“Bullish on India's defence sector, viewing the ₹52,000 crore DAC approval as reinforcing a structural growth cycle, not a one-off event. Anticipates steady order visibility over the next 12-24 months due to continued focus on indigenisation and technology-led procurement. Bharat Electronics is seen as a consistent compounder, Bharat Dynamics as a direct play on missile growth, with drones and electronic warfare offering long-term upside.”