Hindustan Aeronautics, Bharat Electronics, Bharat Dynamics, Mazagon Docks and PTC Industries are among the top buys of the brokerage. The price target suggests an upside of 5% to 45% from Friday’s closing level.
“We believe the Indian defense story is not slowing down. If anything, the outlook has further improved, with significant revenue guidance,” Antique said in a client note. “The valuation is not unreasonable given the earnings trajectory.”
According to the brokerage, the Defense Acquisition Council (DAC) has also approved AoNs (acceptances of need) worth Rs 4.4 trillion against Rs 3.5 trillion in 2023, with most of the cleared AoNs (94 %) will be procured from major domestic companies. This contributes to the solid performance outlook of these companies. AoN is the formal beginning of the equipment procurement process.
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The intermediary also noted that India’s defense exports have increased 30 times in the last decade, with 60% of the contribution coming from the private sector and remaining 40% from defense PSUs (DPSUs), creating export opportunities. He said it was being expanded.
