HAL vs BEL vs BDL vs Mazagon Dock: Indian defence stocks have remained in focus in the near-term amid the ongoing US-Iran war, record-high order books, and a massive rise in international military exports.
Therefore, investors might wonder whether it is the right time to put their money in defence stocks like Hindustan Aeronautics (HAL), Bharat Electronics (BEL), Bharat Dynamics and Mazagon Dock Shipbuilders.
On Monday, Defence shares across both private and public sector companies extended their gains, with the Nifty India Defence Index climbing 1% to a fresh high of 9,912.75 during Monday’s intraday trade on the NSE.
The index advanced for the fourth consecutive session, rising nearly 3% over the period. On August 13, 2026, the index breached its earlier peak of 9,784.60, recorded on June 23, 2026.
HAL vs BEL vs BDL vs Mazagon Dock Shipbuilders – Q1 results 2026 review
HAL Q1 results 2026
PSU company reported a 14.9% year-on-year (YoY) increase in consolidated net profit to ₹1,589.68 crore for the June quarter of FY27 (Q1FY27), compared with ₹1,383.77 crore recorded in the same period a year earlier.
Revenue from operations also grew 14.4% YoY to ₹5,515.17 crore during the quarter, up from ₹4,819.01 crore in Q1FY26.
Meanwhile, the company’s expenditure on materials consumed fell 12.1% YoY to ₹2,777.21 crore in Q1FY27, compared with ₹3,160.43 crore in the corresponding quarter of the previous financial year.
BEL Q1 results 2026
BEL’s consolidated net profit increased 8.2% YoY to ₹1,048 crore, compared with ₹969 crore in the corresponding quarter last year.
On a sequential basis, however, net profit fell 52.4% from ₹2,203 crore recorded in the March quarter (Q4 FY26).
Revenue from operations rose 25.3% YoY to ₹5,533 crore in Q1 FY27, compared with ₹4,417 crore in the year-ago quarter. However, revenue declined 45.6% QoQ from ₹10,177 crore in the previous quarter.
At the operating level, EBITDA grew around 12% YoY to ₹1,389 crore, up from ₹1,240 crore in Q1 FY26. Despite the increase in EBITDA, the margin contracted to 25.11% from 28% in the same quarter last year.
Bharat Dynamics Q1 results 2026
Bharat Dynamics reported a 547% YoY surge in standalone net profit to ₹119 crore in the first quarter of FY27, compared with ₹18 crore recorded in the corresponding quarter of the previous fiscal year.
On a sequential basis, the company’s net profit increased 5% from ₹113 crore reported in the fourth quarter of FY26.
The sharp improvement in profitability was supported by a strong rise in revenue from core operations, which jumped 130% YoY to ₹572 crore in the June quarter, compared with ₹248 crore in the same quarter a year earlier.
Mazagon Dock Shipbuilders Q1 results 2026
The defence major posted a consolidated net profit of ₹550 crore for Q1 FY27, registering a 22% year-on-year increase from ₹452 crore in the same quarter a year ago. However, profit declined from ₹674 crore recorded in the March quarter.
Revenue from operations rose 12% year-on-year to ₹2,943 crore in Q1 FY27, compared with ₹2,626 crore in the corresponding quarter of the previous year. On a sequential basis, however, revenue fell 26% from ₹3,850 crore in Q4 FY26.
At the operating level, EBITDA increased 22% year-on-year to ₹760 crore in Q1 FY27, compared with ₹625 crore in the year-ago quarter. The EBITDA margin also expanded to 25.83% from 23.8% in Q1 FY26.
HAL vs BEL vs BDL vs Mazagon Dock Shipbuilders – Which defence stock to buy post Q1 performance?
According to Harshal Dasani, Business Head – INVasset PMS, HAL offers the best combination of visibility and a near-term catalyst, while BEL offers the steadiest compounding.
He further said that Mazagon Dock offers the event-driven upside for those willing to hold through the P75I decision, and BDL the high-beta optionality where percentage growth flatters a base that must now prove conversion.
“Own the platform builders first; rent the optionality in size you can afford to be early on,” he added.
Meanwhile, Mahesh M Ojha, VP Research & Business Development at Kantilal Chhaganlal Securities, believes that among the defence stocks, HAL and BDL appear better placed at the current juncture. BDL, in particular, stands out with strong new order inflows and a healthy order book, providing good visibility for future growth.
“BEL and Mazagon Dock Shipbuilders also have solid fundamentals and order pipelines, but we would place them in the second tier compared with HAL and BDL at this stage,” he said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
