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Economic Times
11-06-2025
- Business
- Economic Times
HAL, BEL, Mazagon Dock among Antique's top defence picks as Rs 16 trillion order pipeline boosts outlook
Hindustan Aeronautics Ltd Bharat Electronics Live Events Mazagon Dock PTC Industries Sector Tailwinds: Orders, capex and indigenisation (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Riding on the back of India's massive Rs 16 trillion domestic defence procurement pipeline and an accelerated push for indigenisation, Hindustan Aeronautics HAL ), Bharat Electronics (BEL), and Mazagon Dock Shipbuilders have emerged as top stock picks in Antique Stock Broking's latest sector brokerage sees these state-run giants as best positioned to capitalise on the strong order inflows and expanding manufacturing capacities amid India's intensified focus on defence self-reliance and remained bullish on HAL, highlighting its dominant position in the defence aerospace segment and a strong revenue outlook linked to modernisation plans by the Indian Air Force (IAF). The brokerage pointed to the opportunity for over 300 new aircraft orders over the next 10–15 years, including Tejas Mk-1A, Mk-II, and the fifth-generation AMCA execution capacity, which had been constrained by delays in engine supply from GE, is expected to improve significantly. 'GE has delivered the first engine to HAL in the first quarter of FY26 and is expected to deliver 12 more in FY26,' the brokerage said, adding that 'consistent supply from GE can lead to IAF placing an incremental order for 97 Tejas Mk-1A aircrafts.'Antique values HAL at 40x FY27 estimated EPS, with a target price of Rs 6,545, up from its current market price of Rs 5, Electronics Ltd (BEL), a long-time leader in defence electronics, is another preferred play. 'BEL is in a sweet spot given the sharp increase in spending on missile systems like QRSAM and MRSAM where BEL will act as a system integrator,' Antique said.A Rs 300 billion QRSAM order is expected to be finalised in the fourth quarter of FY26, with an additional Rs 270 billion in orders also expected, potentially taking total inflows beyond Rs 570 billion in FY26 alone. To support this, BEL is planning an annual capex of Rs 7–8 billion over the next 3–4 brokerage maintained a 'buy' with a price target of Rs 422, valuing BEL at 45x FY27 estimated Dock Shipbuilders has been highlighted as a key beneficiary of India's naval expansion, given its unmatched capability in building both submarines and large surface warships. A fresh order for three Scorpene-class submarines is expected shortly, which 'can potentially more than double the company's order book,' according to also sees strong prospects in the P75I (Rs 700 billion) and P17B (Rs 700 billion) frigate programs. The brokerage has maintained a 'buy' on the stock, at a target price of Rs 3,858, citing the order book could grow to Rs 1.5 trillion by FY27—14 times its FY25 revenue. PTC Industries rounds off the top picks, with Antique praising the company's progress on its Strategic Material Technology Complex in Lucknow. Through subsidiary Aerolloys Technologies, PTC is developing one of the world's largest single-site titanium recycling and remelting estimated a 10–20x revenue growth over the next five to six years. 'Given the high growth visibility and significant value addition with a potential of +50% EBITDA margin, PTC Industries is well poised to post a profit of Rs 9.4 billion in FY28 and Rs 17.3 billion in FY30 from a base of Rs 0.4 billion in FY24,' the brokerage underscored a structural opportunity unfolding in India's defence manufacturing ecosystem. With 75% of FY24–25's capital budget earmarked for domestic procurement, India has committed to 'Atmanirbharata' (self-reliance) not only as an import substitution measure but also as a strategic Defence Acquisition Council has approved procurements worth Rs 8.5 trillion over FY23–25, nearly equal to approvals during the entire decade from FY12 to FY21. HAL, BEL, and Mazagon Dock are expected to be major beneficiaries of large finalisations in FY26, including orders for Tejas Mk-1A aircraft, Scorpene submarines, QRSAM missile systems, and advanced light strong revenue and earnings visibility, sector-wide capacity expansion, and increasing private sector involvement, Antique believes the Indian defence and aerospace sector is at an inflexion point.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
11-06-2025
- Business
- Time of India
