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Motilal Oswal Report
Domestic brokerage firm Motilal Oswal Financial Services has reiterated its positive stance on India's defence sector following the latest approvals by the Defence Acquisition Council (DAC), while maintaining Bharat Electronics Ltd. as its preferred stock pick.
The brokerage said the DAC has approved Acceptance of Necessity (AoN) proposals worth nearly Rs 1.1 lakh crore, taking total approvals in FY27 so far to about Rs 1.62 lakh crore. Over FY25 to YTD FY27, defence acquisition approvals worth nearly Rs 13 lakh crore have been accorded, significantly expanding the addressable market for domestic defence manufacturers.
According to Motilal Oswal, nearly 98% of the latest approvals are earmarked for the Indian industry, reinforcing the government's Atmanirbhar Bharat push and improving long-term order visibility for domestic defence companies.
Among its coverage universe, Motilal Oswal continues to rate Bharat Electronics, Hindustan Aeronautics Ltd (HAL) and Astra Microwave Products as 'Buy', while maintaining BEL as its top pick in the sector.
The brokerage has a target price of Rs 530 on BEL.
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