KOTAK ON BHARAT ELECTRONICS ; ADD | TARGET ₹420

• Retains FY27 revenue growth guidance of 15%+, EBITDA margin above 28% and core order inflow target of ₹25,000 CR. • QRSAM and AMCA defence orders remain key growth catalysts; timely order conversion is critical. • Cuts FY27–29 estimates by 1–2%. • Strong execution supports growth outlook despite uncertainty over defence order timing.

BHARAT ELECTRONICS LTD

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