Bharat Electronics Limited / Estimates

Fiscal Year	Revenue	Net income	Net margin	Free cash flow	FCF margin
2025	€2.32B +19.4%	€519.54M +33.6%	22.4% +0.024 pp	€156.00M -69.9%	6.7% -0.20 pp
2024	€1.94B +14.4%	€389.01M +33.5%	20.0% +0.029 pp	€518.62M +186.0%	26.7% +0.16 pp
2023	€1.70B +15.4%	€291.37M +24.4%	17.1% +0.012 pp	€181.33M -61.0%	10.7% -0.21 pp
2022	€1.47B +8.9%	€234.20M +14.3%	15.9% +0.0075 pp	€464.90M -14.4%	31.6% -0.086 pp
2021	€1.35B +9.6%	€204.92M +15.1%	15.2% +0.0072 pp	€543.07M +67.7%	40.2% +0.14 pp
2020	€1.23B +6.6%	€178.06M -3.3%	14.4% -0.015 pp	€323.84M +43.7%	26.2% +0.068 pp
2019	€1.16B +17.6%	€184.17M +31.8%	15.9% +0.017 pp	€225.28M +1,814.3%	19.5% +0.18 pp
2018	€983.89M +21.1%	€139.78M -6.0%	14.2% -0.041 pp	€11.77M -83.6%	1.2% -0.076 pp
2017	€812.74M +12.8%	€148.75M +9.8%	18.3% -0.0050 pp	€71.59M -74.8%	8.8% -0.31 pp
2016	€720.36M +7.0%	€135.43M +15.9%	18.8% +0.014 pp	€284.54M +75.5%	39.5% +0.15 pp
2015	€673.33M +8.8%	€116.88M +25.8%	17.4% +0.024 pp	€162.16M -952.6%	24.1% +0.27 pp
2014	€619.14M +3.0%	€92.88M +4.5%	15.0% +0.0020 pp	-€19.02M -83.1%	-3.1% +0.16 pp
2013	€600.92M +6.3%	€88.92M +7.5%	14.8% +0.0017 pp	-€112.36M -371.4%	-18.7% -0.26 pp
2012	€565.48M +2.9%	€82.73M -3.5%	14.6% -0.0098 pp	€41.41M -86.6%	7.3% -0.49 pp
2011	€549.33M +4.9%	€85.74M +19.1%	15.6% +0.019 pp	€309.80M +168.6%	56.4% +0.34 pp
2010	€523.74M +13.0%	€72.00M -2.1%	13.7% -0.021 pp	€115.32M +101.5%	22.0% +0.097 pp
2009	€463.45M +12.8%	€73.52M -10.1%	15.9% -0.040 pp	€57.23M -6.3%	12.3% -0.025 pp
2008	€410.71M +3.9%	€81.75M +14.4%	19.9% +0.018 pp	€61.08M +29.0%	14.9% +0.029 pp
2007	€395.26M +10.8%	€71.48M +22.2%	18.1% +0.017 pp	€47.36M -38.3%	12.0% -0.095 pp
2006	€356.84M +9.4%	€58.47M +31.8%	16.4% +0.028 pp	€76.77M +273.8%	21.5% +0.15 pp
2005	€326.09M +16.1%	€44.37M +37.6%	13.6% +0.021 pp	€20.54M -80.0%	6.3% -0.30 pp
2004	€280.96M	€32.25M	11.5%	€102.54M	36.5%