Bel-India

Bengaluru, India Founded: 1954 • Age: 72 yrs Listed
Electronic needs of Indian defence services are supplied.
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About Bel-India

Bel-India is a publicly listed company based in Bengaluru (India) founded in 1954. Electronic needs of Indian defence services are supplied. Its Indian entity Bharat Electronics Limited reported revenue of ₹28,176 Cr.

Company details

Bel-India was established in 1954 and is based in Bengaluru, India. Focus is placed on the defence electronics sector, where systems for communication, radar, and electronic warfare are manufactured and supplied. Operations support the Indian armed forces through procurement and maintenance services. Leadership is provided by Managing Director Venkateswara Gowtama Mannava, with activities centered on national defence requirements.

Key Metrics
  • Market Cap
    ₹2,95,900 Cr

    BEL · NSE

  • Share Price
    ₹400.85

    -0.98% today

  • Revenue
    ₹27,610 Cr

    FY 2025-26 · +16.2% YoY

  • EBITDA
    ₹8,053 Cr

    Margin 29.2%

  • Net Profit
    ₹6,034 Cr

    FY 2025-26 · +14.0% YoY

  • P/E (TTM)
    45.6x

    P/B 11.1x

  • ROE
    27.4%

    ROCE 34.8%

Board of directors of Bharat Electronics Limited (Bel-India)

Bharat Electronics Limited is the primary company behind Bel-India. The board of Bharat Electronics Limited currently have 12 directors; the longest-serving is Binoy Kumar Das, appointed in 2022. 92 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Binoy Kumar Das
DIN 09660260
Nominee Director04 Jul 20224 yrs 4 moBharat Electronics Limited
Manoj Jain
DIN 09749046
Managing Director26 Sep 20224 yrs 1 moBharat Electronics Limited
Damodar Bhattad
DIN 09780732
Whole-time director11 Jan 20233 yrs 10 moBharat Electronics Limited
Rajnish Sharma
DIN 10738394
Whole-time director10 Aug 20242 yrs 3 moBharat Electronics Limited
Harikumar Raghavan Nair
DIN 11086669
Whole-time director02 May 20251 yr 6 moBharat Electronics Limited
Pradeep Tripathi
DIN 11111295
Director16 May 20251 yr 5 moBharat Electronics Limited
Bharatsinh Prabhatsinh Parmar
DIN 07781550
Director21 May 20251 yr 5 moBharat Electronics Limited
Kamesh Kasana
DIN 11194293
Whole-time director14 Jul 20251 yr 4 moBharat Electronics Limited
Meera Mohanty
DIN 03379561
Nominee Director16 Jul 20251 yr 3 moBharat Electronics Limited
Anoop Kumar Rai
DIN 11888162
Additional Director13 Aug 20263 moBharat Electronics Limited
Ambrish Tripathi
DIN 11888363
Additional Director13 Aug 20263 moBharat Electronics Limited
Partha Pratim Pathak
DIN 02692935
Additional Director18 Aug 20262 moBharat Electronics Limited

People of Bel-India

1 people are tracked at Bel-India (1 in leadership).

NameRoleGroup
Venkateswara Gowtama Mannava
Managing DirectorLeadership
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IPO & Listings of Bel-India

Bel-India is a publicly listed company on the NSE with ticker symbol BEL in India, operating in the Electronic technology sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date19 Jul 2000
  • Listed onNSE: BEL
  • Listed entityBharat Electronics Limited
  • Exchange sectorElectronic technology

