CLSA's Top Industrial Picks: L&T, HAL Shine; BHEL Least Preferred

• CLSA remains positive on India's capital goods sector due to improving private capex and rising global order wins.
• Government's multi-billion-dollar infrastructure contracts provide long-term revenue visibility for the sector.
• Larsen & Toubro (L&T) is leading the global push, securing orders in overseas markets, particularly Europe.
• Strong backlog visibility (3.8x book-to-bill) and easing input costs are boosting the sector's margin outlook.
• CLSA's top picks include L&T, Hindustan Aeronautics Limited (HAL), NCC Limited, Bharat Electronics Limited, and IRB Infrastructure Developers; BHEL is least preferred.