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 2,961,922 - -
Change - 38.8% 106.51% 49.52% 33% 1.15% - -
Enterprise Value (EV) 1 438,628 633,592 1,363,187 2,108,345 2,844,765 2,818,181 2,797,728 2,738,672
Change - 44.45% 115.15% 54.66% 34.93% -0.93% -0.73% -2.11%
P/E 21.9x 23.7x 36.6x 41.7x 48.4x 42.5x 36.4x 31.3x
PBR 4.29x 5.25x 9.16x 11.2x 12.4x 10.4x 8.67x 7.27x
PEG - 0.8x 1.1x 1.3x 3.4x 2.8x 2.2x 1.9x
Capitalization / Revenue 3.35x 4.04x 7.3x 9.31x 10.7x 9.27x 7.98x 6.96x
EV / Revenue 2.86x 3.59x 6.76x 8.91x 10.4x 8.82x 7.54x 6.44x
EV / EBITDA 13.3x 15.7x 27.3x 31.2x 35.5x 30.9x 26.2x 22.1x
EV / EBIT 15x 17.4x 29.7x 33.3x 38x 33x 27.9x 23.7x
EV / FCF 12.2x 107x 34x -403x 556x 39.8x 49.2x 41.8x
FCF Yield 8.22% 0.94% 2.94% -0.25% 0.18% 2.51% 2.03% 2.39%
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% 0.9% 1.02% 1.16%
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 97.55 201.45 301.20 400.60 405.20 405.20 405.20
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 23/05/22 20/05/23 20/05/24 19/05/25 19/05/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
42.52x8.82x30.87x0.9% 31.37B
39.63x7.13x29.61x0.53% 350B
33.3x3.1x18.37x1.42% 271B
34.88x5.13x21.59x0.97% 167B
17.24x1.67x12.01x2.67% 121B
21.14x1.79x14.65x1.75% 97.09B
25.16x1.81x12.71x2.03% 74.91B
17.75x1.86x13.22x1.89% 73.16B
30.22x3.32x14.61x1.36% 56.08B
Average 29.09x 3.85x 18.63x 1.5% 137.93B
Weighted average by Cap. 31.46x 4.27x 20.56x 1.31%

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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