Financials of Bel-India

Exchange-reported figures of Bharat Electronics Limited, the listed company behind Bel-India (NSE: BEL).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹27,610 Cr
+16.2% YoY
EBITDA
₹8,053 Cr
+17.8% YoY
Profit After Tax
₹6,034 Cr
+14.0% YoY
Net Worth
₹23,988 Cr
+20.1% YoY
Total Assets
₹25,270 Cr
+19.9% YoY
Total Debt
₹65.46 Cr
+6.9% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue27,61023,76920,26817,73415,36814,10912,968
Revenue growth+16.2%+17.3%+14.3%+15.4%+8.9%+8.8%-
EBITDA8,0536,8375,0514,0903,3443,2142,759
EBITDA margin+29.2%+28.8%+24.9%+23.1%+21.8%+22.8%+21.3%
Profit before tax8,0537,0995,2663,9233,1662,9422,478
Net profit6,0345,2923,9652,9792,3942,0981,824
Net profit margin+21.9%+22.3%+19.6%+16.8%+15.6%+14.9%+14.1%
EPS (₹)8.297.285.454.089.858.617.49
Balance sheet
Total assets25,27021,07217,49714,92414,32912,66111,491
Net worth23,98819,97416,32613,86212,28611,06010,072
Total debt65.4661.2362.5161.3452.702.528.33
Cash & bank8,5729,54511,0578,1127,5645,0741,660
Net working capital18,80015,10812,0399,4847,7146,8855,881
Cash flow
Cash from operations1,5415644,6591,1994,2075,0932,570
Cash from investing1,730639(5,924)2,708(4,872)(2,595)(649)
Cash from financing(2,097)(1,696)(1,475)(1,262)(1,078)(1,076)(1,061)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue5,54710,2247,1545,7924,4409,1505,7714,605
Revenue growth (YoY)+24.9%+11.8%+24.0%+25.8%+4.6%---
Other income170110139154163195186158
EBITDA1,3882,9822,1271,7021,2382,8161,6691,400
EBITDA margin+25.0%+29.2%+29.7%+29.4%+27.9%+30.8%+28.9%+30.4%
Depreciation161173135126121138111111
Interest1.161.612.031.651.445.861.321.32
Profit before tax1,3962,9172,1281,7281,2792,8671,7441,445
Tax352703558450319746442361
Net profit1,0442,2141,5701,2789612,1211,3011,084
EPS (₹)1.443.042.161.761.332.911.791.50
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue27,48023,65820,16917,64615,31414,06412,921
Revenue growth+16.2%+17.3%+14.3%+15.2%+8.9%+8.8%-
EBITDA8,0186,7705,0034,0513,3133,1842,734
EBITDA margin+29.2%+28.6%+24.8%+23.0%+21.6%+22.6%+21.2%
Profit before tax8,0757,0905,3353,9853,1582,9352,479
Net profit6,0205,2594,0033,0012,3442,0651,794
Net profit margin+21.9%+22.2%+19.9%+17.0%+15.3%+14.7%+13.9%
EPS (₹)8.277.235.504.119.648.487.36
Balance sheet
Total assets24,91820,72217,16814,54813,91912,29011,141
Net worth23,69819,69816,08213,58211,98410,8089,853
Total debt65.4661.2362.5161.3452.702.528.33
Cash & bank8,4199,39710,9688,0097,4995,0081,558
Net working capital18,60114,93111,9039,3967,6266,8135,825
Cash flow
Cash from operations1,4944574,6481,0874,1615,1032,533
Cash from investing1,747772(5,889)2,800(4,861)(2,569)(639)
Cash from financing(2,096)(1,696)(1,474)(1,262)(1,077)(1,075)(1,059)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue5,53310,1777,1225,7644,4179,1205,7564,583
Revenue growth (YoY)+25.3%+11.6%+23.7%+25.8%+5.2%---
Other income167108160159164194205167
Total expenses4,1447,2155,0044,0683,1776,3314,1033,195
EBITDA1,3892,9622,1181,6951,2402,7891,6531,389
EBITDA margin+25.1%+29.1%+29.7%+29.4%+28.1%+30.6%+28.7%+30.3%
Depreciation153165127118113130103103
Interest1.161.602.031.651.445.801.311.32
Profit before tax1,4032,9042,1481,7341,2892,8481,7541,451
Tax354701558448320743438360

