Tag Defence Stocks

Mazagon Dock Shipbuilders Ltd
Mazagon Dock Shares Drop After Govt’s OFS Expansion – Is the Long-Term Story Still Strong?

Business and Industry Overview: 

Mazagon Dock Shipbuilders Limited (MDL) is a shipbuilding company. It is owned by the Government of India and works under the Ministry of Defence. Its main office and shipyard are in Mazagaon, Mumbai. MDL builds warships and submarines for the Indian Navy. It also makes ships for oil companies that work in the sea. These ships help in oil drilling and transporting materials. MDL also makes many other types of ships. These include tankers, cargo ships, passenger ships, ferries, patrol boats, missile boats, and tugs. It also makes platforms used in deep-sea oil drilling. Along with building new ships, MDL also repairs and upgrades old ships and submarines. The company is led by Vice Admiral Narayan Prasad (Retired). He became the Chairman and Managing Director in December 2019. 

MDL has two main types of work – shipbuilding and submarine building. It builds ships and submarines for India’s defence needs. It also makes offshore oil platforms. MDL has the ability to build very large ships – up to 30,000 deadweight tons (DWT). Its shipyards are located on both the island and mainland parts of Mumbai. 

In 2024, MDL had the space and capacity to build 11 submarines and 10 warships at the same time. It is also planning to grow more. MDL will spend around ₹5,000 crore (about $580 million) to expand its facilities. A major part of this money – over ₹1,000 crore – will be used to develop a new shipyard at Nhava, near Mumbai. The work at this new site includes building a jetty, doing dredging work, and setting up a floating dry dock. 

The floating dry dock is being made by a private company called Shoft Shipyard in Gujarat. The dock will be made in parts and put together at the Nhava site. It will be able to hold eight large ships at the same time. This dock will help MDL build and repair bigger commercial ships and future Navy destroyers. 

MDL is also making another ship repair and construction area on 15 acres of land leased from Mumbai Port Authority. It also plans to build a new graving dry dock, which is a special type of dock used to build or repair ships. These steps will double MDL’s capacity in the coming years. Submarine work will still be done in the current shipyard because submarines need special, smaller spaces. 

In January 2024, MDL received a big contract worth ₹1,070 crore to build 14 fast patrol boats for the Indian Coast Guard. This shows the trust the government has in MDL’s abilities. 

Today, MDL is one of India’s most important defence companies. It supports the Indian Navy and helps in making the country self-reliant in shipbuilding. 

Latest Stock News: 

Mazagon Dock Shipbuilders Limited (MDL) is facing a big fall in its stock price. In the last two days, the stock went down by 13.42%. On April 7, 2025, the stock fell by 7.95% in one day. This fall was more than the Sensex, which dropped by 3.42%. The main reason for this fall is the government’s decision to sell its shares. The Government of India said it will sell up to 4.83% of its shares in the company. It was first planned to sell 2.83%, but later added 2% more after good demand. The shares were sold at ₹2,525 each, which was 8% less than the market price. Because of this big sale, the number of shares in the market increased. This caused the price to fall. The stock price touched ₹2,207.30. Even after the fall, MDL’s stock is still above its 50-day, 100-day, and 200-day average prices. This means the stock is strong in the long term. But it is below its 5-day and 20-day averages, which shows weakness in the short term. The shipbuilding sector is also not doing well. It has dropped by 6.03%. MDL has a beta of 1.59. This means its stock moves up and down more than the market. So, the stock reacts more to market changes. Even though the stock is down now, MDL is still strong because it has many orders and is important for India’s defence. It may do well in the future. 

Potentials: 

Mazagon Dock Shipbuilders Limited (MDL) has big plans for the future. The company wants to grow more in the defence and shipbuilding sector. It is spending ₹5,000 crore (about $580 million) to expand its work. A large part of this money (more than ₹1,000 crore) will be used at its Nhava facility near Mumbai. This land is 40 acres in size. The company will build a new jetty (a place where ships can dock) and other important structures. MDL is also building a floating dry dock here. For this, it gave a contract of ₹475 crore to a private company called Shoft Shipyard in Gujarat. This dock is made of six blocks. Four blocks are ready. These will be moved to Nhava and joined together. 

