Choice Institutional Equities Latest Stock Recommendations 2026: Ashok Leyland, Bharat Dynamics, BEL, Zen Technologies & More

Choice Institutional Equities has released fresh stock recommendations across defence, automobile, electronics, and financial sectors. The brokerage remains optimistic on India’s defence manufacturing boom and infrastructure-led growth story.

Here’s a detailed look at Choice Institutional Equities’ latest stock recommendations, target prices, and growth outlook.

Ashok Leyland Share Price Target by Choice Institutional Equities

Rating: Buy | Target Price: ₹195

Ashok Leyland received a “Buy” rating from Choice Institutional Equities with a revised target price of ₹195, compared to the earlier ₹225 target.

At the current market price of ₹163, the brokerage sees nearly 20% upside potential.

Why Choice Institutional Equities Likes Ashok Leyland

The brokerage remains positive on Ashok Leyland due to:

• Strong demand recovery in commercial vehicles
• Government infrastructure spending
• Improving operating margins
• Growth in electric bus and EV segments
• Healthy replacement demand cycle

Despite reducing the target price, the brokerage believes long-term growth prospects remain strong.

Bharat Dynamics Share Price Target

Rating: Buy | Target Price: ₹1,500

Bharat Dynamics Limited continues to remain one of the preferred defence sector picks of Choice Institutional Equities.

With the stock trading near ₹1,283, the brokerage expects around 17% upside.

Key Growth Triggers for Bharat Dynamics

Choice Institutional Equities highlighted:

• Strong missile manufacturing pipeline
• Rising defence exports
• Large government orders
• Long-term defence modernization plans

The brokerage revised its valuation based on 40x FY28E EPS and maintained confidence in the company’s long-term earnings recovery.

The report also noted that future earnings growth will depend on execution ramp-up over the coming quarters.

Bharat Electronics Share Price Target

Rating: Buy | Target Price: ₹500

Bharat Electronics Limited remains another top defence pick for the brokerage.

The target price of ₹500 implies strong upside from the current market price of ₹411.

Why BEL Remains Attractive

Choice Institutional Equities expects:

• Over ₹55,000 crore order inflows in FY27
• Revenue growth of 17.1% YoY
• EBITDA margins above 30%

The brokerage believes BEL is well-positioned to benefit from major defence programs including:

• QRSAM systems
• Project 75I submarines
• Directed energy weapons

Zen Technologies Share Price Target

Rating: Buy | Target Price: ₹1,850

Zen Technologies received a Buy rating with a target price of ₹1,850.

The brokerage highlighted Zen Technologies’ growing position in:

• Anti-drone systems
• Defence simulators
• Autonomous defence technologies

Major Growth Factors

• ₹1,336 crore order book
• ₹4,000 crore cumulative revenue guidance for FY27-FY28
• Strong defence modernization demand

Choice Institutional Equities believes the company could emerge as a major player in India’s advanced defence technology ecosystem.

Data Patterns Share Price Outlook

Rating: Add | Target Price: ₹4,060

Data Patterns received an “Add” rating from the brokerage.

The company is benefiting from strong traction in:

• BrahMos seeker programs
• AMCA fighter aircraft programs
• Electronic warfare systems

The brokerage also highlighted:

• 216% YoY jump in FY26 order inflows
• 30.6% YoY revenue growth
• EBITDA margin guidance of 38-40%

Apollo Micro Systems Share Price Outlook

Rating: Add | Target Price: ₹365

Apollo Micro Systems received an “Add” recommendation despite trading above the brokerage target price.

Key Positives

• ₹1,432 crore order book
• Export opportunities
• Expansion into missiles, UAVs, torpedoes, and defence electronics

Choice Institutional Equities expects nearly 59.5% YoY revenue growth in FY27.