Motilal Oswal Recommends 4 Defence Stocks for Up to 38% Upside

• Motilal Oswal maintains 'buy' on Bharat Electronics, Hindustan Aeronautics, Bharat Dynamics, and Astra Microwave, citing up to 38% upside.
• Brokerage expects higher global defence spending due to West Asia conflict, benefiting India's defence sector.
• India's defence sector is well-positioned for growth from domestic procurement, increasing exports, and government's indigenization push.
• Strong order visibility for the next 15-18 months, despite near-term supply chain concerns.
• Price targets imply significant upside: HAL (38%), BDL (35%), Astra Micro (15%), and BEL (14%).