BEL Share Price: 41.9% CAGR in 3 Years as Bharat Electronics Edges Past Garden Reach, Cochin and HAL
- November 10, 2026
- Posted by: Kunal Singla
- Category: Best Stocks
BEL Share Price: 41.9% CAGR in 3 Years as Bharat Electronics Edges Past Garden Reach, Cochin and HAL
BEL previous close Rs 394.55. 3-year CAGR 41.9%. Up 2.9x since 9 Nov 2023. ROE 24.37%. Market cap Rs 2,88,151 crore.
Quick Answer
The BEL share price closed at Rs 394.55 on 9 November 2026, a compounded annual return of 41.9% over three years. That compares with Garden Reach Shipbuilders and Engineers at 41.3%, Cochin Shipyard at 35.5% and Hindustan Aeronautics at 35.0%. The company has a market cap of Rs 2,88,151 crore and a P/E of 45.00 against an industry P/E of 47.55.
The BEL share price has been one of the steadiest compounders among Indian defence public sector companies. Bharat Electronics, the Bengaluru-based maker of radars, communication systems and electronic warfare equipment, has nearly tripled investor money over three years.
We compare that run with Garden Reach Shipbuilders, Cochin Shipyard and Hindustan Aeronautics. The article calculates three-year CAGR for all four and sets the results beside market cap, valuation, return on equity and debt, using prices adjusted for corporate actions.
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How Much Has the BEL Share Price Returned in 3 Years?
The BEL stock closed at Rs 137.95 on 9 November 2023 and at Rs 394.55 on 9 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 2.86 lakh, which is a CAGR of 41.9%. This is a price return and leaves out dividends.
CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as BEL can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.
The BEL share price has also followed the push for indigenous defence electronics, where orders for radars, communication gear and weapon systems have supported the order book.
BEL vs Garden Reach Shipbuilders and Engineers, Cochin Shipyard and Hindustan Aeronautics: 3-Year CAGR Compared
The table ranks the companies by three-year CAGR. Prices on 9 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 9 November 2026.
| Company | Close on 9 Nov 2023 | Previous close (9 Nov 2026) | Price multiple | 3-year CAGR |
|---|---|---|---|---|
| Bharat Electronics | Rs 137.95 | Rs 394.55 | 2.9x | 41.9% |
| Garden Reach Shipbuilders and Engineers | Rs 779.40 | Rs 2,198.10 | 2.8x | 41.3% |
| Cochin Shipyard | Rs 518.80 | Rs 1,290.00 | 2.5x | 35.5% |
| Hindustan Aeronautics | Rs 2,030.80 | Rs 4,999.00 | 2.5x | 35.0% |
The BEL stock leads the group at 41.9%, followed by Garden Reach Shipbuilders and Engineers at 41.3%, Cochin Shipyard at 35.5% and Hindustan Aeronautics at 35.0%. BEL edges ahead of Garden Reach by a small margin, with Cochin Shipyard and HAL close together behind. The first two are almost level, so the four are best read as a tight group at the top.
Look at the BEL share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.
Valuation and Quality Compared
| Company | Market cap | P/E | Industry P/E | ROE | Debt to equity |
|---|---|---|---|---|---|
| Hindustan Aeronautics | Rs 3,32,983 crore | 35.72 | 47.55 | 22.21% | 0.00 |
| Bharat Electronics | Rs 2,88,151 crore | 45.00 | 47.55 | 24.37% | 0.00 |
| Cochin Shipyard | Rs 33,911 crore | 49.86 | 47.55 | 12.20% | 0.28 |
| Garden Reach Shipbuilders and Engineers | Rs 25,189 crore | 31.46 | 51.77 | 28.48% | 0.01 |
By market cap, Hindustan Aeronautics is the largest of the group at Rs 3,32,983 crore, while the BEL stock stands at Rs 2,88,151 crore, about 87% of that size. On earnings, BEL shares trade at a P/E of 45.00 against an industry P/E of 47.55, a discount of about 5% to the sector, which leaves room if earnings keep growing. Peer multiples are Garden Reach Shipbuilders and Engineers at 31.46, Cochin Shipyard at 49.86 and Hindustan Aeronautics at 35.72.
