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Indian (NIFTY) Aerospace & Defense Industry Analysis

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies26
  • 7D7.1%
  • 3M0.004%
  • 1Y21.4%
  • YTD1.7%

Over the last 7 days, the Aerospace & Defense industry has risen 7.1%, driven by gains from Hindustan Aeronautics of 9.3%. In the last 12 months, the industry was up 21%. As for the next few years, earnings are expected to grow by 18% per annum.

Industry Valuation and Performance

Has the Indian Aerospace & Defense Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 14 Apr 2026₹8.5t₹889.8b₹193.6b54.1x44.1x9.6x
Thu, 12 Mar 2026₹8.5t₹889.6b₹193.5b53.8x43.9x9.5x
Sat, 07 Feb 2026₹8.3t₹877.2b₹188.6b52.5x43.8x9.4x
Mon, 05 Jan 2026₹8.4t₹856.3b₹185.6b58x45.4x9.8x
Wed, 03 Dec 2025₹8.6t₹846.2b₹186.1b57.8x46.2x10.2x
Fri, 31 Oct 2025₹8.7t₹811.8b₹180.4b54.5x48.2x10.7x
Sun, 28 Sep 2025₹8.7t₹810.7b₹178.9b54x48.7x10.7x
Tue, 26 Aug 2025₹8.3t₹810.0b₹178.7b58.1x46.2x10.2x
Thu, 24 Jul 2025₹8.8t₹795.8b₹179.6b70.1x49.3x11.1x
Sat, 21 Jun 2025₹9.4t₹796.2b₹179.8b71.4x52.2x11.8x
Mon, 19 May 2025₹9.1t₹786.2b₹180.0b60.3x50.6x11.6x
Wed, 16 Apr 2025₹7.2t₹782.3b₹181.1b55.5x39.9x9.2x
Fri, 14 Mar 2025₹6.2t₹782.3b₹181.1b46.9x34.4x8x
Sun, 09 Feb 2025₹6.5t₹765.4b₹177.0b60.3x36.5x8.4x
Tue, 07 Jan 2025₹6.7t₹735.4b₹170.9b72.9x39.1x9.1x
Thu, 05 Dec 2024₹7.3t₹731.1b₹170.2b65.2x42.9x10x
Sat, 02 Nov 2024₹6.7t₹716.9b₹164.9b60.6x40.8x9.4x
Mon, 30 Sep 2024₹6.9t₹709.0b₹161.8b71.2x42.8x9.8x
Wed, 28 Aug 2024₹7.3t₹709.0b₹161.8b81.2x44.9x10.3x
Fri, 26 Jul 2024₹7.6t₹693.8b₹149.5b79.8x50.8x11x
Sun, 23 Jun 2024₹7.6t₹693.9b₹149.5b74.9x50.9x11x
Tue, 21 May 2024₹6.1t₹635.2b₹135.2b66.5x45.3x9.6x
Thu, 18 Apr 2024₹5.4t₹631.5b₹124.9b61.6x43.2x8.5x
Sat, 16 Mar 2024₹4.5t₹631.5b₹124.9b61.9x36.2x7.2x
Mon, 12 Feb 2024₹4.4t₹619.7b₹120.9b63.3x36.7x7.2x
Wed, 10 Jan 2024₹4.5t₹618.7b₹117.6b58.9x38.3x7.3x
Fri, 08 Dec 2023₹4.0t₹618.7b₹117.6b56x34x6.5x
Sun, 05 Nov 2023₹3.2t₹614.2b₹116.2b47.3x27.5x5.2x
Tue, 03 Oct 2023₹3.3t₹606.8b₹113.3b50.9x28.9x5.4x
Thu, 31 Aug 2023₹3.2t₹606.8b₹113.3b56.6x28.5x5.3x
Sat, 29 Jul 2023₹3.2t₹607.0b₹110.2b40.8x29x5.3x
Mon, 26 Jun 2023₹2.8t₹600.6b₹108.2b36.9x25.7x4.6x
Wed, 24 May 2023₹2.4t₹600.0b₹107.3b29.7x22x3.9x
Fri, 21 Apr 2023₹2.2t₹586.1b₹107.8b27.3x20.5x3.8x
Price to Earnings Ratio

