BEL

** India's Bharat Electronics BAJE.NS fall 1.5% to 446.20 rupees

** State-run defence electronics firm posted a 20.4% rise in Q3 consol profit, nearly 24% jump in rev from ops on Wednesday

** BAJE gained 36.3% in 2025; stock up about 13% so far in Jan

STRONG EXECUTION SEEN LARGELY PRICED IN

** Brokerage CLSA ("outperform", PT:453 rupees) says Q3 execution was stronger than expected, but stock has already priced in much of the optimism

** Flags lumpy order flows, says near-term movement depends on execution of a large backlog

** Kotak Institutional Equities ("sell", PT: 390 rupees) says upside is limited after the recent rally and believes risk–reward is unfavourable at current levels

** JP Morgan ("overweight", PT: 556 rupees) says earnings beat estimates, but cautions margins may normalise, growth will depend on operating leverage and timely execution of orders

(Reporting by Surbhi Misra in Bengaluru)

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** Shares of BEL BAJE.NS climbs 9% to record high of 455.7 rupees

** State-owned aerospace and defense electronics co posts 20.4% rise in Q3 consol profit; rev from ops up nearly 24%

** Nifty India Defence index .NIFTYINDDEFENCE rises 5% on pre-budget rally

** Government expected to meaningfully raise capex for defence sector in the upcoming union budget on Feb. 1, per brokerage firms

** More than 33 million shares change hands vs 30 day average of 14.5 million shares

** Stock rated "Buy" on average by 25 analysts; median PT at 475 rupees as per data compiled by LSEG

** Stock rose 36.3% in 2025

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))

Jan 23 (Reuters) - Bharat Electronics Ltd BAJE.NS:

• BEL RECEIVES ORDERS WORTH 6.10 BILLION RUPEES

Source text: ID:nBSE9fQ3nX

Further company coverage: BAJE.NS

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** Bharat Electronics (BEL) BAJE.NS rises as much as 2.1% to a seven-week high at 424.55 rupees

** State-owned aerospace and defense electronics co wins orders worth 5.96 billion rupees ($66.23 million)

** Major orders include drone detection and jamming system, mobile communication terminal, software solution, upgrades, spares, services

** Stock rated "buy" on avg by 25 analysts; median PT is 475 rupees, per data compiled by LSEG

** BAJE rose 36.3% in 2025

($1 = 89.9910 Indian rupees)

(Reporting by Brijesh Patel in Bengaluru)

(([email protected]; Ph no. +91 9590227221;))

Jan 8 (Reuters) - Bharat Electronics Ltd BAJE.NS:

• GOT ORDER WORTH 5.96 BILLION RUPEES

Further company coverage: BAJE.NS

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Jan 1 (Reuters) - Bharat Electronics Ltd BAJE.NS:

• RECEIVES ORDERS WORTH 5.69 BILLION RUPEES

Source text: ID:nNSE7hc7RD

Further company coverage: BAJE.NS

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Dec 29 (Reuters) - Bharat Electronics Ltd BAJE.NS:

• BEL - BEL RECEIVES ORDERS WORTH 5.69 BILLION RUPEES

Source text: ID:nBSEbNvz0D

Further company coverage: BAJE.NS

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Dec 26 (Reuters) - Astra Microwave Products Ltd ASTM.NS:

• SIGNS MOU WITH BHARAT ELECTRONICS LIMITED

Source text: ID:nBSE3pVZ9J

Further company coverage: ASTM.NS

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Updates Dec 9 story on Dec 16 to add response from Adani Group, SIDM, Tata Sons, Larsen & Toubro, Reuters spokesperson, and sources in paragraphs 3-7, 18-21

By Shivam Patel

NEW DELHI, Dec 9 (Reuters) - At least half a dozen executives from top Indian arms makers, including Adani Defence ADEL.NS and Bharat Forge BFRG.NS, attended rare meetings in Russia this year to discuss potential joint ventures, three people familiar with the matter said.

