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Indian (NIFTY) Aerospace & Defense Industry Analysis

UpdatedJan 03, 2026
DataAggregated Company Financials
Companies23
  • 7D0.2%
  • 3M-7.3%
  • 1Y16.6%
  • YTD0.8%

The Aerospace & Defense industry has stayed flat over the last week. As for the the longer term, the industry is up 15% over the past 12 months. 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
Sat, 03 Jan 2026₹8.4t₹856.3b₹185.6b58x45.4x9.8x
Mon, 01 Dec 2025₹8.6t₹846.2b₹186.1b62.4x46.5x10.2x
Wed, 29 Oct 2025₹8.8t₹812.4b₹180.5b55x48.7x10.8x
Fri, 26 Sep 2025₹8.9t₹810.7b₹178.9b55.5x49.5x10.9x
Sun, 24 Aug 2025₹8.3t₹810.0b₹178.7b63.1x46.3x10.2x
Tue, 22 Jul 2025₹8.9t₹796.6b₹179.8b68.9x49.4x11.1x
Thu, 19 Jun 2025₹9.3t₹796.2b₹179.8b71x52x11.7x
Sat, 17 May 2025₹9.1t₹781.2b₹179.0b70.4x50.9x11.7x
Mon, 14 Apr 2025₹6.9t₹782.3b₹181.1b51.3x38.3x8.9x
Wed, 12 Mar 2025₹6.2t₹782.3b₹181.1b47.1x34.4x8x
Fri, 07 Feb 2025₹6.5t₹754.7b₹175.1b61.5x36.9x8.6x
Sun, 05 Jan 2025₹6.9t₹735.4b₹170.9b75.3x40.4x9.4x
Tue, 03 Dec 2024₹7.1t₹731.1b₹170.2b60.8x41.8x9.7x
Thu, 31 Oct 2024₹6.7t₹716.9b₹164.9b58x40.4x9.3x
Sat, 28 Sep 2024₹6.9t₹709.0b₹161.8b71.2x42.8x9.8x
Mon, 26 Aug 2024₹7.4t₹709.0b₹161.8b81.6x45.8x10.4x
Wed, 24 Jul 2024₹7.7t₹693.8b₹149.5b83x51.4x11.1x
Fri, 21 Jun 2024₹7.8t₹693.9b₹149.5b75.5x52.1x11.2x
Sun, 19 May 2024₹6.3t₹657.9b₹139.8b66.7x45.3x9.6x
Tue, 16 Apr 2024₹5.3t₹631.5b₹124.9b60x42.5x8.4x
Thu, 14 Mar 2024₹4.4t₹631.5b₹124.9b53x35.5x7x
Sat, 10 Feb 2024₹4.4t₹619.8b₹120.9b63.3x36.7x7.2x
Mon, 08 Jan 2024₹4.5t₹618.7b₹117.6b58.9x38.4x7.3x
Wed, 06 Dec 2023₹3.8t₹618.7b₹117.6b53.5x32.5x6.2x
Fri, 03 Nov 2023₹3.1t₹614.0b₹116.1b47.2x27.1x5.1x
Sun, 01 Oct 2023₹3.3t₹606.8b₹113.3b50.9x28.9x5.4x
Tue, 29 Aug 2023₹3.2t₹606.8b₹113.3b52.3x28.5x5.3x
Thu, 27 Jul 2023₹3.1t₹602.5b₹108.5b40.3x28.8x5.2x
Sat, 24 Jun 2023₹2.8t₹600.6b₹108.2b36.9x25.7x4.6x
Mon, 22 May 2023₹2.4t₹600.0b₹107.3b29.6x22x3.9x
Wed, 19 Apr 2023₹2.2t₹586.1b₹107.8b27.3x20.6x3.8x
Fri, 17 Mar 2023₹2.1t₹586.1b₹107.8b24.3x19x3.5x
Sun, 12 Feb 2023₹2.0t₹584.0b₹107.8b26.4x18.4x3.4x
Tue, 10 Jan 2023₹2.1t₹582.0b₹105.0b29x19.8x3.6x
Price to Earnings Ratio

19.8x


Total Market Cap: ₹2.1tTotal Earnings: ₹105.0bTotal Revenue: ₹582.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Aerospace & Defense Industry Price to Earnings3Y Average 37.8x202420252026
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 45.1x which is higher than its 3-year average PE of 37.8x.
  • The 3-year average PS ratio of 8.0x is lower than the industry's current PS ratio of 9.8x.
Past Earnings Growth
  • The earnings for companies in the Aerospace & Defense industry have grown 21% per year over the last three years.
  • Revenues for these companies have grown 14% 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 Market1.48%
Industrials1.49%
Aerospace & Defense0.18%
Aerospace and Defense0.18%
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₹403.101.2%
+₹34.4b		38.1%PE51.7x
BDL Bharat Dynamics₹1.50k1.2%
+₹6.3b		30.7%PE83.8x
HAL Hindustan Aeronautics₹4.42k0.2%
+₹5.8b		5.0%PE34.9x
APOLLO Apollo Micro Systems₹271.901.6%
+₹1.5b		96.7%PE111.4x
523606 Sika Interplant Systems₹926.354.5%
+₹850.2m		78.8%PE58x

