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| Company | Value | Change | %Change |
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The brokerage is anticipating ordering flow to rise sharply in the March quarter of the current financial year, given that the defence capex is set to be met in the current financial year.
Allocation to domestic companies currently stands at 75% of the total budgeted defence capex, with the Indian Navy’s budget having gone up by 18% from last year in the Budgeted Estimates of financial year 2025.
Hindustan Aeronautics has been in focus due to engine supply issues it has been facing with General Electric. Elara believes that these issues will also end soon as General Electric (GE) will begin supplying these engines in March.
For financial year 2026, Elara is anticipating Hindustan Aeronautics to see order inflows increase by ₹1.2 lakh crore.
Elara currently has a “buy” rating on Hindustan Aeronautics and BEL, while for Bharat Dynamics and Garden Reach Shipbuilders, it has an “Accumulate” recommendation.
| Stock | Rating | Price Target | Potential Upside |
| Hindustan Aeronautics | Buy | 5,465 | 29% |
| Bharat Electronics | Buy | 345 | 17% |
| Bharat Dynamics | Accumulate | 1,300 | 8% |
| Garden Reach | Accumulate | 1,660 | 7% |
Shares of both HAL and BEL had corrected over 20% from their peak earlier this year before recovering from November again. On the other hand, shares of Bharat Dynamics and Garden Reach had halved from their peaks before recovering.
Out of the 17 analysts that have coverage on Hindustan Aeronautics, 16 of them have a “buy” rating, while the other one has a “sell” rating.
Out of the 28 analysts who cover Bharat Electronics, 22 of them have a “buy” rating, while three each have a “hold” and “sell” rating respectively.
Ten analysts have coverage on Bharat Dynamics, where seven of them have a “buy” rating, two say “hold”, while the other one has a “sell” rating on the stock.
Only four analysts have coverage on Garden Reach Shipbuilders, where three have a “buy” rating and one with a “sell”.
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