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 13 Nov 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue5,54710,2247,1545,7924,4409,1505,7714,605
Revenue growth (YoY)+24.9%+11.8%+24.0%+25.8%+4.6%---
Other income170110139154163195186158
EBITDA1,3882,9822,1271,7021,2382,8161,6691,400
EBITDA margin+25.0%+29.2%+29.7%+29.4%+27.9%+30.8%+28.9%+30.4%
Depreciation161173135126121138111111
Interest1.161.612.031.651.445.861.321.32
Profit before tax1,3962,9172,1281,7281,2792,8671,7441,445
Tax352703558450319746442361
Net profit1,0442,2141,5701,2789612,1211,3011,084
EPS (₹)1.443.042.161.761.332.911.791.50
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue27,61023,76920,26817,73415,36814,10912,968
Revenue growth+16.2%+17.3%+14.3%+15.4%+8.9%+8.8%-
Other income56674267028123212599.40
Total expenses19,55716,93215,21713,64512,02410,89510,209
Employee cost3,1162,7612,4892,3172,1281,9562,075
EBITDA8,0536,8375,0514,0903,3443,2142,759
EBITDA margin+29.2%+28.8%+24.9%+23.1%+21.8%+22.8%+21.3%
Depreciation556467443429401387372
Interest10.1312.5312.0618.838.559.617.66
Profit before tax8,0537,0995,2663,9233,1662,9422,478
Tax2,0291,8121,323983812872686
Net profit6,0345,2923,9652,9792,3942,0981,824
Net profit margin+21.9%+22.3%+19.6%+16.8%+15.6%+14.9%+14.1%
EPS (₹)8.297.285.454.089.858.617.49
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital731731731731244244244
Reserves & surplus23,25719,24315,59513,13112,04210,8169,828
Shareholders' funds (net worth)23,98819,97416,32613,86212,28611,06010,072
Minority interest18.8318.9417.9217.7516.3414.9914.17
Secured loans0.000.000.000.000.000.008.33
Unsecured loans65.4661.2362.5161.3452.702.520.00
Total debt65.4661.2362.5161.3452.702.528.33
Total liabilities25,27021,07217,49714,92414,32912,66111,491
Assets
Gross block8,1066,8696,0385,5414,8324,4154,092
Net block4,1213,4193,0352,9632,6752,6522,713
Capital work in progress7311,0528948551,006883828
Investments8007436826501,5721,3061,110
Inventories10,1769,1207,4506,4505,5954,9703,961
Sundry debtors12,8769,1167,3927,0336,1086,5626,724
Cash & bank balances8,5729,54511,0578,1127,5645,0741,660
Loans & advances6,4347,0778,1678,4558,0307,1106,395
Total current assets38,05734,85934,06630,04927,29723,71618,740
Total current liabilities19,25719,75122,02820,56619,58316,83012,860
Net working capital18,80015,10812,0399,4847,7146,8855,881
Total assets25,27021,07217,49714,92414,32912,66111,491
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash7131,2063,9461,3013,0431,621760
Net cash from operating activities1,5415644,6591,1994,2075,0932,570
Net cash from investing activities1,730639(5,924)2,708(4,872)(2,595)(649)
Net cash from financing activities(2,097)(1,696)(1,475)(1,262)(1,078)(1,076)(1,061)
Net change in cash1,175(493)(2,739)2,645(1,742)1,422861
Closing cash8,5729,54511,0578,1127,5645,0741,660
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+16.2%+17.3%+14.3%+15.4%+8.9%+8.8%-
EBITDA growth+17.8%+35.3%+23.5%+22.3%+4.1%+16.5%-
PBT growth+13.4%+34.8%+34.2%+23.9%+7.6%+18.7%-5.7%
Net income growth+14.0%+33.5%+33.1%+24.4%+14.1%+15.1%-
Revenue CAGR (3Y)+15.9%+15.7%+12.8%+11.0%+8.1%+10.7%+14.4%
EBITDA CAGR (3Y)+25.3%+26.9%+16.3%+14.0%+4.8%+16.4%+15.5%
Profitability & leverage
Net income margin+21.8%+22.2%+19.5%+16.6%+15.3%+14.7%+13.8%
Return on capital employed+34.8%+36.9%+32.6%+27.0%+23.6%+24.5%+22.7%
Return on net worth+27.4%+29.1%+26.1%+22.5%+20.2%+19.6%+18.6%
Debt / equity0.000.000.000.000.000.000.00
Long-term debt / equity0.000.000.000.000.000.000.00
Interest cover0.140.200.260.510.290.340.32
Efficiency & per share
Fixed asset turnover3.693.683.503.423.323.323.50
Inventory turnover2.862.872.922.942.913.163.09
Debtors turnover2.512.882.812.702.432.122.14
EPS (₹)8.297.285.454.089.858.617.49
Dividend per share (₹)2.502.402.201.804.504.002.80
Book value per share (₹)32.8227.3222.3418.9650.4245.3941.33
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue5,53310,1777,1225,7644,4179,1205,7564,583
Revenue growth (YoY)+25.3%+11.6%+23.7%+25.8%+5.2%---
Other income167108160159164194205167
Total expenses4,1447,2155,0044,0683,1776,3314,1033,195
EBITDA1,3892,9622,1181,6951,2402,7891,6531,389
EBITDA margin+25.1%+29.1%+29.7%+29.4%+28.1%+30.6%+28.7%+30.3%
Depreciation153165127118113130103103
Interest1.161.602.031.651.445.801.311.32
Profit before tax1,4032,9042,1481,7341,2892,8481,7541,451
