Nuvama Institutional Equities has reaffirmed its buy rating on Bharat Electronics Ltd (BEL) and raised the target price to ₹465 from ₹430, implying an upside of approximately 20% from the current market price of ₹385.85.
In its Q1FY26 review, Nuvama highlighted that BEL secured order inflows worth ₹7,630 crore during the quarter, taking the total order backlog to ₹74,900 crore—nearly 3.2 times its FY25 sales. This provides significant revenue visibility for the defence electronics major.
The management has maintained its FY26 guidance of over ₹27,000 crore in fresh order inflow, revenue growth of more than 15%, and operating profit margins around 27%.
Nuvama projects a ~16% compound annual growth rate (CAGR) in earnings per share (EPS) over FY25–FY28, supported by high-margin business and robust execution visibility. The revised target price of ₹465 is based on the rollout of its September 2027 EPS estimates.
Disclaimer: The views expressed in this article are based on brokerage reports and do not constitute investment advice. Please consult your financial advisor before making any investment decisions.
