BEL shares in focus as PSU receives orders worth Rs 648 crore since late August. What’s ahead after 183% rally in 3 years?

Shares of Bharat Electronics (BEL) will remain in focus on Friday after the Navratna defence PSU announced that it has secured additional orders worth Rs 648 crore since late August.

Major orders received since its last disclosure on August 26 include Laser based IR jammer, communication equipment, cyber security solution, thermal imager, transducer, AI based software solution, TR modules, upgrades, spares, services and more, the company said in a press release in the post market hours of Thursday.

BEL on August 26 had announced that it received orders worth Rs 730 crore since August 10, with major orders including communication equipment, radar, avionics, tank sub system, electro optics, cyber security, perimeter security, medical electronics, EVM, jammers, batteries, spares, services and more. In the first 10 days of August, the company won orders worth Rs 541 crore.


Also read | Bigger or Better: BEL’s biggest shareholder is also its biggest customer – and its rule-maker

DAC approval to boost BEL shares?

Earlier this month, the Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, gave in-principle approval to acquisition proposals worth around Rs 1.10 lakh crore for the Indian defence forces. Around 98% of the approved procurements will be sourced from Indian industry.

Following the announcement, Motilal Oswal maintained its ‘Buy’ rating on Bharat Electronics, with a target price of Rs 530. The brokerage said the stock is currently trading at 42.2x, 36.2x and 32.2x its FY27, FY28 and FY29 earnings per share (EPS), respectively. It has retained its estimates and valued the stock at 45x two-year forward earnings.

Motilal Oswal added that the Defence Acquisition Procedure (DAP), positive indigenisation lists, defence industrial corridors and liberalised FDI norms have further boosted the domestic manufacturing ecosystem.

Also read |BEL, HAL, BDL among Motilal Oswal’s top picks after ₹1.62 lakh crore DAC approval

BEL share price

Bharat Electronics (BEL) shares have delivered multibagger returns over the long term, soaring around 183% in three years and 478% in five years. However, the stock has fallen around 2% in a week and 4% in a month.

Overall, the shares of the company have fallen 3.5% in one year and less than a percent in 2026 so far, following a sharp shoot up last year. The company has a market capitalisation of more than Rs 2.89 lakh crore.

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.