“Jyoti Gupta is structurally very positive on the defence sector for the long term, anticipating a 10-15% increase in budget allocations and a rise in capital outlay from ₹1.8 trillion to ₹2.1-2.3 trillion. This, combined with strong Q4 earnings and policy reforms, supports the outlook. However, near-term valuations are stretched, suggesting selective profit booking or tactical entry on dips.”