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Indian (NIFTY) Aerospace & Defense Industry Analysis

UpdatedApr 03, 2026
DataAggregated Company Financials
Companies25
  • 7D0.9%
  • 3M-7.3%
  • 1Y6.7%
  • YTD-6.6%

The Aerospace & Defense industry is up 1.0% in the last week, with Bharat Electronics up 1.9%. This means that the industry has gained 9.5% over the past year. Earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

Has the Indian Aerospace & Defense Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 03 Apr 2026₹7.8t₹889.6b₹193.5b50.7x40.5x8.8x
Sun, 01 Mar 2026₹8.2t₹889.7b₹193.5b54x42.6x9.3x
Tue, 27 Jan 2026₹8.2t₹856.6b₹185.6b52.3x44.2x9.6x
Thu, 25 Dec 2025₹8.4t₹856.3b₹185.6b56.5x45.4x9.8x
Sat, 22 Nov 2025₹8.8t₹846.1b₹186.1b58x47x10.3x
Mon, 20 Oct 2025₹8.9t₹810.7b₹178.9b54.9x49.8x11x
Wed, 17 Sep 2025₹8.9t₹810.7b₹178.9b54.8x49.8x11x
Fri, 15 Aug 2025₹8.4t₹810.0b₹178.7b55.3x47x10.4x
Sun, 13 Jul 2025₹9.2t₹796.6b₹179.9b71.9x51.1x11.5x
Tue, 10 Jun 2025₹9.4t₹796.2b₹179.8b71x52x11.8x
Thu, 08 May 2025₹7.6t₹782.7b₹181.2b58.5x42.1x9.7x
Sat, 05 Apr 2025₹7.0t₹782.3b₹181.1b52.9x38.9x9x
Mon, 03 Mar 2025₹5.6t₹782.3b₹181.1b44.5x31x7.2x
Wed, 29 Jan 2025₹6.2t₹735.3b₹170.8b64x36.5x8.5x
Fri, 27 Dec 2024₹6.9t₹733.3b₹170.3b63.1x40.6x9.4x
Sun, 24 Nov 2024₹6.4t₹730.7b₹170.0b55.6x37.7x8.8x
Tue, 22 Oct 2024₹7.0t₹709.4b₹161.9b64.8x43x9.8x
Thu, 19 Sep 2024₹6.8t₹709.0b₹161.8b75.3x42.3x9.7x
Sat, 17 Aug 2024₹7.5t₹709.4b₹161.8b82.1x46.2x10.5x
Mon, 15 Jul 2024₹8.6t₹693.9b₹149.5b89.6x57.2x12.3x
Wed, 12 Jun 2024₹6.9t₹693.9b₹149.5b61.3x46.3x10x
Fri, 10 May 2024₹5.4t₹631.4b₹124.9b58.6x43.5x8.6x
Sun, 07 Apr 2024₹5.2t₹631.5b₹124.9b60.2x41.8x8.3x
Tue, 05 Mar 2024₹4.9t₹631.5b₹124.9b63.8x39x7.7x
Thu, 01 Feb 2024₹4.5t₹620.1b₹120.5b65.6x37.5x7.3x
Sat, 30 Dec 2023₹4.4t₹618.7b₹117.6b58.9x37.1x7x
Mon, 27 Nov 2023₹3.5t₹625.8b₹118.9b45.7x29.8x5.7x
Wed, 25 Oct 2023₹3.1t₹612.2b₹114.4b46.4x27.2x5.1x
Fri, 22 Sep 2023₹3.3t₹606.8b₹113.3b51x28.9x5.4x
Sun, 20 Aug 2023₹3.1t₹606.8b₹113.3b48.8x27.5x5.1x
Tue, 18 Jul 2023₹3.1t₹602.5b₹108.5b42.1x28.5x5.1x
Thu, 15 Jun 2023₹2.8t₹600.6b₹108.1b32.6x25.6x4.6x
Sat, 13 May 2023₹2.3t₹586.1b₹107.9b28.4x21.5x4x
Mon, 10 Apr 2023₹2.1t₹586.1b₹107.8b26.2x19.9x3.7x
Price to Earnings Ratio

19.9x


Total Market Cap: ₹2.1tTotal Earnings: ₹107.8bTotal Revenue: ₹586.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Aerospace & Defense Industry Price to Earnings3Y Average 39.8x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Aerospace & Defense industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 39.8x.
  • The industry is trading close to its 3-year average PS ratio of 8.5x.
Past Earnings Growth
  • The earnings for companies in the Aerospace & Defense industry have grown 22% per year over the last three years.
  • Revenues for these companies have grown 15% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Indian Industrials industry?

