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 2,877,494 - -
Change - 38.8% 106.51% 49.52% 33% -1.73% - -
Enterprise Value (EV) 1 438,628 633,592 1,363,187 2,108,345 2,844,765 2,743,152 2,713,300 2,654,244
Change - 44.45% 115.15% 54.66% 34.93% -3.57% -1.09% -2.18%
P/E 21.9x 23.7x 36.6x 41.7x 48.4x 41.3x 35.3x 30.4x
PBR 4.29x 5.25x 9.16x 11.2x 12.4x 10.1x 8.42x 7.07x
PEG - 0.8x 1.1x 1.3x 3.4x 2.7x 2.1x 1.9x
Capitalization / Revenue 3.35x 4.04x 7.3x 9.31x 10.7x 9.01x 7.76x 6.76x
EV / Revenue 2.86x 3.59x 6.76x 8.91x 10.4x 8.58x 7.31x 6.24x
EV / EBITDA 13.3x 15.7x 27.3x 31.2x 35.5x 29.8x 25.4x 21.5x
EV / EBIT 15x 17.4x 29.7x 33.3x 38x 31.8x 27x 22.9x
EV / FCF 12.2x 107x 34x -403x 556x 40.8x 47.7x 40.5x
FCF Yield 8.22% 0.94% 2.94% -0.25% 0.18% 2.45% 2.1% 2.47%
Dividend per Share 2 1.5 1.8 2.8 2.4 2.5 3.66 4.124 4.718
Rate of return 2.13% 1.85% 1.39% 0.8% 0.62% 0.93% 1.05% 1.2%
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 1 153,138 176,462 201,694 236,580 274,796 319,531 370,947 425,461
EBITDA 1 33,092 40,475 49,982 67,676 80,153 92,013 106,811 123,715
EBIT 1 29,291 36,396 45,857 63,320 74,914 86,249 100,403 115,721
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 -134,342 -164,194 -223,251
Reference price 2 70.28 97.55 201.45 301.20 400.60 393.65 393.65 393.65
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.($)
36.82x6.65x27.7x0.57% 326B
32.18x3x17.81x1.47% 261B
33.96x4.99x21.01x1% 161B
17.5x1.69x12.18x2.63% 123B
20.78x1.76x14.41x1.79% 95.38B
26.42x1.87x13.07x1.96% 76.61B
18.17x1.9x13.52x1.84% 74.92B
29.65x3.25x14.29x1.39% 54.15B
Average 26.93x 3.14x 16.75x 1.58% 146.58B
Weighted average by Cap. 29.86x 3.92x 19.38x 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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