Return on equity is 24.37% for the BEL stock, which ranks second among the four, and debt to equity stands at 0.00. Trailing EPS is Rs 8.76. Defence companies are valued on their order books, so the P/E should be read together with return on equity and the visibility of future orders.
What Is Driving the BEL Stock?
Bharat Electronics makes defence electronics such as radars, sonars, communication systems and electronic warfare equipment, and it also serves homeland security and civilian electronics customers.
Electronics programmes tend to combine new builds with long term upkeep and upgrades, which supports revenue over the years. A strong order book gives earnings visibility across several quarters.
Followers of the BEL share price usually track order inflow, execution pace, margins and the share of non-defence business.
How the Established Players Stack Up
Garden Reach Shipbuilders and Engineers is a Kolkata-based builder of warships and patrol vessels for the Indian Navy and Coast Guard. It compounded at 41.3% a year, on a market cap of Rs 25,189 crore and an ROE of 28.48%.
Cochin Shipyard is a Kochi-based shipbuilder and ship repair company that built the aircraft carrier INS Vikrant. It compounded at 35.5% a year, on a market cap of Rs 33,911 crore and an ROE of 12.20%.
Hindustan Aeronautics is the Bengaluru-based maker of fighter aircraft, helicopters and engines, and one of the largest defence companies in India. It compounded at 35.0% a year, on a market cap of Rs 3,32,983 crore and an ROE of 22.21%.
What Should Investors Track Next?
Three things are worth watching on the BEL share price. First, order inflow and the size of the order book. Second, execution pace on large programmes. Third, margins as the mix of products changes.
At a P/E of 45, expectations are meaningful. Order timing in defence can shift from quarter to quarter, so size any position with that in mind.
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How to Compare Defence Electronics Stocks Yourself
You can repeat this exercise for any pair of stocks, including the BEL stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.
A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the BEL share price, the same four checks give a more complete picture than price alone.
Download the Univest iOS App or Univest Android App to track the BEL share price and compare defence stocks live.
A Defence Electronics Leader With a Debt Free Balance Sheet
The BEL share price compounded at 41.9% a year over three years, just ahead of Garden Reach at 41.3%, Cochin Shipyard at 35.5% and HAL at 35.0%. It is debt free, with a debt to equity of 0.00, and an ROE of 24.37%.
Garden Reach offers a higher ROE with a naval order book, Cochin Shipyard brings a commercial and naval mix, and HAL brings aircraft programmes. The choice depends on the exposure you prefer.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
What is the BEL share price today?
Ans. Bharat Electronics closed at Rs 394.55 on 9 November 2026, according to NSE data. It has a market cap of Rs 2,88,151 crore and a P/E of 45.00. Check live quotes before acting, as prices change every trading day.
What is the 3-year CAGR of the BEL stock?
Ans. Bharat Electronics delivered a price CAGR of 41.9% over three years, moving from Rs 137.95 on 9 November 2023 to Rs 394.55 on 9 November 2026. The figure excludes dividends and uses adjusted closing prices.
Is BEL better than HAL?
Ans. The BEL stock delivered a higher three-year CAGR at 41.9% than HAL at 35.0%. HAL is larger by market cap at Rs 3,32,983 crore, while BEL has the higher ROE at 24.37% against 22.21%. BEL trades at a P/E of 45.00 against 35.72, so the better choice depends on your view.
What does Bharat Electronics do?
Ans. Bharat Electronics is a Bengaluru-based Navratna public sector company that makes defence electronics such as radars, sonars, communication systems and electronic warfare equipment.
Is the BEL stock debt free?
Ans. The debt to equity ratio of the BEL stock is 0.00 and its return on equity is 24.37%. Always check the latest balance sheet for current figures, as debt levels change with expansion plans.
Is BEL expensive compared with the industry?
Ans. BEL trades at a P/E of 45.00 against an industry P/E of 47.55. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.
Which defence electronics stock gave the highest return in 3 years?
Ans. Among the companies compared here, Bharat Electronics delivered the highest three-year CAGR at 41.9%, followed by Garden Reach Shipbuilders and Engineers at 41.3%. Past returns do not guarantee future performance.
How do I calculate CAGR for a stock?
Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.
