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Indian (NIFTY) Aerospace & Defense Industry Analysis

UpdatedMar 09, 2026
DataAggregated Company Financials
Companies24
  • 7D5.1%
  • 3M5.8%
  • 1Y35.9%
  • YTD3.2%

Over the last 7 days, the Aerospace & Defense industry has risen 5.1%, driven by gains in Bharat Electronics and Mazagon Dock Shipbuilders of 3.2% and 12%, respectively. In the last 12 months, the industry was up 36%. Looking forward, 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
Mon, 09 Mar 2026₹8.7t₹889.6b₹193.5b54.5x44.7x9.7x
Wed, 04 Feb 2026₹8.7t₹876.3b₹188.5b54.1x45.9x9.9x
Fri, 02 Jan 2026₹8.4t₹856.3b₹185.6b57.5x45.1x9.8x
Sun, 30 Nov 2025₹8.6t₹846.2b₹186.1b62.4x46.5x10.2x
Tue, 28 Oct 2025₹8.8t₹810.0b₹178.8b55.2x49.4x10.9x
Thu, 25 Sep 2025₹8.8t₹810.7b₹178.9b55.5x49.2x10.9x
Sat, 23 Aug 2025₹8.3t₹810.0b₹178.7b63.1x46.3x10.2x
Mon, 21 Jul 2025₹8.8t₹796.6b₹179.9b69.6x48.8x11x
Wed, 18 Jun 2025₹9.4t₹796.2b₹179.8b73.6x52.3x11.8x
Fri, 16 May 2025₹8.6t₹781.3b₹179.0b68x48.1x11x
Sun, 13 Apr 2025₹6.9t₹782.3b₹181.1b51.3x38.3x8.9x
Tue, 11 Mar 2025₹6.2t₹782.3b₹181.1b47.5x34.2x7.9x
Thu, 06 Feb 2025₹6.6t₹754.9b₹175.2b61.3x37.5x8.7x
Sat, 04 Jan 2025₹6.9t₹735.4b₹170.9b75.3x40.4x9.4x
Mon, 02 Dec 2024₹7.1t₹731.1b₹170.2b60x41.8x9.7x
Wed, 30 Oct 2024₹6.6t₹716.5b₹164.9b64.4x40x9.2x
Fri, 27 Sep 2024₹6.8t₹709.0b₹161.8b71.9x42.2x9.6x
Sun, 25 Aug 2024₹7.4t₹709.0b₹161.8b81.6x45.8x10.4x
Tue, 23 Jul 2024₹7.9t₹693.8b₹149.5b85.9x53.2x11.5x
Thu, 20 Jun 2024₹7.8t₹693.9b₹149.5b76.2x52.1x11.2x
Sat, 18 May 2024₹6.3t₹674.0b₹139.9b66.7x45.3x9.4x
Mon, 15 Apr 2024₹5.3t₹631.5b₹124.9b59.7x42.7x8.4x
Wed, 13 Mar 2024₹4.8t₹631.5b₹124.9b53.8x38.2x7.6x
Fri, 09 Feb 2024₹4.6t₹621.3b₹121.0b64.1x38x7.4x
Sun, 07 Jan 2024₹4.5t₹618.7b₹117.6b58.9x38.4x7.3x
Tue, 05 Dec 2023₹3.8t₹618.7b₹117.6b53.1x32.4x6.2x
Thu, 02 Nov 2023₹3.1t₹614.0b₹116.1b47.5x26.7x5.1x
Sat, 30 Sep 2023₹3.3t₹606.8b₹113.3b50.9x28.9x5.4x
Mon, 28 Aug 2023₹3.2t₹606.8b₹113.3b53.1x28.4x5.3x
Wed, 26 Jul 2023₹3.1t₹602.5b₹108.5b40.7x28.8x5.2x
Fri, 23 Jun 2023₹2.9t₹600.6b₹108.1b36.5x26.7x4.8x
Sun, 21 May 2023₹2.4t₹600.0b₹107.3b29.6x22x3.9x
Tue, 18 Apr 2023₹2.2t₹586.1b₹107.8b27.6x20.6x3.8x
Thu, 16 Mar 2023₹2.1t₹586.1b₹107.8b24.6x19.3x3.5x
Price to Earnings Ratio

