BDL, BEL shares gain 2-3% on Rs 30,000 cr Anant Shastra tender; here's why

Shares of Bharat Dynamics Ltd (BDL) and Bharat Electronics Ltd (BEL) climbed up to 4 per cent in Monday's trade after the Indian Army issued tender for Rs 30,000 crore QRSAM project, also known as Anant Shastra. 
BEL is the lead integrator for the surface-to-air missile weapon systems. MOFSL said it expects the award of missiles for QRSAM to flow through to BDL.

BEL shares rose 2.60 per cent to hit a high of Rs 406.20. BDL shares climbed 2.06 per cent to hit a high of Rs 1528.80. Antique Stock Broking has a target of Rs 1,498 on BDL and Rs 454 on BEL. MOFSL suggested a target of Rs 490 on BEL, following the tender. 

The Defence Acquisition Council had earlier cleared the procurement proposal for this project shortly after Operation Sindoor in May 2025. The project is seen strengthening the Indian Army's air defense system. This mobile system can search, track and engage targets on the move, with a firing range of around 30 km, complementing existing MRSAM and Akash systems. 

BEL will be the lead integrator for this project. "We also expect the award of missiles for QRSAM to flow through to Bharat Dynamics (BDL). Our estimates already factor in the award of this project, and we expect the execution to commence primarily from FY27 onward," MOFSL said.

Beyond the QRSAM project, MOFSL expects BEL to benefit from the finalisation of orders for corvettes, multiple subsystem orders for the MF-STAR radar program, which are currently under configuration and pricing discussions with shipyards.  

Shatrughat and Samaghat electronic warfare (EW) systems, follow-on order for 97 LCA Mk1A, aircraft and loitering munition programs such as MALE-class drones are also expected to give BEL a lift.

"BEL is also well positioned across 8-10 items for an emergency procurement program and has also tied up with players for EoI for AMCA program. These orders, coupled with its existing strong order book of more than Rs 1 lakh crore, now will help BEL sustain 15-17 per cent revenue growth over the next 5-7 years," MOFSL said.