After the Defence Acquisition Council (DAC) approved capital acquisition proposals worth ₹79,000 crore on October 23, 2025, Motilal Oswal expressed strong optimism about growth prospects for Bharat Electronics Limited (BEL), Hindustan Aeronautics Limited (HAL), and Bharat Dynamics Limited (BDL). The brokerage highlighted a substantial rise in domestic procurement, boosting from 54% in FY19 to 92% in FY25, driven by the government’s focus on indigenization under the “Make in India” framework. These approvals encompass advanced systems for the Army, Navy, and Air Force including the Nag Missile System, Landing Platform Docks, and electronic intelligence systems, signaling a major push toward enhancing India’s defense capabilities. Motilal Oswal projects up to 23% appreciation potential for these defense stocks fueled by improved order inflows and the strategic alignment with India’s self-reliance goals and defense export ambitions. This robust outlook reinforces confidence in the domestic defense industry’s critical role in national security in the coming years.