The floating dry dock will be very big. It will be 180 meters long, 44 meters wide, and 19.5 meters high. It can work on eight large ships (each weighing around 12,800 tonnes) at the same time. This dock will help MDL repair and build large commercial ships and new warships like the Next Generation Destroyers. 

Apart from this, MDL is also planning to use 15 acres of land from Mumbai Port Authority. On this land, it will build a new shipbuilding and ship repair facility. It also plans to build a second large dry dock that is about 180 meters long and 60 meters wide. This will help the company double its shipbuilding and repair capacity. MDL is also ready to build more submarines in its current facility, because submarines need less space. 

The company is also focusing on getting export orders. It wants to build ships for other countries. MDL aims to become a big name not just in India, but also in the world. 

Analyst Insights: 

  • Market capitalisation: ₹ 92,457 Cr. 
  • Current Price: ₹ 2,292 
  • 52-Week High/Low: ₹ 2,930 / 1,045 
  • P/E Ratio: 33.5 
  • Dividend Yield: 0.59% 
  • Return on Capital Employed (ROCE): 44.2% 
  • Return on Equity (ROE): 35.2% 

Mazagon Dock Shipbuilders Ltd. is a strong company with good performance. Its profit has grown well in the last five years with a 29% CAGR. In the last twelve months, its profit went up by 72%. The company has almost no debt. This means it is financially safe. It also uses its money well. The ROCE is 44.2% and ROE is 35.2%, which are very good. The company is the only one in India that can build submarines and destroyers. So, it gets many orders from the Indian government. This gives steady income for the future. 

But the stock price has already gone up more than 130% in the last year. Now, it is expensive. It is trading at 12.8 times its book value. This shows that good news is already included in the price. The company also has very high contingent liabilities of ₹37,139 crore. This is more than 20 times its yearly revenue. If any of these liabilities become real, it can hurt the company. Also, its revenue growth has slowed recently. If there are delays or changes in government orders, it may face problems. 

So, the company is strong but the stock price is high and risky. People who already have the stock can hold it or book some profit. It is not the best time to buy new shares. 

Bharat Dynamics Ltd
Bharat Dynamics (BDL) Secures ₹4,362 Crore Defence Order, Shares Surge

Business and Industry Overview: 

Bharat Dynamics Limited (BDL) is an important defense company in India. It was established in 1970 and is located in Hyderabad. BDL’s main job is to make missiles, torpedoes, and other weapons for the Indian Army, Navy, and Air Force. The company started by making an anti-tank missile called the SS11B1. This was the first missile it produced. Over time, BDL began making different types of missiles. It worked closely with the Defense Research and Development Organisation (DRDO) and foreign companies. BDL’s most notable product is the Prithvi missile. This missile is used by the Indian military. BDL also makes torpedoes for the Navy and underwater weapons. The company has three main factories. One is in Kanchanbagh, Hyderabad. Another is in Bhanur, Medak district. The third is in Visakhapatnam, Andhra Pradesh. These factories produce the weapons needed by the military. To keep up with growing demand, BDL is planning to open two more factories. One will be in Ibrahimpatnam, Telangana, and the other in Amravati, Maharashtra. BDL has a strong research and development (R&D) team. The R&D team designs new missiles and improves old ones. BDL’s products are reliable, and the company is trusted by the Indian Armed Forces. The Government of India gave BDL the status of a “Mini Ratna – Category-I” company. This is a recognition of its success in defense manufacturing. BDL has been making profits for many years. In the year 2012-13, it reached a sales turnover of ₹1,075 crore. The company currently has orders worth over ₹1,800 crore. BDL is always looking for new ways to improve and grow. It is working on new missile systems, including surface-to-air missiles, air-to-air missiles, and heavyweight torpedoes. BDL also refurbishes old missile systems. This helps extend their life and keep them in service. BDL is a key player in India’s defense sector. It ensures that the Indian military has the best weapons available. BDL’s work helps to protect the country and keep its defense strong. 

