$BEL

### BEL in Focus Ahead of PM Modi’s France Visit **BEL** is expected to remain in focus amid reports of a potential large Indian Air Force procurement of HAMMER smart glide bombs for the Rafale fighter fleet. According to defence reports, the Indian Air Force is evaluating a significant acquisition of HAMMER precision-guided glide bombs aimed at strengthening the Rafale fleet’s capability to conduct high-precision strikes across diverse battlefield scenarios. The development gains additional significance ahead of Prime Minister Narendra Modi’s France visit, where defence cooperation between India and France is expected to remain a key discussion area. In November 2025, Bharat Electronics Ltd. and Safran had entered into a collaboration to support the manufacturing and integration of HAMMER bomb systems in India, aligning with the government’s “Make in India” defence initiative. ### Impact on BEL Stock **Positive Sentiment for Defence Sector** The potential order reinforces strong defence procurement momentum and highlights India’s continued focus on advanced precision weapon systems. **Supports BEL’s Defence Manufacturing Pipeline** Any large-scale procurement and localisation initiative could strengthen BEL’s long-term order inflow visibility and manufacturing opportunities. **Boost for Indigenous Defence Ecosystem** The BEL-Safran partnership may benefit from increasing localisation efforts and technology collaboration between India and France. **Improves Long-Term Revenue Visibility** Defence electronics and weapons integration projects generally provide stable multi-year execution opportunities for companies like BEL. ### Overall View **Short-Term:** Positive **Long-Term:** Strongly Positive