Sector Update | 7 December 2025
Defense
BEL - Financials & Valuations (INR b)
Y/E MARCH
FY26E FY27E FY28E
Sales
276.7 325.5 386.4
EBITDA
78.9 92.8 108.2
Adj PAT
60.8 72.1 83.8
EPS (INR)
8.3
9.9 11.5
EPS Gr. (%)
15 18.6 16.2
BV/Sh (INR)
34.3
43
53
Ratios
RoE (%)
24.2
23 21.6
RoCE (%)
27.2 25.6 23.9
Payout (%)
12.4 12.4 12.4
Valuations
P/E (x)
48.8 41.2 35.4
P/BV (x)
11.8
9.5
7.7
EV/EBITDA (x)
35.5 29.5 24.7
Div Yield (%)
0.3
0.3
0.4
HAL - Financials & Valuations (INR b)
Y/E MARCH
FY26E FY27E FY28E
Sales
375 453.4 584.6
EBITDA
111.2 129.4 159.2
Adj PAT
95.6 107.6 132.3
EPS (INR)
142.9
161 197.8
EPS Gr. (%)
14.3 12.7 22.9
BV/Sh (INR)
625.9 741.9 894.7
Ratios
RoE (%)
22.8 21.7 22.1
RoCE (%)
23.6 22.3 22.6
Payout (%)
28
28 22.8
Valuations
P/E (x)
31 27.6 22.4
P/BV (x)
7.1
6
5
EV/EBITDA (x)
22.5 18.7 14.4
Div Yield (%)
0.9
1
1
BDL - Financials & Valuations (INR b)
Y/E MARCH
FY26E FY27E FY28E
Sales
45.8 61.1 81.5
EBITDA
10.9 15.1 20.8
Adj PAT
10.4 13.9 19.1
EPS (INR)
28.3 37.9
52
EPS Gr. (%)
88.6 33.9 37.3
BV/Sh (INR)
131.6 162.5 206.5
Ratios
RoE (%)
21.5 23.3 25.2
RoCE (%)
22.1 23.8 25.6
Payout (%)
21.4 18.4 15.4
Valuations
P/E (x)
53.5 39.9 29.1
P/BV (x)
11.5
9.3
7.3
EV/EBITDA (x)
45.5 31.7 21.8
Div Yield (%)
0.4
0.5
0.5
Several catalysts at play
India’s defense sector has been witnessing many developments lately, such as ongoing
negotiations with various countries for defense deals, including export ramp-up; recent DAC
approvals; TPCR roadmap; ongoing emergency procurement; and expectations of higher
budgetary allocation. All these factors allay concerns about order inflow prospects in the
sector, and hence we expect the ordering momentum to stay strong for the sector. We expect
export opportunities to gradually open up for the sector as several defense PSUs are
developing larger platforms. Increasing indigenization supports the margin trend for
companies. We maintain our positive stance on the defense sector and we have a BUY rating
on BHE (TP: INR500, based on 45x two-year forward EPS), HAL (TP: INR5,800, premised on DCF
and 32x two-year forward EPS), and BDL (TP: INR2,000, based on 42x two-year forward EPS).
We remain Neutral on Zen Technologies.
Long-term visibility intact
We expect the defense sector to continue to benefit from 1) the expected increase
in fund allocation in the upcoming budget, supporting continued increase in TAM; 2)
AoNs worth INR7t approved during FY24-10MFY26, supporting incremental order
inflows over next few years; 3) incremental spending on defense across NATO
countries, thereby opening opportunities for defense exports; and 4) additional
momentum from the INR400b emergency procurement program under the ‘Fast
Track Procedure (FTP)’ category, which mandates significantly shorter acquisition
timelines.
Strong prospect pipeline across platforms
Our analysis of management commentaries of most defense players suggests a
strong prospect pipeline. In the
defense electronics
space, companies are
witnessing strong TAM for long-term radar, avionics, communication, and EW
orders. Bharat Electronics is expecting a subsystems order from next-generation
corvettes and an avionics order from LCA MK1A, mountain radar, Shatrughat and
Samaghat EW systems, apart from a large QRSAM order. Similarly, Astra Microwave
is expecting orders from QRSAM, Uttam radar from Tejas Mk1A, EW suite and
Virupaksha AESA radar from Su-30 MK1 upgrade, weapon locating radar, etc. In
missile and explosives,
companies expect near-term inflows from tactical missile
systems, air-defense systems, and follow-on orders for precision-strike and guided-
rocket programs. Bharat Dynamics is expecting orders from emergency
procurement, QRSAM, follow-on Astra orders from HAL, VSHORADS, etc. Solar
Industries is targeting orders from loitering munitions, counter-drone systems,
missile programs like Project Kusha as well as orders on the ammunition side from
global markets. In
defense aircraft,
HAL has recently been awarded a follow-on
order of 97 Tejas Mk1A aircraft, and the focus is on execution.
