BEL, HAL shares: Key beneficiaries of Positive Indigenisation List; should you buy?

Amit Anwani, Vice President, Research Associate for Institutional Research at PL Capital, on Wednesday said Bharat Electronics Ltd (BEL) and Hindustan Aeronautics Ltd (HAL) are key beneficiaries of Ministry of Defence's sixth Positive Indigenisation List comprising 405 strategically important items across key defence platforms

He noted that BEL and HAL have the highest share of items notified for indigenisation, with both companies already undertaking initiatives to deepen domestic sourcing.

BEL, Anwani said, has consistently invested in R&D, strengthened its vendor ecosystem through partnerships with MSMEs and established a dedicated Indigenisation Cell to support its Atmanirbhar Bharat objectives.

HAL, meanwhile, has established a dedicated indigenisation fund by allocating 3 per centof annual PAT and is pursuing indigenous development through its Make-II framework, supporting greater localisation across its platforms and supply chain.

PL Capital suggested 'Buy on HAL and a target of Rs 5,795. BEL is rated 'Accumulate' with a target of Rs 452.

The sixth Positive Indigenisation List included 16 items of the Indian Coast Guard (ICG) and 389 items of Defence Public Sector Undertakings (DPSUs). The indigenisation is expected to generate business worth Rs 3,100 crore with previous PILs spurring domestic procurement from DPSUs with Rs 10,000 crore, creating an import substitution value of Rs 9,000 crore.

The SRIJAN Defence Portal, launched in August 2020, serves as a platform connecting DPSUs and Service Headquarters with domestic industry to promote indigenous development and manufacturing of defence equipment. As of June 2026, over 33,000 items have been identified and offered for indigenisation through the portal, expanding opportunities for MSMEs, start-ups and other Indian defence manufacturers.