Jefferies maintains a positive stance on Indian defence electronics companies, naming HAL, Bharat Electronics, and Data Patterns among its top picks. The brokerage points to strong order-book visibility as a key factor supporting its outlook for the sector.
While Jefferies stays constructive overall, it adjusts its valuation for at least one company. For Bharat Electronics, it trims its target price, citing delays linked to the Quick Reaction Surface-to-Air Missile (QRSAM) order. This leads to a more cautious view on the timing of specific defence deliveries, even as the broader demand outlook remains supportive.
Across the available reporting, the common emphasis is on order-book strength underpinning expectations for future revenues and execution. The only clearly differentiated element in the coverage is the valuation cut for Bharat Electronics tied to QRSAM-related delays, contrasted with more upbeat framing for HAL and Data Patterns.
