REAL-TIME GLOBAL RESEARCH
Risk Reward Update
Research evidence excerpt
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M
Update
August 11, 2026 12:59 PM GMT
Morgan Stanley India Company Private Limited+
Bharat Electronics Ltd | Asia Pacific
Girish Achhipalia
Equity Analyst
Risk Reward Update
What’s Changed
Bharat Electronics Ltd (BAJE.NS)
From
To
Price Target
Rs493.00
Rs522.00
Bull Case
Rs684.00
Rs721.00
Base Case
Rs474.00
Rs503.00
Bear Case
Rs346.00
Rs362.00
Updated Components
EPS
Bull Base Bear Scenarios
Risk Reward for Bharat Electronics Ltd (BAJE.NS) has been
updated
Reason for change
Estimate revisions: We reduce our F27 and F28 EPS estimates by 2% and 1%,
Bharat Electronics Ltd (BAJE.NS, BHE IS)
India Industrials | India
Stock Rating
Industry View
Price target
Shr price, close (Aug 11, 2026)
52-Week Range
Fiscal Year Ending
EPS (Rs)**
Prior EPS (Rs)**
Overweight
In-Line
Rs522.00
Rs405.85
Rs473.45-361.20
03/26 03/27e 03/28e 03/29e
8.31
8.99
9.18
10.50
10.62
12.05
12.06
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare
framework
** = Based on consensus methodology
e = Morgan Stanley Research estimates
respectively, reflecting EBITDA margin contraction; we model 30-50bps decreases
for F27-28. We forecast a revenue CAGR of 15% over F26–30.
Price target: We raise our PT to Rs522 from Rs493 as we roll our valuation forward
to Sep 2028 from Mar 2028. Our long-term assumptions are unchanged.
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