19.3x


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 39.3x202420252026
Current Industry PE
  • Investors are optimistic on the Indian Aerospace & Defense industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 44.7x which is higher than its 3-year average PE of 39.3x.
  • The 3-year average PS ratio of 8.4x is lower than the industry's current PS ratio of 9.7x.
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-3.02%
Industrials-2.80%
Aerospace & Defense5.07%
Aerospace and Defense5.07%
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
MAZDOCK Mazagon Dock Shipbuilders₹2.39k8.0%
+₹71.5b		3.7%PE40x
500049 Bharat Electronics₹457.500.8%
+₹27.4b		68.0%PE56.1x
HAL Hindustan Aeronautics₹3.99k1.0%
+₹25.6b		16.7%PE30x
BDL Bharat Dynamics₹1.34k5.3%
+₹24.7b		16.8%PE84.4x
DATAPATTNS Data Patterns (India)₹3.49k9.0%
+₹16.2b		114.2%PE79.2x

Latest News

530929
₹821.90
RRP Defense
7D
-1.0%
1Y
2,923.9%
500049
₹457.50
Bharat Electronics
7D
0.8%
1Y
68.0%

500049: Defence Electronics Orders And Dividend Will Support Balanced Long Term Outlook

Analysts have adjusted their price target for Bharat Electronics from ₹463.81 to ₹485.56, citing updated assumptions on discount rate, revenue growth, profit margins, and future P/E as the key drivers of this change. What's in the News Bharat Electronics declared an interim dividend of ₹1.95 per equity share of face value ₹1, for the 2025-26 financial year, with payment expected within 30 days of the 27 February 2026 board decision (company announcement).
GRSE
₹2,471.10
Garden Reach Shipbuilders & Engineers
7D
4.2%
1Y
81.6%

GRSE: Upcoming National Shipbuilding Programme Consortium Will Support Bullish Outlook

Analysts have lifted their price target on Garden Reach Shipbuilders & Engineers from about ₹515 to roughly ₹3,026, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E that feed into their fair value framework. What's in the News GRSE and Hindustan Shipyard Limited signed an MoU on February 9, 2026 to form a consortium for a large national shipbuilding programme focused on advanced maritime platforms and indigenous capability (Key Developments).
MAZDOCK
₹2,387.00
Mazagon Dock Shipbuilders
7D
8.0%
1Y
3.7%

MAZDOCK: Naval Maintenance MoU And Dividend Will Support Measured Long-Term Order Upside

The analyst fair value estimate for Mazagon Dock Shipbuilders has been revised from ₹2,975 to ₹2,731.80, with analysts citing updated assumptions on the discount rate, revenue growth, profit margin and future P/E to justify the change. What's in the News The Board approved a 2nd interim dividend of ₹7.50 per equity share of face value ₹5 for FY 2025-26.
DATAPATTNS
₹3,493.20
Data Patterns (India)
7D
9.0%
1Y
114.2%

DATAPATTNS: Stable Outlook With Upcoming Q3 Results Expected To Shape Multiple

Analysts have kept their ₹3,040.68 price target for Data Patterns (India) unchanged, citing small adjustments in assumptions around discount rate, revenue growth, profit margins and future P/E as the key drivers behind the refreshed view. What's in the News A board meeting is scheduled for February 5, 2026, to consider and approve the unaudited financial results for the third quarter ended December 31, 2025 (company filing).
AEQUS
₹130.61
Aequs
7D
-6.7%
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?
533339
₹1,440.20
Zen Technologies
7D
7.1%
1Y
20.8%

533339: Defence Orders And Training Patents Will Support Future Upside

Analysts have held Zen Technologies' fair value estimate steady at ₹1,654, while slightly revising assumptions such as the future P/E to 35.06x. This reflects minor tweaks to growth, margin and discount rate inputs rather than a change in overall conviction.
HAL
₹3,989.90
Hindustan Aeronautics
7D
1.0%
1Y
16.7%

HAL: Upcoming Dividend Payout Will Support Confidence In Future Returns

Analysts have trimmed their price target on Hindustan Aeronautics from about ₹5,560 to roughly ₹5,260, citing updated assumptions around a slightly higher discount rate, a revised revenue growth outlook, a different profit margin profile, and a lower future P/E multiple. What's in the News The board declared a first interim dividend of ₹35 per equity share with a face value of ₹5 each, equal to about 7x the face value, for the 2025-26 financial year.
PARAS
₹718.55
Paras Defence and Space Technologies
7D
7.1%
1Y
55.9%
APOLLO
₹209.70
Apollo Micro Systems
7D
-2.0%
1Y
79.4%
C2C
₹315.35
C2C Advanced Systems
7D
-6.7%
1Y
13.8%
BDL
₹1,335.50
Bharat Dynamics
7D
5.3%
1Y
16.8%

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
₹697.90
Rossell Techsys
7D
-3.5%
1Y
148.2%
544684
₹89.15
Digilogic Systems
7D
-2.0%
1Y
n/a
543920
₹519.75
CFF Fluid Control
7D
-1.4%
1Y
10.0%