Teena Virmani - Research Analyst
(Teena.Virmani@MotilalOswal.com)
Research Analyst: Prerit Jain
(Prerit.Jain@MotilalOswal.com) |
Vatsal Magajwala
(Vatsal.Magajwala@MotilalOswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Motilal Oswal Financial Services
Defense
Increased exports to be key driver for defense players over long term
India's defense export portfolio includes a wide range of equipment, such as aircraft
components, 155mm artillery guns, Brahmos missiles, Pinaka rockets, Akash air
defense system, bulletproof jackets, Dornier (Do-228) aircraft, Chetak helicopters, fast
interceptor boats, and lightweight torpedoes. Opportunities from European countries
are growing as they are increasing their defense spending in line with NATO’s 5% of
GDP guideline. Brahmos missile is already exported by India, and several promising
platforms can be potentially exported from India once companies get approval for the
same across aircraft, missiles, tanks, armored vehicles, artillery and munitions, ships,
and torpedoes. Shipyard companies like Mazagon Dock, Garden Reach, and Cochin
Shipyard are actively engaged with clients in Europe and Asia for export opportunities,
while Bharat Electronics, BDL and HAL are pursuing new opportunities across
platforms.
Margin improving as share of indigenized components increases
The share of domestic procurement has increased substantially, from 54% before
Covid to 75% in the FY26 budget. In FY25 alone, 92% of the total contracts went to
domestic companies. Margins for defense companies are set to expand as deeper
indigenization reduces import dependence, lowers input costs, and enhances
control over design and supply chains. With indigenous sourcing rising consistently,
most companies expect margins to remain elevated or improve YoY. A few large
defense PSUs may, however, witness a margin moderation due to a high proportion
of manufacturing revenue, though overall revenue growth is expected to remain
strong.
Ongoing capex by defense companies to increase output
Across the defense sector, companies are driving a broad capacity-expansion cycle to
meet rising long-term defense demand. In
aircraft space,
companies are scaling up
their assembly lines and engine procurement while expanding production capacity for
large indigenous fighter programs. In
defense electronics,
players are adding selective
system integration and facility upgrades with modest capex given sufficient existing
capacity. In the
missile space,
companies are investing in new propulsion, composites
and radome infrastructure, supported by multi-year state-backed expansion plans,
though some annual spend is moderating due to timing delays. The
shipyard sector
is
committing the largest outlays, with new dry docks, floating docks, brownfield
expansions and major greenfield yards, to address bottlenecks and prepare for a
heavy pipeline of naval vessels. Overall, the industry is executing a multi-year build-
out of manufacturing capacity aligned to strong visibility across platforms.
7 December 2025
2
 Motilal Oswal Financial Services
Defense
Defense production and exports to double by FY29
Exhibit 1: Total defense production targeted to reach INR3t by FY29
Old DPSUs
New DPSUs
Other PSUs/JVs
Defence Private Companies
Total Production
3,000
741
141 47
148
404
FY17
788
15352
148
435
FY18
811
174 56
128
454
FY19
791
159 63
92
477
FY20
846
173 60
146
467
FY21
1,087
948
199 72 211 71
170
119
635
558
FY22
FY23
1,274
26768
196
744
FY24
1,506
340
82
218
866
FY25
FY29E
Source: DDP, MoD, MOFSL
Exhibit 2: Total defense exports are targeted to double from FY25 levels, reaching INR500b by FY29
Total Defence Exports (INR b)
500
159
FY23
211
FY24
236
FY25
FY29E
Source: DDP, MOFSL
15
FY17
47
FY18
107
FY19
91
FY20
84
FY21
128
FY22
Exhibit 3: Government’s defense capex budget utilization over the years: If defense capex grows at a higher rate, the share of
procurement from domestic players will increase too
(INR b)
Budget
Defense capital outlay budget
YoY %
Domestic Defense production
YoY %
Defense PSUs
HAL
BEL
BDL
MDL
Cochin Shipyard
Garden Reach
BEML
Other PSUs and JVs
Ordnance Factories
Private companies
Foreign procurement
Share of foreign procurement in
overall capex budget %
Exports
YoY%
FY17
ACT
864
741
179
83
49
35
21
9
25
47
148
141
305
35
15
FY18
ACT
904
5
788
6
185
100
46
45
24
13
32
52
148
154
334
37
47
208
FY19
ACT
952
5
811
3
200
118
31
46
30
14
35
56
128
174
430
45
107
129
FY20
ACT
1,111
17
791
(3)
214
126
31
49
34
14
30
63
92
159
446
40
91
(15)
FY21
ACT
1,343
21
846
7
229
138
19
40
28
11
36
60
146
173
507
38
84
(7)
FY22
ACT
1,380
3
949
12
246
150
28
57
32
18
43
72
119
199
483
35
128
52
FY23
ACT
1,429
4
1,087
15
269
173
25
78
23
26
39
71
170
211
391
27
159
24
FY24
ACT
1,543
8
1,274
17
298
202
24
95
36
36
41
68
196
267
445
29
211
32
FY25
RE
1,595
3
1,506
