Defence Stocks To Buy: BEL, HAL Among Motilal Oswal's Bet — Check Full List

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Motilal Oswal Report

India’s Defense Acquisition Council has cleared capital acquisition proposals worth Rs 79,000 crore in its winter session, taking FY26 year-to-date approvals to Rs 3,30,000 crore—almost double the defense capital outlay of Rs 1,80,000 crore.

These approvals span munitions, missiles, air defense systems, surveillance gear, and naval platforms, ensuring a balanced modernization push across all three services.

While Acceptance of Necessity approvals do not immediately convert into orders, they significantly de-risk inflows for defense PSUs and select private players over the next two–four years.

Motilal Oswal maintains a positive stance on Bharat Electronics Ltd., Hindustan Aeronautics Ltd., Bharat Dynamics Ltd., and Astra Microwave Products Ltd., reiterating Buy ratings with target prices of Rs 500, Rs 5,800, Rs 2,000, and Rs 1,100 respectively.

While the brokerage remains Neutral on Zen Technologies Ltd. with a target price of Rs 1,400.

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