Manufactures and supplies defence equipment to the Indian armed forces, with a small aeronautics line that is currently loss-making. The Defence segment accounts for 91.2% of FY26 segment revenue at Rs 434.02 crore and is profitable, while Aeronautics contributes the remaining 8.8% at Rs 41.72 crore and reported a negative EBIT. Product portfolio includes rocket launchers (Suryastra, a 300km system), loitering munitions (Vayu Astra-1), and vehicle-mounted mortars (Garudastra 120mm). A Rs 293 crore Indian Army contract under the Emergency Procurement framework was awarded in January 2026 for the Suryastra system, which completed trials at ITR Chandipur in May 2026 with 1.5m and 2.0m CEP accuracy. The company operates a 200-acre Shirdi defence facility and, through its subsidiary Nibe Defence and Aerospace Limited, has secured a DPIIT licence to manufacture and proof-test firearms. Customers are government defence buyers, primarily the Indian Army, and the cost structure is dominated by materials (19.2% of revenue) and capital expenditure (23.7% of revenue), reflecting the asset-heavy nature of defence manufacturing. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Defence (91%), Aeronautics (9%). Asset-heavy defence manufacturing with a small, loss-making aeronautics line
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 105 | 282 | 507 | 474 |
| EBITDA (ex other income) | 9 | 36 | 60 | 45 |
| margin % | 8.5 | 12.6 | 11.8 | 9.4 |
| Owners' profit | 2 | 19 | 27 | 6 |
| EPS, as reported (₹) | 1.51 | 14.97 | 19.76 | 3.88 |
| ROE % · ROCE % | 2.1 · 5.5 | 9.9 · 13.0 | 11.2 · 15.4 | 0.0 · 4.6 |
| Debt / equity (x) | 0.52 | 0.34 | 0.30 | 0.30 |
| Cash from operations | — | 18 | 25 | (35) |
| Capex | — | (102) | (49) | (113) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 136 | 149 | 113 | 82 | 73 | 59 | 260 | 63 |
| Profit before tax | 12 | 2 | 15 | 2 | (13) | (22) | 37 | (15) |
| Net profit | 9 | 2 | 9 | 1 | (10) | (19) | 28 | (12) |
| EPS (₹) | 6.34 | 1.35 | 6.11 | 0.72 | (6.69) | (11.76) | 20.11 | (7.34) |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Defence | 516 | 92.4 |
| Aeronautics | 42 | 7.5 |
| Aviation | 1 | 0.2 |
| Total, before eliminations | 558 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,28,037 | 35.2 | 7.99 | 24.1 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · Newspaper advertisement regarding 21st AGM notice and e-voting info | compliance | minimal | — | — |
| 7 Sept 2026 · Nibe Limited: Annual Report FY26 access and AGM details for shareholders | compliance | minimal | — | — |
| 7 Sept 2026 · Nibe Limited files 21st Annual Report for FY26, AGM on Sep 29 | compliance | medium | — | — |
| 7 Sept 2026 · Nibe Limited 21st AGM on Sep 29, 2026; Rs 1.30 dividend proposed | board shareholder meetings | low | — | — |
| 5 Sept 2026 · NIBE Limited publishes newspaper notice for 21st AGM on Sep 29 | compliance | minimal | — | — |
| 4 Sept 2026 · NIBE Limited sets Sept 29, 2026 AGM date; record date Sept 22 for FY26 dividend | corporate actions | high | — | — |
| 4 Sept 2026 · NIBE fixes Sep 22 record date for FY26 final dividend | corporate actions | high | — | — |
| 18 Aug 2026 · Nibe Limited subsidiary wins Rs 12.15 crore order from MSEDCL | business updates | high | — | — |
| 10 Aug 2026 · Board meeting on Aug 14 to approve June quarter results | results | low | — | — |
| 15 Jul 2026 · Compliance filing: Non-applicability certificate for Q1 FY27 | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 2,95,572 |
| 48.1 |
| 12.31 |
| 34.1 |
| 25.3 |
| 31.9 |
| 14.4 |
| 28.1 |
| BHARAT DYNAMICS LIMITED | 43,621 | 83.7 | 10.29 | — | 9.9 | 7.2 | — | 32.6 |
| GARDEN REACH SHIP&ENG LTD | 28,027 | 35.0 | 10.67 | — | 28.5 | 36.2 | — | 13.7 |
| DATA PATTERNS INDIA LTD | 27,042 | 100.9 | 15.58 | — | 15.6 | 20.3 | — | 33.3 |
| ASTRA MICROWAVE LTD | 16,031 | 84.8 | 12.20 | 45.8 | 14.7 | 17.2 | 12.7 | 20.1 |
| APOLLO MICRO SYSTEMS LTD | 15,650 | 121.7 | 11.96 | 71.7 | 8.2 | 10.4 | 34.8 | 22.3 |
| ZEN TECHNOLOGIES LIMITED | 15,599 | 86.2 | 8.00 | 46.5 | 11.2 | 15.1 | 65.9 | 38.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 5.5 | 10.6 | 5 of 23 | 82% |
| ROCE | 0.9 | 13.6 | 24 of 26 | 8% |
| ROE | 0.0 | 10.9 | 20 of 23 | 14% |
| Debt / Equity | 0.3 | 0.0 | 19 of 23 | 18% |
| EBITDA margin | (11.9) | 22.3 | 23 of 23 | 0% |
| Revenue growth | (23.6) | 24.9 | 19 of 23 | 18% |
| Profit growth | (1250.7) | 14.9 | 21 of 21 | 0% |
| Market cap | 1954 | 7486 | 20 of 26 | 24% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
