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 2,821,575 - -
Change - 38.8% 106.51% 49.52% 33% -3.64% - -
Enterprise Value (EV) 1 438,628 633,592 1,363,187 2,108,345 2,844,765 2,687,232 2,657,381 2,598,324
Change - 44.45% 115.15% 54.66% 34.93% -5.54% -1.11% -2.22%
P/E 21.9x 23.7x 36.6x 41.7x 48.4x 40.5x 34.7x 29.8x
PBR 4.29x 5.25x 9.16x 11.2x 12.4x 9.86x 8.26x 6.93x
PEG - 0.8x 1.1x 1.3x 3.4x 2.7x 2.1x 1.8x
Capitalization / Revenue 3.35x 4.04x 7.3x 9.31x 10.7x 8.83x 7.61x 6.63x
EV / Revenue 2.86x 3.59x 6.76x 8.91x 10.4x 8.41x 7.16x 6.11x
EV / EBITDA 13.3x 15.7x 27.3x 31.2x 35.5x 29.2x 24.9x 21x
EV / EBIT 15x 17.4x 29.7x 33.3x 38x 31.2x 26.5x 22.5x
EV / FCF 12.2x 107x 34x -403x 556x 40x 46.7x 39.7x
FCF Yield 8.22% 0.94% 2.94% -0.25% 0.18% 2.5% 2.14% 2.52%
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% 0.95% 1.07% 1.22%
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 97.55 201.45 301.20 400.60 386.00 386.00 386.00
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.($)
41.24x8.57x29.76x0.93% 29.97B
38.32x6.92x28.97x0.55% 339B
31.41x2.94x17.43x1.51% 255B
34.95x5.09x21.36x0.98% 163B
17.05x1.65x11.9x2.7% 120B
19.82x1.68x13.76x1.87% 90.96B
25.73x1.83x12.75x2.01% 73.85B
17.59x1.85x13.13x1.9% 72.53B
28.79x3.16x13.9x1.43% 52.25B
Average 28.32x 3.74x 18.11x 1.54% 132.99B
Weighted average by Cap. 30.48x 4.15x 20.01x 1.35%

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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