Global brokerage firm Macquarie has reiterated its bullish stance on defense public sector undertaking Bharat Electronics Ltd. (BEL), maintaining an 'Outperform' rating with a target price of Rs 550 per share. The brokerage remains confident in the Navratna PSU's medium-to-long-term growth trajectory, supported by a healthy order backlog and anticipated pipeline acceleration.
Recent Inflows and FY27 Run-Rate
BEL recently secured fresh orders worth Rs 730 crore following its last market disclosure update on August 10, 2026. Despite the recent order wins, total order inflows for the fiscal year to date (FY27-to-date) stand at Rs 6,200 crore, which is a 45% decline compared to the Rs 11,200 crore registered during the corresponding period in the previous financial year.
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Timing-Driven Moderation, Strong Full-Year Outlook
Macquarie noted that the year-on-year moderation in order inflows is primarily driven by the timing of order placements and milestone approvals rather than structural demand weakness. The brokerage expects order momentum to pick up significantly in the subsequent quarters, forecasting BEL to secure Rs 55,000 crore in total new orders for the full fiscal year (FY27).
Robust Order Book Offers Revenue Visibility
BEL's total order backlog stood at Rs 72,300 crore at the close of the first quarter (Q1), continuing to offer multi-year revenue visibility. Macquarie highlighted that the combination of this strong order cushion, steady execution capability, and expected large-ticket defense contract awards provides a solid foundation for the company's operational performance going forward.
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