Nomura has reaffirmed its ‘buy’ rating on Bharat Electronics Ltd (BEL) with a target price of ₹363, indicating a 31% upside from the current market price of ₹276.50. The brokerage noted that ordering activity has picked up significantly in Q4FY25, with BEL securing ₹72 billion in order inflows so far this quarter, compared to ₹98 billion during the first nine months of FY25.
The company’s total order inflows for FY25 have now reached ₹170 billion, moving closer to its ₹250 billion guidance, as BEL remains in final-stage negotiations for multiple contracts.
Additionally, Nomura highlighted that rising defence spending in Europe could be a long-term positive for BEL, given its strong collaborations with major OEMs. The stock is currently trading at 35x FY26 EPS and 30x FY27 EPS, reflecting its growth potential in the defence sector.
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