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Indian (NIFTY) Aerospace & Defense Industry Analysis

UpdatedApr 06, 2026
DataAggregated Company Financials
Companies25
  • 7D3.6%
  • 3M-9.4%
  • 1Y9.9%
  • YTD-6.6%

The Aerospace & Defense industry is up 3.6% in the last week, with Bharat Electronics up 4.1%. This takes the industry's 12 month performance to a gain of 9.9%. 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, 06 Apr 2026₹7.8t₹889.6b₹193.5b50.7x40.5x8.8x
Wed, 04 Mar 2026₹8.3t₹889.7b₹193.5b54x42.9x9.3x
Fri, 30 Jan 2026₹8.9t₹877.3b₹189.1b54.7x47x10.1x
Sun, 28 Dec 2025₹8.4t₹856.3b₹185.6b55.5x45.3x9.8x
Tue, 25 Nov 2025₹8.5t₹846.2b₹186.1b62.3x45.6x10x
Thu, 23 Oct 2025₹9.0t₹810.7b₹178.9b55.5x50.1x11x
Sat, 20 Sep 2025₹9.1t₹810.7b₹178.9b57.6x50.7x11.2x
Mon, 18 Aug 2025₹8.4t₹810.0b₹178.7b55.3x47x10.4x
Wed, 16 Jul 2025₹9.2t₹796.6b₹179.9b72.5x50.9x11.5x
Fri, 13 Jun 2025₹9.1t₹796.2b₹179.8b69.8x50.8x11.5x
Sun, 11 May 2025₹7.8t₹782.9b₹181.2b59.8x43x9.9x
Tue, 08 Apr 2025₹6.7t₹782.3b₹181.1b51.1x36.9x8.5x
Thu, 06 Mar 2025₹6.1t₹782.3b₹181.1b44.1x33.9x7.9x
Sat, 01 Feb 2025₹6.9t₹750.7b₹175.0b66.7x39.2x9.1x
Mon, 30 Dec 2024₹6.9t₹733.3b₹170.3b64.6x40.5x9.4x
Wed, 27 Nov 2024₹6.8t₹730.7b₹170.0b59.6x40.1x9.3x
Fri, 25 Oct 2024₹6.5t₹709.4b₹161.9b63.9x40.2x9.2x
Sun, 22 Sep 2024₹6.8t₹709.0b₹161.8b74x41.9x9.6x
Tue, 20 Aug 2024₹7.4t₹709.0b₹161.8b83.3x46x10.5x
Thu, 18 Jul 2024₹8.3t₹693.9b₹149.5b87.8x55.8x12x
Sat, 15 Jun 2024₹7.7t₹693.9b₹149.5b72.7x51.2x11x
Mon, 13 May 2024₹5.5t₹631.4b₹124.9b59.3x43.7x8.6x
Wed, 10 Apr 2024₹5.2t₹631.5b₹124.9b61.1x41.8x8.3x
Fri, 08 Mar 2024₹4.8t₹631.5b₹124.9b62x38.8x7.7x
Sun, 04 Feb 2024₹4.5t₹620.4b₹120.7b64.6x37.1x7.2x
Tue, 02 Jan 2024₹4.4t₹618.7b₹117.6b59.2x37.3x7.1x
Thu, 30 Nov 2023₹3.6t₹625.8b₹118.9b45.8x30.3x5.8x
Sat, 28 Oct 2023₹3.1t₹612.2b₹114.4b46.8x26.7x5x
Mon, 25 Sep 2023₹3.3t₹606.8b₹113.3b50.2x28.8x5.4x
Wed, 23 Aug 2023₹3.2t₹606.8b₹113.3b49.7x28.4x5.3x
Fri, 21 Jul 2023₹3.1t₹602.5b₹108.5b40.2x28.6x5.2x
Sun, 18 Jun 2023₹2.9t₹600.6b₹108.1b33.9x26.8x4.8x
Tue, 16 May 2023₹2.3t₹612.2b₹105.1b28.5x22.2x3.8x
Thu, 13 Apr 2023₹2.2t₹586.1b₹107.8b26.9x20.4x3.8x
Price to Earnings Ratio

20.4x


Total Market Cap: ₹2.2tTotal 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 Market0.0067%
Industrials1.06%
Aerospace & Defense3.62%
Aerospace and Defense3.62%
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₹427.206.6%
+₹194.4b		56.4%PE52.4x
HAL Hindustan Aeronautics₹3.75k7.6%
+₹177.2b		-6.4%PE28.2x
MAZDOCK Mazagon Dock Shipbuilders₹2.31k12.0%
+₹100.2b		-0.2%PE38.8x
BDL Bharat Dynamics₹1.22k11.7%
+₹46.9b		-2.5%PE77.4x
GRSE Garden Reach Shipbuilders & Engineers₹2.26k14.5%
+₹32.8b		48.3%PE37.6x

Latest News

MAZDOCK
₹2,313.70
Mazagon Dock Shipbuilders
7D
12.0%
1Y
-0.2%

MAZDOCK: Interim Dividend Stream Will Support Future Upside Potential

Analysts have kept the fair value estimate for Mazagon Dock Shipbuilders steady at ₹3,407, citing only modest updates to assumptions such as the discount rate, revenue growth, profit margin and future P/E that were not material enough to shift the overall price target. What's in the News The Board approved a 2nd interim dividend of ₹7.5 per equity share of ₹5 each, fully paid up, for the financial year 2025-26 at its meeting on 5 Feb 2026 (company announcement).
500049
₹427.20
Bharat Electronics
7D
6.6%
1Y
56.4%

500049: New Defence Orders And Dividend Will Still Leave Shares Overpriced

Analysts have modestly raised their fair value estimate for Bharat Electronics from about ₹353 to roughly ₹356, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What's in the News Bharat Electronics signed an MoU with RRP Electronics and RRP Defense to jointly pursue work in semiconductors, electro optics, unmanned systems and other defence technologies, with a focus on indigenisation, capability building and potential export opportunities (Key Developments).
GRSE
₹2,259.50
Garden Reach Shipbuilders & Engineers
7D
14.5%
1Y
48.3%
DATAPATTNS
₹3,136.70
Data Patterns (India)
7D
3.3%
1Y
90.9%

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.
533339
₹1,379.75
Zen Technologies
7D
8.0%
1Y
0.03%

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).
TECHERA
₹194.80
TechEra Engineering (India)
7D
-1.4%
1Y
48.4%
HAL
₹3,752.10
Hindustan Aeronautics
7D
7.6%
1Y
-6.4%

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.
530929
₹789.60
RRP Defense
7D
-1.0%
1Y
1,298.3%
APOLLO
₹199.86
Apollo Micro Systems
7D
9.7%
1Y
84.8%
BDL
₹1,224.60
Bharat Dynamics
7D
11.7%
1Y
-2.5%

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

Feb 08
Bharat Dynamics (NSE:BDL) Is Increasing Its Dividend To ₹4.50