Risk Reward Update

研报英文原文证据摘录

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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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