BEL stock gains on bagging order from Defence Ministry; Jefferies retains ‘buy’ call

According to Jefferies, the company has been gaining share in the overall defence capex announced by the government, on the back of indigenisation

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Shares of Bharat Electronics Ltd (BEL) advanced 5 percent in early deals on March 31 after the company announced that it has secured orders worth Rs 5,498 crore from the defence ministry.

At 9:43 am, the stock was up 7.8 percent at Rs 98.06 apiece on the BSE, while the benchmark Sensex was at 58,677.27, up 717.18 points or 1.24 percent.

Ministry of Defence (MoD) has signed 10 contracts worth Rs 5,498 crore with BEL, the company said in a regulatory filing. In another notification, BEL said the defence ministry has signed 2 contracts worth Rs 2,696 crore with the company.

According to Jefferies, the company has been gaining share in the overall defence capex announced by the government, on the back of indigenisation. The company’s order book of Rs 50,100 crore which is 2.7 times FY23 revenue, provides visibility over FY24-25.

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BEL announced orders worth Rs 15,000 crore in the last week, Jefferies noted. The stock is down more than 15 percent from its one year peak and underperformed peer Hindustan Aeronautics YTD.

“We believe this offers a good entry point as recent ordering brings it closer to the FY23E Rs 20,000 crore guidance. Unannounced orders should add to this. Defence indigenisation, revenues from non-defence initiatives, and double-digit execution growth should drive upside, in our view,” the investment bank said in a note to clients.

It has maintained its ‘buy’ call on the defence company’s stock with a target price of Rs 125.