BEL, BDL, HAL, PTC Industries, Mazagon Dock: Defence stocks to buy amid Rs 79,000-cr boost
Antique sees opportunity for PTC Industries, Mazagon, HAL, BEL and BDL. It maintained 'Buy' rating on Mazagon Dock, HAL, BEL, BDL, Zen Tech, Solar Industries and PTC Industries.
- Dec 30, 2025,
- Updated Dec 30, 2025 9:16 AM IST
Defence stocks such as PTC Industries, Mazagon Dock Shipbuilders Ltd, Bharat Electronics Ltd (BEL), Bharat Dynamics Ltd, Hindustan Aeronautics (HAL) and PTC Industries are seen as key beneficiaries, as the Defence Acquisition Council (DAC) approved proposals worth Rs 79,000 crore to enhance operational capabilities of the Indian armed forces. Antique Stock broking noted that DAC has accorded Acceptance of Necessity (AoN) for proposals worth approximately Rs 3.3 lakh crore under various categories of capital procurement, which promotes domestic manufacturing as per DAP-2020. "Thus, approvals have surpassed the FY25 levels of Rs 2.2 lakh crore. The total share of domestic procurement has seen a phenomenal improvement from 54 per cent in FY19 to 92 per cent in FY25, Antique said.
"This provides a tremendous opportunity for Indian defence manufacturers like PTC Industries, Mazagon, HAL, BEL, BDL, and other defence players. Hence, we maintain Buy rating on Mazagon Dock, HAL, BEL, BDL, Zen Tech, Solar Industries, and PTC Industries," Antique Stock Broking said.
MOFSL said BEL is well-positioned to capture orders for radar systems, drone detection, HF SDR communications equipment, GBMES, and electronics portion of other systems. HAL could see orders tied to HALE RPAS, Astra Mk-II missile integration, and full mission simulator production/support for platforms like Tejas.
BDL, MOFSL said, is positioned to gain from guided rocket ammunition, missile system production, and other munitions and missiles that fall under its manufacturing scope.
"Procurement of BP tugs and allied marine support vessels opens opportunities for shipyards such as MDL, CSL, and GRSE. Private players, including LT, Tata Advanced Systems, Zen Technologies, and Astra Microwave, could see increased participation for components and, in some cases, fully integrated products such as full mission simulators and SPICE-1,000," it said.
This brokerage has 'Buy' on BEL (Target: Rs 500), HAL (target: Rs 5,800), BDL (Target: Rs 2,000), Zen Tech (Target: Rs 1,400) and Astra Microwave Products Limited (Target: Rs 1,100).
Defence stocks such as PTC Industries, Mazagon Dock Shipbuilders Ltd, Bharat Electronics Ltd (BEL), Bharat Dynamics Ltd, Hindustan Aeronautics (HAL) and PTC Industries are seen as key beneficiaries, as the Defence Acquisition Council (DAC) approved proposals worth Rs 79,000 crore to enhance operational capabilities of the Indian armed forces. Antique Stock broking noted that DAC has accorded Acceptance of Necessity (AoN) for proposals worth approximately Rs 3.3 lakh crore under various categories of capital procurement, which promotes domestic manufacturing as per DAP-2020. "Thus, approvals have surpassed the FY25 levels of Rs 2.2 lakh crore. The total share of domestic procurement has seen a phenomenal improvement from 54 per cent in FY19 to 92 per cent in FY25, Antique said.
"This provides a tremendous opportunity for Indian defence manufacturers like PTC Industries, Mazagon, HAL, BEL, BDL, and other defence players. Hence, we maintain Buy rating on Mazagon Dock, HAL, BEL, BDL, Zen Tech, Solar Industries, and PTC Industries," Antique Stock Broking said.
MOFSL said BEL is well-positioned to capture orders for radar systems, drone detection, HF SDR communications equipment, GBMES, and electronics portion of other systems. HAL could see orders tied to HALE RPAS, Astra Mk-II missile integration, and full mission simulator production/support for platforms like Tejas.
BDL, MOFSL said, is positioned to gain from guided rocket ammunition, missile system production, and other munitions and missiles that fall under its manufacturing scope.
"Procurement of BP tugs and allied marine support vessels opens opportunities for shipyards such as MDL, CSL, and GRSE. Private players, including LT, Tata Advanced Systems, Zen Technologies, and Astra Microwave, could see increased participation for components and, in some cases, fully integrated products such as full mission simulators and SPICE-1,000," it said.
This brokerage has 'Buy' on BEL (Target: Rs 500), HAL (target: Rs 5,800), BDL (Target: Rs 2,000), Zen Tech (Target: Rs 1,400) and Astra Microwave Products Limited (Target: Rs 1,100).