# BEL (BEL) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/bel

## Current market snapshot

- Exchange: BSE
- Country: India
- Price: ₹380
- Change: +1.63%
- As of: 2026-10-13
- 1D return: +1.63%
- 5D return: -1.91%
- 1M return: -6.02%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-10-13_

### Technical Outlook

As of October 13, 2026, the stock is exhibiting a bearish trend on the daily and weekly timeframes, with price trading below key moving averages and the Supertrend indicator. This contrasts with a bullish Supertrend signal on the monthly timeframe, indicating mixed signals across different horizons. Daily trend conviction is established with an ADX of 27.35, but momentum appears weak, evidenced by negative slopes in short-term moving averages and a -6.0% return over the past month. The stock is positioned in the lower-middle part of its 50-day range (+34.9%) and near the lower end of its 252-day range (+17.3%).

Participation and risk are notable, with recent moderate anomalies showing high participation without clear direction. Annualized volatility stands at +28.0%, and the current drawdown is -18.9%. The nearest resistance is observed at ₹381.27 (0.33% above current price), while immediate support lies at ₹378.23 (0.46% below current price). A confirmed break above ₹381.27 could signal strengthening upward momentum, whereas a fall below ₹373.03 (1.83% below current price) would indicate further downside.

- Daily and weekly timeframes show a bearish trend, while the monthly timeframe shows a bullish Supertrend signal.
- Daily trend conviction is established (ADX 27.35), but momentum is weak with negative moving average slopes and a -6.0% monthly return.
- Annualized volatility is +28.0% with a current drawdown of -18.9%.
- Nearest resistance is at ₹381.27 (+0.33%), and nearest support is at ₹378.23 (-0.46%).
- A break above ₹381.27 could confirm strengthening upward momentum; a break below ₹373.03 would indicate further downside.

- Doji
- Harami
- Morning Star
- Hammer

### News Context

Bharat Electronics Ltd (BEL) has been highlighted in discussions regarding potential international security cooperation. On October 8, 2026, reports indicated that Colombia is seeking enhanced law-enforcement collaboration with India, specifically expressing interest in drone shield technology from BEL to combat drug trafficking. This development suggests potential international applications for BEL's defense technologies. Separately, BEL shares have experienced a decline over the past six months, with a 16% decrease reported by October 9, 2026. This contrasts with a 7% jump in the BSE Industrials index over the same period, though the broader Sensex saw a 5% decline. Analysts and experts are reportedly decoding whether a trend reversal is possible for this defense stock.

- On October 8, 2026, reports surfaced that Colombia is interested in BEL's drone shield technology for enhanced law-enforcement cooperation against drug trafficking.
- As of October 9, 2026, BEL shares have fallen 16% in the past six months.
- Over the same six-month period, the BSE Industrials index increased by 7%, while the Sensex decreased by 5%.
- Analysts are reportedly examining the possibility of a trend reversal for BEL shares, which have been described as a 'multibagger defence stock'.
- BEL was mentioned on October 8, 2026, in previews of Q2 results for defense stocks, alongside other industry players.

- [BEL shares down 16% in 6 months - Is a trend reversal in this multibagger defence stock on the cards? Experts decode](https://www.livemint.com/market/stock-market-news/bel-shares-down-16-in-6-months-is-a-trend-reversal-in-this-multibagger-defence-stock-on-the-cards-experts-decode-11791540651920.html)
- [BEL, Mazagon, HAL, Cochin Shipyard, Solar: check Q2 previews, price targets for defence stocks](https://www.businesstoday.in/markets/stocks/story/bel-mazagon-hal-cochin-shipyard-solar-check-q2-previews-price-targets-for-defence-stocks-560373-2026-10-08)
- [Colombia seeks deeper security ties with India to fight drug cartels | Today News](https://www.livemint.com/news/colombia-seeks-deeper-security-ties-with-india-to-fight-drug-cartels-11791366028228.html)
- [Market Today: Sensex Falls 429 Points, Nifty Ends Below 22,650; RBI Rate Hike, Crude Weigh](https://www.news18.com/business/markets/market-today-sensex-falls-429-points-nifty-ends-below-22650-rbi-rate-hike-crude-weigh-10371264.html)
- [HAL, BEL, BDL, Data Patterns, Azad, MIDHANI shares: Top 3 defence stock picks ahead of Q2 results](https://www.businesstoday.in/markets/stocks/story/hal-bel-bdl-data-patterns-azad-midhani-shares-top-3-defence-stock-picks-ahead-of-q2-results-560118-2026-10-07)

### What Changed

Bharat Electronics Limited (BEL) has reported a compliance certificate from its registrar, Integrated Registry Management Services Pvt. Ltd., dated October 12, 2026. This certificate confirms adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for securities dematerialized during the quarter ending September 30, 2026. The registrar verified that certificates were processed, mutilated, and cancelled, with depositories updated as registered owners within the stipulated 15-day period. Separately, the company's stock closed at ₹380.0 on October 13, 2026, an increase from its previous close of ₹373.9. The context remains that BEL is listed on the BSE.

