Navratna PSU BEL bags Rs 2,323 crore defence orders from Mazagon Dock, GRSE; stock hits fresh high, up 34% YTD

Defence major Bharat Electronics Ltd (BEL) on Thursday, June 5, announced fresh orders worth Rs 2,323 crore from fellow defence public sector undertakings Mazagon Dock Shipbuilders Ltd (MDL) and Garden Reach Shipbuilders & Engineers Ltd (GRSE). These orders pertain to the supply of base and depot spares for missile systems installed on Indian Naval warships, ensuring operational continuity of mission-critical equipment onboard.

This order marks BEL’s second major contract win in just two days, reflecting robust execution momentum and growing defence procurement activity in FY26.

Rs 3,000 crore in orders in 48 hours

A day earlier, BEL had disclosed additional orders worth Rs 537 crore across various categories, including communication systems, simulator upgrades, jammers, software, spares, and related services. These cumulative wins take the company’s total order inflow in the past two trading sessions to nearly Rs 3,000 crore.

Notably, the latest wins contribute significantly to BEL’s ongoing order book build-up, giving investors a reason to cheer amid an already bullish sentiment around defence stocks.

Rs 6,200 crore orders in FY26 already booked

Since the beginning of FY26 (April 2025), BEL has secured more than Rs 6,200 crore worth of orders — nearly 25 per cent of its annual guidance of Rs 27,000 crore. The company has also indicated that if it successfully bags the coveted Quick Reaction Surface-to-Air Missile (QRSAM) system contracts this year, its total inflows could exceed Rs 57,000 crore — more than double its base guidance.

This signals strong execution visibility for the remainder of the fiscal year, with the company well-positioned to capitalise on the Centre’s push for defence indigenisation under the ‘Aatmanirbhar Bharat’ initiative.

BEL stock hits new highs, up 34% YTD

Shares of BEL surged on the back of the order announcement, trading near the day’s high at Rs 394.3 apiece. The stock has delivered a stellar 25 per cent gain in the last month and is up 34 per cent so far in 2025, making it the top-performing stock on the Nifty 50 index this calendar year.

Strong order flows, a healthy balance sheet, and BEL’s leadership in electronic defence systems continue to attract institutional investors. With multiple order pipelines likely to be finalised in the coming quarters, the stock may continue its upward trajectory.

Market outlook

With the Indian government maintaining a strong defence capex allocation and prioritising Make in India contracts for naval and aerospace applications, BEL is expected to remain a key beneficiary. Analysts believe its diversified portfolio, spanning radars, sonars, weapon systems, and communications, places it in a sweet spot to benefit from sustained order visibility.

As long as execution remains on track and order inflow sustains current momentum, BEL’s revenue and margin outlook remains favourable for FY26 and beyond.