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Indian (NIFTY) Aerospace and Defense Industry Analysis

UpdatedJan 20, 2026
DataAggregated Company Financials
Companies23
  • 7D-1.4%
  • 3M-6.2%
  • 1Y17.0%
  • YTDn/a

Over the last 7 days, the Aerospace and Defense industry has dropped 1.4%, driven by declines in Bharat Electronics and Mazagon Dock Shipbuilders of 1.1% and 3.4%, respectively. On the other hand Zen Technologies is actually up 5.1%. Over the past 12 months, the industry was up 19%. As for the next few years, earnings are expected to grow by 18% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Wed, 01 Mar 2023₹2.0t₹586.1b₹107.8b25.1x18.9x3.5x
Fri, 27 Jan 2023₹2.1t₹581.4b₹105.0b28.5x19.7x3.5x
Price to Earnings Ratio

19.7x


Total Market Cap: ₹2.1tTotal Earnings: ₹105.0bTotal Revenue: ₹581.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Aerospace and Defense Industry Price to Earnings3Y Average 38.2x202420252026
Current Industry PE
  • Investors are optimistic on the Indian Aerospace and Defense industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 45.5x which is higher than its 3-year average PE of 38.2x.
  • The 3-year average PS ratio of 8.1x is lower than the industry's current PS ratio of 9.9x.
Past Earnings Growth
  • The earnings for companies in the Aerospace and 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 Comparison

How does Indian Aerospace and Defense compare with similar industries?

IN Market-0.69%
Industrials-1.46%
Aerospace & Defense-1.35%
Aerospace and Defense-1.35%
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₹1.30k5.3%
+₹5.9b		-39.3%PE47.4x
UNIMECH Unimech Aerospace and Manufacturing₹898.750.5%
+₹246.7m		-29.8%PE57.4x
539661 Ace Men Engg Works₹96.006.7%
+₹77.5m		6.7%PE17968x
ROSSTECH Rossell Techsys₹578.200.3%
+₹60.3m		27.4%PE104x

Latest News

GRSE
₹2,278.90
Garden Reach Shipbuilders & Engineers
7D
-7.0%
1Y
47.1%
BDL
₹1,453.10
Bharat Dynamics
7D
-4.6%
1Y
13.5%

Do Bharat Dynamics' (NSE:BDL) Earnings Warrant Your Attention?

Jan 14
Do Bharat Dynamics' (NSE:BDL) Earnings Warrant Your Attention?
APOLLO
₹227.40
Apollo Micro Systems
7D
-8.6%
1Y
57.6%
533339
₹1,302.15
Zen Technologies
7D
5.3%
1Y
-39.3%

533339: Defence Contracts For Training And Anti Drone Systems Will Drive Upside

Analysts have kept their fair value estimate for Zen Technologies steady at ₹1,642.80 per share, with only minor tweaks to assumptions such as the discount rate and future P/E multiple. This reflects largely unchanged expectations around growth and profitability.
500049
₹409.00
Bharat Electronics
7D
-1.0%
1Y
46.6%

500049: Defence And Aerospace Orders Will Support Steady Outlook Ahead

Analysts have made a small upward tweak to their fair value estimate for Bharat Electronics to ₹463.81 from ₹462.85, reflecting slightly adjusted views on the discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Bharat Electronics reported receiving orders worth ₹5,960 million since January 1, 2026, covering software solutions, drone detection systems, upgrades, spares, services and jamming terminals (Client Announcements).
MAZDOCK
₹2,332.30
Mazagon Dock Shipbuilders
7D
-6.0%
1Y
-0.8%

MAZDOCK: Navy Landing Dock Partnership Will Support Future Upside Potential

Analysts have trimmed their price target on Mazagon Dock Shipbuilders slightly to ₹2,975 from ₹3,020, reflecting updated assumptions for revenue, profit margins, discount rate and future P/E multiples. What's in the News Mazagon Dock Shipbuilders signed an exclusive teaming agreement with Swan Defence and Heavy Industries at India Maritime Week 2025 in Mumbai for collaboration on designing and constructing Landing Platform Docks for the Indian Navy (Key Developments).
DATAPATTNS
₹2,250.60
Data Patterns (India)
7D
-13.2%
1Y
-2.0%

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
₹4,355.20
Hindustan Aeronautics
7D
-2.2%
1Y
7.5%
PARAS
₹626.30
Paras Defence and Space Technologies
7D
-7.7%
1Y
18.1%

These 4 Measures Indicate That Paras Defence and Space Technologies (NSE:PARAS) Is Using Debt Reasonably Well

Dec 27
These 4 Measures Indicate That Paras Defence and Space Technologies (NSE:PARAS) Is Using Debt Reasonably Well
539661
₹96.00
Ace Men Engg Works
7D
6.7%
1Y
6.7%
UNIMECH
₹898.75
Unimech Aerospace and Manufacturing
7D
0.5%
1Y
-29.8%

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
ROSSTECH
₹578.20
Rossell Techsys
7D
0.3%
1Y
27.4%