Sharekhan's research repor on Bharat Electronics
Management expects double digit revenue growth with margins to be around 20% for FY2021E. Reiterate FY2021 order inflow target of Rs. 15,000 crore. Order book remains healthy at Rs. 52,148 crore (4x its TTM revenue), which provides good revenue visibility. BEL is well positioned to benefit from rising defence expenditure supported by strong manufacturing base, execution track record, and continued focus on in-house R&D capabilities.
Outlook
We retain our Buy rating on Bharat Electronics Limited (BEL) with an unchanged price target of Rs. 135, considering reasonable valuations and strong execution capabilities.
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