Sharekhan has given Buy recommendation for Bharat Electronics with a target price of Rs. 390 in its research report issued on Sep 06, 2022

Sharekhan’s research report on Bharat Electronics

The government’s emphasis on ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives in the defence sector and production target of $25 billion by 2025 through indigenisation and higher exports in defence bodes well for a player like BEL. BEL is focused on diversifying its revenue base by pursuing non-defence opportunities in homeland security, smart city, energy storage products, solar, space electronics, network, and cyber security. Further, growing exports (~60% CAGR over FY2022-FY2024E) shall also aid revenue growth. We are bullish on BEL, given its strong manufacturing and R&D base, growing indigenisation, and strong balance sheet with healthy return ratios.


We reiterate Buy on Bharat Electronic Limited (BEL) with a revised PT of Rs. 390, as its healthy order book of Rs. 55,450 crore, promising order inflow pipeline, and increasing indigenisation would drive the company’s long-term performance.

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