18
310
237
33
133
46
50
41
82
218
340
452
28
FY26E
EST
1,834
15
1,730
15
375
277
46
163
54
67
49
86
240
374
400
22
FY27E
EST
2,109
15
1,982
15
453
325
61
183
62
73
59
90
264
411
482
23
236
295
354
12
25
20
Source: Industry, MOFSL
7 December 2025
3
 Motilal Oswal Financial Services
Defense
AoNs accorded over the past 2-3 years provide inflow visibility for 3-4 years
Exhibit 4: DAC approvals worth ~INR7t in past 2-3 years give order visibility for next 3-4 years
Year
Date
13-Jul-23
24-Aug-23
Approval by DAC
26 Rafale Marine aircraft along with associated ancillary equipment, weapons,
simulator, spares, documentation, crew training and logistic support
3 additional Scorpene submarines
Electronic Warfare (EW) Suite on Mi-17 V5 Helicopters
Ground-Based Autonomous System
7.62x51 mm Light Machine Gun (LMG) and Bridge Laying Tank (BLT)
75
Value
(INR b)
630
360
Potential vendors
Dassault Aviation
MDL
BEL
BEL, ZEN, Adani Defense,
TASL, L&T
Adani Defence, Kalyani
Strategic Systems
FY24
FY25
FY26
(till
date)
Ruggedised Laptops and Tablets under Project Shakti
Weapons for MH-60R Helicopters
Light Armored Multipurpose Vehicles (LAMV) and Integrated Surveillance and
Targeting System (ISAT-S)
High Mobility Vehicle (HMV) Gun Towing Vehicles
15-Sep-23
Next Generation Survey Vessels
Avionic upgradation of Dornier Aircraft
Dhruvastra Short Range Air-to-Surface Missile
12 Su-30 MKI Aircraft
Anti-tank mines, Canister Launched Anti-Armor Loiter Munition System
Air Defence Tactical Control Radar
Medium Range Maritime Reconnaissance and Multi-Mission Maritime Aircraft
16-Feb-24
Active Towed Array Sonar, Heavy Weight Torpedoes, Follow On Support (FOS) and
Repair Replenishment support for 24 MH60R aircraft
Flight Refueller Aircraft, Software Defined Radios.
Total (A)
Advanced Land Navigation System (ALNS) for Armored Fighting Vehicles (AFVs) of the
Indian Army
29-Jul-24
22 Interceptor Boats
Future Ready Combat Vehicles
Air Defence Fire Control Radars, Forward Repair Team (Tracked)
03-Sep-24
Dornier-228 aircraft, Next Generation Fast Patrol Vessels, and Next Generation
Offshore Patrol Vessels.
31 New Water Jet Fast Attack Crafts (NWJFACs) for the Indian Navy
120 Fast Interceptor Craft (FIC-1)
EW-Suite (EWS) comprising External Airborne Self Protection Jammer pods, Next
03-Dec-24
Generation Radar Warning Receiver and associated equipment for Su-30 MKI Aircraft
6 Advanced Light Helicopters (ALH) M (MR) for Indian Coast Guard.
Overhaul of T-72 & T-90 tanks, BMP- and engines of Sukhoi fighter aircraft
1350 HP Engine to upgrade the present 1000 HP Engine for the T-90 Tanks.
20-Mar-25
Varunastra Torpedoes (Combat)
Airborne Early Warning & Control (AEW&C) Aircraft Systems
Total (B)
Armored Recovery Vehicles, Electronic Warfare System, Integrated Common Inventory
Management System for the Tri-Services and Surface-to-Air Missiles.
03-Jul-25
Moored Mines, Mine Counter Measure Vessels, Super Rapid Gun Mount and
Submersible Autonomous Vessels.
Thermal Imager-based Driver Night Sight for BMP
Compact Autonomous Surface Craft, BrahMos Fire Control System & Launchers and
Upgradation of BARAK-1 Point Defence Missile System
Mountain Radars and Upgradation of SAKSHAM/SPYDER Weapon System
05-Aug-25
Medium Altitude Long Endurance (MALE) Remotely Piloted Aircraft (RPAs)
C-17 and C-130J fleets, and comprehensive annual maintenance contract of S-400 Long
Range Air Defence Missile System.
Nag Missile System Mk-II (NAMIS), Ground Based Mobile ELINT System (GBMES) and
High Mobility Vehicles (HMVs) with Material Handling Crane (For the Indian Army)
Landing Platform Docks (LPD), 30mm Naval Surface Gun (NSG), Advanced Light Weight
23-Oct-25
Torpedoes (ALWT), Electro Optical Infra-Red Search and Track System and Smart
Ammunition for 76mm Super Rapid Gun Mount (For the Indian Navy)
Collaborative Long Range Target Saturation/Destruction System (CLRTS/DS)
Total (C)
Grand Total (A+B+C)
TASL, BEL, AMPL, L&T
450
BEML, Ashok Leyland, TASL
GRSE, L&T, GSL
HAL
BDL, BEL, Solar Industries
HAL
BDL
BEL, AMPL
Airbus & TASL
BEL, BDL, HAL
HAL, BEL
BEL (declared)
GSL, GRSE, MDL
BEML, Bharat Forge
AVNL (declared)
HAL, GSL, GRSE, MDL, CSL
GRSE, MDL, CSL, GSL
L&T
218
BEL, AMPL,
HAL
AVNL, HAL
540
2,205
1,050
BDL, BEL
BEL, AMPL
BEML, BEL, AMPL, BDL
BDL, Apollo Microsystems,
GSL, BEL, BHEL, L&T
BEL, AMPL
BrahMos Aerospace, BEL,
BDL, L&T, TASL, BEML
BEL, AMPL, Tata, L&T, BDL
BEL, HAL, AMPL, Solar
Industries, L&T, Bharat
Forge, TASL, Adani Defence
HAL, TASL, TASL, Mahindra
Defence, BEL, BDL
BDL, BEL, AMPL, Tata Motors
and Ashok Leyland
MDL, CSL, L&T, GRSE, BDL,
BEL, AMPL, TASL, Data
Patterns, Solar Industries
HAL, BEL, AMPL, TASL
846
2,361
NA
1,447
670
790
2,510
7,075
Source: PIB, Industry, MOFSL
7 December 2025
4
 Motilal Oswal Financial Services
Defense
Exhibit 5: Time frame under FTP for emergency procurement
Sr. No.
