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Bharat ElectronicsNSE:BEL +0.45%97 Operating Margin % is 22.14% as of Jun. 2026, which is 4% above its 10-year median of 21.30. GuruFocus rates NSE:BEL with a GF Score™ of 97/100 and a GF Value™ of ₹429.46 (Fairly Valued). Among 351 Aerospace & Defense companies, Bharat Electronics ranks better than 94.02% on this metric.
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
Bharat Electronics Operating Margin % Related Terms
Bharat Electronics Operating Margin % Historical Data
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The historical data trend for Bharat Electronics's Operating Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NSE:BEL vs SPCX, GE, RTX: Operating Margin % Comparison
For the Aerospace & Defense subindustry, Bharat Electronics's Operating Margin %, along with its competitors' market caps and Operating Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Bharat Electronics Operating Margin % vs Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Bharat Electronics's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Bharat Electronics's Operating Margin % falls into.
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
Bharat Electronics's Operating Margin % for the fiscal year that ended in Mar. 2026 is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Bharat Electronics (NSE:BEL) has a Operating Margin % of 22.14% as of Jun. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on Bharat Electronics and its competitors. This is near median its historical median of 21.30. Over the past decade, Bharat Electronics' Operating Margin % has ranged from 19.62 to 29.08. According to the industry distribution chart, Bharat Electronics ranks #21 out of 351 companies in the Aerospace & Defense industry, placing it in the top 6%.
Is Bharat Electronics' Operating Margin % too high?
Bharat Electronics' current Operating Margin % of 22.14% is near median its 10-year median of 21.30. Over the past 10 years, this metric has ranged from a low of 19.62 to a high of 29.08. The Aerospace & Defense industry median Operating Margin % is 7.87. Bharat Electronics' value of 22.14% is 181.3% above this industry median. Based on the distribution chart, Bharat Electronics ranks #21 out of 351 companies in the Aerospace & Defense industry, which is in the top quartile — a strong position relative to peers. Overall, Bharat Electronics has a GF Score™ of 97/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Bharat Electronics' Operating Margin % compare to SPCX and GE?
According to the Aerospace & Defense industry distribution chart, Bharat Electronics ranks #21 out of 351 companies for Operating Margin %. This places Bharat Electronics in the top 6% of its industry — outperforming the majority of peers. The industry median Operating Margin % is 7.87. Bharat Electronics' value of 22.14% is 181.3% above this benchmark. Historically, Bharat Electronics' own Operating Margin % has ranged from 19.62 to 29.08 over the past decade. While the company's 10-year median is 21.30 vs. the industry median of 7.87, Bharat Electronics has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Margin % for an Aerospace & Defense company?
The median Operating Margin % among Aerospace & Defense companies is 7.87, based on 351 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Bharat Electronics's current Operating Margin % of 22.14% is 181.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on Bharat Electronics and its competitors. For the Aerospace & Defense industry, the median Operating Margin % is 7.87 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bharat Electronics's current Operating Margin % is 22.14%, which is near median its own 10-year median of 21.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bharat Electronics stock overvalued right now?
Based on GuruFocus' analysis, Bharat Electronics (NSE:BEL) is currently considered Fairly Valued. The stock's GF Value™ is ₹429.46, compared to a current price of ₹401.00 — trading 6.6% below its estimated fair value. The current Operating Margin % is 22.14%, which is near median its 10-year median of 21.30 and 181.3% above the Aerospace & Defense industry median of 7.87. Bharat Electronics' overall GF Score™ is 97/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For Bharat Electronics (NSE:BEL), the current Operating Margin % is 22.14% as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Bharat Electronics (NSE:BEL) Overvalued in 2026?
Based on GuruFocus' analysis, Bharat Electronics stock appears to be undervalued.
The current stock price of ₹401.00 is trading 6.6% below its estimated GF Value™ of ₹429.46.
GuruFocus considers Bharat Electronics to be Fairly Valued.
Key valuation signals for NSE:BEL:
Operating Margin %: 22.14% (near median its 10-year median of 21.30)
GF Value™: ₹429.46 vs. price of ₹401.00 (6.6% below fair value)
Industry Position: 181.3% above the Aerospace & Defense median (#21 of 351)
No single metric tells the full story. See the NSE:BEL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bharat Electronics Ltd is an aerospace and defense company predominantly owned by the Indian government. It manufactures a wide range of specialized electronics and equipment for defense and civilian use. Its investments are made in research and development to meet the ever-changing needs of customers and to test products in its pipeline. Its product portfolio includes unmanned systems, land-based radars, batteries, weapon systems, fuzes, simulators, and jammers, among others. It also provides cybersecurity and software products. A majority of the company's revenue is derived from the defense sector. Geographically, the company's key revenue is derived from India, and it also has international customers from countries like the United Kingdom, Israel, and others.
97GF Score
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