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