HSBC ON BHARAT ELECTRONICS ; BUY | TP ₹525

• Q2 revenue UP 26.5% YoY at ₹7,290 Cr; EBITDA UP 20.3% at ₹2,040 Cr. • Net profit UP 19.8% YoY at ₹1,540 Cr. • EBITDA margin stands at 28%. • Order book DOWN 4.9% QoQ at ₹68,700 Cr amid softer order inflows. • Balance sheet remains debt-free.

BHARAT ELECTRONICS LTD

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