Bharat Electronics: Buy Call with Rs 550 Target by Choice Institutional Equities

• Choice Institutional Equities recommends buying Bharat Electronics (BEL) with a target price of Rs 550.
• BEL's Q3 performance exceeded expectations, driven by strong execution and order momentum.
• The company boasts an existing order book of INR 735 billion, providing 3.1x FY25 revenue visibility.
• Management's FY26 order inflow guidance of over INR 270 billion is considered conservative.
• Near-term order optionality includes NGC orders (INR 30-50 Bn in Q4), LCA (Tejas) electronics (~INR 24 Bn), and EW programs.

Why It Matters: Choice Institutional Equities maintains a 'BUY' rating on Bharat Electronics, citing strong growth visibility and order pipeline.