Defense Sector: approx. 80%
Non-Defense Sector: approx. 20%

TOP 3 Markets:

1. India: approx. 70%
2. Middle East: approx. 15%
3. Southeast Asia: approx. 10%

Bharat Electronics Limited (BEL) generates the majority of its revenue from the defense sector, which is attributed to its strong position as the main supplier to the Indian Armed Forces. In addition to the defense sector, BEL has also diversified into the non-defense sector, accounting for about 20% of its revenues.

The Indian market is the main sales market for BEL, which is not surprising given the company's strong collaboration with the Indian government and the Ministry of Defense. The Middle East and Southeast Asia are also significant markets served through export contracts and international partnerships.

Production sites of Bharat Electronics Limited (BEL):

1. Bangalore, Karnataka
2. Ghaziabad, Uttar Pradesh
3. Pune, Maharashtra
4. Hyderabad, Telangana
5. Chennai, Tamil Nadu
6. Panchkula, Haryana
7. Kotdwara, Uttarakhand
8. Navi Mumbai, Maharashtra
9. Machilipatnam, Andhra Pradesh

Bharat Electronics Limited (BEL) is a leading Indian company in the field of defense electronics. It operates several production facilities throughout India specializing in the manufacturing of various electronic products and systems. These sites are strategically located across the country to maximize logistical efficiency and ensure proximity to key customers and suppliers. BEL produces a wide range of products including radar systems, communication equipment, electronic warfare systems, and much more.

Revenue growth: 18% (estimated for 2025)
Research and development investments: 10% of revenue (2024)

Bharat Electronics Limited (BEL) pursues a growth strategy that heavily relies on innovation and technological development. The company continuously invests in research and development to expand its product range and integrate state-of-the-art technologies. This particularly includes the field of defense electronics, where BEL aims to further strengthen its market leadership.

Another focus is on diversifying into new markets and sectors, including civilian electronics and renewable energies. BEL plans to enhance its international presence by forming partnerships and joint ventures with global companies. These strategic alliances are intended to facilitate access to new technologies and markets.

Additionally, BEL is focusing on digitizing its production processes to achieve efficiency gains and optimize its cost structure. These measures are expected to help secure the company's competitiveness in the long term and further promote revenue growth.

Main imported raw materials/components:

1. Electronic components
2. Semiconductors
3. Special metals

Main supplying countries:

1. China
2. USA
3. Germany

Bharat Electronics Limited (BEL) is a leading company in the defense and electronics industry in India. The company imports a variety of raw materials and components necessary for the production of their products. Electronic components and semiconductors are crucial for the manufacturing of communication systems and radar systems. These are mainly sourced from China and the USA, as these countries are leading in the production of such technologies.

Special metals, required for the production of precision devices and systems, are often imported from Germany, known for its high-quality metal processing. BEL is continuously working to reduce its dependency on imported materials by strengthening local supply chains and investing in research and development.

Revenue growth: 10.5% (2024)
EBITDA margin: 22.8% (2024)
Market share in India: approximately 65% (2024)

Bharat Electronics Limited (BEL) has a significant competitive advantage, especially in the Indian defense sector. The company benefits from its strong market position and a high market share of about 65% in India, which is supported by the Indian government and strategic partnerships with the military.

The EBITDA margin of 22.8% demonstrates an efficient cost structure and the ability to generate high profits from revenue. This is an indicator of the company's strong operational performance.

Additionally, BEL continuously invests in research and development to develop innovative technologies, further enhancing its competitiveness. The strong demand for defense electronics and the increasing focus on domestic production provide BEL with long-term growth opportunities.

Institutional Investor Share: 45% (estimated for 2025)

Insider Purchases: No significant purchases in the last 12 months

Insider Sales: Moderate, mainly for portfolio diversification

The institutional investor share in Bharat Electronics Limited is estimated to be around 45%, based on the latest available data and typical industry ratios. This share reflects the confidence of institutional investors in the company and its future development.

There have been no significant insider purchases in the last 12 months, which could indicate that insiders consider the current price level to be fair. Insider sales have been moderate and appear to mainly serve the purpose of diversifying insiders' personal portfolios, which is common in the industry.

Market share of Bharat Electronics Limited (BEL): 18% (estimated, 2025)

Main competitors and their market shares:

1. Hindustan Aeronautics Limited (HAL): 22%
2. Larsen & Toubro (L&T) Defence: 20%
3. Tata Advanced Systems: 15%
4. Mahindra Defence Systems: 12%
5. Bharat Dynamics Limited (BDL): 10%

Moat of Bharat Electronics Limited:

Bharat Electronics Limited (BEL) has a significant moat, mainly based on its close collaboration with the Indian government and military. These relationships provide BEL with a stable and continuous order flow, giving it a significant advantage over many competitors.

Another aspect of BEL's moat is its extensive experience and expertise in the development and manufacturing of electronics for the defense industry. This enables the company to offer specialized and high-quality products that are difficult to replicate.

In comparison, Hindustan Aeronautics Limited (HAL) also has a strong moat as the primary supplier to the Indian Air Force. Larsen & Toubro (L&T) Defence benefits from its broad industrial base and technological capabilities, while Tata Advanced Systems and Mahindra Defence Systems score points through their diversification and innovation.

Overall, BEL has a significant moat that keeps it in an advantageous position, although some competitors also possess strong competitive advantages in certain areas.

Revenue growth: 18% (2024) Profit growth: 16% (2024) Order backlog: 1.2 trillion INR (2024)

Bharat Electronics Limited (BEL) recorded strong revenue growth of 18% in 2024, driven by increasing demand for defense and electronics solutions. The company has strengthened its market position through strategic partnerships and the introduction of innovative technologies.

The order backlog of 1.2 trillion INR indicates solid demand for BEL's products and services, pointing to a stable future revenue source. This is particularly important in the defense industry, where long-term contracts and government orders play a crucial role.

Additionally, BEL has increased its investments in research and development to expand its product range and enhance efficiency. These strategic initiatives could further strengthen the company in the coming years and support profit growth.

Overall, the financial indicators and strategic initiatives suggest that BEL could be a promising investment, especially for investors interested in long-term growth opportunities in the defense sector.

Dividend Yield: 3.2% (2025, estimated)
Dividend History: Continuous payout in the last 5 years

Bharat Electronics Limited has regularly distributed dividends to its shareholders in recent years. The dividend yield for the year 2025 is estimated to be around 3.2%, based on current market prices and past payouts.

The company has a solid dividend history and is considered a reliable dividend payer. In the last five years, Bharat Electronics Limited has consistently paid dividends, indicating a stable financial performance and a strong balance sheet. Analysts expect the company to continue distributing dividends at a similar level in the future, provided there are no significant market changes or internal challenges.