20.5x


Total Market Cap: ₹2.2tTotal Earnings: ₹107.8bTotal Revenue: ₹586.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Aerospace & Defense Industry Price to Earnings3Y Average 40x202420252026
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 40.0x.
  • The 3-year average PS ratio of 8.6x 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 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 Market4.97%
Industrials7.36%
Aerospace & Defense7.10%
Aerospace and Defense7.10%
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
HAL Hindustan Aeronautics₹4.10k8.0%
+₹203.1b		-2.5%PE30.8x
500049 Bharat Electronics₹441.603.2%
+₹101.2b		50.4%PE54.1x
MAZDOCK Mazagon Dock Shipbuilders₹2.49k7.2%
+₹67.3b		-6.3%PE41.8x
BDL Bharat Dynamics₹1.33k7.8%
+₹35.5b		-5.1%PE84.2x
GRSE Garden Reach Shipbuilders & Engineers₹2.52k9.4%
+₹24.8b		48.5%PE41.9x

Latest News

GRSE
₹2,521.90
Garden Reach Shipbuilders & Engineers
7D
9.4%
1Y
48.5%
533339
₹1,523.70
Zen Technologies
7D
7.0%
1Y
1.7%

533339: Defence Orders And New Leadership Will Drive Future Upside

Analysts have maintained their price target on Zen Technologies at ₹1,654, citing updated assumptions that now reflect higher expected revenue growth and a slightly lower P/E multiple, along with modestly adjusted discount rate and profit margin inputs. What's in the News Received orders totaling ₹4,040 million (including GST) from the Ministry of Defence, Government of India, covering Anti-Drone Systems / Counter Unmanned Aerial Systems (C-UAS) worth ₹3,320 million and Training Simulators and Equipment worth ₹720 million, with execution scheduled within a year (company announcement).
HAL
₹4,099.90
Hindustan Aeronautics
7D
8.0%
1Y
-2.5%

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).
MAZDOCK
₹2,494.90
Mazagon Dock Shipbuilders
7D
7.2%
1Y
-6.3%

MAZDOCK: Interim Dividend Stream Will Support Future Upside Potential

Analysts have kept the fair value estimate for Mazagon Dock Shipbuilders steady at ₹3,407, citing only modest updates to assumptions such as the discount rate, revenue growth, profit margin and future P/E that were not material enough to shift the overall price target. What's in the News The Board approved a 2nd interim dividend of ₹7.5 per equity share of ₹5 each, fully paid up, for the financial year 2025-26 at its meeting on 5 Feb 2026 (company announcement).
500049
₹441.60
Bharat Electronics
7D
3.2%
1Y
50.4%

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

Analysts have modestly raised their fair value estimate for Bharat Electronics from about ₹353 to roughly ₹356, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What's in the News Bharat Electronics signed an MoU with RRP Electronics and RRP Defense to jointly pursue work in semiconductors, electro optics, unmanned systems and other defence technologies, with a focus on indigenisation, capability building and potential export opportunities (Key Developments).
530929
₹781.75
RRP Defense
7D
-1.0%
1Y
1,179.5%
AEQUS
₹151.28
Aequs
7D
22.9%
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?
APOLLO
₹232.47
Apollo Micro Systems
7D
17.4%
1Y
97.2%
539661
₹94.64
Ace Men Engg Works
7D
-3.3%
1Y
18.4%
BDL
₹1,332.80
Bharat Dynamics
7D
7.8%
1Y
-5.1%

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

Feb 08
Bharat Dynamics (NSE:BDL) Is Increasing Its Dividend To ₹4.50