BazaarBaazi desk सरकार
PSU and defence
Public-sector and defence stocks. Order books, capex cycles, divestment math, and what political timing means for the tape.
14 defence PSUs have returned 320 percent. The order books were two quarters ahead.
The cohort has done 320 percent in 18 months, but the price action is still lagging the FY25 order books by two to three quarters, which is the part the war-narrative crowd keeps mispricing.
Aditya Sharma · 9 min read
PSU and defence14 defence-PSUs, 320 percent in 18 months: the order book did this, not the headlines
The lazy read is geopolitics doing the heavy lifting, while the actual driver is a procurement plan and an indigenisation mandate that locked order books two years before the price action arrived.
Aditya Sharma · 8 min read
PSU and defenceBehind the defence-PSU rally, a ₹6 lakh crore procurement plan was hiding in plain sight
The lazy desks called it a geopolitics premium, but HAL's ₹1.25 lakh crore order book and a 75 percent indigenisation target were on the page months before the chart moved.
Aditya Sharma · 8 min read
PSU and defence14 of 14 defence-PSUs have repriced. The capex cycle, not the war drum, did it
The cohort tripled in 18 months while the lazy desks blamed geopolitics, but the ₹2.56 lakh crore of disclosed order book across HAL, BEL, MDL and BDL is where the real story sat all along.
Aditya Sharma · 8 min read
PSU and defenceBehind the defence rally nobody called, ₹6 lakh crore of procurement quietly locked in
Most desks are calling this a geopolitics trade, but the FY24-FY29 procurement pipeline and multi-year order books say otherwise.
Aditya Sharma · 8 min read
PSU and defenceBazaarBaazi launch day: signed verdicts on India's markets
The publication you are reading is built on one rule. Every story has a named editor of record, a public correction trail, and a verdict the reader can hold us to.
Aditya Sharma · 4 min read
PSU and defenceBehind the 320 percent defence-PSU rally, a ₹6 lakh crore order book quietly compounded
The lazy read calls it a geopolitics premium, while the order-book disclosures say the cohort is working off a multi-year procurement plan that the price action is only now catching up to.
Aditya Sharma · 8 min read