Activity
Time Frame
(days/months)
7-14 days
10 days
30-45 days
10 days
15-45 days
7 days
15-45 days
10 days
10-15 days
8-15 days
122-231 days
3-12 months
Source: MoD
1 Initiation of Proposal by Service HQs
2 Analysis of the Services Requirement and Acceptance of Necessity by the committee chaired by RM
3 Preparation, vetting, approval and issue of the Request for Proposal
4 Receipt of Responses from vendors
5 Technical Evaluations
6 On site Evaluations by Empowered Committee
7 Approval of Empowered Committee’s report
8 Commercial Negotiations
9 Oversight Committee (if applicable)
10 Approval of Competent Financial Authority
11 Contract Signing
Minimum and Maximum Time Period
Delivery (from the date of signing of contract)
The Indian Ministry of Defense (MoD) has concluded several tranches of emergency
procurement orders –
13 contracts worth INR20b for the Indian Army:
These contracts were finalized
in mid-2025 for a variety of counter-terrorism equipment:
Drones and counter-drone systems:
Integrated drone detection and
interdiction systems (IDDIS), remotely piloted aerial vehicles (RPAVs),
loitering munitions (including VTOL systems), and various drones.
Protection gears:
Bullet proof jackets (BPJs) and ballistic helmets.
Vehicles and night sights:
Quick reaction fighting vehicles (QRFVs) – heavy
and medium, and night sights for rifles.
Air defense:
Low-level lightweight radars (LLLR) and very short range air
defense systems (VSHORADS) – launchers and missiles.
Additional orders for missiles:
Bharat Dynamics secured additional orders
worth INR25b in Dec’25 for anti-tank guided missiles (ATGMs) and surface-to-air
missiles (SAMs) under emergency provisions.
Heron Mk II UAVs:
Fresh orders for additional satellite-linked Heron Mk II
unmanned aerial vehicles (UAVs) were placed for the Army, Air Force, and Navy
following lessons from recent operations.
Specific drones:
Orders included around 450 Nagastra-1R loitering munitions
from Solar Defence and Aerospace and hybrid mini UAVs from ideaForge
Technology.
7 December 2025
5
 Motilal Oswal Financial Services
Defense
Near-to-long term pipeline strong for defense players
Exhibit 6: Strong prospect pipeline for Indian defense players across platforms
Companies
Hindustan
Aeronautics
Key opportunities
The MoD has signed an INR624b contract with HAL for 97 LCA Mk1A aircraft (68 single-seat, 29 twin-seat), with
deliveries starting in FY28 and completing in six years. The order has 64% indigenous content, adding 67 new locally
sourced components such as the UTTAM AESA radar, Swayam Raksha Kavach EW suite, and indigenous actuators.
HAL has also signed a USD1b agreement with GE Aerospace for 113 F404 engines to support timely execution.
BHE’s long-term order pipeline remains strong, supported by INR500b of opportunities from recent AoN approvals,
INR13-15b of emergency procurement orders plus another INR20b in advanced stages, INR45b/INR80b of next-
generation corvette subsystems for FY26/FY27, INR25b of LCA Mk1A avionics, and the INR300b QRSAM order
(expected by 4QFY26).
AMPL expects strong near-term ordering, with over INR4b of orders planned for 3QFY26 and INR6b+ for 4QFY26.
Medium-term visibility remains good, supported by a strong opportunity pipeline and improved technological
capabilities. In the long term, India’s defense roadmap and increasing opportunities in radars, EW, space and
communications provide a solid growth environment for the company.
BDL has a healthy order pipeline of about INR500b over the next five years, with nearly INR200b expected in the next
2-3 years. It recently secured INR20b of Invar missile orders and stands to benefit from upcoming opportunities in
emergency procurement, QRSAM, follow-on Astra orders, VSHORADS and other key programs.
The company expects demand to strengthen in the second half as coal mining and infrastructure activity recover from
heavy monsoon disruptions. The company also sees strong momentum in defense, supported by a large order book
and the start of Pinaka commercial supplies from 3QFY26, along with steady international demand across key
markets.
MDL highlighted a strong pipeline with major upcoming programs such as the LPD, MCMV, the follow-on P17 Bravo,
and the next-generation destroyer, and indicated that its order book is expected to cross INR1t by FY27 as these
opportunities materialize.
GRSE’s ordering outlook is very strong, with multiple large defense projects ahead. Three RFPs have already been
issued, and seven major AoN-approved projects offer a significant pipeline, and management expects the order book
to cross INR500b once the Next-Generation Corvette contract is signed.
