Mumbai, Feb. 2 -- The broker cited strong multi-year revenue visibility and a solid order book. It flagged BEL's order backlog and indigenisation levels of about 70%-73%. Key programmes in the pipeline include QRSAM and Kusha, which are largely indigenous.

The brokerage also highlighted the Union Budget's 18% rise in defence capital expenditure for FY27 to Rs 2.2 lakh crore, with 75% of procurement earmarked for the domestic market, as a positive driver for the stock.

Bharat Electronics (BEL) is a Navratna PSU under the Ministry of Defence, Government of India. It manufactures electronic products and systems for the army, navy, and air force.

Its standalone net profit jumped 20.81% to Rs 1,590.06 crore on 23.72% rise in revenue from op...