Bharat Electronics stock: Nomura lifts target to INR 520

Published on 11/06/2026 at 10:45 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Bharat Electronics stock drew a higher Nomura target after the brokerage cited a broad defence order pipeline. Management kept its FY27 guidance.

Nomura raises target on order pipeline

Nomura kept its Buy rating and lifted its Bharat Electronics target to INR 520 from INR 500.
The brokerage expects strong contract opportunities across naval, missile and electronic warfare programs.
Management retained its FY27 revenue growth and EBITDA margin guidance.

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Bharat Electronics stock came into focus on Thursday, November 5, 2026, after Nomura raised its target price to INR 520 from INR 500 while retaining its Buy rating. Moneycontrol reported that the brokerage sees a sizeable contract opportunity pipeline in the second half of fiscal 2027.

Order opportunities drive brokerage view

Nomura cited order inflows of INR 75 billion during the first half of fiscal 2027 and said management retained its target of at least INR 550 billion in orders for the full fiscal year. The INR 300 billion Quick Reaction Surface-to-Air Missile contract remains subject to approval by the Cabinet Committee on Security.

The brokerage also raised its estimate for next-generation corvette-related weapons, sensors and navigation systems to around INR 200 billion from an earlier INR 80 billion to INR 100 billion range. Additional opportunities include electronic warfare platforms, precision-guided munitions and the Shakti phase IV program.

Guidance holds as execution matters

Management retained its FY27 revenue growth guidance of at least 15 percent and its EBITDA margin guidance of at least 28 percent. Bharat Electronics said indigenisation should support margin sustainability and provide protection against material-cost inflation, according to the report.

Nomura expects the order book to nearly double from fiscal 2026 to fiscal 2029, reaching INR 1.36 trillion, and forecasts earnings-per-share growth of about 17 percent annually over that period. The brokerage based its revised target on a 42-times price-to-earnings multiple applied to its September 2028 valuation framework.