Management highlighted a strong defense and commercial order pipeline, with multiple projects already bid and
several others at RFI/RFP stages. Defence pipeline includes major programs such as MCMVs, P-17 Bravo, LPDs, NG
Survey Vessels, NG Fast Patrol Vessels, etc.
Order inflows remained muted in 1HFY26 due to delays in simulator tenders and a shift in focus to emergency
procurements. However, orders are expected to pick up in 2HFY26 as the pending simulator orders worth INR6.5b
and anti-drone tenders move forward.
Source: Company, MOFSL
BHE
Astra Microwave
BDL
Solar Industries
Mazagon Dock
Garden Reach
Cochin Shipyard
Zen Technologies
7 December 2025
6
 Motilal Oswal Financial Services
Defense
Potential exports from India and strategies to increase exports share
In 2025, India ranked among the top 25 largest arms-exporting nations in the world.
The growth in defense exports is primarily driven by the private sector, which
contributes 60%, while DPSUs account for the remaining 40%. Major defense export
destinations for India are the US and France mainly for sub-systems and electronics,
and Armenia for full platforms like Akash missiles, Pinaka rockets, and 155mm
artillery guns. Indian defense players are deepening their engagement with friendly
nations and widening overseas touchpoints to position indigenous platforms for
future export bids.
Exhibit 7: Promising platforms for defense exports by Indian defense players
Category
Sub-category
Aeronautical
System
Land Systems
Naval Systems
Miscellaneous
Platforms
Light Combat Aircraft (Tejas)
Advanced Light Helicopter (Dhruv)
Aircraft
Light Combat Helicopter (Prachand)
Multi-Purpose Light Transport Aircraft
Multi-Mission Single-Engine Light Utility Helicopter
Short Range Surface to Air Missile System (Akash Weapon System)
Supersonic Cruise Missile System (BrahMos Weapon System)
Missile Systems
Air-to-Air Missiles
Anti-Tank Guided Missiles
Main Battle Tank (MBT)
Wheeled Armored Platform 8x8 (WhAP)
Armored Engineer Reconnaissance Vehicle (AERV)
Tanks and Armored
Bridge Layer Tank (BLT)
Vehicles
Remotely Operated Vehicle (ROV)
155M/52 Cal Tracked Self-Propelled Gun K9 Vajra-T
Multi-Barrel Rockets and Launcher System (Pinaka)
Advanced Towed Artillery Gun System
Under Barrel Grenade Launcher
Artillery, Munitions
Offshore Patrol Vessel (OPV)
High Speed Patrol Boat
Fast Interceptor Boats
Inshore Patrol Vessel (IPV)
Missile Boat
Ships and Boats
Corvettes
Lightweight Torpedo
Heavy Weight Torpedo
Torpedo Launchers
Air-Search Radar
Torpedo
Artillery Locating Radar
Maritime Patrol Aircraft Radar
W
L
Sensors
Coastal Radarti R d
System
Personal Protective Equipment- Bullet Proof Jacket (BPJ), helmets, and other protective gear
Brass Cartridge Cases, Tubes, Cups, and Strips
Fuses and Empty Shells
Brake Parachutes for Aircraft
High-performance titanium, super alloys, and armor materials
High-strength steel and tool steels
Encryption solution
AI-enabled voice analysis software (AIVAS)
Source: SIDM, MOFSL
7 December 2025
7
 Motilal Oswal Financial Services
Defense
Exhibit 8: Export target of individual companies over the long term and strategies to achieve them
Companies
Export target and strategies
Aiming to increase exports from the current 3-4% of turnover to about 5% over the next two to three years, and
eventually to 10% of total revenue. The company’s healthy USD326m export order book and strong leads across
BHE
friendly nations provide visibility toward achieving this target.
Expanding into European and NATO markets and is in discussions with a potential partner to explore collaboration.
The company noted that export growth will depend on offering complete, proven systems such as Uttam radars and
Astra Microwave
the Su-30 EW suite, which form a key part of its long-term international strategy.
BDL’s export share has historically stayed below 10% of total revenue. The company has now outlined a strategy to
raise this share to 25% by FY29-30 by deepening ties with friendly nations and countries facing geopolitical challenges.
BDL
During the quarter, export orders also surged, and the current export order book is likely to be over by 1QFY27.
Strong momentum in its international business, driven by performance in markets such as South Africa, Turkey,
Ghana, Nigeria, and Tanzania, with further scale-up expected as new operations in Australia, Kazakhstan, and Saudi
Solar Industries
Arabia become operational over the next 6-12 months. The ongoing global ammunition shortages and its sizeable
international defense order book position it well for securing additional overseas orders in the coming period.
MoU with the Naval Group to explore submarine export opportunities in Asia and another exclusive MoU with a
foreign government for a joint bid on an upcoming program. Executing several export orders among the 27 ships
under construction and continues to participate in global tenders through platforms such as the U.S. MSRA system. In
Mazagon Dock
talks for acquisition of Colombo Dockyard, aimed at strengthening the export business, leveraging Colombo's
established clientele across Europe and Scandinavia.
The company is executing two export projects, comprising 12 Multi-Purpose Vessels for a German client and a Trailing
Suction Hopper Dredger for the Government of Bangladesh. GRSE has also signed an MoU with a European client for
Garden Reach
additional multi-purpose vessels, indicating that discussions for further export orders are underway.
