By Dalal Street Investment Journal (DSIJ)
India's Aerospace and Defence sector has outpaced the broader market in 2026, backed by a ₹7.85 lakh crore defence budget and record domestic production of ₹1.78 lakh crore. Defence exports have crossed ₹38,424 crore, while indigenisation and rising private sector participation continue to strengthen the long-term structural case for the sector.
India’s Aerospace and Defence sector is gradually moving away from its traditional dependence on imports towards a stronger domestic manufacturing ecosystem. This shift has been supported by higher indigenous production, government initiatives and increasing participation from both public and private companies.
According to Mordor Intelligence, India’s defence market was valued at $30.52 billion in 2025 and is estimated to reach $31.76 billion in 2026. The market is expected to grow further to $38.73 billion by 2031, registering a CAGR of 4.05%.
The sector includes Defence Public Sector Undertakings (DPSUs), private defence manufacturers, MSMEs, aerospace companies, component suppliers and technology firms. While DPSUs continue to have a strong presence in aircraft, naval platforms, defence electronics and missile systems, private companies are building capabilities in areas such as drones, sensors, aerospace components and precision engineering.
Defence companies make money through production of defence platforms, provision of defence electronics as well as specialised defence systems. The big firms implement long-term contracts from the government, whereas the small firms provide through component supply. Nonetheless, the defence industry has long project cycles and therefore execution, production capacity and revenue realisation become important in determining the firm’s success.
The Aerospace and Defence sector has emerged as one of the strong-performing segments of the Indian equity market in 2026, supported by higher defence spending, rising domestic manufacturing and expanding export opportunities.
The Nifty India Defence Index has had quite a remarkable run so far in 2026, giving gains of roughly 25.65% YTD as of August 24, 2026. That's a stark contrast to the Nifty 50, which slipped around 7.60% over the same period. What makes this even more impressive is that defence stocks held up well despite a fairly rough broader market backdrop; FII outflows, global headwinds, swinging crude prices and nagging concerns about corporate earnings were all working against the market at the same time.
The rally is largely supported by two key factors: a strong defence order pipeline and the government’s continued focus on military modernisation. The FY26 Defence Budget estimate of roughly ₹6.81 lakh crore is indicative of the change towards capital expenditure and indigenously developed technology.
The export opportunity further adds to the positive prospects in the industry, as India plans to make ₹50,000 crore worth of defence exports annually by 2029. Private companies are also gaining a larger role, contributing nearly 22% of India’s ₹1.54 lakh crore defence production in FY25, compared with a much smaller presence earlier.
As of August 24, 2026, India’s listed Aerospace and Defence sector spans aircraft manufacturing, defence electronics, shipbuilding, ammunition, missiles and specialised technologies. While large public sector companies dominate market capitalisation, private players are expanding through niche capabilities and technology-driven businesses.
Company | Core Business Area | Market Cap (₹ Crore) | P/E Ratio | 1-Year Return |
Aircraft, helicopters and aerospace systems | 3,27,533 | 35.1 | 12% | |
Defence electronics, radars and communication systems | 2,98,678 | 48.5 | 10% | |
Defence explosives and ammunition | 1,78,085 | 89.4 | 34% | |
Warships and submarine construction | 1,02,545 | 35.8 | -8% | |
Missiles and defence systems | 49,600 | 95.2 | -11% | |
Defence electronics and aerospace systems | 26,514 | 98.2 | 85% | |
Optics, anti-drone systems and defence electronics | 12,137 | 131 | 124% |
Source: Screener, Mordor Intelligence, Press Information Bureau (PIB), Ministry of Defence (MoD)
Among the listed defence firms, HAL and BEL remain among the leading companies in the defence sector in terms of market capitalisation. HAL has a market capitalisation of around ₹3.27 lakh crore with a P/E ratio of 35.1. BEL, on the other hand, has a market capitalisation of nearly ₹2.98 lakh crore with a higher P/E ratio of 48.5, driven by its defence electronics portfolio.
