204,105% Up, 1:10 Split, 3 Bonus, 51 Dividends: Defence PSU Stock Nears 1-Yr High When Market Crashes; BUY?

Bharat Electronics Limited (BEL), a leading defence PSU giant with zero-debt ratio, rallied on January 30, when both Sensex and Nifty faced severe selling pressure due to broader bearish market tone. BEL went as far as nearing its 52-week high level. Following the latest rally, BEL stock's all-time gains is now breathtaking 204,105%. Let's find out why BEL shares rallied and should you buy ahead?

Bharat Electronics (BEL) Share Price:

After closing bell on January 30, BEL share price closed at Rs 449.25 apiece on NSE, up by 1.07% with market cap of Rs 3,28,391.81 crore. BEL stock closed near its day's high of Rs 451.95 apiece. At the current market price, BEL stock is nearing its 52-week high of Rs 457.50 apiece.

From its 52-week low of Rs 240.25 apiece, BEL shares have surged by a whopping 87% on the exchange.

In January 2026 so far, BEL stock zoomed by nearly 13%. In a year, the upside is around 61%. Meanwhile, in the longer run, BEL stock advanced by nearly 937% in 5-years span. However, its all-time gains is a breathtaking of 204,104.55%. This is because once upon a time BEL shares were just at Rs 0.22 apiece on January 1, 1999.

These gains are adjusted to stock split, bonus and dividends.

Bharat Electronics Ltd Share Price Recommendation:

The reason behind latest rally in BEL share price is the defence giant's continued stellar run in quarterly earnings. BEL reported positive surprise across verticals in Q3FY26.

As per analysts at Elara Capital, during Q3, BEL's sales were higher than expected with robust margin profile led by focused execution of a mounting orderbook. BHE is confident of delivering 15% sales growth and sustaining EBITDA margin above 27% for the year. Order inflow target for FY26 is Rs 270 billion, excluding quick reaction surface to air missile (QRSAM) worth Rs 300-350 billion.

BEL Share Price BUY?

On the valuation, analysts at Elara said, "We reiterate Accumulate with a higher TP of Rs 485 on 42x December FY27E P/E, factoring in margin improvement for FY26, strong order inflow potential in the next two years, battle tested product portfolio and unexplored export opportunities. Key risks include slowdown in defence budget and delay in receipt of large orders such as QRSAM."

Further, analysts at JM Financial said, "We remain positive on BEL given revenue visibility from the strong order backlog (INR 745bn), sustained steady margin profile, healthy order prospects, increasing business opportunity from the Indian Navy (indigenisation and increasing fleet), continued focus on diversification (including drone and anti-drone system) and exports, capacity expansion and indigenisation push by the central government. We revise our EPS estimates by 2.3%/1.5%/2.6% for FY26/27/28, factoring in better margin visibility on the back of increasing indigenisation level. We expect revenue/PAT CAGR of 17%/16% over FY25-28E. We maintain ADD rating on the stock with a revised TP of Rs 480 (INR 470 earlier), valuing it at 46x Sep'27E (same as earlier)."

Bharat Electronics (BEL) Corporate Actions:

So far, BEL has given 51 dividends, delivered 3 bonuses and carried 1 stock split in its history.

Bonus Issue: The first ever bonus issue by BEL was in September 2015, in the ratio of 2:1. This followed second and third bonus issues of 1:10 in September 2017 and 2:1 in September 2022.

Stock Split: BEL has split only once in its history. The first ever split ratio was of 1:10 with effective date on March 16, 2017, which led to reduction in its face value to Re 1 each from Rs 10 each.

Dividends: Since August 2003, BEL has delivered at least 51 dividends, as per Trendlyne data. In the last 12 months, BEL stock distributed dividends of Rs 2.40 per share. Currently, it has a dividend yield of 0.53%.

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