Indian defence stocks poised for mixed Q4 results with strong order visibility. Nuvama Institutional Equities projects varied performance across the sector, citing robust order backlogs but moderating new large-ticket order momentum. The brokerage has identified Bharat Electronics Limited, Solar Industries India, and Data Patterns as top picks. BEL is expected to deliver modest 3.6% revenue growth with strong 28% margins and Rs 74,000 crore order backlog. Solar Industries anticipates 28% revenue growth, though defence topline may fall short of guidance due to Pinaka execution delays. Data Patterns benefits from Rs 290 crore Doppler radar orders. Meanwhile, Nifty India Defence index surged over 9% this week with individual stocks rallying over 20%, supported by geopolitical developments and upcoming earnings announcements.
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