- On October 12, 2026, BEL announced its registrar confirmed compliance with SEBI regulations for dematerialized securities for the quarter ending September 30, 2026.
- The stock closed at ₹380.0 on October 13, 2026.
- The previous closing price on October 12, 2026, was ₹373.9.

- [Bharat Electronics Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/BEL_12102026173613_Lettersigned.pdf)

### Official Filings

Bharat Electronics Limited (BEL) announced on October 13, 2026, that it has secured new orders totaling ₹533 Crore since its last update on September 17, 2026. These orders encompass a range of products and services, including communication equipment, avionics, cyber security solutions, drones, jammers, software solutions, upgrades, spares, and services. This follows a prior disclosure on September 17, 2026, where BEL reported receiving orders worth ₹648 Crore. Additionally, on September 29, 2026, CARE Ratings assigned BEL an Environmental, Social, and Governance (ESG) rating of 77.7. The company also confirmed compliance with SEBI (Depositories and Participants) Regulations, 2018, regarding securities dematerialization for the quarter ended September 30, 2026, as reported on October 12, 2026. BEL had previously announced a trading window closure effective October 1, 2026, in preparation for its financial results announcement.

- On October 13, 2026, BEL disclosed receiving new orders valued at ₹533 Crore.
- Prior order wins announced on September 17, 2026, amounted to ₹648 Crore.
- On September 29, 2026, CARE Ratings assigned BEL an ESG rating of 77.7.
- BEL confirmed compliance with SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026.
- The company's trading window was closed from October 1, 2026, pending financial results.

- [BHARAT ELECTRONICS LIMITED has informed the Exchange about Bagging/Receiving of orders/contracts (Sub-para 4-Para B) |SUBJECT: Bagging/Receiving of orders/contracts (Sub-para 4-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1254_WebXMLFile_20261013_152621609.xml)
- [Bharat Electronics Limited has informed the Exchange about Bagging/Receiving of orders/contracts |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/BEL_13102026153239_Lettersigned.pdf)
- [Bharat Electronics Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/BEL_12102026173613_Lettersigned.pdf)
- [Bharat Electronics Limited has informed the Exchange about ESG Rating. |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/BEL_30092026164929_Lettersigned.pdf)
- [Bharat Electronics Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 |SUBJECT: Trading Window](https://nsearchives.nseindia.com/corporate/BEL_28092026102208_LetterSigned.pdf)
- [BHARAT ELECTRONICS LIMITED has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_1254_WebXMLFile_20260928_104258354.xml)
- [BHARAT ELECTRONICS LIMITED has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_1254_WebXMLFile_20260928_104012685.xml)
- [Bharat Electronics Limited has informed the Exchange about Bagging/Receiving of orders/contracts |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/BEL_17092026164308_Lettersigned.pdf)
- [BHARAT ELECTRONICS LIMITED has informed the Exchange about Bagging/Receiving of orders/contracts (Sub-para 4-Para B) |SUBJECT: Bagging/Receiving of orders/contracts (Sub-para 4-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1254_WebXMLFile_20260917_165049170.xml)
- [BHARAT ELECTRONICS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1254_WebXMLFile_20260911_171715992.xml)

### Fundamentals

Bharat Electronics (BEL) reported a sequential decrease in both revenue and net profit for Q1 FY2026-27 compared to Q4 FY2025-26. Revenue from operations declined to ₹5,546.98 crore from ₹10,224.43 crore, while net profit fell to ₹1,054.53 crore from ₹2,226.35 crore over the same period. This sequential drop in profitability was accompanied by a reduction in expenses, including Other Expenses which decreased from ₹1,117.34 crore to ₹344.77 crore, and Finance Costs from ₹1.61 crore to ₹1.16 crore. Profit Before Tax also saw a sequential decrease, falling to ₹1,396.25 crore from ₹2,917.34 crore.

The company's operating trajectory shows a typical seasonal pattern with Q1 results being lower than the preceding Q4, which often includes year-end orders and revenue recognition. The sequential decline in revenue and profit is consistent with this pattern. The reduction in expenses, particularly 'Other Expenses', outpaced the revenue decline, suggesting some cost management. However, the profit conversion from revenue remains a key area to monitor, especially as the company moves into subsequent quarters.

- Revenue from operations sequentially decreased to ₹5,546.98 crore in Q1 FY2026-27 from ₹10,224.43 crore in Q4 FY2025-26.
- Net profit sequentially decreased to ₹1,054.53 crore in Q1 FY2026-27 from ₹2,226.35 crore in Q4 FY2025-26.
- Expenses, including 'Other Expenses', saw a sequential reduction in Q1 FY2026-27.
- The next checkpoint is to monitor revenue and profit trends in upcoming quarters to assess recovery from the seasonal Q1 dip.

### Bull Case

Bharat Electronics Ltd (BEL) is exploring enhanced security cooperation with Colombia, focusing on drone shield technology. This potential collaboration highlights BEL's role in international defense partnerships. While recent performance shows a 16% decline over the past six months and a 10% loss in the last year, contrasting with a 7% rise in the BSE Industrials index over the same six-month period, the company's long-term return since inception stands at a positive 29.3%. Technical indicators present a mixed picture, with a bearish daily trend and weekly trend, but a bullish monthly trend.

