HAL, BDL, Mazagon Dock, Astra Microwave, Data Patterns: HSBC shares target prices for defence stocks
Defence stocks: The foreign brokerage initiated 'Buy' on HAL with a target of Rs 6,350, suggesting 35 per cent potential upside. On Wednesday, the scrip was trading 0.15 per cent lower at Rs 4,688 apiece.
- Sep 16, 2026,
- Updated Sep 16, 2026 3:58 PM IST
HSBC has initiated coverage on a host of defence stocks including Data Patterns India Ltd, Mazagon Dock Shipbuilders Ltd, Hindustan Aeronautics Ltd (HAL), Astra Microwave, Bharat Electronics Ltd (BEL) and Bharat Dynamics Ltd (BDL). The initiation of coverage comes in the backdrop of a 17.7 per cent surge in the Nifty India Defence index year-to-date compared with an 11.15 per cent drop in the Nifty during the same period. Multi-year defence spending cycle offers a strong earnings visibility, led by domestic procurement and rising exports, HSBC analysts said.
!ndia’s defense spending is seen rising to $65 billion-$91 billion in FY37, or 2.8-3.9 times the FY27 level, analysts including Pinakin Parekh wrote in a note as the bank starts coverage on the sector.
The foreign brokerage initiated 'Buy' on HAL with a target of Rs 6,350, suggesting 35 per cent potential upside. On Wednesday, the scrip was trading 0.15 per cent lower at Rs 4,688 apiece.
BDL has been rated 'Hold' with a target of Rs 1,370, hinting at 21 per cent potential upside. This stock was trading flat at Rs 1,135.90 apice on BSE. HSBC suggested a target of Rs 525 on BEL, citing its exposure to defence electronics and strong growth visibility.
Mazagon Dock Shipbuilders Ltd was quoting 0.56 per cent lower at Rs 2,223.50. This stock has been rated 'Reduce' by HSBC with a target of Rs 1,860, reflecting 17 per cent downside potential. This stock was down 0.63 per cent at Rs 2,222.
Astra Microwave has been rated 'Hold' with a target of Rs 1,800, suggesting 13 per cent upside. Data Patterns' target of Rs 4,860 hinted at 11 per cent potential upside. This stock was trading 2.43 per cent higher at Rs 1,632.60 on Wednesday.
HAL, meanwhile has been rated 'Buy' with a target of Rs 6,350, suggesting 35 per cent upside potential.
HSBC said it initiated Bharat Dynamics, Astra Microwave Products, Data Patterns and Solar Industries with 'Hold' as it likes their underlying businesses and growth outlook but sees valuations as rich after the sector’s sharp rally.
HSBC has initiated coverage on a host of defence stocks including Data Patterns India Ltd, Mazagon Dock Shipbuilders Ltd, Hindustan Aeronautics Ltd (HAL), Astra Microwave, Bharat Electronics Ltd (BEL) and Bharat Dynamics Ltd (BDL). The initiation of coverage comes in the backdrop of a 17.7 per cent surge in the Nifty India Defence index year-to-date compared with an 11.15 per cent drop in the Nifty during the same period. Multi-year defence spending cycle offers a strong earnings visibility, led by domestic procurement and rising exports, HSBC analysts said.
!ndia’s defense spending is seen rising to $65 billion-$91 billion in FY37, or 2.8-3.9 times the FY27 level, analysts including Pinakin Parekh wrote in a note as the bank starts coverage on the sector.
The foreign brokerage initiated 'Buy' on HAL with a target of Rs 6,350, suggesting 35 per cent potential upside. On Wednesday, the scrip was trading 0.15 per cent lower at Rs 4,688 apiece.
BDL has been rated 'Hold' with a target of Rs 1,370, hinting at 21 per cent potential upside. This stock was trading flat at Rs 1,135.90 apice on BSE. HSBC suggested a target of Rs 525 on BEL, citing its exposure to defence electronics and strong growth visibility.
Mazagon Dock Shipbuilders Ltd was quoting 0.56 per cent lower at Rs 2,223.50. This stock has been rated 'Reduce' by HSBC with a target of Rs 1,860, reflecting 17 per cent downside potential. This stock was down 0.63 per cent at Rs 2,222.
Astra Microwave has been rated 'Hold' with a target of Rs 1,800, suggesting 13 per cent upside. Data Patterns' target of Rs 4,860 hinted at 11 per cent potential upside. This stock was trading 2.43 per cent higher at Rs 1,632.60 on Wednesday.
HAL, meanwhile has been rated 'Buy' with a target of Rs 6,350, suggesting 35 per cent upside potential.
HSBC said it initiated Bharat Dynamics, Astra Microwave Products, Data Patterns and Solar Industries with 'Hold' as it likes their underlying businesses and growth outlook but sees valuations as rich after the sector’s sharp rally.