Page 17 of Rajnath Singh

Motilal Oswal reaffirms ‘Buy’ rating on Bharat Electronics, with a target price of Rs 490, citing potential 24% upside. The company’s recent major order from the Indian Army for a missile project, along with other defence contracts and export opportunities, is expected to drive growth. With a solid order book and cash surplus, Bharat Electronics is well-positioned for sustained growth.