JPMorgan has maintained its ‘Overweight’ rating on Bharat Electronics Ltd (BEL) and raised the target price to ₹445, following a solid Q4 and strong FY26 guidance. The brokerage said BEL is well-placed to benefit from India’s structural defence capex upswing.
BEL’s Q4 net profit rose 18.4% YoY to ₹2,127 crore, with revenue growing 6.8% and EBITDA improving 23.2% YoY to ₹2,816 crore. Margins improved sharply to 30.8%.
The management guided to 15% revenue growth, over ₹27,000 crore in order inflows, and a 27% EBITDA margin for FY26. JPMorgan also sees momentum from BEL’s increasing role in indigenous defence supply chains, with notable wins in recent conflicts validating its product performance.
Disclaimer: This article is based on the brokerage report by JPMorgan. It does not constitute investment advice.
