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Indian (NIFTY) Aerospace & Defense Industry Analysis

UpdatedApr 07, 2026
DataAggregated Company Financials
Companies25
  • 7D8.0%
  • 3M-7.6%
  • 1Y17.8%
  • YTD-5.0%

In the last week, the Aerospace & Defense industry is up 8.0%, with Hindustan Aeronautics leading the way, up 8.9%. This means that the industry has gained 18% 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
Wed, 08 Apr 2026₹8.0t₹889.6b₹193.5b50.7x41.5x9x
Fri, 06 Mar 2026₹8.4t₹889.7b₹193.5b53.8x43.4x9.4x
Sun, 01 Feb 2026₹9.0t₹878.5b₹189.0b55.7x47.6x10.2x
Tue, 30 Dec 2025₹8.3t₹856.3b₹185.6b57.7x44.9x9.7x
Thu, 27 Nov 2025₹8.7t₹846.2b₹186.1b61.7x46.5x10.2x
Sat, 25 Oct 2025₹8.9t₹810.7b₹178.9b56.1x50x11x
Mon, 22 Sep 2025₹9.1t₹810.7b₹178.9b57.6x50.7x11.2x
Wed, 20 Aug 2025₹8.3t₹810.0b₹178.7b55.7x46.5x10.3x
Fri, 18 Jul 2025₹9.0t₹796.6b₹179.9b73.1x50x11.3x
Sun, 15 Jun 2025₹9.3t₹796.2b₹179.8b71.9x51.6x11.6x
Tue, 13 May 2025₹7.8t₹783.1b₹181.3b61.2x43.1x10x
Thu, 10 Apr 2025₹6.8t₹782.3b₹181.1b50.5x37.5x8.7x
Sat, 08 Mar 2025₹6.3t₹782.3b₹181.1b49.2x34.7x8x
Mon, 03 Feb 2025₹6.6t₹750.7b₹175.0b63.5x37.6x8.8x
Wed, 01 Jan 2025₹6.9t₹735.4b₹170.9b72.7x40.2x9.3x
Fri, 29 Nov 2024₹7.1t₹731.1b₹170.2b59.2x41.7x9.7x
Sun, 27 Oct 2024₹6.4t₹715.4b₹164.9b62.4x39.1x9x
Tue, 24 Sep 2024₹6.8t₹709.0b₹161.8b74x41.9x9.6x
Thu, 22 Aug 2024₹7.4t₹709.0b₹161.8b82.9x45.5x10.4x
Sat, 20 Jul 2024₹7.8t₹693.9b₹149.5b83.3x51.9x11.2x
Mon, 17 Jun 2024₹7.7t₹693.9b₹149.5b72.7x51.2x11x
Wed, 15 May 2024₹5.7t₹631.4b₹124.9b62.2x45.5x9x
Fri, 12 Apr 2024₹5.3t₹631.5b₹124.9b62.5x42.1x8.3x
Sun, 10 Mar 2024₹5.0t₹631.5b₹124.9b62x39.6x7.8x
Tue, 06 Feb 2024₹4.4t₹620.4b₹120.7b63.8x36.5x7.1x
Thu, 04 Jan 2024₹4.4t₹618.7b₹117.6b59.4x37.3x7.1x
Sat, 02 Dec 2023₹3.8t₹625.8b₹118.9b47.4x31.5x6x
Mon, 30 Oct 2023₹3.1t₹613.9b₹116.0b46.8x27.1x5.1x
Wed, 27 Sep 2023₹3.3t₹606.8b₹113.3b51.9x29.1x5.4x
Fri, 25 Aug 2023₹3.3t₹606.8b₹113.3b50.8x28.7x5.4x
Sun, 23 Jul 2023₹3.1t₹602.5b₹108.5b41.1x28.7x5.2x
Tue, 20 Jun 2023₹2.9t₹600.6b₹108.1b38.9x27.1x4.9x
Thu, 18 May 2023₹2.4t₹612.5b₹105.1b28.7x22.9x3.9x
Sat, 15 Apr 2023₹2.2t₹586.1b₹107.8b26.8x20.4x3.8x
Price to Earnings Ratio

20.4x


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 39.9x202420252026
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 39.9x.
  • 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 Market3.69%
Industrials5.45%
Aerospace & Defense8.03%
Aerospace and Defense8.03%
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₹3.80k8.9%
+₹206.7b		-6.1%PE28.5x
500049 Bharat Electronics₹427.756.8%
+₹198.5b		52.0%PE52.4x
MAZDOCK Mazagon Dock Shipbuilders₹2.33k12.7%
+₹106.0b		-1.3%PE39x
BDL Bharat Dynamics₹1.24k12.7%
+₹51.1b		-4.0%PE78.1x
GRSE Garden Reach Shipbuilders & Engineers₹2.31k16.9%
+₹38.1b		47.2%PE38.3x

Latest News

HAL
₹3,796.20
Hindustan Aeronautics
7D
8.9%
1Y
-6.1%

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).
GRSE
₹2,305.30
Garden Reach Shipbuilders & Engineers
7D
16.9%
1Y
47.2%

GRSE: National Shipbuilding Consortium And Naval MoUs Will Support Bullish Outlook

Analysts have kept the fair value estimate for Garden Reach Shipbuilders & Engineers steady at ₹3,026, linking the unchanged target to small adjustments in the discount rate, revenue growth, profit margin and future P/E assumptions rather than any shift in their core view on the company. What's in the News Memorandum of Understanding (MoU) with Kalyani Strategic Systems Limited on March 5, 2026, to jointly develop indigenous naval systems, unmanned platforms and other maritime capabilities for domestic and international markets, with no financial implication specified at this stage (company announcement).
MAZDOCK
₹2,328.10
Mazagon Dock Shipbuilders
7D
12.7%
1Y
-1.3%

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
₹427.75
Bharat Electronics
7D
6.8%
1Y
52.0%

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).
DATAPATTNS
₹3,209.10
Data Patterns (India)
7D
5.7%
1Y
93.0%

DATAPATTNS: Clarified Radar Order Book Will Support Long-Term Upside Potential

Analysts have lifted their fair value estimate for Data Patterns (India) from ₹3,498.50 to roughly ₹3,554.78, citing updated assumptions around revenue growth, profit margins, discount rate and future P/E multiples. What's in the News Clarification on radar contract: Data Patterns (India) reported that an earlier disclosure misstated a contract for Doppler Weather Radars, with the correct order size now stated as INR 2,880 million for 32 units, compared with the previously communicated INR 2,790 million for 34 units, awarded by the India Meteorological Department (Client Announcements) Order profile: The Doppler Weather Radar contract is described as a domestic supply order for 32 units, with execution timelines governed by the underlying contract terms (Client Announcements) Upcoming board meeting: The company has scheduled a board meeting on February 5, 2026 to consider and approve the unaudited financial results for the quarter ended December 31, 2025 (Board Meeting) Valuation Changes Fair Value: Revised slightly higher from ₹3,498.50 to about ₹3,554.78, reflecting updated model inputs.
533339
₹1,423.75
Zen Technologies
7D
11.4%
1Y
-0.3%

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
₹180.20
TechEra Engineering (India)
7D
-4.0%
1Y
50.5%
530929
₹789.60
RRP Defense
7D
-1.0%
1Y
1,271.1%
APOLLO
₹198.02
Apollo Micro Systems
7D
8.7%
1Y
74.7%
BDL
₹1,235.90
Bharat Dynamics
7D
12.7%
1Y
-4.0%

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

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