Fundamental Analysis of Bharat Electronics Limited

Fundamental Analysis of Bharat Electronics Limited
Case Code: FINC211
Case Length: 15 Pages
Period: -
Pub Date: 2024
Teaching Note: Available
Price: Rs.400
Organization: Bharat Electronics Limited
Industry: Aerospace & Defense
Countries: India
Themes: Financial Analysis, Business Environment, Valuation
Fundamental Analysis of Bharat Electronics Limited
Abstract Case Intro 1 Case Intro 2 Excerpts


India’s Defense Industry

India’s Finance Minister, Nirmala Sitharaman in her budget speech in February 2023, announced an increase in budget allocations to the defense sector to Rs.5940 bn for 2023-24 from Rs. 5250 bn the previous year..

GOI’s Initiatives and Bilateral Agreements

In July 2022, the Defence Acquisition Council (DAC) approved proposals worth Rs.2,873,200 mn for the procurement of arms under the buy (Indigenously Designed, Developed and Manufactured-IDDM) and buy (Indian) categories..

Private Sector in Indian Defense

In May 2001, the Indian defense industry was opened up to 100% to the private sector. By 2021, 539 industrial licenses had been issued to 333 private companies. Of these, 110 companies commenced operations..

BEL Profile

Post-independence, the GoI’s industrial policy to establish infrastructure to manufacture critical products led to the genesis of Bharat Electronics Limited (BEL) in 1954. It was set up under the Ministry of Defence..


The company diversified into the production of many civilian products and offered large turnkey telecommunication solutions to the civilian market..

Research and Development

BEL commenced its research & development (R&D) activities in 1958, to ensure self-sufficiency in defense and professional electronics..


BEL reported a record turnover of Rs.173,330 mn in FY2022-23, with 75% of this coming from indigenously developed products..

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