Antique Stock Broking has reiterated its ‘BUY’ rating on key Indian defense companies, including Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL), Bharat Dynamics Limited (BDL), Mazagon Dock Shipbuilders, and Garden Reach Shipbuilders & Engineers (GRSE). This comes in response to the Defense Acquisition Council’s (DAC) recent approval of proposals worth INR 1.4 trillion aimed at enhancing the operational capabilities of the Indian Armed Forces.
According to Antique, the feasibility of these proposals is high, with over 99% of the announced initiatives expected to be sourced from the domestic industry under the Buy (Indian) and Buy (Indigenously Designed, Developed, and Manufactured) categories. This presents a significant growth opportunity for Indian defense manufacturers, which are well-positioned to benefit from the increased focus on indigenization in defense procurement.
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