India's Bharat Electronics falls to lowest level in 7 months; analysts flag margin decline
BUZZ-India's Bharat Electronics falls to lowest level in 7 months; analysts flag margin decline ** Shares of Bharat Electronics BAJE.NS down 3.3% at 393.7 rupees, lowest level since December 2025
** State-owned electronics manufacturer on Monday reported first-quarter total expenses up nearly 30% y/y; rev from ops rose 25% and net profit rose 8.7% y/y
** UBS ("buy", PT 500 rupees) says gross margins declined to 45.5%, down 775 bps y/y, largely due to adverse product mix
** Jefferies ("buy") reduces TP to 550 rupees from 585 rupees and lowers FY28-29 EPS estimates by 2-3%
** Adds that lower-than-expected margins were offset by strong revenue, execution
** Dolat Capital ("buy", TP at 490 rupees) notes order inflow decline of 50.9% y/y, order book decline of 3.5% y/y; says execution outpaced fresh order booking in qtr
** YTD, stock down 1.5%
(Reporting by Saikeerthi and Abhirami G in Bengaluru)
((Saikeerthi@thomsonreuters.com; (+91) 8296756080))
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