Defence major Bharat Electronics Ltd (BEL) on Thursday, June 5, announced another new order worth Rs 2,323 crore from defence public sector undertakings Mazagon Dock Shipbuilders Ltd (MDL) and Garden Reach Shipbuilders & Engineers Ltd (GRSE). The order pertains to the provision of base and depot spares for missile systems that are installed on Indian Naval warships, which ensures that the mission-critical equipment on-board can remain operational.Â
This order represents BEL’s second significant contract receiving in a two-day period, demonstrating strong execution momentum and increasing levels of defence procurement activity in FY26.
Rs 3,000 crore in orders in 48 hours
A day prior, BEL had announced additional orders totaling Rs 537 crore in various categories, including communication systems, simulator upgrades, jammers, software, spares and services, bringing the total to nearly Rs 3,000 crore over the past two trading days.
The new orders are a big deal, as they support BEL’s current order book build-up; and thus provide investors with further cause for optimism in the context of an already optimistic environment regarding 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 remain favourable for FY26 and beyond.
