The Cabinet Committee of Security's latest approval for orders worth ₹21,100 crore is seen as a boost for defence companies such as Hindustan Aeronautics Ltd (HAL), Bharat Electronics Ltd (BEL) and Larsen and Toubro Ltd (L&T).
A pickup in approvals and orders, which had slowed for much of FY25, improves the medium-term revenue visibility of defence public sector undertakings (D-PSU). However, the execution of existing orders remains a major challenge for most of these firms.
A continued focus on order inflows, which leads to a sentimental uptick in stocks, might lead investors to miss the wood for the trees.
Defence capital spending fell 20% year-on-year in H1 FY25, but is expected to pick up in Q4 with multiple large orders lined up for finalization such as Sukhoi engines and SU-30 MKI, Antique Stock Broking Ltd said in a report on 27 December.
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