- Potential for enhanced security cooperation with Colombia, focusing on drone shield technology.
- Long-term return since inception is +29.3%.
- Monthly technical trend indicates a bullish signal.

- [BEL shares down 16% in 6 months - Is a trend reversal in this multibagger defence stock on the cards? Experts decode](https://www.livemint.com/market/stock-market-news/bel-shares-down-16-in-6-months-is-a-trend-reversal-in-this-multibagger-defence-stock-on-the-cards-experts-decode-11791540651920.html)
- [BEL, Mazagon, HAL, Cochin Shipyard, Solar: check Q2 previews, price targets for defence stocks](https://www.businesstoday.in/markets/stocks/story/bel-mazagon-hal-cochin-shipyard-solar-check-q2-previews-price-targets-for-defence-stocks-560373-2026-10-08)
- [Colombia seeks deeper security ties with India to fight drug cartels | Today News](https://www.livemint.com/news/colombia-seeks-deeper-security-ties-with-india-to-fight-drug-cartels-11791366028228.html)
- [Market Today: Sensex Falls 429 Points, Nifty Ends Below 22,650; RBI Rate Hike, Crude Weigh](https://www.news18.com/business/markets/market-today-sensex-falls-429-points-nifty-ends-below-22650-rbi-rate-hike-crude-weigh-10371264.html)
- [HAL, BEL, BDL, Data Patterns, Azad, MIDHANI shares: Top 3 defence stock picks ahead of Q2 results](https://www.businesstoday.in/markets/stocks/story/hal-bel-bdl-data-patterns-azad-midhani-shares-top-3-defence-stock-picks-ahead-of-q2-results-560118-2026-10-07)
- [BHARAT ELECTRONICS LIMITED has informed the Exchange about Bagging/Receiving of orders/contracts (Sub-para 4-Para B) |SUBJECT: Bagging/Receiving of orders/contracts (Sub-para 4-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1254_WebXMLFile_20261013_152621609.xml)
- [Bharat Electronics Limited has informed the Exchange about Bagging/Receiving of orders/contracts |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/BEL_13102026153239_Lettersigned.pdf)
- [Bharat Electronics Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/BEL_12102026173613_Lettersigned.pdf)
- [Bharat Electronics Limited has informed the Exchange about ESG Rating. |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/BEL_30092026164929_Lettersigned.pdf)
- [Bharat Electronics Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 |SUBJECT: Trading Window](https://nsearchives.nseindia.com/corporate/BEL_28092026102208_LetterSigned.pdf)

### Bear Case

Bharat Electronics (BEL) has experienced a notable decline in its share price over recent periods. The stock has fallen 16% in the last six months and 10% over the past year, contrasting with a 7% increase in the BSE Industrials index during the same six-month timeframe. Technical indicators on a daily basis suggest a bearish trend, with a negative EMA 20 slope of -7.66 and a bearish supertrend direction. The stock is currently trading below several key support levels, with the nearest identified at ₹378.23, representing a 0.46% decrease from the current price. Monthly technical indicators, however, show a bullish supertrend direction, indicating a divergence in trends across different timeframes.

- BEL shares have declined 16% in the last 6 months and 10% in the last year.
- Daily technical indicators show a bearish trend, with a negative EMA 20 slope of -7.66.
- The stock is trading below the nearest support level of ₹378.23.
- Monthly technical indicators currently indicate a bullish trend.

- [BEL shares down 16% in 6 months - Is a trend reversal in this multibagger defence stock on the cards? Experts decode](https://www.livemint.com/market/stock-market-news/bel-shares-down-16-in-6-months-is-a-trend-reversal-in-this-multibagger-defence-stock-on-the-cards-experts-decode-11791540651920.html)
- [BEL, Mazagon, HAL, Cochin Shipyard, Solar: check Q2 previews, price targets for defence stocks](https://www.businesstoday.in/markets/stocks/story/bel-mazagon-hal-cochin-shipyard-solar-check-q2-previews-price-targets-for-defence-stocks-560373-2026-10-08)
- [Colombia seeks deeper security ties with India to fight drug cartels | Today News](https://www.livemint.com/news/colombia-seeks-deeper-security-ties-with-india-to-fight-drug-cartels-11791366028228.html)
- [Market Today: Sensex Falls 429 Points, Nifty Ends Below 22,650; RBI Rate Hike, Crude Weigh](https://www.news18.com/business/markets/market-today-sensex-falls-429-points-nifty-ends-below-22650-rbi-rate-hike-crude-weigh-10371264.html)
- [HAL, BEL, BDL, Data Patterns, Azad, MIDHANI shares: Top 3 defence stock picks ahead of Q2 results](https://www.businesstoday.in/markets/stocks/story/hal-bel-bdl-data-patterns-azad-midhani-shares-top-3-defence-stock-picks-ahead-of-q2-results-560118-2026-10-07)
- [BHARAT ELECTRONICS LIMITED has informed the Exchange about Bagging/Receiving of orders/contracts (Sub-para 4-Para B) |SUBJECT: Bagging/Receiving of orders/contracts (Sub-para 4-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1254_WebXMLFile_20261013_152621609.xml)
- [Bharat Electronics Limited has informed the Exchange about Bagging/Receiving of orders/contracts |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/BEL_13102026153239_Lettersigned.pdf)
- [Bharat Electronics Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/BEL_12102026173613_Lettersigned.pdf)
- [Bharat Electronics Limited has informed the Exchange about ESG Rating. |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/BEL_30092026164929_Lettersigned.pdf)
- [Bharat Electronics Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 |SUBJECT: Trading Window](https://nsearchives.nseindia.com/corporate/BEL_28092026102208_LetterSigned.pdf)

