Motilal Oswal's research report on Bharat Electronics
As per press reports, the Indian Army has issued a tender to Bharat Electronics (BHE) for the QRSAM project, also known as Anant Shastra, worth INR300b. The Indian Army will procure 5-6 regiments of the indigenously developed ‘Anant Shastra’ surface-to-air missile weapon systems and BHE will be the lead integrator. This order enhances BHE’s order book to more than INR1t now. Along with this order, we also expect BHE to benefit from orders for next-generation corvettes, electronics warfare, follow-on orders for electronics for 97 Tejas Mk1A, loitering munition programs, and export opportunities.
Outlook
We maintain our estimates and reiterate BUY on BHE with a TP of INR 490, based on 45x Sep’27E earnings.
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