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The research analyst is optimistic about BEL and has set a price target of ₹341 per share, indicating a potential upside of nearly 16% from current levels.
In an interaction with CNBC-TV18, Anwani highlighted that the company expects an order intake of over ₹30,000 crore in the coming years. “In my coverage universe, I remain positive on BEL. We have a target price of about ₹341, and over the next four to five years, there is still room for upside. The company has indicated that it can sustainably achieve an annual order intake of ₹25,000-30,000 crore over the next three to four years,” he said.
Anwani also noted the robustness of BEL’s order book over the past three years. “The defense sector has historically been highly cyclical, with long-duration order books. However, the order book buildup has been strong over the past three years, driving a significant rally in stock prices,” he added.
Commenting on sectoral reforms, Anwani expressed optimism: “The ongoing reforms in the defense sector are highly encouraging. Currently, I am particularly positive about the defense electronics segment, with BEL being my top pick. Although I don’t cover other private-sector companies extensively, there is notable activity in areas like simulation and training, where Zen Technologies could benefit. Similarly, developments in hypersonic technologies might favor companies such as Astra Microwave Products and Apollo Micro Systems. However, valuations in the sector are stretched, so investors need to be selective.”
Anwani concluded by emphasising the positive trajectory of the defense sector due to reforms implemented over the past five years.
BEL has now won orders worth ₹9,801 crore so far in 2025. The amount of orders won by BEL is still only 40% of the total order inflow guidance of ₹25,000 crore that the company has projected for the full financial year 2025.
Among the 26 analysts that have coverage on the Nifty PSU stock, 21 of them have a ‘Buy’ rating on BEL, while two have a ‘Hold’ rating and three have ‘Sell’ rating on the stock.
Shares of BEL are trading near day’s lows of ₹294.30. The stock is up 1% so far in 2025.
