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Indian (NIFTY) Aerospace & Defense Industry Analysis

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies25
  • 7D-3.7%
  • 3M-7.9%
  • 1Y6.7%
  • YTD-7.4%

Over the last 7 days, the Aerospace & Defense industry has dropped 7.0%, driven by pullbacks in Bharat Electronics and Hindustan Aeronautics of 6.5% and 7.4%, respectively. This takes the industry's 12 month performance to a gain of 7.2%. 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, 27 Mar 2026₹7.8t₹889.6b₹193.5b51.6x40.1x8.7x
Sun, 22 Feb 2026₹8.4t₹889.7b₹193.5b55.8x43.7x9.5x
Tue, 20 Jan 2026₹8.5t₹856.3b₹185.6b52.6x45.8x9.9x
Thu, 18 Dec 2025₹8.0t₹856.3b₹185.6b56.7x43.1x9.3x
Sat, 15 Nov 2025₹9.0t₹839.3b₹184.9b55.6x48.6x10.7x
Mon, 13 Oct 2025₹8.9t₹810.7b₹178.9b54.9x49.9x11x
Wed, 10 Sep 2025₹8.2t₹810.0b₹178.7b64.7x45.9x10.1x
Fri, 08 Aug 2025₹8.4t₹800.1b₹178.7b59.6x47.2x10.5x
Sun, 06 Jul 2025₹9.6t₹796.6b₹179.9b75.3x53.2x12x
Tue, 03 Jun 2025₹9.3t₹796.2b₹179.8b64.4x51.7x11.7x
Thu, 01 May 2025₹7.8t₹782.3b₹181.1b59.8x43.2x10x
Sat, 29 Mar 2025₹7.2t₹782.3b₹181.1b52.4x39.7x9.2x
Mon, 24 Feb 2025₹5.8t₹774.4b₹178.9b48.6x32.5x7.5x
Wed, 22 Jan 2025₹6.8t₹735.4b₹170.9b71.2x39.6x9.2x
Fri, 20 Dec 2024₹7.1t₹733.3b₹170.3b64.3x41.9x9.7x
Sun, 17 Nov 2024₹6.4t₹730.6b₹170.0b60.7x37.7x8.8x
Tue, 15 Oct 2024₹6.9t₹709.4b₹161.9b71x42.8x9.8x
Thu, 12 Sep 2024₹7.1t₹709.0b₹161.8b79.2x43.6x10x
Sat, 10 Aug 2024₹7.5t₹703.9b₹152.1b85.2x49.3x10.6x
Mon, 08 Jul 2024₹8.6t₹693.9b₹149.5b92.7x57.5x12.4x
Wed, 05 Jun 2024₹6.3t₹707.0b₹148.1b54.6x42.5x8.9x
Fri, 03 May 2024₹5.6t₹631.5b₹124.9b60x45.1x8.9x
Sun, 31 Mar 2024₹4.8t₹631.5b₹124.9b57.5x38.1x7.5x
Tue, 27 Feb 2024₹4.7t₹631.5b₹124.9b71.2x37.8x7.5x
Thu, 25 Jan 2024₹4.5t₹618.6b₹117.5b64.1x38.3x7.3x
Sat, 23 Dec 2023₹4.2t₹618.7b₹117.6b58.9x35.5x6.7x
Mon, 20 Nov 2023₹3.5t₹625.5b₹118.9b46.1x29.2x5.6x
Wed, 18 Oct 2023₹3.3t₹606.8b₹113.3b45.6x29x5.4x
Fri, 15 Sep 2023₹3.3t₹606.8b₹113.3b53.3x29.1x5.4x
Sun, 13 Aug 2023₹3.1t₹607.1b₹113.3b43.6x27.4x5.1x
Tue, 11 Jul 2023₹3.0t₹602.5b₹108.5b38.4x27.2x4.9x
Thu, 08 Jun 2023₹2.7t₹600.0b₹108.0b31.3x24.7x4.5x
Sat, 06 May 2023₹2.3t₹586.1b₹107.9b28.2x21.5x4x
Mon, 03 Apr 2023₹2.1t₹586.1b₹107.8b25.9x19.7x3.6x
Price to Earnings Ratio

19.7x


Total Market Cap: ₹2.1tTotal Earnings: ₹107.8bTotal Revenue: ₹586.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Aerospace & Defense Industry Price to Earnings3Y Average 39.7x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Aerospace & Defense industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 39.6x.
  • The industry is trading close to its 3-year average PS ratio of 8.5x.
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 Market1.06%
Industrials0.71%
Aerospace & Defense-3.74%
Aerospace and Defense-3.74%
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
PARAS Paras Defence and Space Technologies₹641.651.8%
+₹910.6m		31.8%PE70.4x
UNIMECH Unimech Aerospace and Manufacturing₹787.201.8%
+₹691.7m		-20.1%PE60.3x
DCXINDIA DCX Systems₹170.463.8%
+₹690.6m		-25.5%PE142.8x
ROSSTECH Rossell Techsys₹703.202.6%
+₹672.9m		143.6%PE125.2x
C2C C2C Advanced Systems₹388.0010.0%
+₹589.1m		20.3%PE15.1x

