Stocks to buy: BEL, Solar Industries, Astra Microwave among top 7 defence stocks to buy ahead of Lok Sabha elections

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₹21,083 crore in FY24, registering a growth of 32.5% year-on-year (YoY). The contributions from the private sector and the defence PSUs were around 60% and 40%, respectively. With Lok Sabha elections around the corner and a moral code of conduct in place, the next round of ordering is likely to commence post-elections.

However, export orders are likely to continue in the interim and analysts at ICICI Securities believe Azad Engineering, Dynamatic Technologies and Solar Industries are likely to be the key beneficiaries. The award of the Pinaka order, which is believed to be in an advanced stage, and the orders for QRSAM and MRSAM are much awaited. These orders are likely to benefit Bharat Electronics (BEL), Bharat Dynamics (BDL) and Astra Microwave Products.

ICICI Securities stays positive on the defence sector and taking cognizance of the recent stock price movement and ordering prospects, it recommends seven defence stocks to buy. The brokerage firm’s list of defence stocks to buy includes Solar Industries, Astra Microwave Products, Azad Engineering, BEL, Bharat Dynamics and Dynamatic Technologies. Also Read: Stocks to buy: Hindalco, HCL Tech, Federal Bank among four top stock picks for April by Yes Securities Among these, Solar Industries, Astra Microwave Products and Azad Engineering are three top picks in the defence space by ICICI Securities.

Here are the details on these top defence stocks to buy: Astra Microwave is expecting a production order of UTTAM radars soon for the first series of limited production. Around 440 UTTAM radars are likely for LCA Mk1, considering the additional 97 nos. that are being discussed.