Navratna defence PSU bags ₹843 crore fresh orders; stock eyes 20% upside

Also read: Can this Navratna PSU announce a mega order to meet its FY25 guidance?BEL needs additional orders worth nearly ₹10,460 crore in March-April 2025 to meet its FY25 target of ₹25,000 crore.

Meanwhile, JPMorgan has reiterated its ‘Overweight’ rating with a ₹343 price target, arguing that the 20% correction from the peak presents an attractive entry point. The brokerage sees a high probability of BEL announcing ₹12,000 crore worth of orders by 31 March, which could act as a near-term catalyst for the stock.

Defence capex surge supports long-term outlook

The broader increase in global defence spending is expected to further benefit BEL, which remains one of the most diversified and consistent plays on India’s structural defence capex growth, according to JPMorgan.

Out of 26 analysts covering BEL, 23 have a ‘Buy’ recommendation, one rates it as ‘Hold’, while two have a ‘Sell’ rating.

With a strong pipeline of defence projects and potential large-scale orders expected in the coming weeks, BEL remains in focus as a key beneficiary of India’s push for self-reliance in defence manufacturing.