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Indian (NIFTY) Aerospace & Defense Industry Analysis

UpdatedDec 16, 2025
DataAggregated Company Financials
Companies23
  • 7D0.4%
  • 3M-9.2%
  • 1Y4.5%
  • YTD13.6%

The Aerospace & Defense industry has been flat over the last week, but Mazagon Dock Shipbuilders has lost 3.3%. The past year has been better, since the industry has gained 4.5% in that time. 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
Wed, 17 Dec 2025₹8.2t₹856.3b₹185.6b56.7x44.1x9.6x
Fri, 14 Nov 2025₹8.9t₹837.0b₹184.6b53.9x48x10.6x
Sun, 12 Oct 2025₹8.9t₹810.7b₹178.9b54.9x49.9x11x
Tue, 09 Sep 2025₹8.2t₹810.0b₹178.7b65.5x45.9x10.1x
Thu, 07 Aug 2025₹8.4t₹800.1b₹178.7b60.8x47.2x10.5x
Sat, 05 Jul 2025₹9.6t₹796.6b₹179.9b75.3x53.2x12x
Mon, 02 Jun 2025₹9.3t₹808.2b₹179.8b65.2x51.7x11.5x
Wed, 30 Apr 2025₹7.9t₹782.3b₹181.1b62.8x43.9x10.2x
Fri, 28 Mar 2025₹7.2t₹782.3b₹181.1b52.3x39.5x9.1x
Sun, 23 Feb 2025₹5.8t₹774.4b₹178.9b48.6x32.5x7.5x
Tue, 21 Jan 2025₹7.0t₹735.4b₹170.9b73.1x40.8x9.5x
Thu, 19 Dec 2024₹7.3t₹731.1b₹170.2b63.2x42.7x9.9x
Sat, 16 Nov 2024₹6.4t₹735.8b₹170.2b54.3x37.6x8.7x
Mon, 14 Oct 2024₹6.9t₹709.4b₹161.9b71x42.8x9.8x
Wed, 11 Sep 2024₹7.1t₹709.0b₹161.8b79.8x44x10x
Fri, 09 Aug 2024₹7.4t₹701.3b₹152.0b84.5x48.8x10.6x
Sun, 07 Jul 2024₹8.6t₹693.9b₹149.5b92.7x57.5x12.4x
Tue, 04 Jun 2024₹7.6t₹707.5b₹148.1b58.5x51.4x10.8x
Thu, 02 May 2024₹5.6t₹631.5b₹124.9b61.5x45x8.9x
Sat, 30 Mar 2024₹4.8t₹631.5b₹124.9b57.5x38.1x7.5x
Mon, 26 Feb 2024₹4.7t₹631.5b₹124.9b68.7x37.6x7.4x
Wed, 24 Jan 2024₹4.4t₹618.6b₹117.5b64.7x37.8x7.2x
Fri, 22 Dec 2023₹4.1t₹618.7b₹117.6b58.9x35.1x6.7x
Sun, 19 Nov 2023₹3.5t₹625.5b₹118.9b46.1x29.2x5.6x
Tue, 17 Oct 2023₹3.3t₹606.8b₹113.3b45.6x29x5.4x
Thu, 14 Sep 2023₹3.3t₹606.8b₹113.3b51.3x28.9x5.4x
Sat, 12 Aug 2023₹3.1t₹603.0b₹111.1b43.6x27.9x5.1x
Mon, 10 Jul 2023₹2.9t₹602.5b₹108.5b38.9x27.1x4.9x
Wed, 07 Jun 2023₹2.7t₹600.0b₹108.0b30.7x24.6x4.4x
Fri, 05 May 2023₹2.3t₹586.1b₹107.9b28.5x21.6x4x
Sun, 02 Apr 2023₹2.1t₹586.1b₹107.8b25.9x19.7x3.6x
Tue, 28 Feb 2023₹2.0t₹586.1b₹107.8b25.3x18.8x3.5x
Thu, 26 Jan 2023₹2.1t₹581.6b₹105.0b28.5x19.9x3.6x
Sat, 24 Dec 2022₹2.0t₹582.0b₹105.0b25.7x18.7x3.4x
Price to Earnings Ratio

