Bharat Electronics Ltd Q3 FY25 Results: Profit Surges 52.51% YoY to ₹1,310.95 Crore

Bharat Electronics Ltd Q3 FY25 Results: Profit Surges 52.51% YoY to ₹1,310.95 Crore

Bharat Electronics Ltd: Overview 

Bharat Electronics Ltd. (BEL) is a leading public sector enterprise in India, primarily focused on the design, development, and manufacturing of electronic products for the defence and aerospace sectors. Established in 1954, BEL is a pioneer in the development of state-of-the-art electronic products and systems for defence, communication, and surveillance, among other sectors. The company has diversified into various business areas, including radar systems, sonar systems, communication equipment, and tactical systems. As an integral player in India’s defence and security infrastructure, BEL collaborates with the Ministry of Defence (MoD) and other government bodies to manufacture cutting-edge electronic systems. The defence sector remains the backbone of BEL’s operations, with a significant portion of its revenue generated through defence contracts. However, the company has also been increasingly focusing on non-defence sectors such as civilian electronics, smart cities, and renewable energy, positioning itself to tap into the growing demand for advanced electronics in India’s infrastructure development. The outlook for BEL is favourable, driven by the continued modernization of India’s defence capabilities, increasing government spending on defence technologies, and a growing emphasis on “Make in India” initiatives. The global defence and aerospace industries also present ample opportunities for growth, as BEL continues to expand its footprint beyond India’s borders. The industry is likely to witness further technological advancements, creating environment for BEL’s continued growth and innovation in electronic systems. 

Latest Stock News 

Bharat Electronics Limited (BEL) has secured additional orders worth ₹531 crore since its last disclosure on January 13, 2025. The major orders include an advanced composite communication system for ships, communication equipment, medical electronics, electro-optics, and active radar homing heads for missiles, classroom jammers, spares, and services. With these new orders, BEL’s total accumulated orders for the current financial year now stand at ₹10,893 crore. The company’s revenue composition remains heavily skewed towards the Defence sector, contributing 90%, while the non-Defence segment accounts for the remaining 10%. As the largest Defence electronics company in India, BEL is well-positioned to secure a higher market share in upcoming Defence tenders. Bharat Dynamics Limited (BDL), which specializes in missile production, has been facing challenges related to the supply of electronic components, and BEL is now considering leveraging its in-house R&D capabilities to support BDL. In the current financial year, BEL is set to execute LRSAM orders worth ₹1,600 crore, with an additional ₹2,000-3,000 crore to be executed over the next four to five years. Furthermore, in the next two months, BEL is on track to secure orders worth ₹11,000 crore, which are currently in progress, bringing it closer to achieving its order book target of ₹25,000 crore for the financial year. 

Business Segments

• Defence Electronics: The Defence Electronics segment is the cornerstone of BEL’s business, contributing a substantial portion to its revenue. BEL designs and manufactures a wide range of systems such as radar systems, sonar systems, communication equipment, and avionics for the Indian Armed Forces. As India’s defence modernization program accelerates, the demand for sophisticated defence electronics continues to rise, providing BEL with numerous opportunities to expand its product portfolio and improve operational capabilities. 

• Aerospace: The Aerospace segment at BEL focuses on providing specialized electronic systems for both defence and civilian aerospace applications. The company manufactures components for aircraft and satellite systems, along with radar and avionics systems used in airborne platforms. BEL’s expertise in aerospace electronics has positioned it as a key player in India’s space mission projects, where it contributes to the development of satellite systems and ground support equipment. 

• Communication Systems: BEL’s Communication Systems segment is responsible for developing a wide array of advanced communication equipment, including tactical communication systems, secure communication solutions, and satellite communication devices. This segment plays a crucial role in providing communication solutions for defence, law enforcement, and public safety sectors. 

• Electronic Warfare & Surveillance: BEL is a leading provider of electronic warfare systems and surveillance technologies to the Indian Armed Forces. This segment specializes in radar systems, intelligence gathering, and countermeasure technologies that enhance defence capabilities. The company continues to innovate in this field by developing next-generation radar and surveillance systems that are critical for national security. 

Subsidiary Information

• BEL Optronic Devices Ltd. (BELOP): BEL Optronic Devices Ltd. is a wholly-owned subsidiary of Bharat Electronics Ltd., primarily focused on the development and manufacturing of opto-electronic and night vision products. BELOP’s products include thermal imaging systems, sighting devices for defence platforms, and surveillance equipment. The subsidiary plays a key role in expanding BEL’s product offerings in the field of optical and infrared technologies. 

• BEL Multinational Ltd. (BEML): BEL Multinational Ltd. focuses on the international markets and plays a pivotal role in expanding BEL’s global presence. This subsidiary is tasked with exploring export opportunities and managing overseas sales and partnerships. As part of BEL’s strategy to strengthen its international footprint, BEML is crucial in driving global revenue and establishing partnerships in defence electronics and communication systems. 

• Nuclear Electronics Ltd. (NEL): Nuclear Electronics Ltd. is a key subsidiary involved in providing electronic systems for India’s nuclear power and defence sectors. NEL’s focus is on the development of radiation detection and monitoring systems, nuclear reactor control systems, and electronic devices used in nuclear energy production.  

• BEL Software Ltd. (BESL): BEL Software Ltd. is a subsidiary focused on the software development side of BEL’s product offerings. BESL specializes in creating software solutions for various BEL products, including defence systems, communication networks, and aerospace technologies. As the demand for software-enabled systems in defence and aerospace sectors grows, BESL plays a critical role in ensuring that BEL’s products meet the increasing complexity and technological requirements of modern defence and communication systems. 

• Naval Systems and Sensors Division (NSSD): The Naval Systems and Sensors Division, while not a separate legal subsidiary, operates as a key division under Bharat Electronics Ltd. that focuses on providing advanced naval defence systems. This division manufactures and integrates sensors, radars, communication systems, and combat management systems specifically designed for naval platforms. 

Q3 FY25 Earnings 

• Revenue of ₹5571 crore in Q3 FY25 up by 36.8% YoY from ₹4162 crore in Q3 FY24.  

• EBITDA of ₹1669 crore in this quarter at a margin of 29% compared to 26% in Q3 FY24. 

• Profit of ₹1312 crore in this quarter compared to a ₹860 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr	Q3 FY24	Q3 FY25	FY23	FY24
Revenue	4162	5771	17734	20268
Expenses	3090	4101	13645	15217
EBITDA	1072	1669	4090	5051
OPM	26%	29%	23%	25%
Other Income	167	186	2810	670
Net Profit	860	1312	2986	3985
NPM	20.1%	22.7%	16.8%	19.7%
EPS	1.2	1.8	4.1	5.5