Bharat Electronics (BAJE.NS): Recent Developments Incrementally Positive; Reiterate a Top Pick

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Bharat Electronics (BAJE.NS): Recent Developments Incrementally Positive; Reiterate a Top Pick

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23 Jun 2026 00:07:51 ET │ 10 pages

Bharat Electronics (BAJE.NS)

Recent Developments Incrementally Positive; Reiterate a Top Pick

CITI’S TAKE

We see recent developments as incrementally positive for BEL’s order-

Buy book visibility: (1) press-reported (Reuters, 22nd June) potential export

Price (22 Jun 26 15:30) Rs431.50 opportunity around Akashteer, (2) continued brisk pace of base-order

accretion in 1QFY27 so far, and (3) a more supportive macro backdrop that Target price Rs515.00

should help ease street concerns around working-capital intensity and Expected share price return 19.4%

procurement delays. In our view, these developments strengthen the core Expected dividend yield 0.6%

BEL investment case of robust order visibility, diversified execution drivers Expected total return 20.0%

and improving comfort on NWC (we also flag +ve readthrough from our Market Cap Rs3,154,170M

recent defense field trip ). Importantly, the recent order wins are spread

US$33,439M across multiple product categories, continuing the pattern of granular

base-order inflows that have supported execution consistency in recent

years. While timing of large-value QRSAM conversion remains a

monitorable, we think the combination of steady base orders, improving Mohit PandeyAC

macro and incremental export optionality should provide continued +91-22-6175-9734

conviction in BEL’s medium-term growth visibility. mohit.pandey@citi.com

Anusha Madireddy

Akashteer export optionality could broaden BEL’s export TAM — Reuters has +91-22-6175-9866

reported that India is in talks with the UAE on potential defence exports, including anusha.madireddy@citi.com