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Indian (NIFTY) Aerospace & Defense Industry Analysis

UpdatedApr 25, 2026
DataAggregated Company Financials
Companies26
  • 7D-1.3%
  • 3M8.5%
  • 1Y21.4%
  • YTD6.4%

Over the last 7 days, the Aerospace & Defense industry has dropped 1.3%, driven by Bharat Electronics declining 3.9%. In contrast, Data Patterns (India) has gained 17%. This takes the industry's 12 month performance to a gain of 21%. 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, 25 Apr 2026₹9.0t₹889.8b₹193.6b57.1x46.3x10.1x
Mon, 23 Mar 2026₹8.0t₹889.6b₹193.5b51.8x41.3x9x
Wed, 18 Feb 2026₹8.5t₹889.5b₹193.5b56.9x44x9.6x
Fri, 16 Jan 2026₹8.5t₹856.3b₹185.6b53.9x46x10x
Sun, 14 Dec 2025₹8.2t₹856.3b₹185.6b58.1x44.1x9.6x
Tue, 11 Nov 2025₹8.8t₹829.7b₹183.1b54.7x48.1x10.6x
Thu, 09 Oct 2025₹8.8t₹810.7b₹178.9b54.9x49.2x10.9x
Sat, 06 Sep 2025₹8.2t₹810.0b₹178.7b55.7x45.6x10.1x
Mon, 04 Aug 2025₹8.3t₹800.1b₹178.7b62.9x46.2x10.3x
Wed, 02 Jul 2025₹9.4t₹796.6b₹179.9b73.2x52.2x11.8x
Fri, 30 May 2025₹9.4t₹796.3b₹183.1b67.1x51.6x11.9x
Sun, 27 Apr 2025₹7.2t₹782.3b₹181.1b59.7x40x9.3x
Tue, 25 Mar 2025₹7.2t₹782.3b₹181.1b52.5x39.8x9.2x
Thu, 20 Feb 2025₹5.6t₹774.4b₹178.9b46.5x31.4x7.3x
Sat, 18 Jan 2025₹6.8t₹735.4b₹170.9b72.2x39.9x9.3x
Mon, 16 Dec 2024₹7.4t₹731.1b₹170.2b65.2x43.7x10.2x
Wed, 13 Nov 2024₹6.6t₹726.0b₹167.4b63.3x39.6x9.1x
Fri, 11 Oct 2024₹7.0t₹709.4b₹161.9b70.3x43x9.8x
Sun, 08 Sep 2024₹7.1t₹709.0b₹161.8b79.7x44.1x10.1x
Tue, 06 Aug 2024₹7.3t₹701.0b₹151.9b82.7x47.9x10.4x
Thu, 04 Jul 2024₹8.2t₹693.9b₹149.5b88.3x54.8x11.8x
Sat, 01 Jun 2024₹7.2t₹707.5b₹148.1b56.5x48.6x10.2x
Mon, 29 Apr 2024₹5.7t₹631.5b₹124.9b63.7x45.8x9.1x
Wed, 27 Mar 2024₹4.7t₹631.5b₹124.9b58.5x37.9x7.5x
Fri, 23 Feb 2024₹4.6t₹631.5b₹124.9b67.1x36.5x7.2x
Sun, 21 Jan 2024₹4.6t₹618.7b₹117.6b66x39x7.4x
Tue, 19 Dec 2023₹4.2t₹618.7b₹117.6b60.4x35.9x6.8x
Thu, 16 Nov 2023₹3.4t₹623.7b₹118.6b44.5x28.8x5.5x
Sat, 14 Oct 2023₹3.3t₹606.8b₹113.3b45.6x29x5.4x
Mon, 11 Sep 2023₹3.5t₹606.8b₹113.3b56.3x30.5x5.7x
Wed, 09 Aug 2023₹3.1t₹602.3b₹110.3b43.1x28x5.1x
Fri, 07 Jul 2023₹2.9t₹600.6b₹108.2b37.3x26.6x4.8x
Sun, 04 Jun 2023₹2.5t₹600.0b₹108.0b30x22.9x4.1x
Tue, 02 May 2023₹2.3t₹586.1b₹107.9b29.2x21.1x3.9x
Price to Earnings Ratio

21.1x


Total Market Cap: ₹2.3tTotal Earnings: ₹107.9bTotal Revenue: ₹586.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Aerospace & Defense Industry Price to Earnings3Y Average 40.3x202420252026
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 46.3x which is higher than its 3-year average PE of 40.3x.
  • The 3-year average PS ratio of 8.6x is lower than the industry's current PS ratio of 10.1x.
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-0.91%
Industrials0.62%
Aerospace & Defense-1.26%
Aerospace and Defense-1.26%
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
DATAPATTNS Data Patterns (India)₹4.08k16.7%
+₹32.7b		95.4%PE92.4x
MAZDOCK Mazagon Dock Shipbuilders₹2.68k2.4%
+₹25.8b		0.7%PE44.9x
GRSE Garden Reach Shipbuilders & Engineers₹2.88k6.1%
+₹19.1b		78.0%PE47.9x
AEQUS Aequs₹186.238.9%
+₹10.2b		n/aPS11.2x
BDL Bharat Dynamics₹1.40k1.4%
+₹7.2b		-0.9%PE88.5x

