Whalesbook
Toh scene yeh hai ki jab se duniya mein tensions badhi hain aur India 'Make in India' par zor de raha hai, defence sector ki stocks ekdum daudne lagi hain. Nifty Defence Index ne pichhle 12 mahine mein lagbhag 31% ka return diya hai. April 22, 2026 ko bhi index 1% upar band hua. Pichhle saal yeh index 6,539 ke aas paas tha, ab 8,933 ke kareeb trade kar raha hai. Sab investors khush hain.
Bade players ki baat karein toh Bharat Electronics (BEL) ka order book ₹74,000 crore se zyada ka hai. FY26 mein unhone ₹30,000 crore ke naye orders liye hain, aur unka turnover ₹26,750 crore raha, jo pichhle saal se 16.2% zyada hai. Export bhi 33.65% badhkar $141.9 million ho gaye hain. Mazagon Dock Shipbuilders (MDL) bhi naval contracts se aage badh kar commercial vessels bana rahe hain, jaise Shipping Corporation of India ke liye methanol dual-fuel PSV.
Hindustan Aeronautics (HAL) ki revenue bhi FY26 mein ₹32,250 crore ho gayi, jo FY25 mein ₹30,981 crore thi. Unka order book bhi mast ₹2.54 lakh crore ka hai. Lekin yahan supply chain aur geopolitical issues ki wajah se LCA Mk1A aur HTT-40 jaise planes ki delivery mein delays aa rahe hain. Yeh production mein dikkat wali baat hai.
Ab baat karte hain MTAR Technologies ki. Yeh stock toh is saal 100% se bhi zyada aur pichhle 6 mahine mein 120% bhag gayi hai! Nuclear, space aur defence components mein unka kaam hai. Par bhai, iski valuation ab ekdum speculative ho gayi hai. P/E ratio 172x se 246x tak pahunch gaya hai! Matlab, market abhi se future ka bahut sara growth price mein daal chuka hai, aur yeh sab optimism par depend karta hai.
Toh overall, 'Make in India' aur security needs ki wajah se sector mein momentum hai, par risks bhi kam nahi hain. BEL aur MDL jaise players ka P/E 45-60x chal raha hai, jo already bahut high hai. MTAR ka toh 170x se bhi upar hai! Agar growth expectations poori nahi hui ya market gira, toh yeh valuations tezi se correction dikha sakte hain.
HAL ke production issues ko bhoolna nahi chahiye. BEL ko bhi apne bade order book ko time par revenue mein convert karna hoga. Naye players jaise Tata Advanced Systems bhi Rafale fuselage aur defence MRO ke contracts le rahe hain, toh competition badh sakta hai. Aur agar geopolitical tensions kam ho gaye, toh yeh current momentum bhi ruk sakta hai. Sabse bada risk yahi hai ki kya yeh companies complex supply chains aur badalti technology demands ke beech apne bade orders fulfill kar paayengi.