Latest News

504176
₹598.40
High Energy Batteries (India)
7D
10.0%
1Y
-8.6%
DCXINDIA
₹193.56
DCX Systems
7D
-3.1%
1Y
-47.5%
PARAS
₹683.75
Paras Defence and Space Technologies
7D
-2.1%
1Y
35.5%

These 4 Measures Indicate That Paras Defence and Space Technologies (NSE:PARAS) Is Using Debt Reasonably Well

Dec 27
These 4 Measures Indicate That Paras Defence and Space Technologies (NSE:PARAS) Is Using Debt Reasonably Well
BDL
₹1,495.00
Bharat Dynamics
7D
1.2%
1Y
30.7%

Bharat Dynamics Limited's (NSE:BDL) Earnings Haven't Escaped The Attention Of Investors

Dec 27
Bharat Dynamics Limited's (NSE:BDL) Earnings Haven't Escaped The Attention Of Investors
533339
₹1,362.30
Zen Technologies
7D
-0.8%
1Y
-46.2%

533339: Defence Contracts And Simulator Expansion Will Drive Future Upside Potential

Analysts have modestly raised their price target on Zen Technologies to ₹1,642.80, reflecting slightly higher discount rate and future P/E assumptions while keeping core growth and margin expectations largely unchanged. What's in the News Awarded an INR 1,200 million contract from the Ministry of Defence to set up India's first Combat Training Node at the Infantry School in Mhow, featuring 60 plus simulators and Live Virtual Constructive training capabilities (client announcement) Received another INR 1,200 million order from the Ministry of Defence for a Comprehensive Training Node comprising a suite of training simulators and equipment, to be executed within a year (client announcement) Won an INR 1,080 million contract for tank crew gunnery training simulators, viewed as the first phase of a much larger simulation rollout under the Ministry of Defence Simulation Framework (client announcement) Secured two contracts totaling INR 2,890 million for upgrading its indigenously developed Anti Drone Systems, incorporating frontline operational feedback and reinforcing the strategic push toward IDDM solutions (client announcement) Board to consider investing up to INR 70 million for a 76 percent stake in Anawave Systems and Solutions Private Limited at the November 5, 2025 meeting (board meeting) Valuation Changes Fair Value: unchanged at ₹1,642.8 per share, indicating no revision to the intrinsic value estimate.
KRISHNADEF
₹812.65
Krishna Defence and Allied Industries
7D
2.5%
1Y
6.3%
MAZDOCK
₹2,494.50
Mazagon Dock Shipbuilders
7D
-1.8%
1Y
11.5%

Getting In Cheap On Mazagon Dock Shipbuilders Limited (NSE:MAZDOCK) Is Unlikely

Dec 22
Getting In Cheap On Mazagon Dock Shipbuilders Limited (NSE:MAZDOCK) Is Unlikely
500049
₹403.10
Bharat Electronics
7D
1.2%
1Y
38.1%
DATAPATTNS
₹2,621.70
Data Patterns (India)
7D
-2.1%
1Y
5.5%

DATAPATTNS: Future Multiple Expansion Will Drive Upside Despite Lower Growth Assumptions

Narrative Update on Data Patterns (India) Analysts have raised their price target on Data Patterns India from ₹2,500 to approximately ₹3,017, reflecting a higher assumed future valuation multiple that more than offsets modest trims to long term revenue growth and margin expectations. What's in the News Board meeting scheduled on November 12, 2025 to review and approve unaudited financial results for the second quarter and half year ended September 30, 2025, along with other business matters (company filing) Tripartite MoU signed with BEML Limited and Bharat Forge Limited to jointly support the Advanced Medium Combat Aircraft programme and participate in the Aeronautical Development Agency Expression of Interest process (company announcement) Valuation Changes Fair Value: Raised from ₹2,500 to about ₹3,016.5, a moderate increase driven by valuation multiple expansion.
AEQUS
₹137.37
Aequs
7D
-1.4%
1Y
n/a
HAL
₹4,417.80
Hindustan Aeronautics
7D
0.2%
1Y
5.0%

What Hindustan Aeronautics Limited's (NSE:HAL) P/E Is Not Telling You

Dec 09
What Hindustan Aeronautics Limited's (NSE:HAL) P/E Is Not Telling You
APOLLO
₹271.90
Apollo Micro Systems
7D
1.6%
1Y
96.7%

Does Apollo Micro Systems (NSE:APOLLO) Have A Healthy Balance Sheet?

Dec 09
Does Apollo Micro Systems (NSE:APOLLO) Have A Healthy Balance Sheet?
GRSE
₹2,437.00
Garden Reach Shipbuilders & Engineers
7D
-2.4%
1Y
48.3%
543920
₹589.30
CFF Fluid Control
7D
7.1%
1Y
-15.9%
ROSSTECH
₹629.85
Rossell Techsys
7D
-2.6%
1Y
28.0%
523606
₹926.35
Sika Interplant Systems
7D
4.5%
1Y
78.8%