Tax354701558448320743438360
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue27,48023,65820,16917,64615,31414,06412,921
Revenue growth+16.2%+17.3%+14.3%+15.2%+8.9%+8.8%-
Other income590768756360234126102
Total expenses19,46116,88815,16713,59512,00110,88010,187
Employee cost3,0912,7342,4672,2982,1091,9412,057
EBITDA8,0186,7705,0034,0513,3133,1842,734
EBITDA margin+29.2%+28.6%+24.8%+23.0%+21.6%+22.6%+21.2%
Depreciation524436412408380366350
Interest9.9012.1411.5818.458.279.227.22
Profit before tax8,0757,0905,3353,9853,1582,9352,479
Tax2,0271,8021,315978809869685
Net profit6,0205,2594,0033,0012,3442,0651,794
Net profit margin+21.9%+22.2%+19.9%+17.0%+15.3%+14.7%+13.9%
EPS (₹)8.277.235.504.119.648.487.36
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital731731731731244244244
Reserves & surplus22,96718,96715,35112,85111,74110,5649,609
Shareholders' funds (net worth)23,69819,69816,08213,58211,98410,8089,853
Secured loans0.000.000.000.000.000.008.33
Unsecured loans65.4661.2362.5161.3452.702.520.00
Total debt65.4661.2362.5161.3452.702.528.33
Total liabilities24,91820,72217,16814,54813,91912,29011,141
Assets
Gross block7,6266,3975,5675,0834,5344,1183,795
Net block3,8993,1732,7592,6722,5242,4802,520
Capital work in progress7281,044891841859736683
Investments8648207686641,5541,3311,162
Inventories10,0949,0707,4086,4065,5404,9153,910
Sundry debtors12,8459,0927,3627,0226,1036,5526,733
Cash & bank balances8,4199,39710,9688,0097,4995,0081,558
Loans & advances6,4157,0688,1538,4668,0157,1026,394
Total current assets37,77334,62733,89129,90327,15723,57718,595
Total current liabilities19,17219,69621,98820,50719,53116,76312,770
Net working capital18,60114,93111,9039,3967,6266,8135,825
Total assets24,91820,72217,16814,54813,91912,29011,141
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash6821,1493,8641,2393,0161,556722
Net cash from operating activities1,4944574,6481,0874,1615,1032,533
Net cash from investing activities1,747772(5,889)2,800(4,861)(2,569)(639)
Net cash from financing activities(2,096)(1,696)(1,474)(1,262)(1,077)(1,075)(1,059)
Net change in cash1,145(467)(2,715)2,625(1,777)1,459834
Closing cash8,4199,39710,9688,0097,4995,0081,558
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+16.2%+17.3%+14.3%+15.2%+8.9%+8.8%-
EBITDA growth+18.4%+35.3%+23.5%+22.3%+4.0%+16.5%-
PBT growth+13.9%+32.9%+33.9%+26.2%+7.6%+18.4%-8.3%
Net income growth+14.5%+31.4%+33.4%+28.0%+13.6%+15.1%-
Revenue CAGR (3Y)+15.9%+15.6%+12.8%+11.0%+8.2%+10.9%+14.5%
EBITDA CAGR (3Y)+25.6%+26.9%+16.3%+14.0%+5.0%+16.7%+15.7%
Profitability & leverage
Net income margin+22.0%+22.4%+19.9%+17.0%+15.3%+14.7%+13.9%
Return on capital employed+35.4%+37.5%+33.7%+28.1%+24.2%+25.1%+23.4%
Return on net worth+27.9%+29.6%+27.1%+23.5%+20.6%+20.0%+19.0%
Debt / equity0.000.000.000.000.000.000.00
Long-term debt / equity0.000.000.000.000.000.000.00
Interest cover0.130.190.250.510.280.330.30
Efficiency & per share
Fixed asset turnover3.923.953.793.673.543.553.80
Inventory turnover2.872.872.922.952.933.193.10
Debtors turnover2.512.882.802.692.422.122.14
EPS (₹)8.277.235.504.119.648.487.36
Dividend per share (₹)2.502.402.201.804.504.002.80
Book value per share (₹)32.4226.9522.0018.5849.1844.3640.44

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Frequently Asked Questions about Bel-India

Bel-India was founded in 1954.

Bel-India is headquartered in Bengaluru, India. It is registered at Bengaluru, Karnataka, India.

The primary company behind Bel-India, Bharat Electronics Limited, reported revenue of ₹28,176 Cr for FY 2026, up 16% year on year.

Bel-India was established in 1954 and is based in Bengaluru, India. Focus is placed on the defence electronics sector, where systems for communication, radar, and electronic warfare are manufactured and supplied. Operations support the Indian armed forces through procurement and maintenance services. Leadership is provided by Managing Director Venkateswara Gowtama Mannava, with activities centered on national defence requirements.

Yes, Bel-India is publicly traded on NSE under the ticker symbol BEL.

Bel-India operates through Bharat Electronics Limited.

The legal entities of Bel-India currently have 13 directors, including Sreenivas Sripada, Manoj Jain, Binoy Kumar Das and others.

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