Accumulate Bharat Electronics; target Rs 3640: Kotak Sec

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26 Aug, 2025 12:21

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Kotak Securities' report on Bharat Electronics

"We recently met the BEL-Rolta consortium which have recently been selected as one of the two consortiums to deliver the "Battlefield Management System" (BMS) project worth Rs 500 bn. Although the order is significantly large, we reckon the revenue would be realized only in the medium term starting FY18 assuming things progress as planned. The stock has been rerated in the current fiscal on revenue traction and riding on the defence indigenization theme. However, we note that the order backlog is down 10% and unless it is supported by a large accretion of orders in FY16, the revenue growth momentum may get jeopardized. We thus await lower price points to take a favourable view on the stock. Recommend ACCUMULATE (Target of Rs 3640) thereby advising investors to buy on declines", says Kotak Securities research report.

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