Among other players, Solar Industries India has gained around 34% over the past year, supported by expectations around defence explosives and ammunition demand. Data Patterns India and Paras Defence & Space Technologies have performed well with gains of 85% and 124%, respectively; however, their stock valuations are quite high with P/E ratios exceeding 98.
The sector’s rally has been uneven, with performance varying across companies. Going ahead, order execution, revenue growth and valuation comfort will remain key factors for investors.
India’s Aerospace and Defence sector is expected to benefit from rising defence spending, indigenous manufacturing, export expansion and increasing private sector participation. Government initiatives focused on modernisation and self-reliance are creating opportunities across aircraft, defence electronics, naval platforms, drones and specialised components.
While the FY27 defence budget was ₹7.85 lakh crore, the crucial part is where the money is being spent. The capital expenditure for FY27 stood at ₹2.19 lakh crore, as per the Press Information Bureau, which includes all the funding towards hardware, platforms and technologies and not operating costs. This is precisely what sustains orders for firms in sectors like aircraft manufacturing, missile systems, navies and defence electronics.
Not only a slogan anymore, the Aatmanirbhar Bharat policy also shows a rise in domestic manufacturing in India's defence sector, which stood at ₹1.78 lakh crore as per PIB in FY26, with around 24% contribution from private players in the industry's total production. The introduction of 405 defence products in the Positive Indigenisation List has strengthened the above strategy, where the above defence items have been asked to be manufactured locally instead of being imported.
With an increase in India's defence exports from ₹686 crore in FY14 to ₹38,424 crore in FY26 and being exported to over 80 countries, the trend is quite evident of a different kind of presence in the international defence market. The target of ₹50,000 crore in defence exports by CY29 by the government is making export demand a second source of growth for domestic defence companies alongside home procurement.
Private players have found meaningful ground in faster-moving segments like drones, sensors, optics, cybersecurity and defence electronics. India's defence ecosystem today includes 16 Defence PSUs, around 500 licensed private companies and nearly 17,000 MSMEs, reflecting how broadly participation has spread across the value chain compared to even a few years ago.
The strong rally in defence stocks has resulted in a significant valuation re-rating, driven by expectations of higher defence spending, strong order pipelines, exports and domestic manufacturing growth. However, premium valuations make earnings execution critical.
According to market data for the Nifty India Defence Index, the index was trading at a P/E ratio of around 56 and a P/B ratio of nearly 12 in August 2026, with a market capitalisation of approximately ₹12.76 lakh crore, reflecting the premium valuation assigned to the sector.
Company | FY26 P/E | 5-Yr Median P/E | FY26 P/B | 5-Yr Median P/B | FY26 EV/EBITDA | 5-Yr Median EV/EBITDA |
Hindustan Aeronautics Ltd | 35 | 30 | 7.97 | 7.3 | 20.2 | 17.8 |
Bharat Electronics Ltd | 48.6 | 40.5 | 12.5 | 9.6 | 33.1 | 26.6 |
Bharat Dynamics Ltd | 95.9 | 66.8 | 11.7 | 9.4 | 57.1 | 39.8 |
Mazagon Dock Shipbuilders Ltd | 35.9 | 32.7 | 10.5 | 9.4 | 24.3 | 18.6 |
Garden Reach Shipbuilders & Engineers Ltd | 37.3 | 36.2 | 11.4 | 6.8 | 23.4 | 14 |
Cochin Shipyard Ltd | 67.2 | 42 | 6.7 | 4.9 | 38.2 | 24.8 |
Solar Industries India Ltd | 90.2 | 76.9 | 28.7 | 21.8 | 56.2 | 44.8 |
Data Patterns India Ltd | 98.6 | 71.2 | 15.4 | 10.6 | 66.7 | 48.5 |
Paras Defence & Space Technologies Ltd | 132 | 83.4 | 16.8 | 7.7 | 82.9 | 46.6 |
Astra Microwave Products Ltd | 83.5 | 58 | 12 | 6.6 | 44.8 | 30.1 |
Source: Screener, Mordor Intelligence, Press Information Bureau (PIB), Ministry of Defence (MoD)
Among major players, HAL traded at a P/E of 35 in FY26 compared with its 5 year median of 30, while BEL traded at 48.6 P/E against its median of 40.5. Companies such as Bharat Dynamics, Solar Industries India and Data Patterns India commanded higher valuations, with FY26 P/E ratios of 95.9, 90.2 and 98.6, respectively.
