191,536% Up, 3 Bonus, 1:10 Split, 55 Dividends: Defence PSU Stock Is Rs 14.4 Away From New High; BUY Time?

Bharat Electronics (BEL), a zero-debt defence PSU giant in India, is moving closer towards hitting new all-time high even though its stock price faces temporary correction. BEL whose all-time gains are more than 191,536% as of now, is just Rs 14.4 away from touching its peak of Rs 436 on NSE. Majority of analysts have recommended BUY on BEL stock. The next big target price for BEL is seen to be Rs 460, Rs 495 and Rs 500 in 12-months timeframe.

Bharat Electronics Share Price:

After market hours of November 18, BEL share price closed at Rs 421.60 apiece on NSE, down by 0.7% with market cap of Rs 3,08,180.28 crore. Despite this, BEL is just Rs 14.4 away from touching its 52-week high of Rs 436 apiece. Also, year-to-date, BEL has outperformed both Sensex and Nifty including its own rivals, with upside of 43.5%.

BEL's all-time gains is a whopping 191,536.36%. Once upon a time, BEL stock were merely at Rs 0.22 on January 1, 1999. This price is adjusted after its bonus issue, stock splits, and dividends corporate actions.

Dividends: Since August 2003, BEL has rewarded up to 51 dividends, as per the data. In the past 12 months, the stock gave about Rs 2.40 per share dividend.

Bonus Issues: BEL holds the record of delivering three bonuses. Its first bonus shares were in the ratio of 2:1 in the year September 2015, followed by another 1:10 bonus issue in September 2017. The last bonus share was of 2:1 ratio in September 2022.

Stock Split: In March 2017, BEL has split its shares for the first time in the ratio of 1:10. The face value of Rs 10 is sub-divided to Re 1.

Last week, BEL informed exchanges that it secured additional orders worth Rs.871 Crore since the last disclosure on 10th November 2025. Major orders received include fire control system, thermal imager, ground support equipment, upgrades, spares, services etc.

BUY Bharat Electronics Share Price?

The consensus recommendation from 27 analysts for Bharat Electronics Ltd. is BUY, as per Trendlyne data. From these, 15 analysts have recommended 'STRONG BUY' and 6 analysts have suggested 'BUY' on BEL. The average 1-year target price is seen at Rs 460.52 apiece, signalling over 9.4% potential upside.

Other brokerages like ICICI Direct and Motilal Oswal have also recommended BUY.

ICICI Direct suggests BUY for a target price of Rs 495

Motilal Oswal recommended BUY for a target price of Rs 500.

These hint at potential 16% to 19% upside in BEL going forward.

In its note, ICICI Direct said, "With healthy order-backlog, robust pipeline and improving execution led by increasing indigenisation, we believe that BEL provides strong earnings visibility. We expect revenue & PAT CAGR at ~17% each over FY25-28E."

"We maintain BUY on BEL with a revised target price of Rs 495 per share (based on 42x FY28E EPS)," said analysts.

BEL's order backlog stands at Rs 74453 crore as of Sep25 (3x TTM revenues), which provides healthy revenue growth visibility over the next 2-3 years considering the steady execution. Moreover, orders pipeline remains robust for BEL in defence electronic systems (including electronic warfare, radars, communication & control systems, navigation systems, avionics etc for various platforms), non-defence and exports.

Also, ICICI Direct believes BEL is strongly positioned to capture this huge opportunity considering MoD's push for greater indigenous content in large scale programs like aircrafts, warships, submarines, missiles, combat vehicles, unmanned ariel vehicles etc. Furthermore, non-defence areas (like space, railways, metros, civil aviation etc) and exports present sizable opportunity for BEL in the coming years.

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