Bullish On HAL Defence Sector

308
₹6.2L Cr budget and 75% indigenization target drive 15% CAGR; order backlog at ₹2L Cr. Sector P/E ~50-60; picks emphasize execution over hype
P/E ~39 (undervalued vs. sector 55+), PEG ~2 on 20% growth from Tejas/LCA orders. 26% ROE, 34% ROCE, and ₹94,000 Cr backlog; stable PSU moat. Target: ₹5,500 (13% upside).

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