Company Valuation: Bharat Electronics Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 513,756 713,069 1,472,555 2,201,705 2,928,297 2,785,026 - -
Change - 38.8% 106.51% 49.52% 33% -4.89% - -
Enterprise Value (EV) 1 438,628 633,592 1,363,187 2,108,345 2,844,765 2,641,285 2,620,832 2,561,775
Change - 44.45% 115.15% 54.66% 34.93% -7.15% -0.77% -2.25%
P/E 21.9x 23.7x 36.6x 41.7x 48.4x 40x 34.2x 29.4x
PBR 4.29x 5.25x 9.16x 11.2x 12.4x 9.73x 8.15x 6.84x
PEG - 0.8x 1.1x 1.3x 3.4x 2.6x 2x 1.8x
Capitalization / Revenue 3.35x 4.04x 7.3x 9.31x 10.7x 8.72x 7.51x 6.55x
EV / Revenue 2.86x 3.59x 6.76x 8.91x 10.4x 8.27x 7.07x 6.02x
EV / EBITDA 13.3x 15.7x 27.3x 31.2x 35.5x 28.9x 24.5x 20.7x
EV / EBIT 15x 17.4x 29.7x 33.3x 38x 30.9x 26.1x 22.1x
EV / FCF 12.2x 107x 34x -403x 556x 37.3x 46.1x 39.1x
FCF Yield 8.22% 0.94% 2.94% -0.25% 0.18% 2.68% 2.17% 2.56%
Dividend per Share 2 1.5 1.8 2.8 2.4 2.5 3.655 4.123 4.718
Rate of return 2.13% 1.85% 1.39% 0.8% 0.62% 0.96% 1.08% 1.24%
EPS 2 3.213 4.11 5.5 7.23 8.27 9.53 11.14 12.94
Distribution rate 46.7% 43.8% 50.9% 33.2% 30.2% 38.4% 37% 36.5%
Net sales 1 153,138 176,462 201,694 236,580 274,796 319,530 370,947 425,461
EBITDA 1 33,092 40,475 49,982 67,676 80,153 91,304 106,811 123,715
EBIT 1 29,291 36,396 45,857 63,320 74,914 85,468 100,403 115,721
Net income 1 23,489 30,067 40,200 52,882 60,485 69,662 81,392 94,652
Net Debt 1 -75,128 -79,477 -109,368 -93,361 -83,532 -143,741 -164,194 -223,251
Reference price 2 70.28 97.55 201.45 301.20 400.60 381.00 381.00 381.00
Nbr of stocks (in thousands) 7,309,779 7,309,779 7,309,779 7,309,779 7,309,779 7,309,779 - -
Announcement Date 5/23/22 5/20/23 5/20/24 5/19/25 5/19/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
37.21x6.72x27.98x0.57% 329B
32.4x3.02x17.92x1.46% 263B
33.35x4.9x20.62x1.02% 159B
17.37x1.68x12.1x2.65% 122B
21x1.78x14.56x1.77% 96.39B
18.17x1.9x13.52x1.84% 74.92B
25.31x1.8x12.57x2.04% 74.06B
29.21x3.2x14.07x1.41% 53.68B
Average 26.75x 3.12x 16.67x 1.59% 146.66B
Weighted average by Cap. 29.87x 3.93x 19.43x 1.36%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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