The meetings took place during the first visit of India's defence business leaders to Russia since Moscow's 2022 invasion of Ukraine. The visit by the defence business leaders had not previously been reported. The Indian government is seeking to reorientate its decades-old defence ties with Russia to focus on joint development of weapons.

After the article was published, a spokesperson for Bharat Forge denied, and an Adani Group spokesperson reiterated its denial, that executives from any of their companies had attended the meetings.

"No Adani representative attended or participated in any meetings in Russia — official or otherwise," an Adani spokesperson said in a statement. "Any reporting that states or implies otherwise is false."

Following the story's publication, the three people and another government source confirmed to Reuters that the meetings had taken place and that representatives of Adani Group and Bharat Forge had attended.

A Reuters spokesperson said: "We stand by our reporting."

India's defence ministry declined to comment on this story. It had also not responded to a request for comment earlier.

Any potential collaboration with Russia risks setting back plans by Indian defence firms to jointly develop Western arms as part of Prime Minister Narendra Modi's push to make India, one of the world's biggest arms importers, a global manufacturing hub.

Western diplomats have previously said that a key obstacle to the transfer of sensitive military technology to India is its defence ties with Russia and the vast amount of Russian-origin arms used by the Indian military, totalling about 36%.

The talks in Moscow were held on the sidelines of a visit by an Indian defence-industrial delegation on October 29-30, headed by India's Defence Production Secretary Sanjeev Kumar, that was aimed at laying the ground for Russian President Vladimir Putin's visit to India on December 4-5.

JOINT PRODUCTION IN INDIA

The meetings discussed the potential for manufacturing of spares for Mikoyan MiG-29 fighter jets, and other Russian-origin air defence and weapon systems, as well as a Russian proposal to set up production units in India for development of equipment that could potentially also be exported to Moscow, said two of the sources and another industry executive.

They spoke on condition of anonymity, citing the sensitivity of the matter.

Russia has been India's top arms supplier for decades, and during Putin's visit the two sides said they had agreed to reorient their partnership "to joint research and development, co-development and co-production of advanced defence technology and systems" to support India's self-reliance in defence.

INDIAN EXECUTIVES IN MOSCOW

A broad delegation of representatives from defence units of Indian conglomerates, state-owned firms, as well as startups involved in the development of drones and artificial intelligence for military use attended the meetings, the sources said.

An executive at engineering conglomerate Kalyani Group's Bharat Forge, which makes components for missiles and artillery guns, attended the meetings as part of efforts to source or jointly develop components for Russian-origin tanks and aircraft as well as to explore potential future collaboration on helicopters, two of the sources said.

Adani Defence and Aerospace, a unit of billionaire Gautam Adani's apples-to-airports conglomerate Adani Group, was represented by its Chief Executive Ashish Rajvanshi, the sources said.

Also attending was an executive from the Society of Indian Defence Manufacturers' (SIDM) advisory group that lists more than 500 arms and military equipment makers as its members, including the defence arms of conglomerates Tata Sons, Larsen & Toubro, and state-owned firms such as Bharat Electronics BAJE.NS.

An SIDM spokesperson said no one from the group attended any such meetings.

Spokespeople for Tata Sons and Larsen & Toubro said none of their representatives attended any meetings in Russia. Reuters was unable to determine if Bharat Electronics was part of the business delegation. It did not immediately respond to a request for comment.

Retired Lieutenant General Arun Sahni, who is an adviser to the defence unit of Tata Sons, said following the Reuters story that he was in Moscow in November in a personal capacity, and not as a representative of the firm.

Sahni said he did not attend the meetings of Indian defence business leaders in Moscow on October 29-30, but said he knew that they had happened but was not aware of the firms in attendance.

SANCTIONS RISK

Reuters reported in 2024 that a Bharat Forge subsidiary was among the three Indian firms that exported artillery shells to Europe, some of which were later diverted to Ukraine, resulting in a diplomatic protest from Moscow.

