Weak results & order delays...outlook remain bright Bharat Electronics Ltd (BEL) is a Navaratna enterprise having 37% market share in Indian Defence Electronics. BEL's core capabilities are in radar & weapons systems, defence communication & electronic warfare . FY18 Revenue grew by 20% YoY, but PAT declined by 6% YoY due lower other income and higher tax expenses. Order inflow declined by 38% YoY due to delays in finalisation. Despite this, order backlog of Rs40115cr, 4x FY18 sales is healthy....