Archive · 26 Aug 2026
Ashika Institutional Sets Hold Targets for Five Defence Stocks
Ashika Institutional studied several Indian defence companies and recommended holding five of their stocks.
These companies are Astra Microwave Products, Data Patterns, Paras Defence, Bharat Dynamics and Mazagon Dock.
It also gave a possible future price for each stock.
The brokerage believes India is becoming more capable of making defence equipment at home.
It said government programmes, larger defence budgets and more private-company involvement are helping this change.
Defence exports have also been growing quickly.
Ashika expects exports to pass Rs 75,000 crore by FY30.
It expects the companies it covers to grow their revenues by about 20% each year from FY26 to FY28E.
The report said price-to-book valuation is useful for most defence companies because they have long-term orders and predictable earnings.
Ashika Institutional recommended “Hold” on Astra Microwave Products, Data Patterns, Paras Defence, Bharat Dynamics and Mazagon Dock.
The brokerage set targets of Rs 1,728 for Astra Microwave, Rs 4,893 for Data Patterns, Rs 1,495 for Paras Defence, Rs 1,360 for Bharat Dynamics and Rs 2,875 for Mazagon Dock.
The report said India is shifting from a major defence importer toward a global defence manufacturing hub.
Ashika cited higher defence spending, indigenization, rising research investment and greater private-sector participation as industry growth drivers.
The brokerage projects defence exports to exceed Rs 75,000 crore by FY30 and expects 20% annual revenue growth across its coverage universe during FY26-FY28E.
- Who
- Ashika Institutional and the Indian defence companies covered in its report.
- What
- The brokerage issued Hold recommendations and price targets for five defence stocks while outlining growth prospects for India’s defence industry.
- When
- The report provides estimates for FY26-FY30, with company growth projections for FY26-FY28E.
- Where
- India’s defence manufacturing and export sector.
- Why
- Ashika cited government support, higher defence spending, indigenization, research investment, private-sector participation and rising exports.
- Recommendation
- Hold on Astra Microwave Products, Data Patterns, Paras Defence, Bharat Dynamics and Mazagon Dock.
- Price target: Astra Microwave
- Rs 1,728
- Price target: Data Patterns
- Rs 4,893
- Price target: Paras Defence
- Rs 1,495
- Price target: Bharat Dynamics
- Rs 1,360
- Price target: Mazagon Dock
- Rs 2,875
- Defence export projection
- More than Rs 75,000 crore by FY30
- Coverage growth projection
- Revenue, EBITDA and profit growth of 20%, 22% and 20%, respectively, during FY26-FY28E