Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Bharat ElectronicsNSE:BEL +0.77%99 3-Year ROIIC % is 30.27 as of Mar. 2026, which is 82% above its 10-year median of 16.63. GuruFocus rates NSE:BEL with a GF Score™ of 99/100 and a GF Value™ of ₹422.29 (Fairly Valued). Among 322 Aerospace & Defense companies, Bharat Electronics ranks better than 79.19% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Bharat Electronics's 3-Year ROIIC % for the quarter that ended in Mar. 2026 was 30.27%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Bharat Electronics's 3-Year ROIIC % or its related term are showing as below:
NSE:BEL's 3-Year ROIIC % is ranked better than 79.19% of 322
companies
in the Aerospace & Defense industry
Industry Median: 3.62
vs NSE:BEL: 30.27
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Bharat Electronics 3-Year ROIIC % Related Terms
Bharat Electronics 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Bharat Electronics's 3-Year ROIIC % 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: 3-Year ROIIC % Comparison
For the Aerospace & Defense subindustry, Bharat Electronics's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 3-Year ROIIC % vs Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Bharat Electronics's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Bharat Electronics's 3-Year ROIIC % falls into.
* 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Bharat Electronics (NSE:BEL) has a 3-Year ROIIC % of 30.27 as of Mar. 2026. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Bharat Electronics and its competitors. This is 82% above median its historical median of 16.63. Over the past decade, Bharat Electronics' 3-Year ROIIC % has ranged from 5.48 to 54.41. According to the industry distribution chart, Bharat Electronics ranks #67 out of 322 companies in the Aerospace & Defense industry, placing it in the top 20.8%.
Is Bharat Electronics' 3-Year ROIIC % too high?
Bharat Electronics' current 3-Year ROIIC % of 30.27 is 82% above median its 10-year median of 16.63. Over the past 10 years, this metric has ranged from a low of 5.48 to a high of 54.41. The Aerospace & Defense industry median 3-Year ROIIC % is 3.62. Bharat Electronics' value of 30.27 is 736.2% above this industry median. Based on the distribution chart, Bharat Electronics ranks #67 out of 322 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 99/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Bharat Electronics' 3-Year ROIIC % compare to SPCX and GE?
According to the Aerospace & Defense industry distribution chart, Bharat Electronics ranks #67 out of 322 companies for 3-Year ROIIC %. This places Bharat Electronics in the top 21% of its industry — outperforming the majority of peers. The industry median 3-Year ROIIC % is 3.62. Bharat Electronics' value of 30.27 is 736.2% above this benchmark. Historically, Bharat Electronics' own 3-Year ROIIC % has ranged from 5.48 to 54.41 over the past decade. While the company's 10-year median is 16.63 vs. the industry median of 3.62, 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 3-Year ROIIC % for an Aerospace & Defense company?
The median 3-Year ROIIC % among Aerospace & Defense companies is 3.62, based on 322 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Bharat Electronics's current 3-Year ROIIC % of 30.27 is 736.2% 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Bharat Electronics and its competitors. For the Aerospace & Defense industry, the median 3-Year ROIIC % is 3.62 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bharat Electronics's current 3-Year ROIIC % is 30.27, which is 82% above median its own 10-year median of 16.63. 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 ₹422.29, compared to a current price of ₹387.85 — trading 8.2% below its estimated fair value. The current 3-Year ROIIC % is 30.27, which is 82% above median its 10-year median of 16.63 and 736.2% above the Aerospace & Defense industry median of 3.62. Bharat Electronics' overall GF Score™ is 99/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Bharat Electronics (NSE:BEL), the current 3-Year ROIIC % is 30.27 as of Mar. 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 ₹387.85 is trading 8.2% below its estimated GF Value™ of ₹422.29.
GuruFocus considers Bharat Electronics to be Fairly Valued.
Key valuation signals for NSE:BEL:
3-Year ROIIC %: 30.27 (82% above median its 10-year median of 16.63)
GF Value™: ₹422.29 vs. price of ₹387.85 (8.2% below fair value)
Industry Position: 736.2% above the Aerospace & Defense median (#67 of 322)
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.
99GF Score
Get the complete analysis for NSE:BEL
3-Year ROIIC % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
NSE:BEL has been successfully added to your 
