While the defence sector's structural growth story remains intact due to increasing global and domestic spending, valuations are currently rich, trading at 45-60 times multiples. For stable growth, Bharat Electronics, Data Patterns, and Astra Microwave are preferred picks.

Pankaj Pandey’s track record: 10 graded calls · 95% CI 2–40%

Nifty India DefenceNeutralCalled 25 Mar 2026Graded 24 Aug 2026