基本信息
文件名称：【Jefferies-2025研报】印度国防月度报告-聚焦印度制造.pdf
文件大小：399.66 KB
总页数：9 页
更新时间：2025-05-20
总字数：约6.79万字
文档摘要
EquityResearch
India|IndustrialsMay15,2025
IndiaDefenceMonthly–MakeinIndiatheRecentresearch:
focus
KeyTakeawaysFromIndustrialMeetings
India’sdefencespendpickedupfromDec.2024whenitrose37%YoY.Apr.HeadlineCapexDeclinesYoY;Internals
2024toFeb.2025spendisdown3%YoY,andMarchneedstorise25%YoYBetter;Defenceup5%YoY
tomeetFY25Ebudgetof3%rise.DefenceindigenisationfocusfromFY14Industrials:Valuationsvspreviouscycles:
hasseenmostdefencecompanies’revenuesrisingindoubledigits.RecentQuickglance
India-PakistantensionssawPMModilaudMadeinIndiaequipment,which
BudgetFY26–CapexLowerPriority,
pointstofurtherdomesticmanufacturingfocus.HAL,DataPatternsareourThoughDecentGrowth
toppicksfollowedbyBEL.
2025Outlook:BudgettobeClosely