The valuation premium is driven by the change in perception in the market environment, with defence contractors now perceived as growth companies rather than the suppliers to the government they once were. Nevertheless, long duration of projects, project delays and order conversion continue to be major risks.
Government policy has played a key role in transforming India’s defence sector from an import-dependent ecosystem into a domestic manufacturing base. Policy reforms have focused on indigenous procurement, private sector participation and building export capabilities across the defence value chain.
The Aatmanirbhar Bharat scheme initiated by the government intends to enhance domestic manufacturing capabilities and decrease the reliance on imports of defence equipment. As part of the same, the government has introduced Positive Indigenisation Lists under which imports of certain defence equipment after the timelines will be discouraged and domestic manufacturers will be encouraged.
Procurement has been facilitated under the Defence Acquisition Procedure (DAP) 2020 under the Buy (Indian-IDDM) and Buy (Indian) categories.
Schemes such as the SRIJAN portal, Innovations for Defence Excellence (iDEX) and defence industrial corridors have been initiated by the government to enable private players, startups and MSMEs to participate.
Government policies have helped increase the volume of defence production and exports drastically. Defence exports rose from ₹686 crore in FY14 to ₹38,424 crore in FY26 as Indian defence goods were exported to more than 80 countries.
The government aims at getting an annual defence production of ₹3 lakh crore and export of ₹50,000 crore in CY29, which would be beneficial for defence manufacturing firms in the long run.
Aerospace and Defence sector has benefited due to the higher budget allocation, growth in domestic manufacturing and opportunities for exports. But at the same time, the following risks should also be considered by investors while analysing such stocks.
Defence business tends to have multiple phases in projects such as design, testing, approvals and delivery in phases. This creates a possibility of a lag between order wins and earnings generation. Delays in the process of execution, supply chain issues or changes in the cycle of procurement can affect cash flow and earnings.
Government procurement programs are largely responsible for revenue generation for most defence companies. Any changes in priorities of defence, budget or approvals can affect order flow.
Due to investor optimism, valuation premiums are being seen in multiple defence stocks as most stocks trade above their respective levels. This premium requires earnings growth and order execution to be justified.
Advanced capabilities like electronics, artificial intelligence, sensors and unmanned systems form an integral part of modern-day defence systems. Domestic players may have started developing these capabilities, but there are certain specialised technologies and components which are a challenge.
Investors can gain exposure to India’s Aerospace and Defence sector through direct stocks, sector focused mutual funds or ETFs. Each option offers a different balance of control, diversification and risk.
In the case of defence stocks, an investor will get the choice of investing in the stock of defence firms in segments like Aerospace Manufacturing, Defence Electronics, Ship Building, Missile and others. But direct investment requires investors to consider parameters like order book position, execution capability, valuations, profits and reliance on government orders, etc.
Investors can access sector focused mutual funds which invest in a group of defence stocks and give investors exposure without taking company specific risk. These funds are still concentrated in one sector and subject to risks associated with the entire defence sector. One such fund is HDFC Defence Fund.
With the help of ETFs and index funds, investment can be made in the set of defence companies by means of sector indexing. The sector index funds allow broader investment in the whole defence sector without relying on the performance of individual firms. The risks related to the sector, including policy, execution and valuation risk, are still present in the sector investment.
It is up to individuals whether to invest in stocks directly or go with mutual funds or ETFs. It would depend upon the risk appetite, market knowledge and diversification needs of the individuals.
The order book is generally perceived to be the growth driver of the defence business, but winning orders does not mean revenues right away. There is always an extended execution period required in the defence business because of the design approval process, testing and delivery phases.
