India's Bharat Electronics falls; Nomura downgrades after Q1 results

Bharat Electronics

29/07/2025 05:32

** Bharat Electronics BAJE.NS drops as much as 2.9% to 378 rupees; last down ~1%

** Electronic equipment maker posts Q1 profit ahead of analysts' estimate; revenue missed expectations

** Order book at 748.59 bln rupees ($8.62 bln) as of July 1, down 2% y/y, per Nomura

** Rev 9% below Nomura's estimates

** Brokerage cuts FY26 sales estimates by 1% to reflect slower-than-anticipated orders execution rate; downgrades to "neutral"

** BAJE gains ~44% in H1 2025, which Nomura says was 'priced to perfection'

** Stock rated "buy" on avg; median PT at 418.5 rupees, per data compiled by LSEG

** YTD, BAJE up ~32%

($1 = 86.8100 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)

 ((Manvi.Pant@thomsonreuters.com; +918447554364;))