Defence stocks under bear attack: Price targets for Cochin Shipyard, Mazagon Dock, Bharat Dynamics & HAL

Shares of defence sector firms such as Cochin Shipyard, Mazagon Dock, Bharat Dynamics and Hindustan Aeronautics are trading near their 52-week lows, signalling waning investor interest in these defence picks. The correction in these defence stocks comes even as the Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, approved various proposals worth an estimated cost of about Rs 2.38 lakh crore last week. This includes S-400 long range surface-to-air missile system and overhaul of Su-30 aero engine aggregates.

Cochin Shipyard stock outlook and price targets 

Cochin Shipyard shares stood at Rs 1,315 on Thursday, down nearly 2% against the previous close of Rs 1338.80. The stock hit a 52-week low of Rs 1186.55 on March 30, 2026. Cochin Shipyard has a one-year beta of 0.17, indicating very low volatility during the period. Cochin Shipyard shares stand lower than the 5 day, 20 day, 50 day, 100 day, 200 day moving averages, indicating bearishness in the defence stock.  

Antique Broking has a 'hold' call on the stock with a price target of Rs 1,353 

PL Capital has a price target of Rs 2175 on the defence stock. Cochin Shipyard offers one of the strongest multi-year growth trajectories in the sector, anchored by its unique role as India’s only aircraft-carrier builder, a growing defence order book (NGMV, ASW-SWC), a recovering commercial shipbuilding business, and a structurally expanding repair/MRO franchise that offers significant optionality, according to PL Capital. 

Hindustan Aeronautics stock outlook & price targets

Hindustan Aeronautics Ltd (HAL) shares stood at Rs 3686.95 on Thursday, up nearly 0.50% against the previous close of Rs 3670.75. The stock hit a 52-week low of Rs 3479.20 on March 30, 2026. 

Hindustan Aeronautics has a one-year beta of 0.30, indicating very low volatility during the period. Hindustan Aeronautics shares stand lower than the 5 day, 20 day, 50 day, 100 day, 200 day moving averages, indicating declinig investor interest in the defence stock.  

CLSA has an “outperform” rating on the stock but pared its price target to Rs 5,175 from Rs 5,436.

CLSA cited HAL’s strong order backlog of around Rs 2.5 lakh crore, which provides revenue visibility of nearly 14 years based on its FY27 product revenue. 

The brokerage expects order inflows of about $25 billion between FY27 and FY30, led by demand for helicopters, fighter jets and the Super Sukhoi programme.

Global brokerage Citi has retained a 'buy' call on the defence stock with a target price of Rs 5,560. The PSU's provisional update for FY26 also implied high order inflows ahead with a growth of nearly 5%, according to the brokerage.

Bharat Dynamics share price targets 

Bharat Dynamics shares ended 10% higher at Rs 1206.95 in the previous session. Market cap of Bharat Dynamics  rose to Rs 42,710 crore on BSE. The stock hit a 52-week low of Rs 1090 on March 30, 2026. 
Bharat Dynamics has a one-year beta of 0.12, indicating very low volatility during the period. Bharat Dynamics shares are trading lower than the 5 day, 20 day, 50 day, 100 day, 200 day moving averages. 

B&K Securities has a hold call on the stock with a price target of Rs 1,278, based on 42 times December 2027 earnings.

Motilal Oswal has buy call on the BDL stock. 

The brokerage maintained its estimates and reiterated BUY rating on the stock with an unchanged price target of Rs 1,800, based on the 42 times two-year forward earnings. Shares of Bharat Dynamics trade at 36.2x/25.4x on FY27E/FY28E EPS.

Mazagon Dock outlook and price targets

Mazagon Dock shares fell 2.29% to Rs 2264.10 in the previous session. Market cap of Mazagon Dock fell to Rs 91,329 crore on BSE. The defence stock hit a 52-week low of Rs 2057.40 on March 30, 2026. Mazagon Dock has a one-year beta of 0.14, indicating very low volatility during the period. Mazagon Dock shares are trading lower than the 5 day, 20 day, 50 day, 100 day, 200 day moving averages. 

Antique  broking has a price target of Rs 3,407 on the defence stock. According to Antique, the company is well-positioned for large-ticket naval and commercial orders.

Ashika Institutional Equities has a buy call on Mazagon Dock with a price target of Rs 2,935. 

Ashika said Mazagon Dock, with its proven capabilities in submarines and complex warships, stands to benefit from high-value, technologically intensive programmes that drive margin accretion and return ratios.