With an order book of Rs 417 bn, the company has one of the highest revenue visibility among the capital goods universe. With India's continued thrust on defence indigenization, BEL could be the key beneficiary of extant spending. The company has early mover advantage over the private sector in terms of trust factor, substantial R&D; spending etc. BEL has broadspectrum horizontal capabilities in electronics, communications and software, and has emerged as a large system integrator as well. We ascribe fresh target to the stock by valuing the stock at 22x FY19 earnings (earlier target of Rs 183, valued at 20x FY19 earnings). Since the upside from current levels is modest, we change...