HAL, BEL, Mazagon Dock among Antique's top defence picks as Rs 16 trillion order pipeline boosts outlook
Hindustan Aeronautics Ltd Bharat Electronics Live Events Mazagon Dock PTC Industries Sector Tailwinds: Orders, capex and indigenisation (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Riding on the back of India's massive Rs 16 trillion domestic defence procurement pipeline and an accelerated push for indigenisation, Hindustan Aeronautics HAL ), Bharat Electronics (BEL), and Mazagon Dock Shipbuilders have emerged as top stock picks in Antique Stock Broking's latest sector brokerage sees these state-run giants as best positioned to capitalise on the strong order inflows and expanding manufacturing capacities amid India's intensified focus on defence self-reliance and remained bullish on HAL, highlighting its dominant position in the defence aerospace segment and a strong revenue outlook linked to modernisation plans by the Indian Air Force (IAF). The brokerage pointed to the opportunity for over 300 new aircraft orders over the next 10–15 years, including Tejas Mk-1A, Mk-II, and the fifth-generation AMCA execution capacity, which had been constrained by delays in engine supply from GE, is expected to improve significantly. 'GE has delivered the first engine to HAL in the first quarter of FY26 and is expected to deliver 12 more in FY26,' the brokerage said, adding that 'consistent supply from GE can lead to IAF placing an incremental order for 97 Tejas Mk-1A aircrafts.'Antique values HAL at 40x FY27 estimated EPS, with a target price of Rs 6,545, up from its current market price of Rs 5, Electronics Ltd (BEL), a long-time leader in defence electronics, is another preferred play. 'BEL is in a sweet spot given the sharp increase in spending on missile systems like QRSAM and MRSAM where BEL will act as a system integrator,' Antique said.A Rs 300 billion QRSAM order is expected to be finalised in the fourth quarter of FY26, with an additional Rs 270 billion in orders also expected, potentially taking total inflows beyond Rs 570 billion in FY26 alone. To support this, BEL is planning an annual capex of Rs 7–8 billion over the next 3–4 brokerage maintained a 'buy' with a price target of Rs 422, valuing BEL at 45x FY27 estimated Dock Shipbuilders has been highlighted as a key beneficiary of India's naval expansion, given its unmatched capability in building both submarines and large surface warships. A fresh order for three Scorpene-class submarines is expected shortly, which 'can potentially more than double the company's order book,' according to also sees strong prospects in the P75I (Rs 700 billion) and P17B (Rs 700 billion) frigate programs. The brokerage has maintained a 'buy' on the stock, at a target price of Rs 3,858, citing the order book could grow to Rs 1.5 trillion by FY27—14 times its FY25 revenue. PTC Industries rounds off the top picks, with Antique praising the company's progress on its Strategic Material Technology Complex in Lucknow. Through subsidiary Aerolloys Technologies, PTC is developing one of the world's largest single-site titanium recycling and remelting estimated a 10–20x revenue growth over the next five to six years. 'Given the high growth visibility and significant value addition with a potential of +50% EBITDA margin, PTC Industries is well poised to post a profit of Rs 9.4 billion in FY28 and Rs 17.3 billion in FY30 from a base of Rs 0.4 billion in FY24,' the brokerage underscored a structural opportunity unfolding in India's defence manufacturing ecosystem. With 75% of FY24–25's capital budget earmarked for domestic procurement, India has committed to 'Atmanirbharata' (self-reliance) not only as an import substitution measure but also as a strategic Defence Acquisition Council has approved procurements worth Rs 8.5 trillion over FY23–25, nearly equal to approvals during the entire decade from FY12 to FY21. HAL, BEL, and Mazagon Dock are expected to be major beneficiaries of large finalisations in FY26, including orders for Tejas Mk-1A aircraft, Scorpene submarines, QRSAM missile systems, and advanced light strong revenue and earnings visibility, sector-wide capacity expansion, and increasing private sector involvement, Antique believes the Indian defence and aerospace sector is at an inflexion point.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Hans India
08-06-2025
- Automotive
- Hans India
DRDO transfers 9 technologies to industrial firms for production of defence vehicles
