Hold Reliance Defence & Engineering; target of Rs 68: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Reliance Defence & Engineering

Though there were several announcements of platform/equipment approvals from the ‘Defence Acquisition Council’, the same is not translating into order inflows for defence companies (except DPSUs). Thus, the wait for players like RDEL is only getting longer. In Q4FY17, RDEL secured a contract of Rs 916 crore (MOD) for design and construction of 14 fast patrol vessels for Indian Coast Guard.

Outlook

We remain cautious for now and value the stock at 3.1x P/BV, arriving at target price of Rs 68. We have a HOLD recommendation on the company.

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