Longer projects like aircraft, ships and missiles are executed over many years. The revenue is recorded incrementally when companies meet the delivery milestones set, causing a difference between the order value and the revenue booked.
This will be influenced by the capacity to manufacture and deliver and the timing of the same. Failure to approve in time, component availability, or manufacturing may cause delays in revenue generation.
When you have big order pipelines, it means that there is visibility, but it does not mean that investors should base their considerations on the number of orders only.
Order backlog to revenue, revenue conversion ratio and working capital needs are some of the metrics that give a better understanding of the capability of an organisation to convert opportunities to performance.
In the case of defence companies, sustainable growth does not only depend on securing orders, but also on converting the pipeline into revenues and profits.
The push towards indigenous manufacturing by India is a result of its attempt to reduce dependency on imports and create a domestic manufacturing ecosystem for aircraft, naval systems, defence electronics, missiles and other specialised items.
The Ministry of Defence has notified the sixth PIL covering 405 strategically important items.
These include components for aircraft, armoured vehicles, warships, missile systems and defence electronics.
The list represents an estimated business opportunity of around ₹3,070 crore for domestic manufacturers.
The SRIJAN Defence Portal enables MSMEs, startups and private companies to develop indigenised defence products.
As of June 2026, more than 33,000 items were offered for indigenisation, with over 15,700 items developed domestically.
The proposed Defence Acquisition Procedure (DAP) 2026 aims to increase indigenous content and streamline procurement processes.
These measures create opportunities across the value chain, from large defence manufacturers to suppliers of components and specialised technologies.
However, converting policy support into revenue will depend on procurement timelines, manufacturing capacity and execution efficiency.
Some of the more widely tracked names in the listed defence space include HAL, BEL, Bharat Dynamics, Mazagon Dock Shipbuilders, Cochin Shipyard, Solar Industries India, Data Patterns India and Paras Defence & Space Technologies.
A mix of things has brought defence stocks into focus — higher government spending, real momentum in domestic manufacturing and a sharp rise in exports over the last decade. India's defence production touching ₹1.78 lakh crore in FY26 gives a sense of how far the sector has come.
Order book is a good start, but the speed of execution will be just as important. More than that, one should keep an eye on growth in revenues, margins, valuations and dependency on government contracts.
Defence is not a straightforward sector to invest in. Projects take years to complete and procurement decisions can get delayed, sometimes without much warning. Many stocks in the sector are trading at stretched valuations right now, which means any earnings disappointment tends to hurt disproportionately. Beyond that, heavy dependence on the government as the primary buyer and gaps in certain advanced technology areas are risks that investors need to factor in before taking a position.
Investors can gain exposure through direct stock picking, sector-focused mutual funds or defence ETFs. The right choice depends on one's risk appetite, research bandwidth and desired level of diversification.
SEBI Registered Research Analyst (INH000006396).
Founded in 1986, Dalal Street Investment Journal (DSIJ) brings decades of experience in India’s equity markets. DSIJ's research combines fundamental analysis with price action, guided by disciplined risk management and capital preservation. They follow a structured, data-driven approach designed to help investors and traders make informed decisions beyond short-term market noise.
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Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.
Research analyst has served as an officer, director or employee of subject Company: No
Bajaj Financial Securities Limited has financial interest in the subject companies: No
Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.
Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No
Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No
Subject company may have been client during twelve months preceding the date of distribution of the research report.
There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at NSE
ANALYST CERTIFICATION
The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.
RISK DISCLOSURE ON DERIVATIVES
SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.
BROKERAGE DISCLAIMER
All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit : Pricing
MTF
As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).
US INVESTING
International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.
IPO
This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.
SCREENERS
Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform.
SECURITIES
Securities quoted are exemplary and not recommendatory.
IPV
Account would be open after all procedure relating to IPV and client due diligence is completed.
IMAGES
The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites.
THIRD PARTY PRODUCT DISCLAIMER
Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.
As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.