IN Market-2.08%
Industrials-1.55%
Aerospace & Defense0.91%
Aerospace and Defense0.91%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
500049 Bharat Electronics₹421.501.9%
+₹57.7b		46.6%PE51.7x
HAL Hindustan Aeronautics₹3.69k0.5%
+₹11.8b		-14.6%PE27.7x
GRSE Garden Reach Shipbuilders & Engineers₹2.26k3.6%
+₹9.0b		30.4%PE37.5x
MAZDOCK Mazagon Dock Shipbuilders₹2.26k0.4%
+₹3.5b		-17.3%PE38x
AEQUS Aequs₹123.562.0%
+₹1.6b		n/aPS7.4x

Latest News

GRSE
₹2,255.30
Garden Reach Shipbuilders & Engineers
7D
3.6%
1Y
30.4%
DATAPATTNS
₹3,055.30
Data Patterns (India)
7D
-4.9%
1Y
75.6%

DATAPATTNS: Clarified Radar Order Book Will Support Long-Term Upside Potential

Analysts have lifted their fair value estimate for Data Patterns (India) from ₹3,498.50 to roughly ₹3,554.78, citing updated assumptions around revenue growth, profit margins, discount rate and future P/E multiples. What's in the News Clarification on radar contract: Data Patterns (India) reported that an earlier disclosure misstated a contract for Doppler Weather Radars, with the correct order size now stated as INR 2,880 million for 32 units, compared with the previously communicated INR 2,790 million for 34 units, awarded by the India Meteorological Department (Client Announcements) Order profile: The Doppler Weather Radar contract is described as a domestic supply order for 32 units, with execution timelines governed by the underlying contract terms (Client Announcements) Upcoming board meeting: The company has scheduled a board meeting on February 5, 2026 to consider and approve the unaudited financial results for the quarter ended December 31, 2025 (Board Meeting) Valuation Changes Fair Value: Revised slightly higher from ₹3,498.50 to about ₹3,554.78, reflecting updated model inputs.
PARAS
₹635.55
Paras Defence and Space Technologies
7D
-1.0%
1Y
25.9%
533339
₹1,367.55
Zen Technologies
7D
-1.9%
1Y
-5.9%

533339: Defence Orders Will Drive Future Upside Over The Next Year

Analysts have maintained their fair value estimate for Zen Technologies at ₹1,654, with only minor tweaks to discount rate, growth, margin and future P/E assumptions, so the price target itself remains unchanged. What's in the News Company has received orders aggregating to ₹4,040 million (including GST) from the Ministry of Defence, Government of India, covering Anti Drone Systems / Counter Unmanned Aerial Systems (C UAS) and Training Simulators and Equipment, with execution expected within a year (company announcement).
HAL
₹3,687.00
Hindustan Aeronautics
7D
0.5%
1Y
-14.6%

HAL: Defence Orders And Dividend Will Support Strong Future Returns

Analysts have kept their price target for Hindustan Aeronautics steady at ₹5,179.45, citing only minor adjustments to assumptions, such as a slightly lower discount rate, a stable revenue growth outlook, a higher profit margin expectation, and a modestly lower future P/E multiple. What's in the News On March 3, 2026, the Ministry of Defence signed contracts totaling ₹50.83b.
500049
₹421.50
Bharat Electronics
7D
1.9%
1Y
46.6%

500049: Defence Electronics Order Wins And Dividend Will Support Long Term Upside

Analysts have kept the price target for Bharat Electronics steady at about ₹485.56 per share, with only marginal fine tuning to inputs such as the discount rate and assumed future P/E. This reflects largely unchanged views on the stock’s valuation drivers.
MAZDOCK
₹2,264.60
Mazagon Dock Shipbuilders
7D
0.4%
1Y
-17.3%

MAZDOCK: Dividend Payouts Will Support Future Upside Potential

Analysts have trimmed their price target on Mazagon Dock Shipbuilders by ₹82 to ₹3,407, reflecting updated assumptions for discount rate, revenue growth, profit margin and future P/E. What's in the News The Board approved a 2nd interim dividend of ₹7.50 per equity share of face value ₹5 for the financial year 2025-26, signalling another cash payout to shareholders for the year (company announcement).
UNIMECH
₹732.10
Unimech Aerospace and Manufacturing
7D
-7.0%
1Y
-24.1%
DCXINDIA
₹165.92
DCX Systems
7D
-2.7%
1Y
-32.0%
AEQUS
₹123.56
Aequs
7D
2.0%
1Y
n/a

Long-Term Supply Chain Shift To India Will Support Integrated Aerospace Cluster Potential

Catalysts About Aequs Aequs is a precision manufacturing company with vertically integrated clusters in India and facilities in France and the U.S., supplying complex components to global aerospace and consumer brands. What are the underlying business or industry changes driving this perspective?
APOLLO
₹197.13
Apollo Micro Systems
7D
-0.3%
1Y
60.1%
523606
₹854.75
Sika Interplant Systems
7D
-5.3%
1Y
32.2%
BDL
₹1,185.60
Bharat Dynamics
7D
0.3%
1Y
-11.8%

Bharat Dynamics (NSE:BDL) Is Increasing Its Dividend To ₹4.50

Feb 08
Bharat Dynamics (NSE:BDL) Is Increasing Its Dividend To ₹4.50
ROSSTECH
₹724.10
Rossell Techsys
7D
3.0%
1Y
152.2%
IDEAFORGE
₹396.20
ideaForge Technology
7D
-2.1%
1Y
6.0%
543920
₹597.95
CFF Fluid Control
7D
8.2%
1Y
33.6%