### FAQs

**What has been Bharat Electronics Limited's (BEL) recent stock performance compared to market indices?**

In the last six months, BEL shares have declined by 16%. Over the past year, the shares have fallen by 10%. In comparison, the BSE Sensex has declined 5% in the same one-year period, while the BSE Industrials index has risen 7% over the same timeframe.

**What recent orders has BEL secured?**

Since its last disclosure on September 17, 2026, BEL has secured additional orders worth ₹533 Crore. These orders include communication equipment, avionics, cyber security solutions, drones, jammers, software solutions, upgrades, spares, and services. This information was submitted to the exchanges on October 13, 2026.

**What is BEL's current technical trend according to daily and weekly indicators?**

On a daily basis, technical indicators suggest a bearish trend, with the Supertrend direction indicated as 'bearish' and negative slopes for both the 20-day Exponential Moving Average (EMA) and Simple Moving Average (SMA).

**What is BEL's ESG rating?**

On September 29, 2026, CARE Ratings Limited assigned Bharat Electronics Limited an ESG Rating of 77.7.

- [BEL shares down 16% in 6 months - Is a trend reversal in this multibagger defence stock on the cards? Experts decode](https://www.livemint.com/market/stock-market-news/bel-shares-down-16-in-6-months-is-a-trend-reversal-in-this-multibagger-defence-stock-on-the-cards-experts-decode-11791540651920.html)
- [BEL, Mazagon, HAL, Cochin Shipyard, Solar: check Q2 previews, price targets for defence stocks](https://www.businesstoday.in/markets/stocks/story/bel-mazagon-hal-cochin-shipyard-solar-check-q2-previews-price-targets-for-defence-stocks-560373-2026-10-08)
- [Colombia seeks deeper security ties with India to fight drug cartels | Today News](https://www.livemint.com/news/colombia-seeks-deeper-security-ties-with-india-to-fight-drug-cartels-11791366028228.html)
- [Market Today: Sensex Falls 429 Points, Nifty Ends Below 22,650; RBI Rate Hike, Crude Weigh](https://www.news18.com/business/markets/market-today-sensex-falls-429-points-nifty-ends-below-22650-rbi-rate-hike-crude-weigh-10371264.html)
- [HAL, BEL, BDL, Data Patterns, Azad, MIDHANI shares: Top 3 defence stock picks ahead of Q2 results](https://www.businesstoday.in/markets/stocks/story/hal-bel-bdl-data-patterns-azad-midhani-shares-top-3-defence-stock-picks-ahead-of-q2-results-560118-2026-10-07)
- [BHARAT ELECTRONICS LIMITED has informed the Exchange about Bagging/Receiving of orders/contracts (Sub-para 4-Para B) |SUBJECT: Bagging/Receiving of orders/contracts (Sub-para 4-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1254_WebXMLFile_20261013_152621609.xml)
- [Bharat Electronics Limited has informed the Exchange about Bagging/Receiving of orders/contracts |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/BEL_13102026153239_Lettersigned.pdf)
- [Bharat Electronics Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/BEL_12102026173613_Lettersigned.pdf)
- [Bharat Electronics Limited has informed the Exchange about ESG Rating. |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/BEL_30092026164929_Lettersigned.pdf)
- [Bharat Electronics Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 |SUBJECT: Trading Window](https://nsearchives.nseindia.com/corporate/BEL_28092026102208_LetterSigned.pdf)
## Technical analytics

- As of: 2026-10-13
- Daily trend: Strong Downtrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹373.03
- Risk regime: Price Risk Requires Attention

### Support levels
- 369.8
- 361.2
- 269.05

### Resistance levels
- 402.22517662048335
- 406.057421875
- 415.8265625

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +1.63% |
| return_10 | -1.43% |
| return_1m | -6.02% |
| return_1y | -7.18% |
| return_20 | -6.02% |
| return_3m | -7.50% |
| return_5 | -1.91% |
| return_6m | -13.94% |
| return_since_start | +29.30% |
| return_ytd | -4.45% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -21.59% |
| annualized_volatility | +28.04% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Revenue Rises 25% Year Over Year, but Expense Growth Limits Profit Increase

Bharat Electronics Limited reported revenue from operations of ₹5,546.98 crore for the quarter ended 30 June 2026, a 24.94% increase from the same quarter last year. Total expenses grew 29.98%, leading to a net profit of ₹1,054.53 crore, up 8.82%.