18.7x


Total Market Cap: ₹2.0tTotal Earnings: ₹105.0bTotal Revenue: ₹582.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Aerospace & Defense Industry Price to Earnings3Y Average 37.4x202320242025
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 44.1x which is higher than its 3-year average PE of 37.4x.
  • The 3-year average PS ratio of 7.9x is lower than the industry's current PS ratio of 9.6x.
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 Market1.22%
Industrials2.42%
Aerospace & Defense0.36%
Aerospace and Defense0.36%
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
533339 Zen Technologies₹1.36k1.3%
+₹1.6b		-43.1%PE49.7x
TECHERA TechEra Engineering (India)₹217.502.8%
+₹98.3m		-2.2%PE60.9x
539661 Ace Men Engg Works₹96.400.6%
+₹7.2m		5.9%PE18042.9x

Latest News

500049
₹387.95
Bharat Electronics
7D
-0.4%
1Y
25.0%

500049: Defence And Aerospace Orders Will Drive Strong Upside Ahead

Analysts have modestly raised their price target on Bharat Electronics by Rs 0.00, reflecting slightly higher assumed discount rates and future earnings multiples, while keeping core growth and margin expectations broadly unchanged. What's in the News Bharat Electronics has secured additional defence and allied orders worth INR 8,710 million, including fire control systems, thermal imagers, ground support equipment, upgrades, spares and services (company disclosure).
533339
₹1,363.80
Zen Technologies
7D
1.3%
1Y
-43.1%

533339: Defence Orders Will Drive Future Upside Potential

Analysts have nudged their price target on Zen Technologies slightly higher to ₹1,642.80. This reflects marginally increased confidence in the company’s long term profit margins and valuation multiples, despite largely unchanged growth assumptions.
HAL
₹4,261.40
Hindustan Aeronautics
7D
-1.0%
1Y
-7.8%

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
₹228.60
Apollo Micro Systems
7D
-4.8%
1Y
136.6%

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

Dec 09
Does Apollo Micro Systems (NSE:APOLLO) Have A Healthy Balance Sheet?
539661
₹96.40
Ace Men Engg Works
7D
0.6%
1Y
5.9%
DATAPATTNS
₹2,581.20
Data Patterns (India)
7D
-1.6%
1Y
-1.0%

DATAPATTNS: Future Defence Collaborations Will Drive Long-Term Performance

Analysts have modestly raised their blended price target for Data Patterns (India) to ₹3,498.50, reflecting slightly higher discount rate and valuation multiple assumptions as they factor in the company’s resilient growth and stable profit margin outlook. 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, along with other business matters (company filing) Tripartite MoU signed among BEML Limited, Bharat Forge Limited, and Data Patterns (India) on September 26, 2025, to jointly support the Advanced Medium Combat Aircraft programme and participate in an Expression of Interest issued by the Aeronautical Development Agency (company announcement) Valuation Changes Consensus Analyst Price Target: Unchanged at ₹3,498.50, indicating no revision to the fair value estimate.
UNIMECH
₹908.10
Unimech Aerospace and Manufacturing
7D
-6.7%
1Y
n/a

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
MAZDOCK
₹2,408.00
Mazagon Dock Shipbuilders
7D
-3.3%
1Y
-9.3%

Mazagon Dock Shipbuilders (NSE:MAZDOCK) Is Doing The Right Things To Multiply Its Share Price

Nov 26
Mazagon Dock Shipbuilders (NSE:MAZDOCK) Is Doing The Right Things To Multiply Its Share Price
GRSE
₹2,290.10
Garden Reach Shipbuilders & Engineers
7D
-6.4%
1Y
30.5%
BDL
₹1,355.60
Bharat Dynamics
7D
-5.0%
1Y
5.9%

Bharat Dynamics' (NSE:BDL) Solid Earnings May Rest On Weak Foundations

Nov 21
Bharat Dynamics' (NSE:BDL) Solid Earnings May Rest On Weak Foundations
TECHERA
₹217.50
TechEra Engineering (India)
7D
2.8%
1Y
-2.2%