Why Bharat Electronics Is Helios AMC’s Top Defence Pick | Dinshaw Irani Explains

Despite the defence boom in Indian markets, Helios AMC has stayed selective — with just one consistent bet: Bharat Electronics Ltd (BEL). In this exclusive conversation, CEO Dinshaw Irani reveals why BEL continues to be a long-term value creator for the fund, and why Helios has steered clear of shipbuilders, aircraft manufacturers, and even private defence players. From concerns over capex-heavy models to valuation premiums and dependency on foreign tech, Irani breaks down the logic. He also shares why BEL’s electronics-first model, cross-wing defence supply, and potential for diversification make it a strategic standout in India’s defence growth story.