Top five defence stocks to watch out for the next decade

LiveMint identifies five Indian defence stocks as long-term investment opportunities, driven by India's shift from being the world's largest arms importer to a growing exporter. India's defence production crossed about Rs 1.78 trillion in FY26, with exports rising from Rs 686 crore a decade ago to over Rs 23,000 crore, and New Delhi targeting Rs 50,000 crore by FY29. Bharat Electronics (BEL) leads the list with a Rs 70,000 crore order book against FY26 revenue of Rs 27,480 crore, zero debt, RoE/RoCE averaging 24%/32% over three years, and an expected FY27 order inflow above Rs 55,000 crore; Garden Reach Shipbuilders (GRSE) is flagged as another key DPSU under the Ministry of Defence.