Indian firms, however, would be hesitant about striking new deals with Russia due to the risk of secondary sanctions, an Indian executive said.

While India can use diplomatic outreach and lobbying to offer some protection from sanctions, an Indian defence official said the firms would have to factor in the political risks themselves.

(Reporting by Shivam Patel in New Delhi: Editing by Frances Kerry)

(([email protected];))

Repeats Dec 9 story for wider distribution, no changes to text

By Shivam Patel

NEW DELHI, Dec 9 (Reuters) - At least half a dozen executives from top Indian arms makers, including Adani Defence ADEL.NS and Bharat Forge BFRG.NS, attended rare meetings in Russia this year to discuss potential joint ventures, three people familiar with the matter said.

The meetings took place during the first visit of India's defence business leaders to Russia since Moscow's 2022 invasion of Ukraine. The visit by the defence business leaders had not previously been reported. The Indian government is seeking to re-orient its decades-old defence ties with Russia to focus on joint development of weapons.

Any potential collaboration with Russia risks setting back plans by Indian defence firms to jointly develop Western arms as part of Prime Minister Narendra Modi's push to make India, one of the world's biggest arms importers, a global manufacturing hub.

Western diplomats have previously said that a key obstacle to the transfer of sensitive military technology to India is its defence ties with Russia and the vast amount of Russian-origin arms used by the Indian military, totalling about 36%.

The talks in Moscow were held on the sidelines of a visit by an Indian defence-industrial delegation on October 29-30, headed by India's Defence Production Secretary Sanjeev Kumar, that was aimed at laying the ground for Russian President Vladimir Putin's visit to India on December 4-5.

Spokespeople for Adani Group and Bharat Forge denied that executives from any of their companies attended the meetings. India's defence ministry and the other firms cited by the sources did not respond to requests for comment.

JOINT PRODUCTION IN INDIA

The meetings discussed the potential for manufacturing of spares for Mikoyan MiG-29 fighter jet, and other Russian-origin air defence and weapon systems, as well as a Russian proposal to set up production units in India for development of equipment that could potentially also be exported to Moscow, said two of the sources and another industry executive.

They spoke on condition of anonymity, citing the sensitivity of the matter.

Russia has been India's top arms supplier for decades, and during Putin's visit the two sides said they had agreed to reorient their partnership "to joint research and development, co-development and co-production of advanced defence technology and systems" to support India's self-reliance in defence.

INDIAN EXECUTIVES IN MOSCOW

A broad delegation of representatives from defence units of Indian conglomerates, state-owned firms, as well as startups involved in the development of drones and artificial intelligence for military use attended the meetings, the sources said.

An executive at engineering conglomerate Kalyani Group's Bharat Forge, which makes components for missiles and artillery guns, attended the meetings as part of efforts to source or jointly develop components for Russian-origin tanks and aircraft as well as to explore potential future collaboration on helicopters, two of the sources said.

Adani Defence and Aerospace, a unit of billionaire Gautam Adani's apples-to-airports conglomerate Adani Group, was represented by its Chief Executive Ashish Rajvanshi, the sources said.

Also attending was an executive from the Society of Indian Defence Manufacturers advisory group that lists more than 500 arms and military equipment makers as its members, including the defence arms of conglomerates Tata Sons, Larsen & Toubro, and state-owned firms such as Bharat Electronics BAJE.NS.

SANCTIONS RISK

Reuters reported in 2024 that a Bharat Forge subsidiary was among the three Indian firms that exported artillery shells to Europe, some of which were later diverted to Ukraine, resulting in a diplomatic protest from Moscow.

Indian firms, however, would be hesitant about striking new deals with Russia due to the risk of secondary sanctions, an Indian executive said.

While India can use diplomatic outreach and lobbying to offer some protection from sanctions, an Indian defence official said the firms would have to factor in the political risks themselves.

