Brokerage firm Goldman Sachs maintains a ‘Sell’ rating on Bharat Dynamics with a price target of ₹1,275, implying a downside of nearly 8% from Wednesday’s closing price.
According to the brokerage, the orders are scheduled to be executed over the next 24 to 60 months, with meaningful revenue recognition likely from FY28 onwards.Goldman Sachs said that the ₹1,110 crore Helina launcher order is ahead of its estimates and is expected to increase its FY29 revenue and earnings forecasts by 1.4%, resulting in a similar increase in earnings per share (EPS).
However, the brokerage continues to see near-term risks to margins, as the mix of upcoming projects is expected to involve a higher proportion of externally procured components.
While the latest order win improves revenue visibility, Goldman Sachs said it remains cautious on the company’s ability to convert its growing order book into earnings, citing execution and margin-related risks.
Bharat Dynamics shares ended Wednesday’s session 0.58% lower at ₹1,382.50. The stock has declined around 7% so far in 2026.