## Revenue

Revenue from operations was ₹5,546.98 crore, compared to ₹4,439.74 crore in Q1 FY2025-26. This was a decline from the March 2026 quarter (₹10,224.43 crore).

## Expenses and Margins

Total expenses rose to ₹4,320.29 crore, a 29.98% increase from ₹3,323.70 crore in the prior-year quarter. Because expenses grew faster than revenue, profit margins narrowed.

The largest expense component was cost of materials consumed at ₹3,041.23 crore, representing 54.8% of revenue. Employee benefit expense was ₹792.84 crore (14.3% of revenue), and depreciation was ₹160.55 crore. Purchases of stock-in-trade amounted to ₹279.81 crore. Changes in inventories of finished goods, work-in-progress, and stock-in-trade reduced expenses by ₹300.07 crore, reflecting an increase in inventory levels. Other expenses fell 19.6% to ₹344.77 crore from ₹428.91 crore, partially offsetting the rise in other cost categories.

## Profitability

Profit before tax was ₹1,396.25 crore, up 9.14% from ₹1,279.36 crore in Q1 FY2025-26. Tax expense was ₹352.35 crore, an effective tax rate of 25.2% compared to 24.9% a year earlier. Net profit was ₹1,054.53 crore, with ₹1,054.34 crore attributable to equity holders and ₹0.19 crore to non-controlling interests. Finance costs were ₹1.16 crore, down from ₹1.44 crore in the prior-year quarter.

## Earnings Per Share

Basic and diluted earnings per share were ₹1.44, compared to ₹1.33 in Q1 FY2025-26, an increase of 8.27%. Equity share capital remained unchanged at ₹730.98 crore (face value ₹1 per share).

## Management Commentary

Bharat Electronics Limited (BEL) reported a strong Q1 FY27 with revenue from operations of Rs. 5,533.06 crore, a 25.27% increase YoY. Profit Before Tax stood at Rs. 1,402.83 crore (up 8.81%) and Profit After Tax at Rs. 1,048.33 crore (up 8.17%). The company's order book as of July 1, 2026 was robust at Rs. 72,258 crore, indicating sustained demand. The Board also approved a proposal to increase authorized share capital from Rs. 750 crore to Rs. 1,000 crore, subject to shareholder approval, signaling potential capacity expansion or strategic investments. Management assessed ongoing Israel conflicts and concluded no material financial impact on existing contracts.

## Key Takeaway

Revenue grew 24.94% year over year, while total expenses rose 29.98%, driven by higher material and employee costs. Net profit increased 8.82% to ₹1,054.53 crore. Finance costs remained low at ₹1.16 crore. Earnings per share rose to ₹1.44 from ₹1.33.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +51.14%
- FII holding: +18.02%
- DII holding: +21.02%
- Mutual fund holding: +14.99%
- Retail holding: +8.12%
- Promoter pledged: +0.00%

### Major reported shareholders

- PRESIDENT OF INDIA — +51.14%
- NPS TRUST- A/C HDFC PENSION FUND MANAGEMENT LIMITED SCHEME E - TIER I (VARIOUS SCHEMES) — +2.29%
- KOTAK FLEXICAP FUND - VARIOUS SCHEMES — +2.26%
- SBI NIFTY 50 ETF - VARIOUS SCHEMES — +2.13%
- CPSE EXCHANGE TRADED SCHEME - VARIOUS SCHEMES — +2.04%
- HDFC MUTUAL FUND - VARUOUS SCHEMES — +1.31%
- LIFE INSURANCE CORPORATION OF INDIA (VARIOUS SCHEMES) — +1.13%
- GOVERNMENT OF SINGAPORE — +1.11%
- MOTILAL OSWAL - VARIOUS SCHEMES — +1.07%
- ICICI PRUDENTIAL NIFTY ETF - VARIOUS SCHEMES — +1.04%