(Reporting by Shivam Patel in New Delhi
Editing by Frances Kerry)

(([email protected];))

Nov 24 (Reuters) -

• INDIA GOVERNMENT: BEL AND SAFRAN ELECTRONICS & DEFENCE INK AGREEMENT TO PRODUCE HAMMER SMART PRECISION GUIDED AIR-TO-GROUND WEAPON IN INDIA

Further company coverage: BAJE.NS

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Bharat Electronics Ltd BAJE.NS:

• BEL - RECEIVES ORDERS WORTH 8.71 BILLION RUPEES

Source text: [ID:]

Further company coverage: BAJE.NS

Updates

** Shares of Bharat Electronics BAJE.NS jump as much as 3.3% after quarterly results earlier today; last up 2.8% at 421.7 rupees

** State-owned aerospace and defense electronics co posts near-18% rise in Q2 consol net profit to 12.88 bln rupees ($146.5 mln); rev from ops rose 25.8% to 57.92 bln rupees

** BEL shares were up as much as 1.2% before the results on winning orders worth 7.32 bln rupees, which included software defined radios and fully-indigenous radios

** Stock rated "buy" on avg; median PT is 424 rupees, per data compiled by LSEG

** YTD, BAJE gains 44%

($1 = 87.8950 Indian rupees)

(Reporting by Anuran Sadhu and Abhirami G in Bengaluru)

(([email protected]))

Oct 15 (Reuters) - Bharat Electronics BAJE.NS:

• GETS ORDER WORTH 5.92 BILLION RUPEES

Source text: [ID:]

Further company coverage: BAJE.NS

(([email protected];))

Sept 29 (Reuters) - Bharat Electronics Ltd BAJE.NS:

• BEL RECEIVES ORDERS WORTH 10.92 BILLION RUPEES

Source text: ID:nBSE4SmyQJ

Further company coverage: BAJE.NS

(([email protected];))

Sept 24 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO LTD - CONSORTIUM TO PARTICIPATE IN EXPRESSION OF INTEREST FOR AMCA

• LARSEN AND TOUBRO - FORMS STRATEGIC PARTNERSHIP WITH BEL FOR FIGHTER AIRCRAFT

Source text: ID:nBSE7VSfgk

Further company coverage: LART.NS

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** Shares of India's Avantel AVAN.NS rise 1.44% to 179.4 rupees

** The communication systems manufacturer receives 125.1 million rupees ($1.42 million) order from Bharat Electronics BAJE.NS to supply satellite communication products

** Order to be executed by March 2026

** YTD, Avantel shares up ~23%

($1 = 88.1375 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru)

(([email protected]))

** Bharat Electronics BAJE.NS rises as much as 3.4% to two-month high of 416.65 rupees; last up 2.5%

** Stock among top two pct gainers on Nifty 50 index .NSEI

** Defence public sector undertaking secures orders worth 7.12 bln rupees (~$81 mln) in September so far

** Major orders for IT infra, cyber security solution, electronic support measures (ESM) systems, blockchain solution platform, communication equipment

** YTD, BAJE gains 37.4%, outpacing NSEI's 7.1% rise

($1 = 87.7700 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Sept 16 (Reuters) - Bharat Electronics Ltd BAJE.NS:

• SECURES ORDERS WORTH 7.12 BILLION RUPEES

Source text: ID:nBSEtdX48

Further company coverage: BAJE.NS

(([email protected];;))

Aug 21 (Reuters) - Paras Defence and Space Technologies Ltd PRAF.NS:

• RECEIVES ORDER FROM BHARAT ELECTRONICS WORTH 453.2 MILLION RUPEES

Source text: ID:nBSE5gV1P2

Further company coverage: PRAF.NS

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Aug 20 (Reuters) - Centum Electronics Ltd CENT.NS:

• CENTUM ELECTRONICS LTD - ENTERS MOU WITH BHARAT ELECTRONICS

• CENTUM ELECTRONICS LTD - MOU FOCUSES ON ELECTRONIC WARFARE AND RADAR SYSTEMS

Source text: ID:nBSE4CTq3C

Further company coverage: CENT.NS

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Adds details in paragraphs 2-3, background in paragraphs 4-7

Aug 12 (Reuters) - India's space regulator has picked a consortium led by Google-backed startup PixxelSpace to build a commercial home-grown constellation of earth observation satellites, with an investment of more than 12 billion rupees (nearly $137 million) over the next five years, it said on Tuesday.

