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Defence Indigenisation
Make-in-India defence manufacturing
Companies tracked
19
Rising this month
7/19
Avg business score
53
Minimum size
₹500 Cr+
Top 5 to study first
Strongest mix of business quality and market momentum in this theme.
#1Exceptional
Solar Industries India Limited
SOLARINDS · Anchor
Revenue YoY+70.3%Profit YoY+92.7%1 month-2.0%
#2Average
Mtar Technologies Limited
MTARTECH · Supply Chain
Revenue YoY+130.4%Profit YoY+364.7%1 month+10.7%
#3High
Hindustan Aeronautics Limited
HAL · Anchor
Revenue YoY+14.4%Profit YoY+14.9%1 month-2.8%
#4Exceptional
Bharat Electronics Limited
BEL · Anchor
Revenue YoY+24.9%Profit YoY+8.7%1 month-6.3%
#5High
Mazagon Dock Shipbuilders Limited
MAZDOCK · Anchor
Revenue YoY+12.1%Profit YoY+21.5%1 month-14.8%
Theme thesis
Import substitution lists and rising defence budgets are building multi-year order books for domestic defence makers.
Tailwinds
- Positive indigenisation lists
- Export push
- Rising capital budget
Risks
- Lumpy government orders
- Valuation premium
All 19 companies
| Solar Industries India Limited SOLARINDS · Explosives | Anchor | 87Q1 FY2027 | 85 | ₹1,52,919 Cr | +70.3% | +92.7% | +0.1% | -2.0% | Exceptional |
| Mtar Technologies Limited MTARTECH · Aerospace & Defense | Supply Chain | 82Q1 FY2027 | 90 | ₹23,640 Cr | +130.4% | +364.7% | -9.3% | +10.7% | Average |
| Hindustan Aeronautics Limited HAL · Aerospace & Defense | Anchor | 51Q1 FY2027 | 74 | ₹2,84,527 Cr | +14.4% | +14.9% | +7.2% | -2.8% | High |
| Bharat Electronics Limited BEL · Aerospace & Defense | Anchor | 50Q1 FY2027 | 43 | ₹2,97,910 Cr | +24.9% | +8.7% | +2.4% | -6.3% | Exceptional |
| Mazagon Dock Shipbuilders Limited MAZDOCK · Ship Building & Allied Services | Anchor | 60Q1 FY2027 | 22 | ₹99,631 Cr | +12.1% | +21.5% | +4.1% | -14.8% | High |
| Paras Defence and Space Technologies Limited PARAS · Aerospace & Defense | Supply Chain | — | 83 | ₹8,779 Cr | +37.3% | +42.7% | +2.4% | -8.5% | Average |
| Apollo Micro Systems Limited APOLLO · Aerospace & Defense | Ancillary | 60Q1 FY2027 | 83 | ₹15,712 Cr | +88.1% | +45.4% | +10.5% | +4.6% | — |
| Krishna Defence And Allied Industries Limited KRISHNADEF · Aerospace & Defense | Ancillary | 65Q1 FY2027 | 71 | ₹1,833 Cr | -15.2% | +20.7% | -3.5% | +2.8% | — |
| Bharat Dynamics Limited BDL · Aerospace & Defense | Supply Chain | 68Q1 FY2027 | 25 | ₹45,333 Cr | +130.8% | +547.4% | +3.6% | -12.9% | High |
| Garden Reach Shipbuilders & Engineers Limited GRSE · Aerospace & Defense | Anchor | — | 22 | ₹30,507 Cr | — | — | +3.6% | -14.7% | — |
| Bharat Forge Limited BHARATFORG · Auto Components & Equipments | Supply Chain | — | 59 | ₹96,239 Cr | +18.7% | -131.6% | +1.0% | -8.5% | High |
| BEML Limited BEML · Construction Vehicles | Supply Chain | 48Q1 FY2027 | 62 | ₹14,815 Cr | +29.3% | +57.9% | +3.9% | +3.5% | Average |
| Mishra Dhatu Nigam Limited MIDHANI · Aerospace & Defense | Supply Chain | 43Q1 FY2027 | 63 | ₹8,231 Cr | +40.5% | +27.0% | -4.7% | +6.0% | Average |
| Data Patterns (India) Limited DATAPATTNS · Aerospace & Defense | Supply Chain | 33Q1 FY2027 | 72 | ₹25,066 Cr | +16.8% | -13.5% | -0.3% | -5.2% | High |
| HBL Engineering Limited HBLENGINE · Other Industrial Products | Ancillary | 52Q1 FY2027 | 62 | ₹22,120 Cr | +6.0% | -23.9% | +15.9% | +21.0% | High |
| Astra Microwave Products Limited ASTRAMICRO · Aerospace & Defense | Supply Chain | 30Q1 FY2027 | 78 | ₹14,038 Cr | -11.6% | -24.1% | -1.7% | -1.6% | High |
| Cochin Shipyard Limited COCHINSHIP · Ship Building & Allied Services | Anchor | 33Q1 FY2027 | 20 | ₹37,647 Cr | +2.4% | -19.4% | +1.5% | -12.8% | Average |
| Zen Technologies Limited ZENTEC · Aerospace & Defense | Supply Chain | 34Q1 FY2027 | 62 | ₹16,747 Cr | -10.5% | -27.8% | +8.3% | -9.8% | High |
| Sika Interplant Systems Limited SIKA · Aerospace & Defense | Ancillary | 52Q1 FY2027 | 31 | ₹1,916 Cr | -37.0% | -18.8% | -7.5% | +1.9% | — |
Qtr score is the latest quarterly business score (0–100); Rel. strength is the 0–100 market strength score vs the index. Growth is the latest reported quarter vs the same quarter last year. Returns are weekly and monthly closes. Research information only — not investment advice.