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Indian (NIFTY) Aerospace & Defense Industry Analysis

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies23
  • 7D1.7%
  • 3M-5.1%
  • 1Y24.5%
  • YTD2.5%

Over the last 7 days, the Aerospace & Defense industry has risen 1.7%, driven by gains from Bharat Electronics of 3.9%. During this same period, the Apollo Micro Systems underperformed, falling 9.5%. In the last 12 months, the industry was up 24%. 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
Sun, 11 Jan 2026₹8.6t₹856.3b₹185.6b54.9x46.2x10x
Tue, 09 Dec 2025₹8.1t₹846.2b₹186.1b52.7x43.4x9.5x
Thu, 06 Nov 2025₹8.7t₹828.8b₹182.9b56.6x47.6x10.5x
Sat, 04 Oct 2025₹9.0t₹810.7b₹178.9b55.7x50.3x11.1x
Mon, 01 Sep 2025₹8.0t₹810.0b₹178.7b55.5x44.9x9.9x
Wed, 30 Jul 2025₹8.4t₹800.3b₹178.7b65.2x47.2x10.5x
Fri, 27 Jun 2025₹9.2t₹796.6b₹179.9b72.2x51x11.5x
Sun, 25 May 2025₹9.2t₹787.9b₹183.4b60.6x50x11.6x
Tue, 22 Apr 2025₹7.4t₹782.3b₹181.1b60.5x40.9x9.5x
Thu, 20 Mar 2025₹6.7t₹782.3b₹181.1b49.9x37.2x8.6x
Sat, 15 Feb 2025₹5.9t₹796.5b₹189.5b50.3x31.3x7.5x
Mon, 13 Jan 2025₹6.6t₹735.4b₹170.9b71x38.5x8.9x
Wed, 11 Dec 2024₹7.4t₹731.1b₹170.2b64.2x43.5x10.1x
Fri, 08 Nov 2024₹6.9t₹726.2b₹167.5b65.4x41.3x9.5x
Sun, 06 Oct 2024₹6.6t₹709.4b₹161.9b69.2x40.9x9.3x
Tue, 03 Sep 2024₹7.2t₹709.0b₹161.8b81.2x44.5x10.2x
Thu, 01 Aug 2024₹7.9t₹701.0b₹151.9b88.6x51.8x11.2x
Sat, 29 Jun 2024₹7.8t₹693.9b₹149.5b83x52.4x11.3x
Mon, 27 May 2024₹7.3t₹686.4b₹144.7b66.4x50.7x10.7x
Wed, 24 Apr 2024₹5.5t₹631.5b₹124.9b67x44x8.7x
Fri, 22 Mar 2024₹4.6t₹631.5b₹124.9b63x36.6x7.2x
Sun, 18 Feb 2024₹4.5t₹631.5b₹124.9b65.7x36.3x7.2x
Tue, 16 Jan 2024₹4.6t₹618.7b₹117.6b62x39x7.4x
Thu, 14 Dec 2023₹4.1t₹618.7b₹117.6b59.6x34.7x6.6x
Sat, 11 Nov 2023₹3.3t₹615.4b₹117.1b42.5x28.6x5.4x
Mon, 09 Oct 2023₹3.3t₹606.8b₹113.3b47.6x29x5.4x
Wed, 06 Sep 2023₹3.3t₹606.8b₹113.3b56.1x29.3x5.5x
Fri, 04 Aug 2023₹3.1t₹606.7b₹110.2b42.5x27.9x5.1x
Sun, 02 Jul 2023₹2.9t₹600.6b₹108.2b37x26.8x4.8x
Tue, 30 May 2023₹2.4t₹623.0b₹110.9b30.8x21.4x3.8x
Thu, 27 Apr 2023₹2.2t₹586.1b₹107.8b28.2x20.6x3.8x
Sat, 25 Mar 2023₹2.0t₹586.1b₹107.8b24.2x18.5x3.4x
Mon, 20 Feb 2023₹2.1t₹586.1b₹107.8b25.6x19.3x3.5x
Wed, 18 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 38x202420252026
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 46.2x which is higher than its 3-year average PE of 37.9x.
  • The 3-year average PS ratio of 8.0x is lower than the industry's current PS ratio of 10.0x.
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 Market-2.80%
Industrials-3.64%
Aerospace & Defense1.71%
Aerospace and Defense1.71%
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₹418.853.9%
+₹115.1b		54.6%PE53.8x
HAL Hindustan Aeronautics₹4.46k1.0%
+₹29.6b		11.5%PE35.2x
BDL Bharat Dynamics₹1.52k1.7%
+₹9.3b		26.7%PE85.2x
MAZDOCK Mazagon Dock Shipbuilders₹2.50k0.2%
+₹2.4b		12.5%PE43.2x
AEQUS Aequs₹141.082.7%
+₹2.3b		n/aPS8.7x

