BEL
Bharat Electronics Limited
Each stock's 10,000-path forecast, rendered as light.
Bharat Electronics Limited (BEL) Stock Analysis & Case Study
Is BEL a good buy? The data-driven verdict.
Bharat Electronics Limited (BEL) trades at ₹401,on the numbers it worth a closer look, a Downstox Snapshot Score of 60/100.
On the numbers, Bharat Electronics Limited (BEL) worth a closer look, a Downstox Snapshot Score of 60/100, weighing expensive at 47.7× earnings, ROE of 27.4%, a 64% model probability of trading higher in a year. Below: the full bull case, bear case, sector-relative valuation, and a probability-weighted price target for 2027-2031.
Last updated . Data snapshot for research, not investment advice.
BEL fundamentals at a glance, PE, PB, ROE, ROCE, market cap, dividend yield
How BEL ranks against the 2,373 companies in our screener
- BEL's market cap of 2.93L Cr ranks in the top 1% of the 2,373 NSE companies in our screener, as of 9 Aug 2026.
- BEL's book value of ₹33 ranks in the 25th percentile of the 2,373 NSE companies in our screener, as of 9 Aug 2026.
- BEL's promoter holding of 51.1% ranks in the 33rd percentile of the 2,373 NSE companies in our screener, as of 9 Aug 2026.
- BEL's 3-year profit (PAT) growth of 27.0% ranks in the 66th percentile of the 2,373 NSE companies in our screener, as of 9 Aug 2026.
- BEL's 3-year revenue growth of 16.0% ranks in the 65th percentile of the 2,373 NSE companies in our screener, as of 9 Aug 2026.
We do not hold a debt-to-equity ratio figure for BEL, as of 9 Aug 2026, so it is not ranked here.
Is BEL overvalued? BEL P/E vs its Defence
BEL's P/E of 47.7× sits above the Defence peer median of 35.5×, so on earnings it screens richer than peers, while its 0.62% dividend yield is below the peer median of 0.72%.
BEL share price target 2027, 2028, 2029, 2030, 2031, a probability view
Unlike a single guessed number, this is a probability-weighted range from a 10,000-path Monte-Carlo simulation on 9.8y of BEL history (24%/yr drift, 29%/yr volatility).
| Year | Low (P10) | Median target (P50) | High (P90) | Upside vs today |
|---|---|---|---|---|
| BEL 2027 | ₹307 | ₹445 | ₹646 | +11% |
| BEL 2028 | ₹293 | ₹494 | ₹832 | +23% |
| BEL 2029 | ₹289 | ₹548 | ₹1,039 | +37% |
| BEL 2030 | ₹291 | ₹608 | ₹1,271 | +52% |
| BEL 2031 | ₹298 | ₹675 | ₹1,532 | +68% |
Median (P50) is the central estimate; the P10-P90 band is the 80% confidence range. Probabilities, not promises.
What is the probability BEL goes up, or doubles?
The bull case for BEL
- BEL's return on equity of 27.4% ranks in the 92nd percentile of the 2,373 NSE companies in our screener, as of 9 Aug 2026.
- BEL's return on capital employed of 36.4% ranks in the top 4% of the 2,373 NSE companies in our screener, as of 9 Aug 2026.
- A 10,000-path probability model puts a 64% chance the price is higher in a year, with a median target of ₹445 (+11%).
- Upside scenario: the model's optimistic (P90) 3-year path reaches ₹1,039.
The bear case & risks
- BEL's P/E of 47.7x is lower than 28% of the 2,373 NSE companies in our screener, as of 9 Aug 2026.
- A steep 12.2× price-to-book means most of the value is intangible/expectations, not assets on the books.
- Downside scenario: the model's pessimistic (P10) 3-year path falls to ₹289.
BEL volatility & expected range, how bumpy is the ride?
Over the last 9.8 years BEL compounded at 24%/year with annualized volatility of 29%. That volatility implies a 1-year 80% range of ₹307-₹646, the honest backbone behind any single price target.
BEL price forecast, the full 60-month probability fan
BEL price probability fan
Each band shows where 10,000 simulated paths land. The wider the fan, the more uncertainty.
Probability of key outcomes
What are the odds BEL hits common targets within the simulated horizon?
Full multi-horizon detail on the BEL price target & forecast page.
