Other companies in this layer
Aerospace Component Manufacturing & MRO › Avionics, Electronics, RF/Microwave & Mission Systems
Direct supplierLargest defence-electronics PSU - avionics, radar, EW and mission-systems integration across aircraft primes; JVs with Safran and Israel Aerospace Industries
Other companies in this layer
Aerospace Component Manufacturing & MRO › Systems Integration, Assembly EPC & Primes
Indirect supplierLargest defence-electronics PSU - avionics, radar, EW and mission-systems integration across aircraft primes; JVs with Safran and Israel Aerospace Industries
Other companies in this layer
5G/6G Telecom Buildout › Antennas, RF & Microwave Components
Direct supplierGrowing 5G/telecom RF-component business alongside its much larger defence-electronics base
Other companies in this layer
Rare-Earth Magnets (REPM) › Defence & aerospace
Indirect supplierDefence electronics major (radars, EW, missile subsystems) - a small, strategic magnet user
Other companies in this layer
Defence Procurement (DAC approvals) › Missiles & air defence
OperatorMain production agency for radars, EW, air-defence systems (Akash, QRSAM) and military communications
Other companies in this layer
Defence Procurement (DAC approvals) › Radars & electronic warfare
OperatorMain production agency for radars, EW, air-defence systems (Akash, QRSAM) and military communications
Other companies in this layer
Index membership
Bharat Electronics is in the Nifty 50 (NSE industry: Capital Goods).
Nifty 50 › Capital Goods
Revenue and profit
| ₹ Cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 20,268 | 23,769 | 27,610 |
| Net profit | 3,985 | 5,323 | 6,062 |
Latest-year revenue ₹27,610 Cr (FY26, company-wide). Wider screens show FY22 onwards.
Strengths · in Naval Shipbuilding & Defence Shipyards
- Anchor, vertically-integrated PSU supplier of naval radar, sonar and combat-management systems with the sector's best combination of scale and margin expansion, giving it incumbency across nearly every major naval electronics programme
Risks · in Naval Shipbuilding & Defence Shipyards
- Premium valuation already prices in continued scale and margin expansion
- Naval electronics is one of several defence verticals BEL serves - naval-specific revenue isn't separately broken out
Common questions
What does Bharat Electronics do?
In Naval Shipbuilding & Defence Shipyards: Dominant defence electronics PSU - naval radars, sonar (HUMSA/USHUS), EW suites, combat management systems. NextResearch maps it in 5 supply chains: Naval Shipbuilding & Defence Shipyards, Aerospace Component Manufacturing & MRO, 5G/6G Telecom Buildout, Rare-Earth Magnets (REPM) and Defence Procurement (DAC approvals).
Where does Bharat Electronics sit in the supply chain?
Bharat Electronics (NSE: BEL) is mapped in 7 supply-chain layers: Naval Electronics, Sensors, Radar & Sonar (Naval Shipbuilding & Defence Shipyards); Avionics, Electronics, RF/Microwave & Mission Systems (Aerospace Component Manufacturing & MRO); Systems Integration, Assembly EPC & Primes (Aerospace Component Manufacturing & MRO); Antennas, RF & Microwave Components (5G/6G Telecom Buildout); and 3 more.
Who are Bharat Electronics' peers?
In the Naval Electronics, Sensors, Radar & Sonar layer of Naval Shipbuilding & Defence Shipyards: Data Patterns (India), Astra Microwave Products, Paras Defence and Space Technologies, Apollo Micro Systems, DCX Systems, MTAR Technologies and 1 more.
What is Bharat Electronics' market cap and valuation?
As of 30 Oct 2026: market cap ₹2.69L Cr, P/E 43.8x, ROCE 36.4%, ROE 27.4%, dividend yield 0.68%.