Emkay Global Research has launched comprehensive coverage on India's four major defence manufacturers—HAL, BEL, BEML, and BDL—projecting substantial growth potential in the coming years. The brokerage identifies a collective ambition to achieve Rs 3 lakh crore in defence production output by 2029, supported by government initiatives and increased domestic procurement. Analysts anticipate stock price appreciation ranging up to 26%, driven by expanding order books, modernization programs, and India's push toward self-reliance in defence manufacturing. These companies stand to benefit from rising geopolitical tensions and strategic investments in military capabilities.

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