Bharat Electronics - Order Inflow Likely To Be Nearly Rs 300 Billion: ICICI Securities

ICICI Securities Report

In line with our expectations, Bharat Electronics Ltd. has bagged an order worth Rs 26.7 billion for sensors for Nex-Gen offshore patrol vessels from Goa Shipyard Ltd. and Garden Reach Shipbuilders and Engineers Ltd. Its year to date FY24 order inflow stands at Rs 259.3 billion, significantly higher than the management’s guidance of Rs 200 billion for FY24.

In our view, Bharat Electronics might receive further orders pertaining to the supply of miscellaneous equipment, spares and accessories before March ’24, taking the order inflow to nearly Rs 300 billion for FY24. We believe Bharat Electronics may continue receiving orders from various platforms across services. Coupled with robust execution, we believe the company is likely to achieve our higher-than-consensus earning per share of Rs 5.8/Rs 6.8 for FY25/26E, respectively.

We maintain 'Buy' on Bharat Electronics Ltd. with an unchanged target price of Rs 203 based on 30 times FY26E EPS.

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