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 2,756,518 - -
Change - 38.8% 106.51% 49.52% 33% -5.87% - -
Enterprise Value (EV) 1 438,628 633,592 1,363,187 2,108,345 2,844,765 2,622,175 2,592,324 2,533,267
Change - 44.45% 115.15% 54.66% 34.93% -7.82% -1.14% -2.28%
P/E 21.9x 23.7x 36.6x 41.7x 48.4x 39.6x 33.9x 29.1x
PBR 4.29x 5.25x 9.16x 11.2x 12.4x 9.63x 8.07x 6.77x
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 8.63x 7.43x 6.47x
EV / Revenue 2.86x 3.59x 6.76x 8.91x 10.4x 8.21x 6.99x 5.95x
EV / EBITDA 13.3x 15.7x 27.3x 31.2x 35.5x 28.5x 24.3x 20.5x
EV / EBIT 15x 17.4x 29.7x 33.3x 38x 30.4x 25.8x 21.9x
EV / FCF 12.2x 107x 34x -403x 556x 39x 45.6x 38.7x
FCF Yield 8.22% 0.94% 2.94% -0.25% 0.18% 2.56% 2.19% 2.58%
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% 0.97% 1.09% 1.25%
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 1 153,138 176,462 201,694 236,580 274,796 319,531 370,947 425,899
EBITDA 1 33,092 40,475 49,982 67,676 80,153 92,013 106,811 123,661
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 97.55 201.45 301.20 400.60 377.10 377.10 377.10
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 23/5/22 20/5/23 20/5/24 19/5/25 19/5/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
39.57x8.21x28.5x0.97% 29.04B
36.07x6.64x27.8x0.57% 326B
32.11x3x17.79x1.47% 261B
26.79x1.79x13.25x1.71% 177B
-523.45x1.78x40.68x-.--% 150B
31.53x4.61x19.29x1.08% 150B
31.76x3.48x15.76x1.3% 148B
18.15x1.75x12.5x2.54% 127B
20.25x1.72x14.04x1.84% 92.99B
40.1x9.05x28.08x0.24% 88.12B
Average -24.71x 4.20x 21.77x 1.17% 154.93B
Weighted average by Cap. -22.93x 3.97x 21.67x 1.14%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Bharat Electronics Limited

Historical PBR trend

Valuation ratios - PBR - Bharat Electronics Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Bharat Electronics Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Bharat Electronics Limited


Year-on-year evolution of the Yield

Valuation ratios - Yield - Bharat Electronics Limited
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