# Defence stocks to buy: HAL, Bharat Dynamics, MIDHANI

> DAM Capital picks HAL, MIDHANI, BDL for up to 39% upside in defence stocks.
- Title: Defence stocks to buy: HAL, Bharat Dynamics, MIDHANI · mint
- Summary: DAM Capital picks HAL, MIDHANI, BDL for up to 39% upside in defence stocks. DAM Capital targets up to 39% upside for HAL, MIDHANI and Bharat Dynamics with…
- Keywords: dam capital, hal, midhani, bharat dynamics, defence stocks, upside, stock market, india, defence procurement, aerospace, money, business
- Source: mint — https://livemint.com/market/stock-market-news/defence-stocks-to-buy-hal-bharat-dynamics-midhani-are-dam-capitals-top-picks-with-up-to-39-upside-check-targets-11791964835365.html
- Author: Pranati Deva
- Published: 2026-10-14T11:40:33+00:00
- Read time: 1 min
- Topics: dam capital, hal, midhani, bharat dynamics, defence stocks, upside, stock market, india, defence procurement, aerospace, money, business
## DAM Capital's defence picks
DAM Capital identifies HAL, MIDHANI and Bharat Dynamics as preferred defence public sector undertakings for growth opportunities.
## HAL: 22% upside potential
HAL has a target price of ₹ 5,940, indicating 22% upside potential with Tejas Mk1A airframes nearing final stages.
## Bharat Dynamics: 39% upside
Bharat Dynamics targets ₹ 1,560 with 39% upside potential from ₹ 261.8 billion order book and QRSAM pipeline.
## MIDHANI: 8% upside potential
MIDHANI has a target price of ₹ 475, indicating over 8% upside potential through titanium alloys and aerospace applications.
## Defence electronics growth
Defence electronics market expected to grow at over 15% CAGR with rising domestic production and export opportunities.
## ₹ 5 trillion order pipeline
Proposed programmes including 114 Rafale fighters, six submarines and eight corvettes represent a potential ₹ 5 trillion order opportunity.
## Key risks and opportunities
Execution, approvals and margins remain key risks despite growing defence procurement and technology opportunities.
## DAM Capital's outlook
DAM Capital sees defence sector moving beyond order-driven expansion to technology-led growth with strong execution potential.
## What happens next
Defence procurement approvals and execution could drive significant stock gains for selected companies in coming months.
## Key takeaway

DAM Capital targets up to 39% upside for HAL, MIDHANI and Bharat Dynamics with growing defence procurement opportunities.