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Indian (NIFTY) Aerospace & Defense Industry Analysis

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies23
  • 7D3.0%
  • 3M-4.5%
  • 1Y22.5%
  • YTD3.1%

In the last week, the Aerospace & Defense industry is up 3.0%, with Bharat Electronics up 4.5%. During this same period, the Apollo Micro Systems underperformed, falling 8.3%. This means that the industry has gained 23% over the past year. 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
Fri, 09 Jan 2026₹8.6t₹856.3b₹185.6b58x46.5x10.1x
Sun, 07 Dec 2025₹8.5t₹846.2b₹186.1b56.1x45.4x10x
Tue, 04 Nov 2025₹8.8t₹823.7b₹182.4b54.7x48.4x10.7x
Thu, 02 Oct 2025₹8.9t₹810.7b₹178.9b54.1x49.5x10.9x
Sat, 30 Aug 2025₹8.0t₹810.0b₹178.7b55.5x44.9x9.9x
Mon, 28 Jul 2025₹8.6t₹796.0b₹179.6b67.6x48.1x10.8x
Wed, 25 Jun 2025₹9.4t₹796.3b₹179.8b74.1x52.2x11.8x
Fri, 23 May 2025₹9.2t₹788.6b₹183.3b61x50.4x11.7x
Sun, 20 Apr 2025₹7.3t₹782.3b₹181.1b56.7x40.1x9.3x
Tue, 18 Mar 2025₹6.3t₹782.3b₹181.1b48.1x34.5x8x
Thu, 13 Feb 2025₹6.1t₹765.1b₹177.0b53.8x34.5x8x
Sat, 11 Jan 2025₹6.6t₹735.4b₹170.9b71x38.5x8.9x
Mon, 09 Dec 2024₹7.3t₹731.1b₹170.2b65.3x43.1x10x
Wed, 06 Nov 2024₹6.7t₹716.9b₹164.9b63.4x40.4x9.3x
Fri, 04 Oct 2024₹6.6t₹709.4b₹161.9b67.6x41x9.4x
Sun, 01 Sep 2024₹7.2t₹709.0b₹161.8b81.5x44.6x10.2x
Tue, 30 Jul 2024₹8.0t₹693.8b₹149.5b84.7x53.6x11.5x
Thu, 27 Jun 2024₹7.8t₹693.9b₹149.5b83.9x52.4x11.3x
Sat, 25 May 2024₹7.3t₹686.9b₹144.7b66.4x50.7x10.7x
Mon, 22 Apr 2024₹5.4t₹631.5b₹124.9b60.2x43.3x8.6x
Wed, 20 Mar 2024₹4.4t₹631.5b₹124.9b61.6x35.5x7x
Fri, 16 Feb 2024₹4.5t₹632.4b₹124.9b62.6x35.9x7.1x
Sun, 14 Jan 2024₹4.5t₹618.7b₹117.6b62.7x38.4x7.3x
Tue, 12 Dec 2023₹4.1t₹618.7b₹117.6b56.1x34.8x6.6x
Thu, 09 Nov 2023₹3.4t₹615.3b₹117.0b47x28.7x5.5x
Sat, 07 Oct 2023₹3.3t₹606.8b₹113.3b47.6x29x5.4x
Mon, 04 Sep 2023₹3.3t₹606.8b₹113.3b57.5x29.1x5.4x
Wed, 02 Aug 2023₹3.2t₹606.4b₹110.2b44.8x28.7x5.2x
Fri, 30 Jun 2023₹2.8t₹600.6b₹108.2b37.2x26.2x4.7x
Sun, 28 May 2023₹2.4t₹623.0b₹110.9b31x21.3x3.8x
Tue, 25 Apr 2023₹2.2t₹586.1b₹107.8b27x20.6x3.8x
Thu, 23 Mar 2023₹2.0t₹586.1b₹107.8b24.6x18.9x3.5x
Sat, 18 Feb 2023₹2.1t₹586.1b₹107.8b25.6x19.3x3.5x
Mon, 16 Jan 2023₹2.1t₹582.0b₹105.0b28.6x19.6x3.5x
Price to Earnings Ratio

19.6x


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 37.9x202420252026
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 46.5x 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 10.1x.
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 Market0.84%
Industrials1.21%
Aerospace & Defense3.00%
Aerospace and Defense3.00%
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₹415.654.5%
+₹131.2b		47.8%PE53.3x
HAL Hindustan Aeronautics₹4.48k1.9%
+₹54.8b		9.3%PE35.4x
BDL Bharat Dynamics₹1.53k3.5%
+₹19.1b		27.5%PE85.9x
DATAPATTNS Data Patterns (India)₹2.68k3.2%
+₹4.7b		16.2%PE64.4x
AEQUS Aequs₹143.363.7%
+₹3.2b		n/aPS8.8x

Latest News

500049
₹415.65
Bharat Electronics
7D
4.5%
1Y
47.8%
DATAPATTNS
₹2,684.40
Data Patterns (India)
7D
3.2%
1Y
16.2%

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
₹4,479.80
Hindustan Aeronautics
7D
1.9%
1Y
9.3%
504176
₹558.10
High Energy Batteries (India)
7D
-7.8%
1Y
-8.9%
BDL
₹1,533.60
Bharat Dynamics
7D
3.5%
1Y
27.5%

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
₹1,330.55
Zen Technologies
7D
-2.0%
1Y
-47.5%

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.
MAZDOCK
₹2,480.40
Mazagon Dock Shipbuilders
7D
0.1%
1Y
11.1%

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
AEQUS
₹143.36
Aequs
7D
3.7%
1Y
n/a
APOLLO
₹253.10
Apollo Micro Systems
7D
-8.3%
1Y
95.5%

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
₹899.20
Unimech Aerospace and Manufacturing
7D
-1.6%
1Y
-30.9%

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
₹2,459.40
Garden Reach Shipbuilders & Engineers
7D
0.7%
1Y
60.2%
530929
₹899.50
RRP Defense
7D
-1.0%
1Y
n/a
TECHERA
₹203.35
TechEra Engineering (India)
7D
-4.3%
1Y
1.4%
ROSSTECH
₹603.35
Rossell Techsys
7D
-3.7%
1Y
29.2%
522229
₹287.00
Taneja Aerospace and Aviation
7D
-5.7%
1Y
-31.5%
523606
₹984.55
Sika Interplant Systems
7D
7.2%
1Y
97.2%