Hindustan Aeronautics vs Bharat Electronics
Hindustan Aeronautics trades at the larger discount to its peers' median P/E: 28% below it, against 7% below for Bharat Electronics.
Bharat Electronics earns the higher return on equity: 27.9% against 24.0%.
Bharat Electronics grew revenue faster over three years: 16.1% a year against 8.8% a year.
Hindustan Aeronautics fires fewer of our forensic red flags: 1 of 30 judged against 2 of 30 judged.
The latest change on file is Bharat Electronics', on 30 Oct 2026: Q2 FY2027 results filed.
Hindustan Aeronautics trades at a P/E of 35.77: 3rd of 13 among its peers (peer median 49.5).
Hindustan Aeronautics: the full company page →Bharat Electronics trades at a P/E of 45.45: 7th of 14 among its peers (peer median 48.6).
Bharat Electronics: the full company page →Hindustan Aeronautics and Bharat Electronics, figure by figure
| Figure | Hindustan Aeronautics | Bharat Electronics | Leads |
|---|---|---|---|
| Market cap | ₹3,33,384 Cr | ₹2,90,710 Cr | Hindustan Aeronautics, larger |
| P/E | 35.77 | 45.45 | Hindustan Aeronautics, cheaper |
| P/B | 5.71 | 12.36 | Hindustan Aeronautics, cheaper |
| Dividend yield | 0.9% | 0.7% | Hindustan Aeronautics, higher |
| ROE | 24.0% | 27.9% | Bharat Electronics, higher |
| ROCE | 16.2% | 35.4% | Bharat Electronics, higher |
| Profit margin | 24.7% | 20.7% | Hindustan Aeronautics, higher |
| Revenue growth, 3 years | 8.8% a year | 16.1% a year | Bharat Electronics, faster |
| Profit growth, 3 years | 16.1% a year | 26.6% a year | Bharat Electronics, faster |
| 1-year return | +4.1% | −4.6% | Hindustan Aeronautics, higher |
| 5-year return | +49.3% a year | +39.9% a year | Hindustan Aeronautics, higher |
| Quality score | 52.8 | 65.9 | Bharat Electronics, higher |
| Our valuation view | Cheap, low confidence (held for review) | Dear, low confidence | Hindustan Aeronautics, cheaper view |
| Risk level | WATCH | WATCH | Level |
| Forensic red flags | 1 red of 30 judged | 2 red of 30 judged | Hindustan Aeronautics, fewer |
The leading figure is in green: the lower for P/E, P/B, cost to income, NPAs, risk and red flags, the higher for the rest. P/E and P/B on the latest price; growth rates are yearly averages; returns are price only. Our valuation view and the red flags are explained on each company's page.
Which is bigger, Hindustan Aeronautics or Bharat Electronics?
Hindustan Aeronautics is the bigger company by market value: ₹3,33,384 Cr against ₹2,90,710 Cr for Bharat Electronics, about 1.1 times as large.
Hindustan Aeronautics market cap is ₹3,33,384 crore (large cap), making it the 26th largest listed company on the NSE.
Bharat Electronics market cap is ₹2,90,710 crore (large cap), making it the 33rd largest listed company on the NSE.
Which is cheaper on valuation, Hindustan Aeronautics or Bharat Electronics?
Hindustan Aeronautics is the cheaper of the two on P/E: 35.77 against 45.45 for Bharat Electronics.
On price to book, Hindustan Aeronautics is also the cheaper: 5.71 against 12.36.
Against their own peers' median P/E, Hindustan Aeronautics trades 28% below its own (49.5) and Bharat Electronics trades 7% below its own (48.6).
Our valuation view: cheap on Hindustan Aeronautics (low confidence) and dear on Bharat Electronics (low confidence). The view weighs the multiples against each company's peers and its own history.
Which is more profitable, Hindustan Aeronautics or Bharat Electronics?
Bharat Electronics is the more profitable on return on equity: 27.9% against 24.0% for Hindustan Aeronautics.
ROCE: Bharat Electronics 35.4%, Hindustan Aeronautics 16.2%.
Profit margin: Hindustan Aeronautics 24.7%, Bharat Electronics 20.7%.
Which grew faster, Hindustan Aeronautics or Bharat Electronics?
Bharat Electronics grew faster over the last three years: revenue up 16.1% a year against 8.8% a year for Hindustan Aeronautics.
Profit growth, 3 years: Bharat Electronics 26.6% a year, Hindustan Aeronautics 16.1% a year.
Which has cleaner accounts, Hindustan Aeronautics or Bharat Electronics?
Hindustan Aeronautics has the cleaner accounts on our forensic checks: 1 red flag of 30 judged against 2 of 30 judged for Bharat Electronics.
Hindustan Aeronautics: risk level WATCH, 30 of 30 flags judged.
Bharat Electronics: risk level WATCH, 30 of 30 flags judged.
A red flag is a figure out of line with what clean accounts show, not a finding of wrongdoing.
What these figures tell you
More comparisons
What this page rests on
Every figure is the one Hindustan Aeronautics' and Bharat Electronics' own pages print, from their filings with the exchanges and our arithmetic on them; each company is set against its own peer set. A side-by-side reading of the figures on both company pages, not a recommendation to buy, sell or hold either share. Which figure matters more depends on what you are looking for.