HAL Vs BEL Vs BDL: Dividends, Bonus, Splits; Which Zero-Debt Defence PSU Stock To Buy This Diwali?

One of the much-awaited auspicious moments to invest in the stock market is Diwali's muhurat trading session in India, which traditionally opens for one hour during Lakshmi Puja day. The current global scenario is uncertain with tariff hikes, trade wars, and geopolitical risks which make defence stocks an appealing bet.

In India, Hindustan Aeronautics (HAL), Bharat Electronics (BEL) and Bharat Dynamic (BDL) are among top defence stocks. These are PSU giants with zero debt on their balance sheet and a strong order book.

Hindustan Aeronautics Share Price:

HAL is the largest defence stock in India, with market cap of around Rs 3.26 lakh crore. The stock price is currently at Rs 4,873.80 apiece as of October 17, 2025. YTD, HAL shares have jumped by nearly 17%, outperforming Sensex and Nifty. In the long-term, HAL share price is up by a whopping 1,257.68% in 5-years performance and its all-time gains is about 760.46%.

Dividends: HAL has distributed up to 14 dividends since March 2019, as per Trendlyne data. In the past 12 months, the stock delivered an hefty Rs 40 dividend per share. Its current dividend yield is about 0.82%.

Stock Splits: The first time HAL shares split was in September 2023, in the ratio of 1:2. The face value of Rs 10 was split to Rs 5.

Bonus Issues: However, HAL has not delivered any bonus up till now.

Bharat Electronics (BEL) Share Price:

BEL is the second largest defence stock in India, with market value a little over Rs 3 lakh crore. Currently, its share price is at Rs 412.90 apiece. YTD, BEL shares have outperformed even HAL, by gaining nearly 41%. In 5 years span, the stock rallied by 1,237.54% to date. Meanwhile, its all-time gains are breathtaking by 187,581.82% on NSE. Once upon a time, BEL share price was merely at Rs 0.22 on January 1, 1999.

Dividends: Since August 2003, BEL has rewarded up to 51 dividends, as per the data. In the past 12 months, the stock gave about Rs 2.40 per share dividend. While its current dividend yield is around 0.58%.

Bonus Issues: BEL holds the record of delivering three bonuses. Its first bonus shares were in the ratio of 2:1 in the year September 2015, followed by another 1:10 bonus issue in September 2017. The last bonus share was of 2:1 ratio in September 2022.

Stock Split: In March 2017, BEL has split its shares for the first time in the ratio of 1:10. The face value of Rs 10 is sub-divided to Re 1.

Bharat Dynamics Share Price:

BDL is among the top contender for large-cap defence stock to join BEL and HAL. Currently, BDL is a midcap defence PSU giant with market cap of Rs 56.5 crore. The stock price is around Rs 1,540. Its YTD performance is healthy with upside of 36%. In 5 years span, BDL shares have advanced by nearly 915% on NSE, and its all-time gains is 690.15%.

Dividends: BDL has distributed about 15 dividends since September 2018. In the past 12 months, the company paid Rs 4.65 per share dividend. Currently, its dividend yield is about 0.30%.

Stock Splits: BDL recently split its shares. In May 2024, the company's shares were sub-divided into 1:2 ratio for the first time, trimming its face value of Rs 10 each to Rs 5 each.

Bonus Issue: Just like HAL, BDL has not delivered any bonus shares up till now.

Which Defence PSU Stock To Buy This Diwali?

Analysts at Antique Stock Broking have recently recommended BUY on HAL and BEL.

HAL: The brokerage has set a target price of Rs 6,360. Analysts here pointed out that HAL is increasing its production to 24 aircraft per year, and could see an additional orders for 97 more Tejas Mk-1A. Also, recently, HAL inked an MoU with GE for manufacturing F414 engines in India, which is a key positive. IAF also plans to expand to 42 squadrons from 31, which will enable HAL to produce 300+ aircraft which involves Tejas Mk-1A, Tejas Mk II, and AMCA (5th Gen) for the next 10 to 15 years.

BEL: For BEL, the target price is set at Rs 454, due to its strong order book. For the financial year 2025-26, BEL has a total order book worth Rs 57,000 crore, which signalled strong revenue growth ahead. Also, the company is planning to pump Rs 700-800 crore capex annually for modernisation and capacity expansion.

Apart from this, analysts at Choice Broking has selected BDL as its top pick for this Diwali.

BDL: According to analysts at Choice, BDL has shown encouraging signs of strength, maintaining a higher high and higher low formation on the weekly chart, which reflects a sustained positive trend structure. On the upside, the stock is facing immediate resistance near Rs 1560, which coincides with the 20-day EMA. A decisive breakout above this level could signal renewed bullish momentum and open the path for a further rally in the near term. Momentum indicators also support the potential for an upward move.The target price for BDL is Rs 1700/1785.

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