India’s defense manufacturing industry is crucial to the country’s economy. The need for defense equipment is growing due to security concerns. The government is working to make India self-reliant in defense. This means reducing imports and increasing local production. India’s defense budget in 2024 was US$ 74.7 billion. This makes it the fourth-largest defense spender in the world. The government is encouraging Indian companies to make defense products through the “Make in India” initiative. This reduces reliance on foreign countries for defense equipment. The Ministry of Defence has set a goal to achieve US$ 2.41 billion (₹20,000 crore) in defense exports for FY24. In FFY23- 24, India’s defense exports reached US$ 2.63 billion. This is a 32.5% increase from the previous year. The total defense production in India also reached a record high of ₹1.27 lakh crore (US$ 15.34 billion) in FY24. This was a 16.7% increase compared to the previous year. The Indian defense sector is also growing because of the private sector. By April 2023, 606 industrial licenses were given to 369 companies in the defense industry. The government has allocated ₹23,855 crore (US$ 2.9 billion) to DRDO (Defence Research and Development Organisation) to support new defense technologies. Additionally, ₹1 lakh crore (US$ 12.0 billion) has been set aside to fund tech companies working on defense innovations. The Atmanirbhar Bharat Initiative is helping India make more products locally. The government has made lists of defense products that should be made in India. The SRIJAN portal was launched to encourage local manufacturing. Over 34,000 products are listed, and more than 10,000 products have been indigenized by January 2024. India is also building two defense industrial corridors in Uttar Pradesh and Tamil Nadu. These corridors will provide more opportunities for companies in the defense sector. There are now 194 startups in India working on defense technologies. These startups are developing new solutions to help strengthen India’s defense. Due to these efforts, India’s defense exports are growing. India now exports defense products to more than 85 countries. The government’s goal is to reach US$ 6.02 billion in defense exports by 2028-29. With continued support from the government and innovation in technology, India’s defense manufacturing industry is expected to grow and become a major player in the global defense market. 

Bharat Dynamics Limited (BDL) is a well-known company in India’s defense industry. It makes key products like missiles and torpedoes for the Indian military. The company gets a lot of support from the government. This helps BDL get important defense contracts. BDL also works closely with DRDO (Defence Research and Development Organisation). It has partnerships with foreign companies too. These partnerships help BDL get the latest technology to improve its products. BDL makes a wide range of products. This includes surface-to-air missiles, air-to-air missiles, and anti-tank guided missiles. These products are important for the Indian Army, Navy, and Air Force. The company has a strong research and development (R&D) team. This team helps create new products and make existing ones better. BDL always works to stay ahead in technology and meet the needs of the military. BDL has several factories in different places. These are in Hyderabad, Medak, and Visakhapatnam. The factories help BDL make products quickly and efficiently. The company is also planning to open new factories in Telangana and Maharashtra. This will help BDL produce even more products. BDL is not only selling products in India. It is also exporting to other countries. This helps the company grow its business and reach more markets. BDL’s strong financial performance also supports its growth. The company uses its profits to invest in new products and technologies. In short, BDL is strong because of government support, good partnerships, a wide range of products, and its focus on innovation. It has strong factories and is growing internationally. All these factors make BDL an important company in the defense sector. 

Latest Stock News: 

Bharat Dynamics Limited (BDL) has experienced a strong rise in its stock price recently. On March 26, 2025, its stock went up by over 3%. The highest point during the day was ₹1,358.35, while the lowest point was ₹1,304.45. This increase shows that investors are showing interest in the company. The stock has grown by around 30% over the last month, which is a good sign for the company’s future. The reason behind this rise is a major contract BDL secured on March 26, 2025. The company signed a big deal worth ₹4,362.23 crore with the Ministry of Defence. This contract is to supply armaments to the Indian Armed Forces. It is a huge step for BDL and strengthens its position in the Indian defence sector. Looking at the technical side of things, BDL’s stock has formed a “double bottom” pattern at ₹902. This pattern means that the stock price dropped to a low point, then moved sideways for some time, showing strength. When compared to the overall market, BDL has been doing well. 

As of March 28, 2025, the stock closed at ₹1,747.55. It was down by 1.49% from the previous day’s closing price. However, in the past year, the stock has ranged between ₹842.15 and ₹1,794.70. This shows that the stock has fluctuated but is still holding strong. BDL also declared a dividend of ₹8 per share on February 14, 2025. This reward for shareholders reflects the company’s strong financial position. Overall, BDL’s stock is performing well, with strong contracts, good financials, and a positive outlook. 

