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Business & Stocks Livemint Markets & Economy • Oct 11, 2026

ICICI Securities Q2 FY27 Defence Stock Picks: HAL, BEL, Azad Engineering, and Zen Technologies Outlook

💡 Key Takeaways

•Private defence firms projected to outperform PSUs in Q2 FY27.
•Zen Technologies, Solar Industries India, and Azad Engineering named top picks.
•HAL and Bharat Dynamics face execution headwinds and delivery delays.

NEW DELHI [NCRBuzz Wire] — **ICICI Securities projects robust Q2 FY27 revenue growth for private defence manufacturers, outperforming most Public Sector Undertakings (PSUs) amid ongoing supply chain bottlenecks.** Private sector firms such as Zen Technologies, Solar Industries India, and Azad Engineering are expected to lead quarterly performance metrics driven by steady order book execution and high-margin product mixes.

### PSU Earnings Outlook and Delivery Delays

**Public sector defence entities face a mixed earnings landscape in Q2 FY27, heavily impacted by execution hurdles and delayed component handovers.** HINDUSTAN AERONAUTICS LIMITED is expected to post constrained revenue growth due to delayed Tejas Mk-1A aircraft deliveries, while Bharat Dynamics Limited anticipates a sequential profit decline as order execution timelines stretch.

### Defence Sector Financial Metrics & Brokerage Projections

| Metric / Aspect | Details |

|---|---|

| Brokerage Firm | ICICI Securities |

| Top Private Picks | Zen Technologies, Solar Industries India, Azad Engineering |

| PSU Challenges | Delayed Tejas Mk-1A deliveries (HAL), volume contraction (BDL) |

| Growth Outperformer | Private defence segment over PSU peers |

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🏛️ Background Context

The Indian defence sector has experienced massive capital expenditure shifts toward indigenous manufacturing and 'Atmanirbhar Bharat' policies over recent fiscal years. While private firms have scaled up agile component supplies, major PSUs continue to navigate complex supply chain dependencies and technical validation trials for advanced platforms like the Tejas Mk-1A fighter jet.

💡 Citizen & Commuter Quick Explainer (FAQ)

Q1: Which defence stocks are ICICI Securities' top picks for Q2 FY27?

ICICI Securities has selected Zen Technologies, Solar Industries India, and Azad Engineering as its top private sector defence picks.

Q2: Why are HAL and Bharat Dynamics facing earnings pressure?

HAL is impacted by delayed Tejas Mk-1A aircraft deliveries, while Bharat Dynamics Limited faces volume and margin contractions from stretched execution timelines.

Q3: Which sector is expected to show stronger growth in Q2?

Private sector defence manufacturers are projected to register stronger YoY revenue and profit growth compared to most Public Sector Undertakings.

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