## Official filings

- 2026-10-13 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1254_WebXMLFile_20261013_152621609.xml)
- 2026-10-13 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEL_13102026153239_Lettersigned.pdf)
- 2026-10-12 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEL_12102026173613_Lettersigned.pdf)
- 2026-09-30 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEL_30092026164929_Lettersigned.pdf)
- 2026-09-28 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEL_28092026102208_LetterSigned.pdf)
- 2026-09-28 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_1254_WebXMLFile_20260928_104258354.xml)
- 2026-09-28 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_1254_WebXMLFile_20260928_104012685.xml)
- 2026-09-17 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEL_17092026164308_Lettersigned.pdf)
- 2026-09-17 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1254_WebXMLFile_20260917_165049170.xml)
- 2026-09-11 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1254_WebXMLFile_20260911_171715992.xml)
- 2026-09-11 — Management Change: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEL_11092026171507_Lettersigned.pdf)
- 2026-09-08 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEL_08092026155034_Lettersigned.pdf)
- 2026-09-02 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEL_02092026173219_Lettersigned.pdf)
- 2026-08-28 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEL_28082026195246_Lettersigned.pdf)
- 2026-08-28 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEL_28082026194601_Lettersigned.pdf)
- 2026-08-28 — Regulatory Filing: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/RESULT_VOTING_1718948_28082026080237_WEB.xml)
- 2026-08-26 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEL_26082026153621_Lettersigned.pdf)
- 2026-08-26 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1254_WebXMLFile_20260826_155032537.xml)
- 2026-08-19 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEL_19082026183127_Lettersigned.pdf)
- 2026-08-18 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1254_WebXMLFile_20260818_181901822.xml)
- 2026-08-18 — Management Change: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEL_18082026181609_Lettersigned.pdf)
- 2026-08-18 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1254_WebXMLFile_20260818_181957276.xml)
- 2026-08-13 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1254_WebXMLFile_20260813_175233822.xml)
- 2026-08-13 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEL_13082026174654_Lettersigned.pdf)
- 2026-08-13 — Generic Announcement: Bharat Electronics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1254_WebXMLFile_20260813_175133387.xml)