BEL Piotroski F-Score: 6/8, how financially strong is it?
The Piotroski F-Score grades financial strength on profitability, leverage and efficiency checks. Downstox scores the eight checks it can verify from published filings, so 8 is full marks. BEL scores 6/8, mixed financial health.
BEL MTF margin & leverage across 11 brokers
Margin Trading Facility lets you buy BEL with part of the capital. Lower margin % = higher leverage. Rates compared across 11 brokers (no competitor publishes this):
| Broker | Margin required | Approx. leverage |
|---|---|---|
| Upstox | 25.27% | 4.0× |
| Zerodha | 24.50% | 4.1× |
| Groww | 24.54% | 4.1× |
| Dhan | 23.00% | 4.3× |
| Kotak NeoCHEAPEST | 21.74% | 4.6× |
| Paytm Money | 21.91% | 4.6× |
| Pocketful | 28.93% | 3.5× |
| Fyers | 30.30% | 3.3× |
| Anand Rathi | 28.74% | 3.5× |
| Bajaj Broking | 24.00% | 4.2× |
| Share India | 28.81% | 3.5× |
Compare every broker on the BEL MTF page.
BEL vs peers,Defence comparison
| Stock | P/E | Div yield | Market cap |
|---|---|---|---|
| BEL (this stock) | 47.7× | 0.62% | ₹2.93L Cr |
| HAL | 36.0× | 0.92% | ₹3.28L Cr |
| MAZDOCK | 35.5× | 0.72% | ₹1.01L Cr |
| COCHINSHIP | 55.8× | 0.49% | ₹39,980 Cr |
| RELIANCE | 24.2× | 0.45% | ₹18.06L Cr |
| TCS | 16.5× | 2.61% | ₹8.87L Cr |
| HDFCBANK | 14.3× | 1.78% | ₹11.26L Cr |
Fundamentals from Screener.in, as of 9 Aug 2026
About Bharat Electronics Limited: sector, index & market-cap context
Bharat Electronics Limited (BEL) is a large-cap NSE-listed company in the Defence sector, and a constituent of the Nifty 50 index, with a market capitalisation of ₹2.93L Cr. See more stocks on our screener.
How the BEL Snapshot Score & forecast are built
The Downstox Snapshot Score is a transparent, rules-based read of Bharat Electronics Limited's public fundamentals plus a statistical forecast, not an analyst opinion. It rewards low-to-fair valuation, high ROE/ROCE, a strong Piotroski F-Score, a dividend, low volatility and a favourable probability of upside; it penalises rich valuations, weak capital efficiency, a low F-Score and high volatility. The price target is a 10,000-path Monte-Carlo simulation on real historical volatility, a distribution, not a single guess. The bull and bear cases are generated from the same data, so you always see both sides.
This is information, not investment advice. Do your own due diligence and consult a SEBI-registered adviser before investing.
BEL analysis, FAQs
Is Bharat Electronics Limited (BEL) a good buy?
On the numbers, Bharat Electronics Limited (BEL) worth a closer look, a Downstox Snapshot Score of 60/100, weighing expensive at 47.7× earnings, ROE of 27.4%, a 64% model probability of trading higher in a year. This is a data snapshot for research, not investment advice.
Is BEL overvalued or undervalued?
BEL trades at 47.7× earnings versus a peer median of 35.5×, so it screens richer than its Defence peers.
What is the BEL share price target for 2031?
BEL's probability-weighted 2031 median target is ₹675, with an 80% range of ₹298-₹1,532 (10,000-path Monte-Carlo).
What is the probability BEL doubles in 5 years?
The modelled probability of BEL reaching ₹802 (2×) within 5 years is 39%.
What is the bull case for BEL?
BEL's return on equity of 27.4% ranks in the 92nd percentile of the 2,373 NSE companies in our screener, as of 9 Aug 2026. BEL's return on capital employed of 36.4% ranks in the top 4% of the 2,373 NSE companies in our screener, as of 9 Aug 2026. A 10,000-path probability model puts a 64% chance the price is higher in a year, with a median target of ₹445 (+11%).
What are the risks in BEL?
BEL's P/E of 47.7x is lower than 28% of the 2,373 NSE companies in our screener, as of 9 Aug 2026. A steep 12.2× price-to-book means most of the value is intangible/expectations, not assets on the books.