JPMorgan has raised its target price for Bharat Electronics Ltd (BEL) from ₹445 to ₹490, citing a steady flow of orders and rising geopolitical tensions. The brokerage noted that “proven quality (of orders) and an expanded opportunity set have been re‑rating catalysts.”
BEL’s stock has surged 39% year‑to‑date, outperforming the Nifty 50 by 33%. JPMorgan forecasts continued strong performance, driven by stable order flow, global and domestic geopolitical risks, and promising medium‑term growth of 15–17% in revenue CAGR with high return on equity exceeding 25%.
The brokerage also pointed to BEL’s recent performance during the India‑Pakistan conflict, stating that it demonstrated the company’s expertise in air defence systems, integrated command and control, surface‑to‑air missiles, radar systems, surveillance, and electronic warfare technology. “We believe that this was a pivotal moment for widespread recognition of BEL’s capabilities,” JPMorgan said. They added this could result in replenishment orders from the Indian armed forces and new export opportunities.
Additional growth drivers include anticipated emergency procurement, an accelerated push for indigenisation, in‑house technology development, and a diverse business mix. These initiatives support BEL’s position as a robust public‑sector performer, according to the brokerage.
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