2 weeks ago
CLSA 'Outperform' on HAL, Bharat Electronics, L&T over MTA programme
A research company called CLSA watches the stock market and studies big companies.
CLSA says three Indian companies that help the air force could do very well in the coming years.
These companies are Hindustan Aeronautics, Bharat Electronics and Larsen & Toubro.
They make aeroplanes, electronics and machines used by the Indian Air Force.
India wants to buy 60 new transport planes, and this could cost about one lakh crore rupees.
These new planes will take the place of more than 100 very old transport planes called An-32.
This is only one part of a bigger plan worth more than ten lakh crore rupees over the next ten years.
India wants to build more of its own defence equipment instead of buying from other countries.
CLSA thinks people who invest in these companies could make money, with Bharat Electronics growing the most.
CLSA rated Hindustan Aeronautics, Bharat Electronics and Larsen & Toubro 'Outperform' on India's defence aerospace opportunity.
The multi-role transport aircraft (MTA) programme is estimated at around Rs 1 lakh crore for 60 aircraft.
The MTA programme aims to replace the Indian Air Force's ageing fleet of more than 100 An-32 transport aircraft.
CLSA estimates India's military aviation opportunity at around Rs 10.3 lakh crore over the next decade.
Bharat Electronics offers the maximum upside of 27.2%, followed by Larsen & Toubro at 19% and Hindustan Aeronautics at 11.2%.
- Who
- Brokerage CLSA rated Hindustan Aeronautics, Bharat Electronics and Larsen & Toubro 'Outperform'; the Indian Air Force is the buyer for the aircraft.
- What
- CLSA highlighted the Rs 1 lakh crore multi-role transport aircraft (MTA) programme and a Rs 10.3 lakh crore ten-year military aerospace opportunity in India.
- Where
- India
- When
- August 14, 2026, the date of CLSA's report.
- Why
- India's Make in India defence push and the need to replace the Indian Air Force's ageing fleet of more than 100 An-32 aircraft.
Key facts
- Report source
- CLSA, August 14, 2026
- MTA programme value
- Around Rs 1 lakh crore
- MTA aircraft sought
- 60 aircraft
- An-32 aircraft to be replaced
- More than 100
- Military aerospace opportunity
- Rs 10.3 lakh crore over next decade
- HAL rating / target / upside
- Outperform / Rs 5,481 / 11.2%
- BEL rating / target / upside
- Outperform / Rs 522 / 27.2%
- L&T rating / target / upside
- Outperform / Rs 4,842 / 19%
Quotes
CLSA analyst
Representative of CLSA brokerage
““Strongest listed play on India’s c.Rs10tn military aviation pipeline””
financialexpress.com










