BEL Share Price Target 2025, 2030, and 2040: Technical & Fundamental Analysis - InvestingCube

Current BEL Share Price & Recent Performance Analysis

Bharat Electronics is listed on the NSE and is a Nifty 50 index component. The current BEL share price as of the close of trading on November 10, 2025 is INR 416.85. The weekly chart indicates that this stock has been trading in an uptrend since 2020. Recent performance analysis indicates that the stock is making a renewed bid to retest the June 30, 2025 all-time high at 436.00. A break of this level is will take the stock to a new BEL share price target high, but failure to do this could lead to a near-term correction.

Fundamental Analysis of BEL (Bharat Electronics Ltd)

What are the fundamentals driving the growth in the BEL share price? It is all as a result of the increased spending on defence by India in the face of several geopolitical threats from Pakistan and China. Furthermore, the Russian-Ukraine war has led to a race to improve on strategic defenses and offensive capability by several European and South East Asian countries.

Specifically, the Indian Ministry of Defence has repeatedly reserved 75% of its procurement budget for domestic procurement for the period covering FY2024 – FY2026. Indian domestic public sector undertakings such as Bharat Electronics have been major beneficiaries of this domestic defence spending, which have improved the company’s financial bottomlines with virtually no debt.

Furthermore, the Defence Acquisition Procedure (DAP-2020) strategy which prioritizes the “Buy Indian” mantra of the Mohdi-led administration, and sets high domestic content thresholds for defence purchases, favours the company’s largely homegrown portfolio while also limiting its exposure to forex exchange fluctuations.

Key Financial Highlights and Order Book Position

The key financial highlights of Bharat Electronics are reflected in the latest reported figures that are summed up below.

The July-September 2025 quarter is officially Q2 2026. According to the company’s official Q2 2026 earnings disclosure, revenue came in at ₹5,763.65 crore, representing a 25.8% increase year-on-year. Profit after tax (PAT) stood at ₹1,286.13 crore, rising 17.9% year-on-year. The order book as of October 1, 2025 stood at ₹74,453 crore.

The H1 2026 period is represented by the April – September 2025 half year. For this period, Bharat Electronics reported revenue of ₹10,180.48 crore, which topped the ₹8,782.18 crore revenue pulled in for the same period the previous year. Profit after tax stood at ₹2,255.26 crore, representing an increase from the ₹1,867.41 crore prior on a YoY basis. EBITDA margins stand at 30%, while the forward guidance calls for a 15% revenue growth and EBITD margin of >27% for the full year 2026.

₹14,750 crore orders had been booked by the call date for FY2026 year-to-date. Bharat Electronics guides that the FY2026 order inflow would hit ₹14,750 crore ex-QRSAM, or ₹57,000 crore if the company’s Quick Reaction Surface to Air Missile (QRSAM) order component is included.

Exports currently stand at 4%, which is still below the long-term target of 10%. Capital expenditure for 2026 will include ₹1,400 crore to be committed to the construction of a new capital defense integration compound in Andhra Pradesh.

BEL Share Price Target 2025

The 2025 BEL share price targets are mentioned in the paragraphs below. These targets were all made in 2025 with a 12-month horizon. The average of these targets puts the BEL share price target for 2025 at the INR 420 – INR 510 range, with a median of INR 474.

BEL Share Price Target 2030

A search of any BEL share price targets 2030 from institutional entities did not yield any positive outcomes. Indian brokers tend to stick to 12-month target models. Most of the outlooks from investment streets have also centred on 12-month targets, which are listed later in this article.

However, a 2030 BEL share price target can be derived from valuation matrices which take into account the CAGR, the Earnings per share (EPS) of the target full year, and terminal Price-to-Earnings ratio. These are purely assumption targets and hold very little investment value, if any. The formula to use is:

• 2030 EPS = INR 7.28 X (1+g) ^/\5
• Price = 2030 EPS X P/E ratio

So, if the 2030 EPS CAGR is 15% and the market projects 35X in 2030, the end-2030 BEL share price target would be INR 512.

BEL Share Price Target 2040

By extension, there are no BEL share price targets for 2040 as this investment horizon is way beyond the 12-month targets set by brokerages and institutional investors.

Technical Analysis and Key Support/Resistance Levels

The stock has been in an uptrend since 2001. The 24-year uptrend has seen some significant dips which constitute the major support levels. The dip of February 2024 is significant; it marks the start of the bullish flag pattern, whose pole extends from this support at 176.50 to the commencement of the flag consolidation at just below 270.00. The subsequent break of the flag consolidation by the late April 2025 candle confirmed the pattern, with a measured move targeting a BEL share price target at 447.00.

Price has however peaked at an all-time high of 436.00, with a failed retest in early November 2025, followed by a brief pullback. This key resistance also corresponds to the 0.618 Fibonacci extension from the flag pole price swing.

A break of the 61.8% Fibonacci extension at INR 435 unlocks access to higher targets, especially the 100% Fibo extension at 496.30. However, if the bottom of the current range at 379.30 gives way, this would make a case for a further decline that seeks a bottom at 255.95, the 0.5% extension.

If price remains without momentum to break either of the two barriers, then the 379 – 429 range will hold true.

Reasons for BEL Share Price Fluctuation (Why is it rising and falling?)

According to Dow’s Theory of price action, a trend never moves in a straight line, but is a series of peaks and troughs that are caused by accummulation (institutional buying), absorption (public participation) and distribution (institutional selling).