COCHIN sees significant opportunities in specialized vessels for Europe and, through partnerships (HD KSOE), the
potential to enter the merchant vessel export segment as well. Export opportunities form a core pillar of future
Cochin Shipyard
growth, and management expects increased traction as collaborations mature over the next 3–5 years.
ZEN highlighted a strengthening export outlook, supported by growing traction for both simulators and anti-drone
systems in international markets. The company is focusing on regions such as Africa, the Middle East, CIS countries,
Zen Technologies
and Southeast Asia, leveraging ARI’s strong presence in Singapore to deepen market access.
Source: Company
7 December 2025
8
 Motilal Oswal Financial Services
Defense
Margins to improve as share of indigenous content increases
Exhibit 9: BEL’s raw materials – indigenized vs. imports
Foreign OEMs (%)
Indigenisation (%)
12 7
75 75 78 81 78
79 79 78 75 77 74
85 80 86 87 89
96
Exhibit 10: HAL’s raw materials – indigenized vs. imports
Share of imports (%)
5
2
Share of Indigenous (%)
9 10 11 11 14 18 17 18
26 25 23 20
88 93 95 98 91 90 89 89 86 82 83 82
74 75 77 80
25 25 22 19 22
25 23 23
15 20 14 13 11 4 21 21 22
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 11: BDL’s raw materials – indigenized vs. imports
Share of imports (%)
Share of Indigenous (%)
Exhibit 12: CSL’s raw materials – indigenized vs. imports
Share of imports (%)
19
38 48 39
57
62 52 61
43
Share of Indigenous (%)
71
79
71
53
87
95
47
13
5
81
27 20 20 25 33
44 52 54 47
60
73 80 80 75 67
29
21
29
56 48 46 53
40
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 13: GRSE’s raw materials – indigenized vs. imports
Share of imports (%)
Share of Indigenous (%)
Exhibit 14: BEML’s raw materials – indigenized vs. imports
Share of imports (%)
Share of Indigenous (%)
56
61 68
75 80
80 77
88
39 32
25 20
20 23
12
69
84 87
85 82 79
44
58 63 61 63 61
61 53
69 71 76
74 77
77
80 71 73
56
42 37 39 37 39
39 47
31 29 24
26 23
23
20 29 27
44
31
16 13
15 18 21
Source: MOFSL, Company
Source: MOFSL, Company
7 December 2025
9
 Motilal Oswal Financial Services
Defense
Exhibit 15: As per management commentaries, margins to sustain or improve year-on-year
Companies
HAL
BHE
Astra Microwave
BDL
Solar Industries
Mazagon Dock
Garden Reach
Cochin Shipyard
Zen Technologies
Margin guidance
The company expects to maintain margins similar to last year’s levels.
The company maintains EBITDA margin guidance of more than 27% for FY26.
The company expects gross margins for FY26 to remain at the levels delivered so far, and noted that EBITDA and PBT
margins should also be maintained through the year. For FY27/28, it expects gross margins to stay in the 45–50%
range, which has been the standard for the past two years, and indicated that follow-up margins should remain
broadly similar with a slight positive improvement.
Margins are expected to improve YoY on lower provisions and better operating leverage.
The company expects EBITDA margins to remain around 27% for FY26, in line with the guidance given at the start of
the year.
The company maintains its guidance of 15%+ PBT margins for FY26.
The margin profile on complex naval projects like P-17 Alpha and forthcoming projects such as P-17 Bravo is expected
to remain healthy, with the company targeting PAT margins exceeding 7.5%.
Margins to normalize in FY26 compared to last year as FY25 included repairs of two aircraft carriers, which were high
in margins. Shipbuilding margins will remain at their typical 10-12% range. At the consolidated level, the company
expects a PAT margin of ~15% and EBITDA margin of ~20% for FY26.
Zen does not see any threat to margins; maintains FY26 guidance of 35% EBITDA margin and PAT margin of 25%.
Source: Company
7 December 2025
10
 Motilal Oswal Financial Services
Defense
Capacity additions by companies for timely execution of strong order book
Exhibit 16: Capacity expansion plans announced by various defense players
Companies
HAL
BHE
Astra Microwave
BDL
Mazagon Dock
Garden Reach
Zen Technologies
Expansion plans of defense players
HAL expanded its Nashik line in Oct’25, raising LCA production capacity from 16 to 24 aircraft annually.
Capex is guided at over INR10b, driven by the new Defense System Integration Complex in Andhra Pradesh over the
next 3–4 years. If converted on time, these opportunities should reinforce the INR270b inflow guidance and support
~15% growth in FY26.
Capex needs remain modest, as existing infrastructure is sufficient, with only a new building under construction to
support future production. The Bengaluru facility will support the company’s space program, with the Astra-1 satellite
expected to be launched within the next 24 months, after which it will begin generating revenue.
For FY26, BDL plans to spend capex ~INR2b on various programs, including the construction of the Jhansi Unit (for
missile propulsion systems), Phase-II infrastructure development at Ibrahimpatnam (for larger missiles and advanced
composites), and the ceramic radome facility at Kanchanbagh and it has already incurred ~50% in capex during
1HFY26 towards these initiatives.