In line with the government's vision to establish a robust defence industrial ecosystem with the participation of both public and private sectors, the Vehicles Research & Development Establishment (VRDE), a DRDO laboratory located in Maharashtra's Ahilyanagar, has taken a major step forward by transferring technologies of nine systems to 10 industries, according to a statement issued by the Ministry of Defence on Sunday. The licensing agreements were handed over in the presence of Secretary, Defence R&D and DRDO Chairman, Dr Samir V. Kamat, during an event organised at the VRDE. The technologies transferred to the industry include: Chemical, Biological, Radiological, Nuclear (CBRN) Recce Vehicle (Tracked) Mk-II to public sector defence PSU Bharat Electronics Limited, a Mounted Gun System to the private sector company Bharat Forge Limited, and an Anti-Terrorist Vehicle - Tracked Version to Metaltech Motor Bodies Private Limited. The others in the list are: Full Trailer of 70t Tank Transporter for Main Battle Tank (MBT) Arjun Mk-1A to four companies, including BEML Limited, Tata International Vehicle Applications, SDR Auto Private Limited and John Galt International; an Expandable Mobile Shelter to Bharat Electronics Limited; Vajra-Riot Control Vehicle to Tata Advanced Systems Limited; Unit Maintenance Vehicle for MBT Arjun to BEML Limited; and a Multi-Purpose Decontamination System to Dass Hitachi Limited and Goma Engineering Private Limited are the other technologies on the list that have been transferred, according to the official statement. The VRDE also signed an MoU with COEP Technological University, Pune, to jointly work on cutting-edge technologies and emerging areas. Speaking on the occasion, Dr Kamat complimented DRDO and the industry for the exceptional performance of indigenous systems during Operation Sindoor. He also suggested that the industry plan for surge capacity. He appreciated the efforts of the VRDE in providing high-end technological solutions for land systems and weapon platforms. Distinguished scientist and Director General, Armament and Combat Engineering Cluster, DRDO, Prof (Dr) Prateek Kishore, VRDE Director, G. Ramamohana Rao and other senior scientists were also present on the occasion, along with industry representatives
Time of India
24-05-2025
- General
- Time of India
Precision, excellence essential to shape self-reliant India: Air Chief
Bengaluru: Chief of Air Staff, Air Chief Marshal AP Singh, Friday reiterated the IAF's commitment to self-reliance and highlighted ongoing indigenous development efforts. He said projects like the Advanced Medium Combat Aircraft (Amca) and the Light Combat Aircraft (LCA) Mk-II were central to building a technologically capable and self-reliant defence sector. "Precision and excellence are essential in shaping a sashakt, saksham and atmanirbhar (strong, powerful, and self-reliant) India," he said at the valedictory function of the 47th flight test course of the IAF Test Pilot School here. The event was held at the Aircraft and Systems Testing Establishment (ASTE). The flight test course is considered a pivotal programme in developing India's capability to evaluate new and advanced aerial platforms and systems. It offers rigorous training in flight testing and systems assessment, equipping officers to contribute to the future of indigenous aviation technologies. Singh commended the graduates for their dedication and spoke of the vital role test flying plays in the advancement of the Air Force. "Test flying is a specialist domain requiring the highest standards of professional competence, integrity and commitment to service," he said. Calling upon the graduates to remain steadfast in upholding the values of precision and excellence, he urged them to contribute to the vision of a potent, powerful, and self-reliant India. The event also celebrated the achievements of individual officers. The Suranjan Das Trophy for best all-round student test pilot was awarded to squadron leader S Bhardwaj. Squadron leader Ajay Tripathi received the Chief of the Air Staff Trophy for his performance in flight evaluation. Among flight test engineers, squadron leader Subhrajyoti Paul was recognised with the Maharaja Hanumanth Singh Sword for best overall performance, while wing commander Ashwini Singh received the Dunlop Trophy for excellence in flight evaluation. Major Kaustubh Kunte was awarded the Kapil Bhargava Trophy for his performance in ground subjects. — Sutapa Dey Get the latest lifestyle updates on Times of India, along with Brother's Day wishes , messages and quotes !
