Bharat Dynamics shares fall after Motilal Oswal rates it "neutral," citing high valuations despite strong business fundamentals.

• Motilal sets price target at ₹1,900, indicating limited upside from current levels after 68% YTD rally.
• Valuations are seen stretched at 70x FY26 and 52x FY27 earnings, PT based on 42x FY27 estimates.
• Despite liking BARA's growth potential, Motilal prefers lower entry points due to the current elevated multiples.