BEL.NS · Intrinsic value
Is Bharat Electronics Limited (BEL.NS) overvalued or undervalued?
Bharat Electronics Limited (BEL.NS) trades at the delayed market price of ₹377.20 a share. That price already implies revenue growth of 23.8% a year for 5 years. TickerWorth's fair value is ₹217.32 a share (74% above fair value), as of Oct 19, 2026. It is a model estimate, and every input behind it is sourced below.
Model by Miraaj Patel · generated from market data · Updated Oct 19, 2026 · How these pages are made
Is BEL.NS overvalued?
- Fair value
- ₹217.32
- Market price
- ₹377.20
- Downside to fair value
- 42.4%
- Verdict
- 74% above fair value
Reverse DCF: Today's price implies revenue growth of 23.8% a year for 5 years; our model assumes 14.2% a year on average over the same horizon.
What is BEL.NS's TickerWorth Score?
Middle of the pack — real strengths and real weaknesses
Compared with Industrials companies in India
Its strongest point: a profitable, high-quality business. Its weakest: trades above our estimate of what it's worth.
- Value · 44 of 100
Cheaper than 44% of Industrials companies in India
- Price vs worth · 16 of 100
- Quality · 77 of 100
More profitable than 77% of Industrials companies in India
- Financial health · 82 of 100
Financially stronger than 82% of Industrials companies in India
- Growth · 48 of 100
Growing faster than 48% of Industrials companies in India
- Momentum · 13 of 100
Outperformed 13% of Industrials companies in India over the past year
Confidence: High confidence · Scored
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BEL.NS DCF valuation: what the price assumes
At a recent price of ₹377.20, Bharat Electronics Limited (BEL.NS) trades 74% above TickerWorth's blended fair value of ₹217.32 per share — a discounted-cash-flow model cross-checked against peer multiples and asset value — meaning the market currently prices BEL.NS overvalued vs our estimate of what the business is intrinsically worth. Our fair value sits below the market, an implied -42.4% move to close the gap if the business performs in line with our assumptions. This is an educational model, not a price target or a recommendation — the value moves with the inputs, which you can test yourself using the WACC slider below.
Read the full reasoning
One of the lenses behind that blended figure is a discounted-cash-flow model, which on its own values BEL.NS at about ₹268.45 per share. The rest of this page walks through that DCF — its assumptions, reverse-DCF and discount-rate sensitivity — because it is the auditable anchor of the blend.
The valuation discounts Bharat Electronics Limited's projected free cash flows at a weighted-average cost of capital (WACC) of 7.1%, with a long-run terminal growth rate of 2.5%. About 82% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.
Running the DCF in reverse — solving for the growth the current price already assumes — the market is implying roughly 23.8% annual revenue growth for BEL.NS. Our base case instead compounds to about 14.2% a year over the same forecast, so the market is pricing in materially faster growth than our base case. The reverse-DCF is a quick sanity check: it reframes 'is this stock cheap?' as 'do I believe the growth the price requires?' rather than arguing over a single point estimate of fair value.
Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, BEL.NS's modeled DCF value ranges from about ₹181.79 to ₹560.37 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.
How to read this page: the DCF fair value is what Bharat Electronics Limited would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of BEL.NS's intrinsic value. Figures update as new filings and prices come in.
Every input behind BEL.NS's DCF
| Input | Value |
|---|---|
| Base-year revenueLive feed — totalRevenue (TTM) | ₹287,173,510,000 |
| Base EBIT marginComputed — trailing operatingMargins, held roughly flat | 22.1% |
| Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast | 25% → 20% → 14% → 9% → 4% |
| Risk-free rateLive feed — US 10-year Treasury yield (^TNX) | 5.2% |
| BetaLive feed — yfinance, 5-year monthly beta vs the S&P 500 (clamped to 0.4–2.5) | 0.40 |
| Terminal growthESTIMATEAssumption — TickerWorth house default 2.5%, held below WACC | 2.5% |
| Diluted sharesLive feed — sharesOutstanding | 7,310M |
| Market priceLast known price · as of 2026-10-19 20:14 UTC | ₹377.20 |
Change BEL.NS's assumptions
The discount-rate dial and the editable model
ProChange growth, margin and WACC yourself — Pro (7-day free trial, card required).
What does Bharat Electronics Limited do?
What does it do?
Bharat Electronics Limited designs, manufactures, and supplies electronic equipment and systems for the defense and civilian markets in India. The company's defense products include defense communication products, land-based radars, naval systems, electronic warfare systems, avionics, electro optics, tank and armored fighting vehicle electronic systems, weapon systems, C4I systems, upgrades, shelters and masts, simulators, batteries, components and devices, fuzes and unmanned systems; microwave tubes and power modules, microwave super components, digital multichannel data recorders, and hybrid micro circuits; and micro-electro mechanical systems, such as pressure transducers, and conductivity temperature and depth sensors. It operates in the Aerospace & Defense industry (Industrials sector), headquartered in India. The company employs roughly 9,420 people.
How does it make money?
The business turns 287.2B in annual revenue into profit. Out of every $100 of sales, about $22 is left as operating profit (operating margin of 22.1%), after a 48% gross margin on the products/services it sells. After all costs, taxes and interest, 21.4% of revenue becomes bottom-line net profit.
Is it financially healthy?
Financially it looks solid: carries modest debt (0.3× equity), and is currently profitable.
BEL.NS insider trading
Insider filings are available for US-listed companies only.
Common questions
What is BEL.NS's intrinsic value?
TickerWorth's blended fair value for Bharat Electronics Limited (BEL.NS) is ₹217.32 per share, versus a market price of ₹377.20 (74% above fair value).
Is BEL.NS overvalued or undervalued?
On our blended fair value BEL.NS looks overvalued vs fair value at ₹377.20. This is an educational estimate, not advice.
What discount rate is used for BEL.NS?
A WACC of 7.1% and a terminal growth rate of 2.5%.
Is Bharat Electronics stock undervalued?
TickerWorth's fair value for Bharat Electronics Limited (BEL.NS) is ₹217.32 against a market price of ₹377.20. Our read: 74% above fair value. This is a model estimate, not investment advice.
Bharat Electronics (BEL.NS) DCF valuation and fair value
Our fair value for Bharat Electronics Limited (BEL.NS) is ₹217.32, built on a 7.1% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into Bharat Electronics stock?
Today's price implies revenue growth of 23.8% a year for 5 years; our model assumes 14.2% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of ₹377.20. A model estimate, not investment advice.
Bharat Electronics (BEL.NS) insider trading
We have no recent SEC Form 4 insider filings on file for Bharat Electronics Limited (BEL.NS). Form 4 covers US-listed companies only.
Stocks below our fair value instead
Not investment advice. TickerWorth Score is a model output.
Educational tool. Every output reflects the assumptions shown — not a prediction and not investment advice. TickerWorth is not a licensed investment adviser, and these figures are estimates from public filings and market data that can be wrong.