FY26 capex to be lower than the earlier INR25b plan due to monsoon-related delays. Its long-term INR127b
Maharashtra investment program continues to support capacity expansion.
The company expects to incur about INR5b of capex in FY26, largely toward the floating dock, which is around halfway
complete and targeted for commissioning by the end of FY26. Over the next two to three years, MDL plans to invest
about INR10b in the Nhava and South Yard Annexe to address capacity constraints, while over the medium term it is
preparing a major outlay of roughly INR50b for a new greenfield shipyard at Tuticorin.
GRSE has increased its shipbuilding capacity from 24 to 28 ships, and ongoing modernization will take this to 32 ships
by 2026. To handle growing defense, Coast Guard, commercial and export opportunities, the company is adding three
brownfield sites in West Bengal and working on a greenfield shipyard on the West Coast, which is expected to take 3–
4 years to build. With these expansions, GRSE’s total capacity is planned to reach about 40 vessels.
Management is positive due to ongoing collaborations (HD KSOE, Drydocks World, Maersk), improved capacity (new
drydock + ISRF operational), and strong visibility in export-oriented opportunities.
Order inflows remained muted in 1HFY26 due to delays in simulator tenders and a shift in focus on emergency
procurements. However, orders are expected to pick up in 2HFY26 as the pending simulator orders worth INR6.5b
and anti-drone tenders move forward.
Source: Company
Solar Industries
Cochin Shipyard
7 December 2025
11
 Motilal Oswal Financial Services
Defense
Valuation and view
BHE
is currently trading at 41.2x/35.4x FY27E/FY28E EPS.
We maintain our
estimates and reiterate our BUY rating on the stock
with an unchanged TP of
INR500, based on the 45x two-year forward earnings.
HAL
is currently trading at 27.6x/22.4x FY27E/FY28E EPS.
We maintain our
estimates and reiterate our BUY rating on the stock
with an unchanged TP of
INR5,800, based on the average DCF and 32x two-year forward earnings.
BDL
is currently trading at 39.9x/29.1x FY27E/FY28E EPS.
We maintain our
estimates and reiterate our BUY rating on the stock
with an unchanged TP of
INR2,000, based on the 42x two-year forward earnings.
ZEN
is currently trading at 34.3x/26.0x FY27E/FY28E EPS.
We maintain our
estimates and reiterate our NEUTRAL rating on the stock
with an unchanged TP
of INR1,400, based on the 30x two-year forward earnings.
Exhibit 17: Relative valuations of domestic defense players
Companies
Bharat Electronics
Hindustan Aeronautics
Bharat Dynamics
Zen Technologies
Astra Microwave
Data Patterns
MTAR
Solar Industries
PTC Industries
Azad Engineering
Mazagon Dock
Shipbuilding
Garden Reach
Cochin Shipyard
CMP
(INR)
406
4,435
1,512
1,389
906
2,764
2,383
12,844
18,868
1,630
2,615
2,473
1,645
MCap
EPS
FY25-28E
Growth CAGR (%)
(INR b) FY26E FY27E FY28E FY26E FY27E FY28E Rev EBITDA PAT
2,970
8.3
9.9
11.5
48.8
41.2
35.4 17.8
16.9
16.6
2,966 142.9 161.0 197.8 31.0
27.6
22.4 23.6
18.3
16.5
554
28.3
37.9
52.0
53.5
39.9
29.1 34.6
63.8
51.4
125
21.6
40.5
53.3
64.4
34.3
26.0 18.3
22.1
22.3
86
16.4
23.7
30.3
55.1
38.2
29.9 18.1
18.7
23.0
155
46.2
64.3
82.6
59.8
43.0
33.5 27.7
28.0
27.7
73
33.3
59.1
85.5
71.5
40.3
27.9 34.6
49.5
70.7
1,162 186.9 239.8 287.3 68.7
53.6
44.7 27.0
28.5
29.5
283
64.7 166.9 447.2 291.6 113.0 42.2 98.0 132.2
123.6
105
19.4
26.8
36.5
83.9
60.9
44.7 33.8
33.5
38.5
P/E (X)
1,055
283
433
68.6
63.8
27.5
83.6
85.4
36.2
89.9
92.4
43.8
38.1
38.8
59.8
31.3
29.0
45.4
29.1
26.8
37.5
12.3
21.2
13.4
16.7
14.8
ROE (%)
FY26E FY27E FY28E
24.2
23.0
21.6
22.8
21.7
22.1
21.5
23.3
25.2
10.9
17.7
19.3
13.2
16.4
17.6
15.8
18.6
19.7
13.1
19.7
23.0
31.9
30.3
27.9
6.8
18.2
33.4
NA
NA
NA
30.4
29.7
26.1
34.3
26.1
29.6
30.5
27.0
15.5
11.7
12.1
14.4
15.5
Source: Company, Bloomberg, MOFSL
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
7 December 2025
12
 Motilal Oswal Financial Services
Defense
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall be within following 30 days take
appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412 and BSE enlistment no. 5028. MOFSL, the Research Entity (RE) as defined in
the Regulations, is engaged in the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in
respect of which are available on www.motilaloswal.com. MOFSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock Exchange of India
Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities
& is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India
(AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products and is a member of Association of Portfolio Managers
in India (APMI) for distribution of PMS products. Details of associate entities of Motilal Oswal Financial Services Ltd.
are available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and buy or sell the securities or
derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial
instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and
other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are
completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that MOFSL
may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage
service
transactions.
