• Expensive valuations leave little space for execution error
• Downgrade Bharat Electronics (BEL) from BUY to Outperform but lift our target price from Rs207 to Rs294
• Maintain our Outperform rating on Hindustan Aeronautics (HAL) but lift our target price from Rs3,225 to Rs 4,731
• Defence spending has seen a 9% Cagr over FY16-24, and that is unlikely to change
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