Defense business remains key growth driver

Company
09 Aug 2024
5 Min read 
  • CMP: INR 1,605, TP: INR 1,470 (-8%)
  •  Neutral TP change Rating change Bloomberg BHFC IN Equity Shares (m) 466 M.Cap.(INRb)/(USDb) 747.5 / 8.9
  •  12M Avg Val (INR M) 1804 Consol. Financials & Valuations (INR b) Y/E Mar 2024 2025E 2026E Sales 156.8 176.9 199.3
  •  Performance improvement at overseas subs key monitorable
  •  Losses in overseas subsidiaries slightly reduce Standalone revenue /EBITDA/adj. PAT grew 10%/18%/20% YoY
  •  Defense business remains key growth driver
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