Defence shares in India have seen a pointy rally, with the Nifty India Defence index surging almost 26% in 2026 to date, boosted by the federal government’s sustained give attention to self-reliance in defence manufacturing and accelerated procurement from home personal sector gamers. The long-term packages in rockets, ammunition and superior weapon programs are creating recurring provide alternatives.
Heightened international geopolitical tensions and have created a multiyear demand cycle for Missiles, Aircrafts, Anti-drone programs, Ammunition, Rockets and Excessive-energy supplies.
The Ministry of Defence has accorded AoNs of Rs 6.7 lakh crore in FY26, and analysts count on defence firms have sturdy development alternatives within the foreseeable timeframe.
Vintage Inventory Broking imagine that ordering pipeline for FY26-27 stays sturdy and reiterated ‘Purchase’ on Hindustan Aeronautics Ltd (HAL), Mazagon Dock Shipbuilders, and Bharat Electronics (BEL), Bharat Dynamics (BDL), Zen Applied sciences, Photo voltaic Industries India, and PTC Industries.
Listed here are defence shares to purchase:
HAL | Purchase | Goal Worth: Rs 6,026
Hindustan Aeronautics (HAL) being a monopoly play in defence aerospace would emerge as one of many key beneficiaries of the ordering momentum. Vintage Inventory Broking believes HAL’s provide chain woes seem like nearing an finish as GE delivered seven engines to the defence PSU to date and is predicted to ship 15-20 extra in FY27 for the Tejas Mk-IA plane.
With anticipated last operational clearance by September 2026, the brokerage agency estimates supply of LCAs to drive income development in FY27-28.
Vintage Inventory Broking retained its constructive stance on the inventory, and raised HAL share worth goal to Rs 6,026, valuing the corporate at 40x its H1FY28 EPS estimates.
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Bharat Electronics | Purchase | Goal Worth: Rs 532
Vintage Inventory Broking believes BEL stays well-positioned for sustained development, supported by a strong execution pipeline, wholesome order influx prospects, and continued investments in indigenisation and R&D.
Coupled with rising indigenous content material, wholesome export alternatives, and investments in next-generation defence applied sciences, the brokerage agency stays constructive on BEL’s long-term development outlook.
It retained constructive stance on the corporate and maintained ‘Purchase’ ranking on the inventory with BEL share worth goal of Rs 532 apiece, valuing the corporate at 45x its H1FY29 EPS estimates.
Bharat Dynamics | Purchase | Goal Worth: Rs 1,597
The Authorities of India’s give attention to defence modernization and self-reliance offers a powerful tailwind for Bharat Dynamics’ development. Given the sturdy order guide and an enormous export alternative obtainable to Bharat Dynamics, the brokerage agency continues to stay constructive on the corporate’s long-term enterprise prospects and maintains its constructive stance on the corporate.
It has a ‘Purchase’ ranking on Bharat Dynamics shares, with a goal worth of Rs 1,597 apiece.
PTC Industries | Purchase | Goal Worth: Rs 24,415
The brokerage agency expects PTC Industries to enter a section of accelerated development as lately commissioned amenities ramp up and a powerful order pipeline converts into income. It initiatives EBITDA of Rs 6.9 billion in FY28, and Rs 16.5 billion in FY30, leading to important RoCE and free money flows. Internet revenue is predicted to develop by 12x from Rs 1.0 billion in FY26 to Rs 12.2 billion by FY30.
With important capability creation accomplished and a strong order guide offering sturdy income visibility, the brokerage agency reiterated its ‘Purchase’ name on PTC Industries shares with a goal worth of Rs 24,415 apiece.
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Zen Applied sciences | Purchase | Goal Worth: Rs 2,000
Zen Applied sciences stays well-positioned in Simulators and Anti Drone Section (ADS). Order guide is robust at Rs 12.4 billion, up 64% YoY. Furthermore, the corporate is anticipating good order wins within the close to time period, and targets an order guide of Rs 25 billion by FY27-end.
The outlook stays constructive for Simulators in addition to Drones/ Anti Drone segments, Vintage Inventory Broking mentioned. It maintained a ‘Purchase’ name on Zen Applied sciences shares and raised the goal worth to Rs 2,000 from Rs 1,805 earlier.
Photo voltaic Industries | Purchase | Goal Worth: Rs 21,408
The brokerage agency stays constructive on Photo voltaic Industries given its management place in industrial explsoives, backward integration, geographical diversification, and rising demand for prime vitality supplies as geopolitical tensions are driving international locations to improve their defence preparedness.
The brokerage agency maintained its ‘Purchase’ ranking and raised goal worth to Rs 21,408 per share.
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Mazagon Dock Shipbuilders | Purchase | Goal Worth: Rs 3,275
The brokerage agency expects the finalisation of the P75I order within the coming weeks, which ought to reverse the declining pattern within the order guide of Mazagon Dock Shipbuilders. Past this, the medium-term outlook stays constructive from an order perspective because the Indian Navy is on the cusp of a major ordering cycle, with a strong pipeline together with P75I submarines, three further submarines underneath P75, LPDs, P17B frigates, MCMVs, and Destroyers.
Furthermore, the follow-on orders for 3 Scorpene submarines and 6 P75-I submarines can considerably elevate the order guide and drive medium-term income development. It maintained a ‘Purchase’ ranking on Mazagon Dock Shipbuilders shares, with a goal worth of Rs 3,275 apiece.
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