Potentials: 

Bharat Dynamics Limited (BDL) has clear plans for the future. They want to make more advanced defence products. Currently, they produce missiles, torpedoes, air defence systems, and other weapons. But in the future, they aim to make even more high-tech products. This will help make India’s defence stronger. BDL also wants to increase its exports. India has been selling more defence products to other countries. BDL plans to be a big part of this. They hope to export more weapons and defence systems. This supports the government’s “Atmanirbhar Bharat” plan to make India self-reliant in defence production. The company is focusing on research and development (R&D). They know that to stay ahead, they need to create better and newer technologies. So, they are investing more money into R&D to improve existing products and create new ones. BDL plans to build new factories. These new factories will help them increase production. They will be able to make more products and work faster. This is important because the Indian government is spending more money on defence. BDL is also looking to collaborate with international companies. Working with foreign companies will help them bring in new ideas and technologies. This will help improve the quality of their products and create better solutions for the Indian Armed Forces. In summary, BDL’s plans include producing more advanced products, increasing exports, investing in research, building new factories, and partnering with international companies. These steps will help BDL grow and support India’s defence needs. 

Analyst Insights: 

  • Market capitalisation: ₹ 46,905 Cr. 
  • Current Price: ₹ 1,281 
  • 52-Week High/Low: ₹ 1,795 / 842 
  • Stock P/E: 82.9 
  • Dividend Yield: 0.41% 
  • Return on Capital Employed (ROCE): 24.2% 
  • Return on Equity (ROE): 17.9% 

Bharat Dynamics Ltd (BDL) is an important company in India that makes missiles and other defense equipment. The Indian Army uses its products. BDL also helps maintain and upgrade old defense equipment. The company is doing well with its money. It makes good use of its funds to earn profits. It also gives some of its profits to shareholders as a dividend of 0.41%. This is good for people who want a regular income from their investments. One positive point is that BDL has reduced its debt. It does not owe much money, which is good. With less debt, the company can spend more on growing its business. But there are some concerns. The stock price is high compared to how much profit the company is making. This could mean the stock is expensive, and it might not be a good deal for new investors. Another issue is that the company’s sales have gone down by 5.05% over the last five years. This shows that BDL has not been able to grow its business as much as expected. Also, it is taking longer for BDL to get paid by its customers. This could affect the company’s cash flow and ability to pay its own bills. In simple terms, BDL is a stable company with low debt, but its stock price is high, and its sales are not growing well. It’s better to HOLD the stock for now. Wait for a better price or signs of growth before deciding to buy. 

GRSE Stock Analysis
Multibagger Defence Stock: GRSE Surges 32% in Five Sessions – Analyst Insights & Future Growth

Business and Industry Overview: 

Garden Reach Shipbuilders & Engineers Ltd (GRSE) is a big shipyard in India. It is located in Kolkata. The company builds and repairs ships for the Indian Navy, Coast Guard, and other customers. It was started in 1884 as a private company. The Indian government took control of it in 1960. GRSE became the first Indian shipyard to build 100 warships. It is an important part of India’s defense industry. The company has modern facilities to design and build ships. 

GRSE has a large shipyard in Kolkata. It also has a diesel engine plant in Ranchi. The shipyard has special tools and equipment to build, repair, and test ships. It has a dry dock to repair big ships. It also has slipways and berths to build new ships. GRSE makes different types of ships. These include warships, patrol boats, research ships, cargo ships, and tugboats. The company also exports ships to other countries. It has delivered ships to Mauritius, Bangladesh, and Vietnam. GRSE has partnered with global companies like Rolls-Royce to make marine engines in India. 

GRSE is working on many big projects. It is building new warships for the Indian Navy. These include anti-submarine warfare ships, patrol vessels, and survey ships. The company is also making research ships to study the ocean. It has received orders from foreign countries to build patrol boats, tugboats, and dredgers. GRSE is growing by getting new contracts from India and abroad. It also repairs and upgrades old ships to make them last longer. The company is helping India become stronger in defense and trade. 

India’s defence and shipbuilding industry is growing fast. The government wants India to make its warships, submarines, and weapons instead of buying them from other countries. This is part of the “Make in India” and “Atmanirbhar Bharat” (Self-Reliant India) programs. The government is spending more money to develop this industry. 

Many companies are working in this sector. Garden Reach Shipbuilders & Engineers (GRSE), Mazagon Dock Shipbuilders, and Cochin Shipyard build ships for the Indian Navy and Coast Guard. Private companies like Larsen & Toubro (L&T) are also helping. India is now exporting warships and weapons to countries like Vietnam and Sri Lanka. 

