BEL, BDL, CG Power, HAL, Dixon, Amber, GE Vernova, Hitachi, L&T shares: Target prices
Among defence names, MOFSL suggested targets of Rs 1,150 on Bharat Dynamics Ltd (BDL), Rs 1,580 on Astra Microwave, Rs 510 on BEL and Rs 1,400 on Zen Technologies.
- Jun 7, 2026,
- Updated Jun 7, 2026 11:00 AM IST
MOFSL in a sectoral note said result commentaries of nearly 30 capital goods companies in industrials, defence, and railways segments indicated multi-year growth opportunities across T&D, renewables, data centres, and defence. The domestic brokerage said it prefers companies with a higher earnings growth outlook that can support higher valuations. Its top picks are Larsen & Toubro Ltd (L&T), Cummins India Ltd, and GE Vernova T&D in the large cap space and Kalpataru Projects International Ltd in the mid cap space. In defence, Bharat Electronics Ltd (BEL) stayed its preferred pick. It also continued to like Dixon Tech in the EMS space.
Among defence names, MOFSL suggested targets of Rs 1,150 on Bharat Dynamics Ltd (BDL), Rs 1,580 on Astra Microwave, Rs 510 on BEL and Rs 1,400 on Zen Technologies. The brokerage suggested targets of Rs 940 on CG Power, Rs 5,200 on GE Vernova T&D, Rs 6,600 on Cummins India, Rs 32,000 on Hitachi Energy and Rs 3,500 on Siemens. EMS players Amber Enterprises and Dixon Tech are assigned targets of Rs 8,450 and Rs 14,600, respectively.
Once the West Asia crisis ends, MOFSL expects reconstruction-led demand to emerge for various players from energy infrastructure and urban infra, which can benefit players like LT, KPIL, and KEC International. In the near term, however, it expects ordering from the Middle East and GCC region to remain weak.
MOFSL said most companies like ABB India, Siemens, Thermax, Triveni Turbine, and L&T have indicated that private sector ordering has improved from industries like thermal, steel, cement, pharma and FMCG. They expect private capex-led ordering to grow between 10-15 per cent going forward, MOFSL said.
In the EMS space, MOFSL said key growth drivers for Dixon Tech include the approval of the Vivo JV, which could add 1.8–2 crore annual smartphone volumes, and the continued ramp-up of backward integration initiatives.
"For Amber, RAC demand remains strong, with FY27 industry growth expected at 12-13 per cent, and the company targeting similar growth. In the electronics segment, recent acquisitions, strategic partnerships, and ECMS approvals are supporting revenue growth while also aiding margin expansion, MOFSL said.
MOFSL said players like Cummins India, ABB India, Siemens, Hitachi Energy, GE Vernova T&D India Ltd (GVTD) and Siemens Energy are already capitalizing on data center demand, with 10-15 per cent of sales. can go up further. MOFSL said transmission players like Hitachi Energy, GVTD, and Siemens Energy are already capitalising on a strong transmission pipeline. In anticipation of demand sustainability, many players have announced capacity expansion with confirmed order visibility in the pipeline. In FY26, AoN worth Rs 6-7 lakh crore were approved, which are expected to translate into orders over the next 2-3 years
Overall, MOFSL said ordering outlook for capital goods firms is supported by selective improvement in private capex and exports, while government capex will have to be seen in the context of higher oil prices.
"Most companies managed challenges related to the West Asia crisis quite well during 4QFY26 but may see an indirect impact on commodity and freight cost inflation in the coming quarters. This may necessitate price hikes too, mostly from product companies. We remain positive on transmission, data centre, and defence-led capex beneficiaries," MOFSL said.
The brokerage said sector valuations are presently at the higher end of the valuation band, but the companies can continue to surprise on inflows as investments scale up over the next few years.
MOFSL in a sectoral note said result commentaries of nearly 30 capital goods companies in industrials, defence, and railways segments indicated multi-year growth opportunities across T&D, renewables, data centres, and defence. The domestic brokerage said it prefers companies with a higher earnings growth outlook that can support higher valuations. Its top picks are Larsen & Toubro Ltd (L&T), Cummins India Ltd, and GE Vernova T&D in the large cap space and Kalpataru Projects International Ltd in the mid cap space. In defence, Bharat Electronics Ltd (BEL) stayed its preferred pick. It also continued to like Dixon Tech in the EMS space.
Among defence names, MOFSL suggested targets of Rs 1,150 on Bharat Dynamics Ltd (BDL), Rs 1,580 on Astra Microwave, Rs 510 on BEL and Rs 1,400 on Zen Technologies. The brokerage suggested targets of Rs 940 on CG Power, Rs 5,200 on GE Vernova T&D, Rs 6,600 on Cummins India, Rs 32,000 on Hitachi Energy and Rs 3,500 on Siemens. EMS players Amber Enterprises and Dixon Tech are assigned targets of Rs 8,450 and Rs 14,600, respectively.
Once the West Asia crisis ends, MOFSL expects reconstruction-led demand to emerge for various players from energy infrastructure and urban infra, which can benefit players like LT, KPIL, and KEC International. In the near term, however, it expects ordering from the Middle East and GCC region to remain weak.
MOFSL said most companies like ABB India, Siemens, Thermax, Triveni Turbine, and L&T have indicated that private sector ordering has improved from industries like thermal, steel, cement, pharma and FMCG. They expect private capex-led ordering to grow between 10-15 per cent going forward, MOFSL said.
In the EMS space, MOFSL said key growth drivers for Dixon Tech include the approval of the Vivo JV, which could add 1.8–2 crore annual smartphone volumes, and the continued ramp-up of backward integration initiatives.
"For Amber, RAC demand remains strong, with FY27 industry growth expected at 12-13 per cent, and the company targeting similar growth. In the electronics segment, recent acquisitions, strategic partnerships, and ECMS approvals are supporting revenue growth while also aiding margin expansion, MOFSL said.
MOFSL said players like Cummins India, ABB India, Siemens, Hitachi Energy, GE Vernova T&D India Ltd (GVTD) and Siemens Energy are already capitalizing on data center demand, with 10-15 per cent of sales. can go up further. MOFSL said transmission players like Hitachi Energy, GVTD, and Siemens Energy are already capitalising on a strong transmission pipeline. In anticipation of demand sustainability, many players have announced capacity expansion with confirmed order visibility in the pipeline. In FY26, AoN worth Rs 6-7 lakh crore were approved, which are expected to translate into orders over the next 2-3 years
Overall, MOFSL said ordering outlook for capital goods firms is supported by selective improvement in private capex and exports, while government capex will have to be seen in the context of higher oil prices.
"Most companies managed challenges related to the West Asia crisis quite well during 4QFY26 but may see an indirect impact on commodity and freight cost inflation in the coming quarters. This may necessitate price hikes too, mostly from product companies. We remain positive on transmission, data centre, and defence-led capex beneficiaries," MOFSL said.
The brokerage said sector valuations are presently at the higher end of the valuation band, but the companies can continue to surprise on inflows as investments scale up over the next few years.