Antique Stock Broking reaffirms its bullish stance on India’s defence sector, highlighting a substantial ₹8.5 trillion order pipeline and targeted contracts for key players like Hindustan Aeronautics, Bharat Electronics, and Mazagon Dock Shipbuilders, signalling robust growth prospects over the next five to seven years.
Antique Stock Broking has reiterated its bullish stance on Hindustan Aeronautics, Bharat Electronics and Mazagon Dock Shipbuilders, arguing that India’s defence procurement pipeline remains deep enough to support the sector for years. The brokerage sees a series of large contract awards feeding into the order books of prime contractors and specialist suppliers, reinforcing revenue visibility well into the medium term. Antique’s view is broadly in line with the wider market’s optimism around defence names as the government continues to push indigenisation and local manufacturing.
Among the biggest near-term opportunities, Antique highlighted the P75I submarine programme, estimated at ₹90,000 crore, the quick reaction surface-to-air missile system at ₹30,000 crore and the next-generation corvette project at ₹33,000 crore. It expects Mazagon Dock to benefit from the submarine contract, Bharat Electronics from combat management systems tied to both P75I and the corvette programme, and Garden Reach Shipbuilders to secure the naval vessel order. The brokerage also said the work should create follow-on demand for parts and systems suppliers across the ecosystem.
That broader thesis is supported by the scale of India’s current order pipeline. The Economic Times reported that Antique is pointing to approvals worth ₹8.5 trillion across FY23 to FY25, almost matching the approvals seen over the whole of FY12 to FY21. The brokerage said that backdrop, together with continuing geopolitical tensions and replenishment cycles in Europe, Asia and the Middle East, should keep demand for missiles, aircraft, anti-drone systems, ammunition, rockets and high-energy materials elevated for the next five to seven years.
Antique has set target prices of ₹6,026 for HAL, ₹532 for BEL and ₹3,275 for Mazagon Dock, alongside ₹1,597 for Bharat Dynamics, ₹24,415 for PTC Industries, ₹2,000 for Zen Technologies and ₹21,408 for Solar Industries. Its constructive view on Bharat Dynamics is supported by recent order intake: Tradealone reported that the company secured ₹5,909 crore in new contracts in FY26, taking its order book to ₹26,176 crore as of March 31, 2026. Separately, the Economic Times said PTC Industries recently won a two-year BrahMos Aerospace contract, underscoring how the defence theme is extending beyond the largest listed contractors into specialised suppliers.
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