## News and market events

- 2026-10-13 — CNBC-TV18: **Bharat Electronics secures additional orders worth ₹533 crore since September 17** — Bharat Electronics Limited (BEL) has secured additional orders worth ₹533 crore since its last disclosure on September 17, 2026. The orders cover communication equipment, avionics, cybersecurity solutions, drones, jammers, software solutions, upgrades, spares and services. — [Source](https://www.cnbctv18.com/market/stocks/bharat-electronics-share-price-secures-additional-orders-worth-rs-533-crore-since-september-17-20010922.htm)
- 2026-10-09 — Mint: **BEL shares down 16% in 6 months - Is a trend reversal in this multibagger defence stock on the cards? Experts decode** — In the last one year, BEL shares have lost 10%. They have suffered a bigger loss of 16% in a shorter timeframe of 6 months. The Sensex has declined 5%, while the BSE Industrials has jumped 7% in the same period. — [Source](https://www.livemint.com/market/stock-market-news/bel-shares-down-16-in-6-months-is-a-trend-reversal-in-this-multibagger-defence-stock-on-the-cards-experts-decode-11791540651920.html)
- 2026-10-08 — BUSINESSTODAY: **BEL, Mazagon, HAL, Cochin Shipyard, Solar: check Q2 previews, price targets for defence stocks** — defence stocks, defence stocks India, defence stocks Q2FY27, defence sector stocks, defence stocks 2026, Kotak defence stocks,, BEL share price, HAL share price, Solar Industries share price, Mazagon Dock share price, Cochin Shipyard share price, Aequs share price, INDO-MIM share price, defence Q2 results, defence stocks Q2 results, defence sector outlook, India defence capex, Kotak defence stocks target price, Kotak defence stocks Q2FY27 preview, BEL HAL Solar Industries Q2FY27, Kotak target price for HAL BEL Mazagon Dock, defence sector stocks to watch Q2FY27 — [Source](https://www.businesstoday.in/markets/stocks/story/bel-mazagon-hal-cochin-shipyard-solar-check-q2-previews-price-targets-for-defence-stocks-560373-2026-10-08)
- 2026-10-08 — Mint: **Colombia seeks deeper security ties with India to fight drug cartels | Today News** — Colombia is eyeing enhanced law-enforcement cooperation with India to combat drug trafficking, focusing on drone shield technology from Bharat Electronics Ltd — [Source](https://www.livemint.com/news/colombia-seeks-deeper-security-ties-with-india-to-fight-drug-cartels-11791366028228.html)
- 2026-10-07 — News18: **Market Today: Sensex Falls 429 Points, Nifty Ends Below 22,650; RBI Rate Hike, Crude Weigh** — The BSE Sensex closes 429.11 points, or 0.59%, lower at 72,638.70, while the NSE Nifty ends at 22,603.05, down 173.05 points, or 0.76%. — [Source](https://www.news18.com/business/markets/market-today-sensex-falls-429-points-nifty-ends-below-22650-rbi-rate-hike-crude-weigh-10371264.html)
- 2026-10-07 — BUSINESSTODAY: **HAL, BEL, BDL, Data Patterns, Azad, MIDHANI shares: Top 3 defence stock picks ahead of Q2 results** — HAL share price, BDL share price, BEL share price, Astra Microwave share price, Solar Industries share price, defence stocks, Azad share price, MIDHANI share price — [Source](https://www.businesstoday.in/markets/stocks/story/hal-bel-bdl-data-patterns-azad-midhani-shares-top-3-defence-stock-picks-ahead-of-q2-results-560118-2026-10-07)
- 2026-10-07 — CNBC-TV18: **Here's what to expect from three major defence stocks in Q2** — The brokerage expects healthy defence order inflows to continue, with Defence Acquisition Council (DAC) approvals worth around ₹1.6 lakh crore so far in FY2027. Going ahead, execution of existing orders, fresh order inflows and a rising contribution from exports will remain key monitorables. — [Source](https://www.cnbctv18.com/market/hal-hindustan-aeronautics-bharat-dynamics-bel-shares-what-to-expect-from-three-major-defence-stocks-in-q2-20006620.htm)
- 2026-10-06 — BUSINESSTODAY: **BEL share price target: 4 'Buy' calls within week, among top defence stock picks** — BEL share price, BEL shares, BEL share price today, defence stock, defence stock to buy, defence news, defence shares, Bharat Electronics Ltd — [Source](https://www.businesstoday.in/markets/stocks/story/bel-share-price-target-4-buy-calls-within-week-among-top-defence-stock-picks-559821-2026-10-06)
- 2026-10-06 — CNBC-TV18: **Defence stock gets an upgrade from Kotak but execution risks temper return expectations** — Kotak Securities remains constructive on BEL, supported by a strong pipeline of large defence programmes, including Quick Reaction Surface-to-Air Missile (QRSAM), Advanced Combat Aircraft (AMCA) and naval programmes such as Project-75 India (P75I) and Next Generation Corvette (NGC). — [Source](https://www.cnbctv18.com/market/bharat-electronics-bel-share-price-kotak-upgrade-target-upside-key-risks-defence-stock-valuations-returns-20005449.htm)
- 2026-10-01 — News18: **Market Today: Sensex Falls 172 Points, Nifty Opens Below 22,600; Auto, Pharma Drag** — The domestic equity markets open lower on Thursday, October 1, with selling pressure visible across broader markets. — [Source](https://www.news18.com/business/markets/market-today-sensex-falls-172-points-nifty-opens-below-22600-auto-pharma-drag-10361957.html)
- 2026-09-30 — BUSINESSTODAY: **HAL share price: 43% upside! Tejas Mk1A delivery, ‘even one aircraft’, key re-rating trigger, says Jefferies** — HAL share price, HAL shares, HAL share price today, Hindustan Aeronautics, Tejas Mk1 — [Source](https://www.businesstoday.in/markets/stocks/story/hal-share-price-43-upside-tejas-mk1a-delivery-even-one-aircraft-key-re-rating-trigger-says-jefferies-558696-2026-09-30)
- 2026-09-28 — MONEYCONTROL: **Why isn't Hindustan Aeronautics making India's fifth-generation fighter jet? Top official explains** — Advanced Medium Combat Aircraft, India, India fifth generation plane, combat jet, fighter jet, Hindustan Aeronautics, defence secretary, rajesh kumar singh — [Source](https://www.moneycontrol.com/defence/why-isn-t-hindustan-aeronautics-making-india-s-fifth-generation-fighter-jet-top-official-explains-article-14040108.html)
- 2026-09-27 — Mint: **Cochin Shipyard, Voltas, BEL, Tata Steel, Axis Bank, Vedanta Aluminium: Top stocks to buy | Target, SL by Ganesh Dongre** — Indian stock market: Ganesh Dongre of Anand Rathi believes the Nifty 50 index may witness a period of sideways consolidation during the upcoming monthly expiry week — [Source](https://www.livemint.com/market/stock-market-news/cochin-shipyard-voltas-bel-tata-steel-axis-bank-vedanta-aluminium-top-stocks-to-buy-target-sl-by-ganesh-dongre-11790489265585.html)
