Buy Bharat Dynamics Ltd for the Target Rs. 1,900 by Motilal Oswal Financial Services Ltd
* We expect revenue to grow 30% YoY, driven by the healthy execution of the opening order book.
* Key monitorables include emergency procurement orders for MPATGM, VSHORAD, ALWT, and other missile systems.
* We expect margins to expand 190bp YoY as execution scales up.
* The execution of orders, finalization of tender for QRSAM from BHE to BDL should drive margin improvement going forward.

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