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26 Aug, 2025 12:21

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Bharat Electronics Ltd.
Rating: Buy CMP: Rs177 TP: Rs195

Bharat Electronics Ltd (BEL) is a Navaratna enterprise having 37% market share in Indian Defence Electronics. BEL’s core capabilities are in radar & weapons systems, defence communication & electronic warfare.

BEL will emerge as key beneficiary from on-going defence modernisation programmes & GoI focus on indigenisation. The current order backlog of Rs40,000cr is 5.3x FY17 sales, which has significantly improved the earnings outlook. We factor order book to grow at 15% CAGR, consequently earnings is expected to grow by 14% CAGR over FY17-FY19E.

We value BEL at P/E of 22x on FY19E on improved order inflow outlook. We have a Buy rating on the stock with a target price of Rs195.

Triveni Turbine Ltd. Rating: Accumulate CMP: Rs132 TP: Rs148

Triveni turbine Ltd is the market leader in steam turbine upto 30MW with dominant 60%share despite strong competition from Siemens.

Rising export market penetration, scale up of JV GETL and healthy order enquiry pipeline provides better outlook. Further, strong return ratios (ROE-35% FY17) with debt free status and better EBITDA margin of 22% in FY17 attracts premium valuation. We expect order inflow to grow at a CAGR of 22% over FY17-19E and stimulate revenue/PAT with a CAGR of 9%/16% respectively. Our target price is based on a PE of 30x FY19E EPS.
Oil and Natural Gas Corporation Ltd.

Rating: Buy CMP: Rs170 TP: Rs198

ONGC is India’s largest national oil & gas company, primarily engaged in exploration, development and production of crude oil and natural gas in both India and abroad.
ONGC to benefit from higher gas production coupled with stable oil prices. Further, we expect nil subsidy burden over FY17-19E which will improve its earnings visibility. We have a BUY rating with a TP of Rs198.