We believe BEL will regain and sustain double digit revenue growth in FY23-24, based on strong order book position, strong project line-ups, and easing of supply chains. Order book stands at INR 52,795 Cr and after adjusting for Triton Electric vehicle contract of INR 8,060 Cr, order book would be INR 60,855 cr. With strong order book in hand and parallel execution capability for multiple platforms, BEL has a strong P/L growth visibility. Further, it is emerging as a key beneficiary of increase in defence capital expenditure.

Bharat Electronics (BEL) is a leading aerospace and defence electronics company. It primarily manufactures advance electronics products.. It has a strong balance sheet, double digit returns ratios

Best play in the Indian defense sector

Operational performance in line; Working capital cycle improvement impressive