The Defence Ministry is likely to take up the proposal for buying three regiments of the indigenous Quick Reaction Surface-To-Air Missile System (QRSAM). BEL is expected to receive an orders worth Rs. 30,000 crores in phased manner for QRSAM system. Defence ministry has approved Rs 40,000 crore for emergency procurement, BEL is expected to secure contracts, boosting local defense production. Order inflow pipeline is promising, cash balance strong and return ratios are healthy. Strong Q4 makes us factor in estimates of a 17% CAGR in revenue and PAT, respectively, for FY25-27.
OutlookHence, we retain a Buy with a revised PT of Rs. 445. At CMP, the stock trades at 47x/40x its FY2026/FY2027 earnings estimates.
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