Bharat Dynamics Ltd (BDL) has encountered execution delays in its surface-to-air missile (SAM) projects, affecting both sales and margins, as reported by Elara Capital. The brokerage believes these delays are temporary and anticipates a recovery in FY27. Despite missing its sales compound annual growth rate (CAGR) target of 30% for FY26, BDL holds a strong order book of approximately ₹26,000 crore, which is expected to be executed over the next 3-4 years. Elara has adjusted its target price to ₹1,315 from ₹1,580 but continues to recommend an 'Accumulate' rating, citing robust order visibility and potential growth from unexplored export opportunities. BDL is set to benefit from significant contracts, including the QRSAM and Astra missile orders, along with a new unmanned aerial vehicle-launched precision guided missile (ULPGM) that is expected to generate strong demand. Meanwhile, other brokerages like Motilal Oswal Financial Services and Nuvama Institutional Equities have downgraded their ratings on the stock, reflecting mixed market sentiment.