The brokerage’s latest research sparks a bullish turn for Bharat Electronics. Analysing Q4, PL Capital projects a 14‑15% lift in topline and a tightening to 26.5% margin, nudging the stock toward a ₹452 target that looms 26% above current levels.
The defence giant’s core remains its weaponry and electronics, but its non‑defence segment—cybersecurity, civil projects, voting machines—still only accounts for roughly 10–15% of revenue. PL Capital sees that slice grow at 15% annually, yet it won’t overturn the order‑driven engine powering the main business.
Order inflows are the lifeline. BEL has secured ₹9,000 cr in contracts this year, short of the ₹25,000 cr guidance, yet the brokerage flags that a wave of approvals could swell the pipeline in the final quarter, stabilising visibility through FY31.
SWithin the broader defence ecosystem, peers light up the charts differently. Solar Industries is slated to surge 45% in revenue, while Hindustan Aeronautics is projected to grow 10–11% with a 27% margin. These benchmarks underline the uneven tempo of platform, shipbuilding, and electronics segments.
Looking ahead, the watchlist turns to the January‑March window, when clearance of new orders is expected to lift the trajectory. PL Capital remains confident that the recent slowdown is transient, given the government’s fresh procurement pushes and the sector’s long‑term upside.