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Indian (NIFTY) Aerospace & Defense Industry Analysis

UpdatedMar 20, 2026
DataAggregated Company Financials
Companies24
  • 7D-4.8%
  • 3M-1.5%
  • 1Y15.8%
  • YTD-3.8%

Over the last 7 days, the Aerospace & Defense industry has dropped 4.8%, driven by declines in Bharat Electronics and Hindustan Aeronautics of 5.1% and 5.3%, respectively. Meanwhile, Aequs actually outperformed within the industry, gaining 6.8% in the last week. This takes the industry's 12 month performance to a gain of 16%. 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, 20 Mar 2026₹8.1t₹889.6b₹193.5b50.9x41.7x9.1x
Sun, 15 Feb 2026₹8.4t₹889.5b₹193.5b57.6x43.4x9.4x
Tue, 13 Jan 2026₹8.6t₹856.3b₹185.6b55.1x46.4x10.1x
Thu, 11 Dec 2025₹8.2t₹855.5b₹185.1b59.5x44.1x9.5x
Sat, 08 Nov 2025₹8.6t₹829.7b₹183.1b54.7x47.1x10.4x
Mon, 06 Oct 2025₹9.0t₹810.7b₹178.9b55.7x50.3x11.1x
Wed, 03 Sep 2025₹8.3t₹810.0b₹178.7b54.8x46.3x10.2x
Fri, 01 Aug 2025₹8.4t₹800.1b₹178.7b66.7x47.2x10.5x
Sun, 29 Jun 2025₹9.3t₹796.6b₹179.9b71.3x51.8x11.7x
Tue, 27 May 2025₹9.2t₹787.9b₹183.4b60.5x50.3x11.7x
Thu, 24 Apr 2025₹7.5t₹782.3b₹181.1b62.1x41.2x9.5x
Sat, 22 Mar 2025₹6.9t₹782.3b₹181.1b53x38.3x8.9x
Mon, 17 Feb 2025₹5.9t₹774.5b₹178.9b50.3x33.2x7.7x
Wed, 15 Jan 2025₹6.4t₹735.4b₹170.9b68.6x37.6x8.7x
Fri, 13 Dec 2024₹7.4t₹731.1b₹170.2b64.3x43.6x10.2x
Sun, 10 Nov 2024₹6.8t₹726.0b₹167.4b64.9x40.8x9.4x
Tue, 08 Oct 2024₹6.4t₹709.4b₹161.9b66.4x39.7x9.1x
Thu, 05 Sep 2024₹7.5t₹709.0b₹161.8b82.1x46.2x10.5x
Sat, 03 Aug 2024₹7.6t₹701.0b₹151.9b87.3x49.8x10.8x
Mon, 01 Jul 2024₹7.8t₹693.9b₹149.5b83x52.4x11.3x
Wed, 29 May 2024₹7.1t₹686.4b₹144.7b65x49.1x10.4x
Fri, 26 Apr 2024₹5.7t₹631.5b₹124.9b62.7x46x9.1x
Sun, 24 Mar 2024₹4.6t₹631.5b₹124.9b61.4x37x7.3x
Tue, 20 Feb 2024₹4.5t₹631.5b₹124.9b66.8x36.4x7.2x
Thu, 18 Jan 2024₹4.5t₹618.7b₹117.6b65.6x38.4x7.3x
Sat, 16 Dec 2023₹4.1t₹618.7b₹117.6b59.2x35.1x6.7x
Mon, 13 Nov 2023₹3.3t₹623.1b₹117.4b43.1x28.5x5.4x
Wed, 11 Oct 2023₹3.3t₹606.8b₹113.3b47.4x29.1x5.4x
Fri, 08 Sep 2023₹3.4t₹606.8b₹113.3b55.9x29.9x5.6x
Sun, 06 Aug 2023₹3.1t₹602.3b₹110.3b42.4x28x5.1x
Tue, 04 Jul 2023₹2.9t₹600.6b₹108.2b36.7x26.6x4.8x
Thu, 01 Jun 2023₹2.4t₹606.9b₹108.0b27.9x22.5x4x
Sat, 29 Apr 2023₹2.3t₹586.1b₹107.8b29.2x21.1x3.9x
Mon, 27 Mar 2023₹2.0t₹586.1b₹107.8b24.2x18.5x3.4x
Price to Earnings Ratio

18.5x


Total Market Cap: ₹2.0tTotal Earnings: ₹107.8bTotal Revenue: ₹586.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Aerospace & Defense Industry Price to Earnings3Y Average 39.5x202420252026
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 39.5x.
  • The industry is trading close to its 3-year average PS ratio of 8.4x.
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-3.16%
Industrials-4.16%
Aerospace & Defense-4.85%
Aerospace and Defense-4.85%
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
AEQUS Aequs₹123.426.8%
+₹5.3b		n/aPS7.4x
543920 CFF Fluid Control₹547.201.7%
+₹187.7m		26.1%PE39.7x

Latest News

DATAPATTNS
₹3,256.40
Data Patterns (India)
7D
-2.3%
1Y
92.8%

DATAPATTNS: Fair View Maintained As Upcoming Q3 Results Will Guide Expectations

Analysts have nudged their price target for Data Patterns (India) slightly higher to ₹3,070.89 from ₹3,040.68, reflecting updated assumptions around revenue growth, profit margins and future P/E levels. What's in the News Board meeting scheduled for February 5, 2026, to consider and approve the unaudited financial results for the quarter ended December 31, 2025 (company disclosure).
UNIMECH
₹773.60
Unimech Aerospace and Manufacturing
7D
-9.2%
1Y
-18.2%
HAL
₹3,802.50
Hindustan Aeronautics
7D
-5.3%
1Y
-0.4%

HAL: Dividend And New Contracts Will Support Confidence In Future Returns

Analysts have revised their price target on Hindustan Aeronautics slightly lower from about ₹5,261 to ₹5,179 as they reset assumptions around the discount rate, revenue growth, profit margins and future P/E levels. What's in the News The Board of Directors approved a first interim dividend of ₹35 per equity share of ₹5 each, described as 700% on the face value, for the 2025-26 financial year.
500049
₹430.80
Bharat Electronics
7D
-5.1%
1Y
45.1%

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
₹2,295.80
Garden Reach Shipbuilders & Engineers
7D
-5.3%
1Y
33.2%

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
₹2,361.40
Mazagon Dock Shipbuilders
7D
-3.4%
1Y
-10.3%

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.
AEQUS
₹123.42
Aequs
7D
6.8%
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
₹196.37
Apollo Micro Systems
7D
-6.9%
1Y
66.4%
BDL
₹1,257.80
Bharat Dynamics
7D
-6.8%
1Y
0.9%

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

Feb 08
Bharat Dynamics (NSE:BDL) Is Increasing Its Dividend To ₹4.50
543920
₹547.20
CFF Fluid Control
7D
1.7%
1Y
26.1%