Bharat Electronics Shares Slip Despite Robust Defence Order Book and Strong Fundamentals

Shares of Bharat Electronics dip over 1% amid broader market movement, even as the company secures fresh defence orders worth ₹585 crore and maintains a ₹71,650 crore order book

Mumbai | June 24, 2025
Shares of Bharat Electronics Ltd (BEL) fell 1.31% to ₹415.40 in morning trade on Tuesday, underperforming despite a string of recent positive developments. The stock had previously closed at ₹420.90 and fluctuated between ₹414 and ₹422 during the early hours of trading.

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This correction comes after BEL witnessed strong buying interest in the past week, driven by new defence contracts and bullish analyst reports. The most recent being a ₹585 crore order bagged for defence-related projects, pushing its total June order intake close to ₹3,500 crore. The company’s total order book stands at ₹71,650 crore, reflecting long-term revenue visibility.

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Despite the short-term dip, investor confidence remains relatively high, buoyed by BEL’s consistent financial performance. For the quarter ending March 2025, BEL reported:

• Revenue: ₹91.5 billion (YoY growth of 6.84%)
• Net Income: ₹21.27 billion (YoY growth of 18.36%)
• Net Profit Margin: 23.25%
• EPS: ₹2.91
• EBITDA: ₹27.95 billion

BEL, a Navratna PSU, has emerged as one of the most valued defence sector companies in India, even surpassing some of the Adani Group firms in market capitalization. Over the past year, the stock has delivered multibagger returns—₹1 lakh invested a few years ago would be worth over ₹1 crore today, especially after multiple bonus issues.

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Several analysts, including those from Nuvama and Anand Rathi, continue to remain bullish on BEL’s long-term growth, but some are beginning to suggest profit booking as valuations tighten in the defence space. With the stock nearing its previous highs and already having absorbed much of the positive sentiment, some investors are locking in gains.

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