Recently, defence stocks increased in value. On March 20, 2025, Germany decided to spend more on defence. This made Indian defence stocks rise sharply. GRSE’s stock jumped by 20%. Other companies like Mazagon Dock, Cochin Shipyard, and Bharat Dynamics also gained. The Nifty India Defence Index, which tracks defence stocks, increased by 4.9%. Experts believe India will get more business as European countries buy more defence equipment. 

GRSE is a government company that builds warships, boats, and other vessels for the Indian Navy and Coast Guard. It has been making ships for many years and has completed over 100 warships. The company gets many projects from the government, which gives it a steady income. It also sells ships to other countries like Sri Lanka, Bangladesh, and Myanmar. GRSE is using modern technology to make better and more advanced ships. It recently built an electric ferry and modular steel bridges, which help it grow. The company faces competition from private companies like L&T and foreign shipbuilders. To stay strong, GRSE needs to improve its technology, expand its business, and sell more ships to other countries. GRSE is also building steel bridges in different parts of India. These bridges will improve road connectivity. The defence and shipbuilding industry will continue to grow as India builds more warships and exports them to other countries. 

Latest Stock News: 

Recently, its stock price increased by over 6% after the company signed an agreement with the Public Works Department (PWD) of Nagaland. Under this agreement, GRSE will supply eight double-lane modular steel bridges to the state. This is the first time GRSE has partnered with Nagaland for such a project. The agreement was signed in Kohima in the presence of senior officials from both GRSE and PWD Nagaland. 

GRSE has a strong history of building modular steel bridges. It has supplied over 5,800 bridges to different organizations, including the Border Roads Organisation (BRO) and the National Highway Infrastructure Development Corporation Ltd (NHIDCL). The company has also exported bridges to countries like Bhutan, Nepal, Myanmar, Sri Lanka, and Bangladesh. These bridges are useful for improving road connectivity in difficult terrains. 

The stock price of GRSE has been rising for five consecutive days. In the past five days alone, the stock has increased by 31%. Over the last year, it has given a return of 127% to investors. In the past five years, the stock has surged by a massive 1125%. The stock hit a low of ₹744 last year and a high of ₹2834.60. 

Experts believe the stock may continue to rise. Some analysts predict that if it stays above ₹1,750, it could reach ₹2,000 or even ₹2,200. However, there is also a chance of a price correction. If the stock falls below ₹1,575, it could lose momentum. Investors are advised to be cautious and manage risks properly. 

Potentials: 

Garden Reach Shipbuilders & Engineers (GRSE) has strong flans to grow its business and expand its reach. The company is currently building 18 advanced warships for the Indian Navy, showing its important role in the defense sector. GRSE is also focusing on clean energy by installing solar power systems, which will help reduce electricity costs and support sustainability. It is manufacturing hybrid ferries for the West Bengal government, which will use both electricity and fuel to lower pollution and improve efficiency. Additionally, GRSE has signed an agreement with a German company to build specialized ships, marking its entry into the international market. The company is also increasing production of modular steel bridges for quick infrastructure development in remote areas. With these steps, GRSE aims to strengthen its position in the defense and shipbuilding industry, promote green energy, and expand its business beyond India. 

Analyst Insights: 

  • Market capitalisation:₹ 19,418 Cr. 
  • Current Price: ₹ 1,695 
  • 52-Week High/Low: ₹ 2,835 / 757 
  • Stock P/E: 29.6 
  • Dividend Yield: 49.1 
  • Return on Capital Employed (ROCE): 27.4 % 
  • Return on Equity: 22.2 % 

Garden Reach Shipbuilders & Engineers Ltd. (GRSE) is performing well. Revenue grew by 32% YoY to ₹1,052 Cr in Q3 FY24. This happened because the company delivered more ships. Net profit increased by 27% YoY to ₹110 Cr, showing better earnings. The company has a huge order book of ₹23,061 Cr, which means steady work in the future. EBITDA margin is 12%, showing good profit. GRSE has zero debt, making it financially strong. But it has contingent liabilities of ₹6,508 Cr, which is a risk. Since India’s defense sector is growing, GRSE looks good for long-term investment. 

Bharat Electronics Ltd Q3 FY25 Results
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