Data Patterns (DATAPATT) reported a strong quarter, with revenue surging 3.4x YoY. This growth was fueled by a high contribution from the Development segment (up 106x YoY), as the company delivered a strategic contract of ~INR1.8b (taken at a competitive price considering possible longterm opportunities).

About the stock: Garden Reach Shipbuilders & Engineers (GRSE) is a shipbuilding company in India under the administrative control of the Ministry of Defence (MoD), The company's extensive product range spans from Warships to Weapons', including Commercial ships, various Deck Machinery, Marine Diesel Engines, Naval...

Order pipeline remains robust; longer-term growth outlook intact: Order pipeline remains strong for the company, considering the opportunities from both defence & commercial segments. Contracts like six nextgeneration submarines under P-75I (expected value ~Rs 70000 crore) and additional three Kalvari class submarines (expected order size Rs 30000 40000 crore) have already been cleared from govt and expected to be concluded in coming months. Following this, other major contracts like next-generation corvettes (expected value ~Rs 36000 crore), nextgeneration frigates or P-17B (expected value ~Rs 70000 crore) & next generation destroyers or P-18 (expected value ~Rs 85000 crore) are also...

Zen Technologies (ZEN) posted weak numbersin 2QFY26, with a miss on revenue but a beat on PAT due to higher-than-expected other income.

*over or under performance to benchmark index Mazagon Dock Shipbuilders Ltd (MDL) is a leading Indian shipbuilding company located in Mumbai. MDL is a wholly owned subsidiary of the Ministry of Defence, Government of India...

About the stock: Garden Reach Shipbuilders & Engineers (GRSE) is a shipbuilding company in India under the administrative control of the Ministry of Defence (MoD), The company's extensive product range spans from Warships to Weapons', including Commercial ships, various Deck Machinery, Marine Diesel Engines, Naval...

We have revised our FY26E/FY27E EPS estimates by - 5.9%/-6.6% respectively, to factor in higher effective tax rate during FY26 and slower revenue growth and more gradual improvement in EBITDA margins during FY27.

Data Patterns (DATAPATT) reported a muted quarter, with revenue declining ~5% YoY due to delays in customer approvals (~INR270m).

The management maintained their guidance of ~15% revenue growth with ~27% EBITDA margin and ~Rs270bn+ order intake (ex. QRSAM) in FY26. Bharat Electronics (BEL) reported a modest 5.2% YoY revenue growth, impacted by a revenue deferment of ~Rs2.0bn to the next quarter due to supply chain constraints. EBITDA margin expanded by 576bps YoY to 28.1%. Domestic demand remains strong, supported by a healthy tendering pipeline and a continued push for higher indigenization. Additionally, BEL stands to...

Zen Technologies’ Q1FY26 numbers undershot consensus estimates. Revenue/EBITDA declined 37.9%/41.9% due to a spillover of INR 600–700mn revenue to the next quarter owing to a change in product specifications.

Bharat Dynamics (BDL) is a prominent player in missile technology within the defense sector and has established itself as a leading integrator for various missile platforms.

The management has guided for ~15% revenue growth with ~27% EBITDA margin and ~Rs270bn+ order intake for FY26. We revise our FY26/27E EPS estimate by +2.9%/+3.7% factoring in operational efficiencies and increasing indigenous component, however, downgrade our rating from Buy' to Hold' given the recent rally in the stock despite strong outlook. Bharat Electronics (BEL) reported robust quarterly performance with revenue growth of 6.9% YoY and EBITDA margins expanding by 385bps YoY to...

The company achieved an order book of Rs1.89trn in FY25. We revise our FY26/27E EPS estimates upward by 14.5%/9.5%, accounting for the deliveries of LCA Mk1A and improved operating efficiencies. Hindustan Aeronautics (HAL) reported a 7.2% YoY decline in revenue, with EBITDA margin contracting 131bps YoY to 38.6%. During the quarter, HAL received the first GE F-404 engine, with 11 more expected by December 2025, enabling the long awaited LCA Mk1A deliveries to the IAF. Management remains confident in...