Latest News

533339
₹1,394.30
Zen Technologies
7D
-1.5%
1Y
-4.9%

533339: Defence Orders Will Drive Future Upside Over The Next Year

Analysts have maintained their fair value estimate for Zen Technologies at ₹1,654, with only minor tweaks to discount rate, growth, margin and future P/E assumptions, so the price target itself remains unchanged. What's in the News Company has received orders aggregating to ₹4,040 million (including GST) from the Ministry of Defence, Government of India, covering Anti Drone Systems / Counter Unmanned Aerial Systems (C UAS) and Training Simulators and Equipment, with execution expected within a year (company announcement).
TECHERA
₹205.95
TechEra Engineering (India)
7D
17.9%
1Y
59.3%
HAL
₹3,669.40
Hindustan Aeronautics
7D
-3.5%
1Y
-11.8%

HAL: Defence Orders And Dividend Will Support Strong Future Returns

Analysts have kept their price target for Hindustan Aeronautics steady at ₹5,179.45, citing only minor adjustments to assumptions, such as a slightly lower discount rate, a stable revenue growth outlook, a higher profit margin expectation, and a modestly lower future P/E multiple. What's in the News On March 3, 2026, the Ministry of Defence signed contracts totaling ₹50.83b.
500049
₹413.60
Bharat Electronics
7D
-4.0%
1Y
37.5%

500049: Defence Electronics Order Wins And Dividend Will Support Long Term Upside

Analysts have kept the price target for Bharat Electronics steady at about ₹485.56 per share, with only marginal fine tuning to inputs such as the discount rate and assumed future P/E. This reflects largely unchanged views on the stock’s valuation drivers.
GRSE
₹2,177.00
Garden Reach Shipbuilders & Engineers
7D
-5.2%
1Y
28.4%

GRSE: Future Defence Partnerships Will Support Stronger Long Term Earnings Potential

Analysts have raised their price target on Garden Reach Shipbuilders & Engineers from ₹2,354 to ₹3,263, citing updated assumptions around discount rate, revenue growth, profit margin and future P/E levels. What's in the News MoU with Kalyani Strategic Systems Limited on March 5, 2026 to jointly develop indigenous advanced naval systems, unmanned platforms and other maritime capabilities for domestic and international markets, with no financial implication specified at this stage (Key Developments).
MAZDOCK
₹2,255.90
Mazagon Dock Shipbuilders
7D
-4.5%
1Y
-16.3%

MAZDOCK: Dividend Payouts Will Support Future Upside Potential

Analysts have trimmed their price target on Mazagon Dock Shipbuilders by ₹82 to ₹3,407, reflecting updated assumptions for discount rate, revenue growth, profit margin and future P/E. What's in the News The Board approved a 2nd interim dividend of ₹7.50 per equity share of face value ₹5 for the financial year 2025-26, signalling another cash payout to shareholders for the year (company announcement).
DATAPATTNS
₹3,213.30
Data Patterns (India)
7D
-1.3%
1Y
90.3%

DATAPATTNS: Fair View Maintained As Upcoming Q3 Results Will Guide Expectations

Analysts have nudged their price target for Data Patterns (India) slightly higher to ₹3,070.89 from ₹3,040.68, reflecting updated assumptions around revenue growth, profit margins and future P/E levels. What's in the News Board meeting scheduled for February 5, 2026, to consider and approve the unaudited financial results for the quarter ended December 31, 2025 (company disclosure).
UNIMECH
₹787.20
Unimech Aerospace and Manufacturing
7D
1.8%
1Y
-20.1%
DCXINDIA
₹170.46
DCX Systems
7D
3.8%
1Y
-25.5%
AEQUS
₹121.15
Aequs
7D
-1.8%
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?
PARAS
₹641.65
Paras Defence and Space Technologies
7D
1.8%
1Y
31.8%
APOLLO
₹197.67
Apollo Micro Systems
7D
0.7%
1Y
59.5%
C2C
₹388.00
C2C Advanced Systems
7D
10.0%
1Y
20.3%
BDL
₹1,182.20
Bharat Dynamics
7D
-6.0%
1Y
-7.8%

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
₹703.20
Rossell Techsys
7D
2.6%
1Y
143.6%
543920
₹552.40
CFF Fluid Control
7D
1.0%
1Y
25.8%