These three phases are seen in all assets that are traded in the financial markets. There will be periods that the price will follow a major direction (the trend), followed by periods of retracement (due to profit taking or other factors), and continuation in the direction of the original trend.

The BEL share price is not different. The recent pullback from the all-time highs follows a failure to break past the initial price peak of June 2025. Failure to break this resistance following the November 2025 retest has led to a correction as traders take profit from the flag breakout move.

Analysts’ Consensus and Broker BEL Share Price Targets

The consensus of 10 polled institutional analysts yielded a price band of ₹434–435 over a 12-month time frame. This implies a 3-5% upside potential when referenced to the closing price for November 10, 2025. Here are some notable broker BEL share price targets, some of which were made following the strong Q2 2026 results:

• Investment bank UBS has lifted its share price target from INR 450 to INR 500, with a Buy recommendation.
• Motilal Oswal also has a BEL share price target of INR 500, with a Buy recommendation. This is also the recommendation from Choice Broking.
• Jefferies raised its BEL share price target to INR 510 and also maintains a Buy recommendation. The guidance upgrade came after Bharat’s Q2 2026 earnings report.
• ICICI Securities continues to maintain its May 2025 outlook for a INR 420 price target, while also recommending a Buy on the stock.
• Nirmal Bang and Prabhudas Lilladher/Capital maintain a Hold recommendation, with price targets set at INR 470 and INR 407, respectively.

There have been a few price downgrades though, but these are largely in the minority.

Peer Comparison: BEL vs HAL, BDL and other Defence stocks

BEL has a high Price-to-Earnings ratio (P/E ratio) when compared to some of its peers such as HAL. For instance, BEL’s P/E ratio is 53-54X, which is well above the stock’s historical band over a 5-10 year period. In comparison, HAL has a P/E ratio of 38-53X; most defence PSUs have P/E ratios closer to the 15-25X band.

BEL’s high P/E ratio will not be a major concern if the company continues to beat growth estimates and has an effective cash conversion protocol.

Other points of comparison indicate that HAL, a company which makes helicopters, engines and MROs, has a much larger order book (₹1.89 lakh crore for FY2025 with a ₹2.7 lakh crore projection for FY 2026) when compared with BEL (~₹74,453–75,600 crore as per Q2 2026).

HAL’s Q2 2026 report is due on November 12, 2025. The FY 2025 revenue and profit-after-tax (₹30,981 crore) far exceeds those of HAL, whose H1 2026 revenues came in at ₹10,180.48 crore. Other comparison points are as follows:

• Visibility and scale: BEL has the most diversified and scalable business model with rapid execution cadence.
• Cash and margins: BEL, HAL and BDL all run on net-cash models. BEL has the highest potential for posting EBITDA close to 30.
• Leverage on government policy: All three companies are well primed to benefit from the defence indigenization policy, but BEL has the best beneficiary potential due to its product diversification. HAL only benefits from large platform orders, which is subject to execution risk.
• Valuation: BEL trades at a multiple of 50 TTM. BDL trades at the highest multiple, hitting up to 100 TTM. HAL has the lowest multiple of the three companies.

Future Outlook and Growth Drivers for Bharat Electronics

The future outlook as provided by the company in its Q2 2026 earnings report paints a rosy picture as the follow through from the Indian government’s defence procurement strategy is expected to continue. The latest earnings report provided positive forward guidance in revenue, profits and order blocks.

Revenue is expected to grow 15% YoY for FY26. The company hopes to boost exports from 4% to 10% of its production in the near future. EBITDA for the full year is expected to come in at >27%, in line with the Q2 figure of 28%. The company is to construct a large defence integration complex and aims to boost its R&D spending to ₹1,400 crore. It also aims to continue the defence/non-defence ratio mix at 90:10, ensuring it focuses on products that currently have an industrial-scale in line with the increase in defence spending by India and several national governments.

The growth drivers will continue to be the Indian government’s DAP-2020 defence procurement strategy which will focus on procurement of defense systems from local sources, for which Bharat Electronics is appropriately positioned. This is also in line with similar growth stories from other defence companies around the world.

Finally, Bharat Electronics Ltd is effectively debt free as it has no short term or long term borrowings on its balance sheet. This gives the company a debt-to-equity ratio of 0.00 with zero financing costs.

Is BEL a Good Stock to Buy for Long Term Investment?

BEL remains a good stock to buy for long term investment. This is based on the positive forward guidance provided by the company and the upside potential that currently exists in terms of the latest BEL share price targets of various institutional entities.

BEL Dividend History and Corporate Actions

Typically, the company’s board first declares the dividend status, sets the dividend amount and the ex-date (cutoff date for which those on the company’s list of shareholders will qualify for the dividend payments). After this, the shareholders vote to approve the dividend declaration. Payments are made to shareholder payment mandates via the NECS platform. Bharat Electronics Ltd’s dividend payment history is as follows:

• FY 2022: INR 3.00/ share, which was paid out as two equal tranches of INR 1.50 as interim and final dividend. Ex-dividend dates (interim and final) were March 24, 2022 and August 8, 2022.
• FY 2023: The payment of INR 1.80/share in three instalments of INR 0.60 per share marked a second straight year of payments following the COVID pandemic.
• FY 2024 saw the company paying a total of INR 2.20/share, with two payments of INR 0.70/share in interim dividends, followed by a final tranche of INR 0.80/share.
• FY 2025 saw the payment of a total dividend of INR 2.40/share. Ex-dividend dates were on March 11, 2025 and September 23, 2025.

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