Bharat Electronics (BEL), a government owned defence company, is a leader in supplying electronics based equipments to all the three faculties of defence Army, Airforce and Navy. The company has a rich history of being a beneficiary in supplying equipments in collaboration with DRDO to the MoD. With a strong base of nearly 50% scientists & engineers and an established local vendor base, the company boasts of quality research in the defence space, with a huge capex going into R&D.; BEL has a humongous order book of 518 bn to be delivered over the next 3-4 years, which itself provides a robust outlook and visibility over long term. We believe a cut in defence budget may impact the receivables in FY 21 in view of Covid-19, but BEL has...