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    Defence stocks: An alpha for a defensive portfolio

    Strong execution and revival in earnings backed by robust order book should augur well for defence companies in the near to medium term

    Jitendra Kumar Gupta
    March 18, 2021 / 07:28 PM IST
    Defence stocks: An alpha for a defensive portfolio

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Highlights - Strong improvement in execution led to revenue growth - Availability of equipment, easing transportation and labour issues - Lower cost and higher scale help in boosting operating margins - Earnings trajectory remains strong, backed by strong orders Defence companies, on an aggregate basis, had recorded a steep 42 per cent year-on-year (YoY) drop in revenues at the peak of pandemic during the first quarter of the current fiscal. Interestingly, thereafter, every quarter, this same set of companies has delivered a reasonable growth, led by...

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