“Maintains 'Buy' ratings on Mazagon Dock Shipbuilders, HAL, Bharat Electronics, Bharat Dynamics, Zen Technologies, Solar Industries, and PTC Industries, identifying them as potential beneficiaries of the latest ₹52,000 crore DAC approvals. The brokerage sees strong growth opportunities for defence companies in the foreseeable future, supported by project approvals worth ₹12.5 lakh crore in FY24-26.”