Nirmal Bang Institutional Equities, in its latest note on the defence sector, maintained ‘Buy’ ratings on at least nine defence stocks, citing a strong outlook for the second half of the ongoing financial year. The list included Bharat Electronics (BEL), Hindustan Aeronautics Ltd (HAL), Bharat Dynamics Ltd (BDL), Mazagon Dock, BEML and Paras Defence. It also reiterated ‘Buy’ on Astra Microwave, Data Patterns and Solar Industries. Advertisement

The brokerage viewed H2FY26 as strong to healthy for the Indian defence industry.

“On aggregate, the sector was well positioned to deliver meaningful revenue growth, supported by a large order book, favourable government policy, and rising localisation. Ebitda and PAT across many mid-to-large firms should trend upwards, assuming working capital re

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