BEL Share Price Target 2025: Should You Buy, Sell or Hold Defence PSU Stock After Q4 Results? Brokerage View

Bharat Electronics Ltd. (BEL) has garnered buy rating from majority of analysts as direct result of posting stellar quarter ended March for fiscal year 2025 results, strong inflow of orders, and positive expectations from the top echelon of the defense sector player.

On the backs of bullish management guideline, the share price of BEL surged as much as 4.24 per cent on May 21, 2025.

BEL highlighted that the order inflows, excluding the Quick Reaction Surface-to-Air Missile (QRSAM) order, should be up to Rs 27,000 crore in the new fiscal year. In case the QRSAM order takes place this year itself, that number could increase upto  Rs 57,000 crore.

The management has set revenue growth expectations at 15 er cent this year, along with EBITDA margins of 27 per cent.

Brokerage firm JM Financial noted that it remained, "Positive on BEL given strong order backlog (INR 716bn) providing revenue visibility, sustained steady margin profile, healthy order prospects, increasing business opportunity from Indian Navy (indigenization and increasing fleet), continuous focus on diversification (including anti-drone system) & exports markets and indigenisation push by GoI."

Further, it maintained, "Buy rating on stock with revised target price (TP) of INR 405 (INR 360 earlier), valuing it at 45x FY27E (42x FY27E EPS earlier), on back of strong defence outlook and order pipeline."

Meanwhile, ICICI securities said, 'BEL has witnessed its best-ever performance, revenue, EBITDA, PAT and margins. 
With BEL expecting OI of ~INR 570bn over the next 12–13 months, we remain optimistic on its OI opportunity."

Similar to other brokerage firms, ICICI Securities also maintained a "buy rating on stock with revised target price (TP) of INR 405 (INR 360 earlier), valuing it at 45x FY27E (42x FY27E EPS earlier), on back of strong defence outlook and order pipeline."

While the QRSAM order has been pushed by a few quarters, the other potential fast-track orders provide the brokerage with enhanced near-term confidence. It also said that BEL's margin guidance surprised positively.

At 2:55 on May 21, 2025, the shares of BEL were trading 5.16 per cent higher at Rs 382.45.