- 2026-09-25 — News18: **Stock Market Open: Sensex Gains 86 Points, Nifty Above 23,090; IT Stocks Drag** — Stock Market Today, September 25: At 9:22 am, the BSE Sensex was at 73,666.99, up 86.45 points or 0.12%, the Nifty rose 30.85 points or 0.13% to trade at 23,093.95. — [Source](https://www.news18.com/business/markets/stock-market-open-sensex-gains-86-points-nifty-above-23090-it-stocks-drag-10351839.html)
- 2026-09-24 — Times of India: **DRDO set to go for mass production of 30kW laser weapon with 5km range, to select industry partner - The Times of India** — NEW DELHI: Defence Research and Development Organisation (DRDO) is set to go for mass production for its 30kW-class directed-energy weapon (DEW) or laser — [Source](https://timesofindia.indiatimes.com/defence/news/drdo-set-to-go-for-mass-production-of-30kw-laser-weapon-with-5km-range-to-select-industry-partner/articleshow/134459766.cms)
- 2026-09-23 — Mint: **HAL, Bharat Dynamics, BEML, BEL: Which defence stock to buy for maximum gains amid next expansion phase | Target price** — India's defence sector, led by HAL, BEL, and BEML, is set for growth backed by policy support and rising exports. Emkay Global forecasts production at  ₹1.8 trillion and exports at  ₹380 billion by 2025-26, with ambitious targets for 2026. — [Source](https://www.livemint.com/market/stock-market-news/hal-bharat-dynamics-beml-bel-which-defence-stock-to-buy-for-maximum-gains-amid-next-expansion-phase-target-price-11790147727801.html)
- 2026-09-23 — Times of India: **Bengaluru firm emerges L1 for army’s 600 software-defined radio order - The Times of India** — News News: BENGALURU: Bengaluru-based defence equipment manufacturer Alpha Design Technologies has emerged as the lowest bidder (L1) for an Indian Army requireme. — [Source](https://timesofindia.indiatimes.com/defence/news/bengaluru-firm-emerges-l1-for-armys-600-software-defined-radio-order/articleshow/134427329.cms)
- 2026-09-22 — Economic Times: **Helios Flexi Cap Fund trims exposure in HDFC Bank, RIL, 2 more stocks; hikes stake in Swiggy, Paytm and 26 others** — Helios Flexi Cap Fund reshuffled its portfolio in August, cutting exposure to HDFC Bank, Reliance Industries and other holdings while adding to Swiggy, Paytm and several other stocks. The fund also exited five stocks and added two new names. Its portfolio stood at 68 stocks across 26 sectors during the month. — [Source](https://economictimes.indiatimes.com/mf/analysis/helios-flexi-cap-fund-trims-exposure-in-hdfc-bank-ril-2-more-stocks-hikes-stake-in-swiggy-paytm-and-26-others/articleshow/134408988.cms)
- 2026-09-22 — BUSINESSTODAY: **HAL, BEL, BDL, BEML: Defence stocks to buy for 13-24% upside** — HAL share price, BEL share price, BDL share price, BEML share price, defence stock, stock to buy — [Source](https://www.businesstoday.in/markets/stocks/story/hal-bel-bdl-beml-defence-stocks-to-buy-for-13-24-upside-557054-2026-09-22)
- 2026-09-21 — NEWS.WEBINDIA123.COM: **Foreign Secy Misri, Japanese MPs discuss political and economic issues of shared interest** — Foreign Secretary Vikram Misri held a meeting with visiting Japanese Members of Parliament representing the ruling Liberal Democratic Party in New Delhi on Monday, where extensive discussions took place regarding political and economic matters of mutual concern. — [Source](https://news.webindia123.com/news/articles/world/20260921/4501686.html)
- 2026-09-21 — IANSLIVE.IN: **Foreign Secy Misri, Japanese MPs discuss political and economic issues of shared interest** — New Delhi, Sep 21 (IANS) Foreign Secretary Vikram Misri held a meeting with visiting Japanese Members of Parliament from the ruling-Liberal Democratic Party (LDP) in New Delhi on Monday, with discussions held on political and economic issues of shared interest. — [Source](https://ianslive.in/foreign-secy-misri-japanese-mps-discuss-political-and-economic-issues-of-shared-interest--20260921182852)
- 2026-09-20 — IANSLIVE.IN: **National News: Latest India Updates | IANS Live** — Latest national news from India, covering politics, economy, and breaking events. Stay updated with live headlines on IANS Live. — [Source](https://ianslive.in/category/national/1)
- 2026-09-20 — IANSLIVE.IN: **Japanese lawmakers visit Indian Institute of Science, ISRO in Bengaluru** — Bengaluru, Sep 20 (IANS) Japanese lawmakers visited the Indian Institute of Science (IISC), the Indian Space Research Organisation (ISRO), and Bharat Electronics Limited in Bengaluru as part of the India-Japan visit programme. — [Source](https://ianslive.in/japanese-lawmakers-visit-indian-institute-of-science-isro-in-bengaluru--20260920141212)
- 2026-09-19 — Mint: **Four aerospace stocks to watch as India builds its MRO industry** — Tax cuts and other policy changes are making India’s aircraft maintenance market more attractive, but listed exposure remains limited and mostly indirect. — [Source](https://www.livemint.com/market/stock-market-news/four-aerospace-stocks-to-watch-as-india-builds-its-mro-industry-11789731532873.html)
- 2026-09-18 — BUSINESSTODAY: **Bharat Electronics wins additional orders worth Rs 648 crore, check stock reaction** — BEL, BEL shares gain, BEL order book, BEL order win, BEL shares in news, BEL share price today, BEL order stock price today, BEL stock rise, BEL shares, BEL shares in focus — [Source](https://www.businesstoday.in/markets/stocks/story/bharat-electronics-reports-additional-orders-worth-rs-648-crore-check-stock-reaction-556370-2026-09-18)

## Business profile

**Strategic vision:** State-owned aerospace and defense electronics manufacturer and supplier.

### Business segments
- **Defense Electronics:** Encompasses the design, integration, and manufacture of air defense radars, sonar arrays, military communication networks, tank electronics, and electro-optical weapon sights.
- **Electronic Warfare & Avionics:** Produces flight control computers, radar warning receivers, cockpit displays, and vehicle-mounted radio jamming systems.
- **Non-Defense (Civil Electronics):** Develops and supplies EVMs, voting registers, cybersecurity software, and smart city management infrastructure.

### Competitive strengths
- State-owned entity operating under the Ministry of Defence
- Primary systems integrator for advanced electronic systems
- Technology transfer framework with Defence Research and Development Organisation (DRDO)

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## Freshness and sources

- Data as of: 2026-10-13
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/bel
Markdown representation: https://faxioms.com/stocks/bel?render=md