170,423% UP: Defence PSU Stock Turns Rs 10,000 To Rs 1.7 Cr In 26 Years, 90% Dividend Payout Latest; BUY MORE?

Bharat Electronics (BEL), a zero-debt defence giant, is trading below Rs 400 levels, but that has not stopped the heavyweight stock in multiplying investors' wealth multi-fold. In the longest run, BEL has given 170,423% returns in 26 years. These mind-boggling returns has probably turned Rs 10,000 investment of investors to over Rs 1.7 crore from 1999 to 2025. The latest reward by BEL is 90% dividend payout for which the record date was earlier in August 2025. BEL also holds a strong record of bonus issues, sub-division and dividends.

Bharat Electronics (BEL) Share Price:

BEL shares closed at Rs 375.15q apiece on NSE after market hours of August 22, 2025, with market cap of Rs 2,74,226.35 crore. The stock gained marginally in closing bell.

However, its weekly performance is down by nearly 3%. And in past month, the stock dropped by nearly 6%. But despite this, BEL is on a bullish note on six-monthly and YTD performance, gaining by 46.3% and 28%. On year-on-year, BEL shares have surged by over 22%.

In the long term, BEL is a mega multi-bagger. In its 5-years performance, the defence giant rallied by 904.42% as of now, compared to price level of Rs 37.35 on August 28, 2020. Furthermore, BEL's all-time gains is a whopping 170,422.73% or Rs 374.93 per share! Once upon a time, BEL was just at Rs 0.22 on January 1, 1999. These gains are adjusted to stock splits, bonuses and dividends.

Let's suppose, if a investor bought BEL shares on January 1, 1999, for Rs 10,000. At 170,422.73% gains, the investment of Rs 10,000 will become corpus of Rs 1,70,52,273 or Rs 1.705 crore.

Bharat Electronics (BEL) Dividend:

Recently, BEL turned ex-dividend on August 14 for a final dividend payout of Rs 0.90 (90%) per equity share of Re 1/- each fully paid.

BEL said, "The Final Dividend for the year 2024-25, if declared at the AGM, will be paid within 30 days from the date of declaration, to those Members whose names appear on the Company's Register of Members as on 14 August 2025 in respect of physical shares. However, in respect of shares held in dematerialized form, the dividend will be payable to those persons whose names appear as beneficial owners as at the closure of the business hours on 14 August 2025 as per the details furnished by the depositories."

So far, since August 2003, BEL shares have rewarded investors with at least 50 dividends, as per Trendlyne data. Apart from dividends, BEL also holds steady record of issuing bonus and carrying stock sub-divisions.

Bharat Electronics (BEL) Bonus Issue History:

BEL has rewarded investors with 3 bonuses so far. The first bonus issue was of 2:1 in September 2015, followed by a 1:10 bonus issue in September 2017. The latest bonus issue was of 2:1, and its ex-date was in September 2022.

Bharat Electronics (BEL) Stock Split History:

BEL shares have split in the ratio of 1:10 in March 2017. The face value of Rs 10 each was trimmed to Re 1 each.

BUY BEL Shares?

According to analysts at JM Financial, BEL reported a better than expected 1QFY26 performance on margins and profitability front while revenue at INR 44.2 billion was 9.4% below JMFe. Revenue to the tune of INR 2 billion were impacted, due to geopolitical issues impacting procurement of critical component from Israel. Order inflows during the quarter came in at INR 73.5 billion (up 48% YoY) and order book as on 1QFY26 stands at INR 748 billion (3.1x TTM revenue).

That being said, analysts report added, " Company is working on multiple drone system, such as Archer UAV (trials on going), loitering ammunition, logistics drone & MALE variety drone and expect to bag at least one order in FY26. Management guided for revenue growth of 15%-17.5%, with EBTIDA margins of 27% for FY26. Order inflows for FY26 is likely to be INR 270 billion, excluding QRSAM order, worth INR 300 billion, which is expected to be booked in 4QFY26 itself. Capex to be c.INR 10 billion/year for next couple of years towards capacity expansion. BEL continues to explore new growth opportunities through diversification, capability enhancement, competitiveness, modernization and export initiatives."

Hence, JM's analysts have recommended BUY. They said, "We remain positive on BEL given strong order backlog (INR 748bn) providing revenue visibility, sustained steady margin profile, healthy order prospects, increasing business opportunity from Indian Navy (indigenization and increasing fleet), continuous focus on diversification (including drone and anti-drone system) & exports markets, capacity expansion and indigenisation push by GoI. We expect revenue and PAT CAGR of 17%/13% over FY25-27E. Maintain Buy rating on stock with revised TP of INR 425 (INR 405 earlier), valuing it at 46x FY27E (45x FY27E EPS earlier), on back of strong defence outlook and order pipeline."

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.