Street View-Bharat Electronics' strong Q3 seen priced in, valuations cap upside

Bharat Electronics

29/01/2026 06:44

** India's Bharat Electronics BAJE.NS fall 1.5% to 446.20 rupees

** State-run defence electronics firm posted a 20.4% rise in Q3 consol profit, nearly 24% jump in rev from ops on Wednesday

** BAJE gained 36.3% in 2025; stock up about 13% so far in Jan

STRONG EXECUTION SEEN LARGELY PRICED IN

** Brokerage CLSA ("outperform", PT:453 rupees) says Q3 execution was stronger than expected, but stock has already priced in much of the optimism

** Flags lumpy order flows, says near-term movement depends on execution of a large backlog

** Kotak Institutional Equities ("sell", PT: 390 rupees) says upside is limited after the recent rally and believes risk–reward is unfavourable at current levels

** JP Morgan ("overweight", PT: 556 rupees) says earnings beat estimates, but cautions margins may normalise, growth will depend on operating leverage and timely execution of orders

 (Reporting by Surbhi Misra in Bengaluru)

 ((Surbhi.Misra@thomsonreuters.com |  X: https://twitter.com/SurbhiMisra_  |;))