ICICI Securities: Bharat Electronics Analyst Meet Update - Diversifying Into Multiple Revenue Streams
Attendees sit at the Bharat Electronics Ltd. booth during the Aero India air show. (Photographer: Dhiraj Singh/Bloomberg)

ICICI Securities: Bharat Electronics Analyst Meet Update - Diversifying Into Multiple Revenue Streams

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ICICI Securities Report

Strategy to diversify revenue streams away from a constrained domestic defense budget – was a key takeaway from Bharat Electronics Ltd. analyst meet.

BEL does not mind additional capex to achieve the same (10-15% YoY capex growth per annum from the likely Rs 5.5 billion in FY21).

The idea, if properly executed, can allow BEL to maintain double-digit revenue growth in the foreseeable future; it also underlines the limited headroom the base business offers for continuation of growth, given scale.

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ICICI Securities- Bharat Electronics Update.pdf

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