BEL · Aerospace & Defense · INE263A01024
Analyst mean 2.00 · 28 analysts · 25% bullishWhat the numbers mean when read together — computed from the filings, not a score.
Operating cash flow is just 25% of trailing profit — the classic pattern where reported earnings are not backed by cash. This is the single most important thing to understand on this page.
Operating cash flow ₹1,541 cr against trailing net profit ₹6,148 cr. When profit rises but cash does not follow, the questions are: are receivables ballooning, is revenue being recognised ahead of collection, or are costs being capitalised?
Both revenue and profit grew over the last year (19.8% and 11.8%) — growth is translating to the bottom line.
Trailing revenue ₹28,717 cr, trailing profit ₹6,148 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Net margin has narrowed from 21.8% to 19% year-on-year — profitability per rupee of sales is shrinking.
Quarter net margin 19% vs 21.8% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
Free cash flow swings between positive and negative across the cycle.
Latest ₹560 cr, negative in 3 of 12 years.
Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.
| Metric | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,605 | 5,771 | 9,150 | 4,440 | 5,792 | 7,154 | 10,224 | 5,547 |
| Expenses | 3,205 | 4,101 | 6,334 | 3,201 | 4,090 | 5,027 | 7,243 | 4,159 |
| Other Income | 158 | 186 | 195 | 163 | 154 | 139 | 110 | 170 |
| Depreciation | 111 | 111 | 138 | 121 | 126 | 135 | 173 | 161 |
| Profit before tax | 1,445 | 1,744 | 2,867 | 1,279 | 1,728 | 2,128 | 2,917 | 1,396 |
| Net Profit | 1,093 | 1,312 | 2,127 | 969 | 1,287 | 1,580 | 2,226 | 1,055 |
| EPS | 1.49 | 1.79 | 2.91 | 1.33 | 1.76 | 2.16 | 3.04 | 1.44 |
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 244 | 244 | 731 | 731 | 731 | 731 |
| Reserves | 10,816 | 12,042 | 13,131 | 15,595 | 19,243 | 23,257 |
| Borrowings | 3 | 53 | 61 | 63 | 61 | 65 |
| Fixed Assets | 2,652 | 2,675 | 2,963 | 3,035 | 3,419 | 4,366 |
| CWIP | 883 | 1,006 | 855 | 894 | 1,052 | 486 |
| Investments | 1,306 | 1,572 | 650 | 682 | 743 | 800 |
| Total Assets | 29,492 | 33,912 | 35,490 | 39,524 | 40,824 | 44,538 |