Latest News

504176
₹546.00
High Energy Batteries (India)
7D
-8.8%
1Y
-8.3%
533339
₹1,292.65
Zen Technologies
7D
-5.1%
1Y
-47.4%

533339: Defence Contracts For Training And Anti Drone Systems Will Drive Upside

Analysts have kept their fair value estimate for Zen Technologies steady at ₹1,642.80 per share, with only minor tweaks to assumptions such as the discount rate and future P/E multiple. This reflects largely unchanged expectations around growth and profitability.
500049
₹418.85
Bharat Electronics
7D
3.9%
1Y
54.6%

500049: Defence And Aerospace Orders Will Support Steady Outlook Ahead

Analysts have made a small upward tweak to their fair value estimate for Bharat Electronics to ₹463.81 from ₹462.85, reflecting slightly adjusted views on the discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Bharat Electronics reported receiving orders worth ₹5,960 million since January 1, 2026, covering software solutions, drone detection systems, upgrades, spares, services and jamming terminals (Client Announcements).
MAZDOCK
₹2,500.50
Mazagon Dock Shipbuilders
7D
0.2%
1Y
12.5%

MAZDOCK: Navy Landing Dock Partnership Will Support Future Upside Potential

Analysts have trimmed their price target on Mazagon Dock Shipbuilders slightly to ₹2,975 from ₹3,020, reflecting updated assumptions for revenue, profit margins, discount rate and future P/E multiples. What's in the News Mazagon Dock Shipbuilders signed an exclusive teaming agreement with Swan Defence and Heavy Industries at India Maritime Week 2025 in Mumbai for collaboration on designing and constructing Landing Platform Docks for the Indian Navy (Key Developments).
KRISHNADEF
₹937.05
Krishna Defence and Allied Industries
7D
15.3%
1Y
22.4%
DATAPATTNS
₹2,650.60
Data Patterns (India)
7D
1.1%
1Y
18.6%

DATAPATTNS: Higher Margin Assumptions Will Support Future Multiple Expansion Potential

Analysts have nudged their price target on Data Patterns (India) higher, pointing to slightly stronger assumptions around revenue growth and profit margins, as well as a modestly lower future P/E, while holding their fair value estimate broadly steady. What's in the News Board meeting scheduled for November 12, 2025, to review and approve unaudited financial results for the second quarter and half year ended September 30, 2025.
HAL
₹4,462.10
Hindustan Aeronautics
7D
1.0%
1Y
11.5%
DCXINDIA
₹186.68
DCX Systems
7D
-3.6%
1Y
-48.8%
BDL
₹1,520.50
Bharat Dynamics
7D
1.7%
1Y
26.7%

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
C2C
₹452.90
C2C Advanced Systems
7D
-5.0%
1Y
-51.7%
AEQUS
₹141.08
Aequs
7D
2.7%
1Y
n/a
APOLLO
₹246.15
Apollo Micro Systems
7D
-9.5%
1Y
106.2%

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

Dec 09
Does Apollo Micro Systems (NSE:APOLLO) Have A Healthy Balance Sheet?
UNIMECH
₹885.25
Unimech Aerospace and Manufacturing
7D
-2.8%
1Y
-30.4%

Unimech Aerospace and Manufacturing Limited's (NSE:UNIMECH) Analyst Just Slashed This Year's Estimates

Nov 28
Unimech Aerospace and Manufacturing Limited's (NSE:UNIMECH) Analyst Just Slashed This Year's Estimates
GRSE
₹2,454.20
Garden Reach Shipbuilders & Engineers
7D
0.7%
1Y
66.7%
ROSSTECH
₹573.85
Rossell Techsys
7D
-8.9%
1Y
25.9%
522229
₹278.80
Taneja Aerospace and Aviation
7D
-7.2%
1Y
-30.4%