Latest News

533339
₹1,676.70
Zen Technologies
7D
3.9%
1Y
18.3%

533339: Defence Licence And Leadership Changes Will Shape Balanced Future Outlook

Analysts have kept their price target for Zen Technologies steady at ₹1,654, reflecting largely unchanged views on fair value as only minor tweaks were made to assumptions around discount rate, revenue growth, profit margin and future P/E. What's in the News Zen Technologies received an arms manufacturing licence from the Government of India under the Arms Act, 1959, covering 12.7mm, 23mm, 30mm and 40mm cannons used in air defence, naval operations and Counter Unmanned Aircraft System roles (Key Developments).
UNIMECH
₹994.90
Unimech Aerospace and Manufacturing
7D
2.7%
1Y
7.8%
IDEAFORGE
₹515.30
ideaForge Technology
7D
8.1%
1Y
42.0%

IDEAFORGE: Lower Expected P E Multiple Will Likely Pressure Shares

Analysts have reset their price target on ideaForge Technology from ₹385.50 to ₹266.00, reflecting updated assumptions around the discount rate, revenue growth, profit margin, and an expected future P/E of 12.91x. What's in the News ideaForge Technology has scheduled a Board Meeting for April 30, 2026, to consider and approve the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026 (Key Developments).
GRSE
₹2,878.70
Garden Reach Shipbuilders & Engineers
7D
6.1%
1Y
78.0%

GRSE: Future Defence Collaborations And Dividends Will Support Long Term Upside

Analysts have kept their price target for Garden Reach Shipbuilders & Engineers steady at ₹3,263, citing essentially unchanged assumptions around fair value, discount rate, revenue growth, profit margin and future P/E. Together, these factors signal a consistent outlook on the stock's valuation inputs.
APSISAERO
₹222.25
Apsis Aerocom
7D
-11.5%
1Y
n/a
MAZDOCK
₹2,680.40
Mazagon Dock Shipbuilders
7D
2.4%
1Y
0.7%

MAZDOCK: Efficiency Gains And Dividend Policy Will Support Balanced Long-Term Outlook

The analyst price target for Mazagon Dock Shipbuilders has been adjusted slightly higher to about ₹2,768 from roughly ₹2,732, with analysts pointing to updated assumptions on the discount rate, revenue growth, profit margins and future P/E as the key drivers of this change. What's in the News INSTaragiri, an indigenously built stealth frigate under Project 17A, has been commissioned into the Indian Navy at Visakhapatnam, highlighting Mazagon Dock Shipbuilders’ role in India’s defense shipbuilding program (Client Announcement).
500049
₹444.50
Bharat Electronics
7D
-3.9%
1Y
49.5%

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

Analysts have modestly raised their fair value estimate for Bharat Electronics to ₹369.44 from ₹356.36, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E multiples. What's in the News Bharat Electronics reported additional orders worth ₹16.6b since the last disclosure on 17 March 2026, spanning satellite communication networks, electronic warfare systems, avionics, software solutions, munitions, EVMs, and various upgrades, spares and services (Key Developments).
DCXINDIA
₹193.71
DCX Systems
7D
-0.6%
1Y
-29.2%
DATAPATTNS
₹4,077.70
Data Patterns (India)
7D
16.7%
1Y
95.4%

DATAPATTNS: Radar Order Clarification Will Expose Downside Risk To Elevated Pricing

Analysts have raised their price target on Data Patterns (India) slightly to ₹3,070.89, reflecting updated views on discount rate, revenue growth, profit margin, and future P/E assumptions in their models. What's in the News Clarification on radar order: The company corrected an earlier filing, stating it has a contract worth INR 2,880 million for the supply of 32 Doppler Weather Radars, rather than INR 2,790 million for 34 units as previously communicated (Key Developments).
HAL
₹4,265.80
Hindustan Aeronautics
7D
-2.8%
1Y
1.7%

HAL: Defence Contracts And Dividend Will Support Future Share Returns

Analysts have slightly reduced their fair value estimate for Hindustan Aeronautics from ₹5,179.45 to ₹5,164.10, citing modest adjustments to assumptions for the discount rate, revenue growth, profit margins and future P/E. What's in the News Ministry of Defence signed contracts on 3 March 2026 that include an ALH Mk-III (Maritime Role) helicopter order worth ₹29,010 million with Hindustan Aeronautics under the Buy (Indian Indigenously Designed Developed and Manufactured) category, supporting maritime security roles for the Indian Coast Guard and involving supply from more than 200 MSMEs, with an estimated 6.5 million man hours of employment (Key Developments).
PARAS
₹800.55
Paras Defence and Space Technologies
7D
-1.1%
1Y
53.2%
522229
₹275.65
Taneja Aerospace and Aviation
7D
-2.1%
1Y
-9.5%
530929
₹773.95
RRP Defense
7D
-1.0%
1Y
1,003.3%
AEQUS
₹186.23
Aequs
7D
8.9%
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?
BDL
₹1,400.40
Bharat Dynamics
7D
1.4%
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
ROSSTECH
₹911.85
Rossell Techsys
7D
-5.9%
1Y
183.9%