The consortium, comprising local space tech firms Piersight Space, Satsure Analytics India and Dhruva Space, will design, build, and operate the satellites, the Indian National Space Promotion and Authorisation Centre (IN-SPACe) said.

The PixxelSpace-led consortium won the project, outbidding Indian defence equipment makers Astra Microwave ASTM.NS and Bharat Electronics BAJE.NS.

The Indian government wants to reduce its dependence on foreign systems, including the widely used U.S. Global Positioning System (GPS), and says its regional navigation satellite system, called NavIC (Navigation with Indian Constellation), provides more accurate domestic navigation and that its use would benefit the economy.

This is in line with Prime Minister Narendra Modi's drive for self-reliance, which has also expanded the use of NavIC.

India has also been pushing tech giants to make smartphones compatible with its home-grown navigation system within months, worrying the likes of Samsung, Xiaomi and Apple.

($1 = 87.6790 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Sonia Cheema)

(([email protected]; 8800437922;))

** Bharat Electronics BAJE.NS drops as much as 2.9% to 378 rupees; last down ~1%

** Electronic equipment maker posts Q1 profit ahead of analysts' estimate; revenue missed expectations

** Order book at 748.59 bln rupees ($8.62 bln) as of July 1, down 2% y/y, per Nomura

** Rev 9% below Nomura's estimates

** Brokerage cuts FY26 sales estimates by 1% to reflect slower-than-anticipated orders execution rate; downgrades to "neutral"

** BAJE gains ~44% in H1 2025, which Nomura says was 'priced to perfection'

** Stock rated "buy" on avg; median PT at 418.5 rupees, per data compiled by LSEG

** YTD, BAJE up ~32%

($1 = 86.8100 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

July 28 (Reuters) - Bharat Electronics Ltd BAJE.NS:

• BHARAT ELECTRONICS Q1 CONSOL NET PROFIT 9.7 BILLION RUPEES; IBES EST. 8.37 BILLION RUPEES

• BHARAT ELECTRONICS Q1 CONSOL REVENUE FROM OPERATIONS 44.4 BILLION RUPEES; IBES EST. 47.14 BILLION RUPEES

Source text: [ID:]

Further company coverage: BAJE.NS

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July 25 (Reuters) - Bharat Electronics Ltd BAJE.NS:

• BEL - GETS ORDER WORTH 16.40 BILLION RUPEES

Source text: [ID:]

Further company coverage: BAJE.NS

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July 24 (Reuters) - Bharat Electronics Ltd BAJE.NS:

• GETS ORDER WORTH 5.63 BILLION RUPEES

Source text: [ID:]

Further company coverage: BAJE.NS

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July 21 (Reuters) - Sahana System Ltd SAHT.NS:

• EMPANELED AS DESIGN SERVICE PROVIDER FOR BEL

Source text: ID:nNSE88wp2S

Further company coverage: SAHT.NS

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July 8 (Reuters) -

• INDIAN NAVY SIGNS CONTRACT WITH BEL FOR IMPLEMENTATION OF NMDA PROJECT

Source text: [ID:]

Further company coverage: BAJE.NS

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** Bharat Electronics (BEL) BAJE.NS climbs 3% to 434.15 rupees

** Defence equipment maker wins orders worth 5.28 bln rupees ($61.7 mln) for radars, communication equipment and jammers among others

** Stock rated "buy" on avg; median PT is 418 rupees, per data compiled by LSEG

** BAJE extends YTD gains to 48%

($1 = 85.5970 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru)

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