Global Tensions = Defence Sector Ka Golden Time?
Jab duniya mein security ko lekar tension badhti hai, toh defence par kharcha bhi badh jaata hai. Isi wajah se India ki defence companies ka business ekdum se bhag raha hai. Bharat Electronics (BEL) aur Bharat Dynamics (BDL) investors ke liye top picks ban gaye hain.
BEL ka market cap lagbhag ₹3,21,191.68 crore hai aur uska TTM P/E 52.93x chal raha hai, jo dikhata hai ki market isse mehnga maan raha hai. Analysts ka kehna hai ki iska target price ₹466.44 tak ja sakta hai. Doosri taraf, Bharat Dynamics (BDL) ka P/E ratio 85.63x ke aas paas hai, aur market cap ₹47,067 crore hai. Haalanki kuch analysts ko iski valuation thodi high lag rahi hai, lekin BDL ke paas ₹25,500 crore ka ek mazboot order book hai.
BEL ke paas bhi ₹73,000 crore ka order backlog hai, jisse companies ko aane wale saalon tak revenue ki koi chinta nahi hai.
India Ab Import Nahi, Export Karega!
Pehle India defence products import karta tha, lekin ab woh ek bada exporter banne ki taraf badh raha hai. FY25 mein defence exports ₹23,622 crore tak pahunch gaye hain, aur target hai ki FY30 tak yeh ₹50,000 crore ko paar kar jaye. Yeh FY21-22 ke ₹11,607 crore se kaafi bada jump hai.
Government ka bhi full support hai. Nayi Defence Acquisition Procedure (DAP) 2026 aa rahi hai, jo sirf 'Made in India' se aage badhkar 'Owned by India' technology par focus karegi. Isse India ki technological control aur procurement speed dono badhegi. Government ne defence capital expenditure bhi 18% badha kar ₹2.2 trillion kar diya hai FY27 ke liye.
Kya Koi Risk Bhi Hai?
Sab kuch acha hi nahi hai. BDL ka 85x P/E ratio aur MarketsMojo ki 'Strong Sell' rating thodi chinta badhati hai. Sector ka Nifty India Defence Index bhi 52.26x ke P/E par trade kar raha hai, matlab investors premium de rahe hain.
Ek badi dikkat yeh hai ki India ab bhi advanced systems jaise sensors, radars ke liye imported parts par depend karta hai. Agar global supply chains mein koi gadbad hui, toh projects delay ho sakte hain.
Aage Kya?
Motilal Oswal jaisi firms ka kehna hai ki defence stocks mein 38% tak ka return mil sakta hai. BEL ke liye ₹466.44 aur BDL ke liye ₹1,800 ka target hai. Overall, sector mein growth dikh rahi hai, dono domestic orders aur export opportunities ke chalte.