Prabhudas Lilladher Recommends 'Reduce' on Bharat Electronics; Sets Target at Rs 411
Business
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Moneycontrol•29-01-2026, 12:01
Prabhudas Lilladher Recommends 'Reduce' on Bharat Electronics; Sets Target at Rs 411
- •Bharat Electronics (BEL) reported strong quarterly performance with 23.7% YoY revenue growth and EBITDA margin expansion to 29.7%.
- •Management reiterated FY26 revenue growth guidance of 15% and order inflows exceeding Rs 270 billion (excluding QRSAM).
- •BEL aims to improve its non-defense revenue mix from 6-7% to 10-15% in the mid-to-long term, focusing on railways, metros, aviation, space, and data centers.
- •Ongoing supply-chain improvements and increasing vertical integration, especially in semiconductors, are expected to boost operational efficiencies.
- •Prabhudas Lilladher downgraded BEL from 'Hold' to 'Reduce' due to a sharp stock price run-up, setting a revised target price of Rs 411.
Why It Matters: Despite strong performance, Prabhudas Lilladher recommends 'Reduce' on BEL due to high valuation, setting a Rs 411 target.
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