HAL vs BDL vs BEL vs Mazagon Dock: Which defence stock to buy after Q3 results 2026?

Defence stocks to buy: The Q3 results 2026 season is about to end, and most of the market majors have declared their Q3 earnings for the financial year 2025-26. Amid rising geopolitical tensions and the emergence of new war zones worldwide, various countries are expected to increase defence spending. The Indian government also raised its defence budget for the financial year 2026-27 by 15.20% to ₹7.85 lakh crore.

So, long-term investors may think of deploying their money in defence stocks like Hindustan Aeronautics Ltd (HAL), Bharat Dynamics Limited (BDL), Bharat Electronics Ltd (BEL), Mazagon Dock Shipbuilders, especially when these defence companies have declared their Q3 results 2026, and there is not much left for the investors to wait.

According to stock market experts, HAL delivered a strong Q3FY26 performance, driven by healthy execution and improved profitability. However, BDL's profits halved, while its margins narrowed to less than 5% in the October to December 2025 quarter. Navratna PSU BEL posted robust numbers for the third quarter of the ongoing financial year 2025-26. Mazagon Dock Shipbuilders reported YoY growth in Net profit and Revenue.

HAL vs BDL vs BEL vs Mazagon Dock: Q3 results 2026 review

Comparing the quarterly results of these defence companies, Seema Srivastava, Senior Research Analyst at SMC Global Securities, said, “The Q3 FY26 results for these defence stocks paint a mixed picture. HAL and BEL have delivered strong revenue and profit growth, driven by robust execution and order book visibility. HAL's revenue grew 10.7% YoY, with PAT rising 29.6% YoY, while BEL's revenue surged 23.7% YoY, with PAT up 20.8% YoY. Both companies have a strong order book and are well-positioned to benefit from India's defence modernisation push.”

The SMC Global Securities expert said that Mazagon Dock's results are relatively weaker, with revenue down 6.8% YoY and PAT down 13.6% YoY. However, the company has a healthy order book and is executing key projects for the Indian Navy. She put BDL's results at the lowest level, noting they are a concern, with revenue declining 31.9% YoY and EBITDA margin contracting sharply. The company's execution challenges and dependence on lumpy orders make it a less attractive bet.

HAL vs BDL vs BEL vs Mazagon Dock: Which defence stock to buy?

Asked about the defence stock to buy after Q3 results 2026, Seema Srivastava said that in terms of valuation, HAL and BEL are trading at reasonable multiples, given their growth prospects. Mazagon Dock's valuation is relatively higher, reflecting its strong order book and execution capabilities. BDL's valuation is the lowest, but its execution challenges and dependence on lumpy orders make it a riskier bet.

Comparing the technical chart pattern of these defence stocks after Q3 results 2026, Anshul Jain, Head of Research at Lakshmishree, said, "Among defence names Hindustan Aeronautics Limited, Bharat Dynamics Limited, Bharat Electronics Limited, and Mazagon Dock Shipbuilders Limited, price structure post Q3 FY26 clearly favours BEL. The stock is displaying strong relative strength versus both the broader market and the defence index, signalling institutional preference."

Jain said that as long as the BEL share price sustains above the ₹400 zone on a closing basis, the risk–reward remains favourable for further upside. The next logical projection lies near the ₹485 to ₹495 band. Compared to peers, BEL’s structure is cleaner, momentum stronger, and downside risk better defined, making it the preferred buy in the defence pack at current levels.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.