Buy Bharat Electronics; target of Rs 135: ICICI Direct

ICICI Direct's research report on Bharat Electronics

Bharat Electronics (BEL) is a leading aerospace and defence electronics company. It primarily manufactures advance electronics products. Multi-product, multi-technology- diverse product range including radar, missile systems, electronic warfare & avionics, anti-submarine warfare, electro-optics, homeland security, civilian products, etc • Focus to increase the non-defence share to ~20% over two to three years.

Outlook

We remain long term positive and retain our BUY rating on the stock. We value BEL at Rs 135 i.e. 30x P/E on FY24E EPS.