BEL shares: Brokerages back PSU multibagger on healthy growth, financials; check targets

BEL shares target price: Domestic brokerage firms continue to remain positive on Bharat Electronics Ltd (BEL) on both technical and fundamental basis. They are citing its strong growth potential, solid financial and robust growth prospective, coupled with sound technical chart-pattern for decent upside potential in the coming weeks.

According to the brokerage firms, BEL is aiming for an order inflow of more than Rs 27,000 crore. In addition, signing of the QRSAM deal valued at over Rs 30,000 crore, which the management expects to be awarded by Q4FY26 with execution spread over 5-6 years, the total order inflow could rise sharply.

BEL maintains revenue growth guidance exceeding 15 per cent, supported by a robust order book and defense sector demand. Its revenue from operations rose by 25.7 per cent to Rs 5,792 crore and net profit grew by 17.9 per cent YoY to Rs 1,278 crore in Q2FY26, said Master Capital Services.

Similarly, SBI Securities is swearing by BEL's strong order book and projections along with growth potential with healthy margins and solid guidance. The brokerage believes that BEL has partnered with Larsen & Toubro to collaborate on India's advanced medium combat aircraft (AMCA) project, which elevates its role.

BEL shares were seen around Rs 420 on Tuesday, with a total market capitalization of Rs 3.05 lakh crore. The stock hit its 52-week high at Rs 435.95 in July 2025. It has jumped more than 60 per cent in the last one year, while it is up 8 per cent in the last one month. The stock has surged nearly 850 per cent in the last five year, while it has zoomed over 1,700 per cent from its covid lows.

The management has retained the guidance of 15 per cent growth in revenue along with 27 per cent Ebitda margin for FY26. The capex for FY26 is expected to be Rs 1,000 crore plus. The R&D investments would be more than Rs 1,600 crore, said SBI Securities citing slowdown in order inflows; delay in large tender finalization and increased competition as key risks.

Bharat Electronics (BEL) is a Navratna PSU under the Ministry of Defence, Government of India. It manufactures state-of-the-art electronic products and systems for the Army, Navy and the Air Force. It primarily manufactures advanced electronic products for ground and aerospace applications. The company also has a small presence in the civilian market.

It has diversified into various other areas like homeland security solutions, smart cities, e-governance solutions, space electronics including satellite integration, solar, cyber security, telecom products, medical electronics, software solutions, electronic warfare systems, etc.

On a technical basis, brokerages believe that BEL's chart structure offers favorable risk–reward set-up. Its consolidation has helped absorb prior gains while allowing moving averages to align with price. The long-term supports intact and the broader structure remaining constructive, indicating a sound candidate for a yearly stock pick from a positional perspective.

BEL continues to display a structurally strong technical setup despite the recent consolidation phase. The stock is placed near its 100-day EMA and remains well above the 200-day EMA, reaffirming the strength of the long-term trend. BEL has sustained above its earlier breakout level, which has now turned into a key support zone and reflects strong demand on declines, said Master Capital.

SBI Securities has target price of Rs 463 on BEL for a duration of 6-12 months. Master Capital has suggested to buy BEL on dips at Rs 393 and Rs 362 for the targets of Rs 460-490 apiece, with a strict stop loss at Rs 332.