Details
of
pending
Enquiry
Proceedings
of
Motilal
Oswal
Financial
Services
Limited
are
available
on
the
website
at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical
Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can have
an independent view with regards to Subject Company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to
law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg.
No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to “Professional
Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional
investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who
compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United
States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under
applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOFSL, including the products and services
described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and
interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment
or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration
provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct
business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL").
Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer,
MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research
analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets (Singapore) Pte. Ltd. (“MOCMSPL”) (UEN 201129401Z), which is a holder of a capital markets services license and an exempt
financial adviser in Singapore.This report is distributed solely to persons who (a) qualify as “institutional investors” as defined in section 4A(1)(c) of the Securities and Futures Act of Singapore (“SFA”) or (b)
are considered "accredited investors" as defined in section 2(1) of the Financial Advisers Regulations of Singapore read with section 4A(1)(a) of the SFA. Accordingly, if a recipient is neither an “institutional
investor” nor an “accredited investor”, they must immediately discontinue any use of this Report and inform MOCMSPL .
In respect of any matter arising from or in connection with the research you could contact the following representatives of MOCMSPL. In case of grievances for any of the services rendered by MOCMSPL
write to grievances@motilaloswal.com.
Nainesh Rajani
Email: nainesh.rajani@motilaloswal.com
Contact: (+65) 8328 0276
.
Specific Disclosures
1. Research Analyst and/or his/her relatives do not have a financial interest in the subject company(ies), as they do not have equity holdings in the subject company(ies).
MOFSL has financial interest in the subject company(ies) at the end of the week immediately preceding the date of publication of the Research Report: No.
Nature of Financial interest is holding equity shares or derivatives of the subject company
2. Research Analyst and/or his/her relatives do not have actual/beneficial ownership of 1% or more securities in the subject company(ies) at the end of the month immediately
preceding the date of publication of Research Report.
MOFSL has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research
Report:No
3. Research Analyst and/or his/her relatives have not received compensation/other benefits from the subject company(ies) in the past 12 months.
MOFSL may have received compensation from the subject company(ies) in the past 12 months.
4. Research Analyst and/or his/her relatives do not have material conflict of interest in the subject company at the time of publication of research report.
MOFSL does not have material conflict of interest in the subject company at the time of publication of research report.
5. Research Analyst has not served as an officer, director or employee of subject company(ies).
6. MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months.
7. MOFSL has not received compensation for investment banking /merchant banking/brokerage services from the subject company(ies) in the past 12 months.
8. MOFSL may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies)
in the past 12 months.
9. MOFSL may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report.
10. MOFSL has not engaged in market making activity for the subject company.
********************************************************************************************************************************
Expected return (over 12-month)
>=15%
< - 10%
< - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
7 December 2025
13
 Motilal Oswal Financial Services
Defense
The associates of MOFSL may have:
-
financial interest in the subject company
-
actual/beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public
appearance.
-
received compensation/other benefits from the subject company in the past 12 months
-
any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific
recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even though there might exist an
inherent conflict of interest in some of the stocks mentioned in the research report.
-
acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
-
be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or
act as an advisor or lender/borrower to such company(ies)
-
received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
-
Served subject company as its clients during twelve months preceding the date of distribution of the research report.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts
which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or
will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any
way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOFSL. The report is based on the facts, figures
and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources
believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such
information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe
for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients
as customers by virtue of their receiving this report.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any
other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer
document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that
any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their
own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any
recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this
document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be
suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial risk and are not suitable
for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest
Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change
without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their
directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform
or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a separate, distinct
and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already available in publicly
accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is
being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This
report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication,
availability or use would be contrary to law, regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be
eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the
Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise
from or in connection with the use of the information. The person accessing this information specifically agrees to exempt MOFSL or any of its affiliates or employees from, any and all responsibility/liability
arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOFSL or any of its affiliates or employees free and
harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays.
This report is meant for the clients of Motilal Oswal only.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI, enlistment as RA with Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263; www.motilaloswal.com.
Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 71881000. Details of Compliance Officer: Neeraj Agarwal,
Email Id: na@motilaloswal.com, Contact No.:022-40548085.
Grievance Redressal Cell:
Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412, BSE
enlistment no. 5028 . AMFI: ARN .: 146822. IRDA Corporate Agent – CA0579, APMI: APRN00233. Motilal Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance,
Bond, NCDs and IPO products.
Customer having any query/feedback/ clarification may write to query@motilaloswal.com. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited (MOFSL) write to
grievances@motilaloswal.com, for DP to dpgrievances@motilaloswal.com.
Contact Person
Ms. Hemangi Date
Ms. Kumud Upadhyay
Mr. Ajay Menon
Mr. Neeraj Agarwal
Mr. Siddhartha Khemka
Contact No.
022 40548000 / 022 67490600
022 40548082
022 40548083
022 40548085
022 50362452
Email ID
query@motilaloswal.com
servicehead@motilaloswal.com
am@motilaloswal.com
na@motilaloswal.com
po.research@motilaloswal.com
7 December 2025
14