Companies that supply India's defence establishment, per their own filings — from companies whose business IS defence down to those with a first order, each tier evidenced.
Core — the theme IS a principal business todayGrowing — real operations, not yet the main businessAnnounced — committed plans or orders, little revenue yetMention-only — appears only as outlook language
Bharat DynamicsAerospace & DefenseCore business₹38,507 CrP/E 73.9 vs 73.9ROCE 7.2%
BDL is a Govt. of India defence PSU whose principal business is manufacturing guided missiles (SAM, AAM, ATGM), torpedoes and allied defence equipment for the Indian Armed Forces and exports.
“Established in 1970, Bharat Dynamics Limited (BDL), is a Government of India Enterprise under the Ministry of Defence and a manufacturer of Surface to Air Missiles (SAM), Air to Air Missiles (AAM), Anti-Tank Guided Missiles (ATGMs), Torpedoes, and Allied Defence Equipments.”
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“As per the company's environmental policy, your company is committed to manufacturing and supplying defence products to the Indian armed forces in an environmentally friendly manner.”
Cochin ShipyardShip Building & Allied ServicesCore business₹31,570 CrP/E 46.4ROCE 15.3%
Cochin Shipyard is one of India's primary shipbuilders for the Indian Navy, constructing aircraft carriers, ASW Shallow Water Crafts, patrol vessels and other naval platforms as a principal revenue vertical.
“Our defence shipbuilding portfolio fortifies India's maritime security requirements through the construction of technologically advanced naval platforms.”
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“Defence order book at H12,150 Crores consisting of 12 vessels”
Jyoti CNC AutomationIndustrial ProductsCore business₹23,149 CrP/E 72.0 vs 28.5ROCE 19.2%
Aerospace & Defence is the largest segment, comprising 38% of the consolidated order book and 39% of revenue, supplied via high-end multi-axis CNC machines including those made by Huron in France.
“Aerospace and defence continued to be the largest contributor to the order book during the year, supported by both domestic procurement and international orders.”
Sigma is a pure-play aerospace and defence enterprise; defence is one of its two stated principal business segments with products spanning missile systems, avionics, naval systems, counter-drone/UAVs, land-based systems and ammunition.
“Sigma Advanced is a pure-play aerospace and defence company.”
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“We are building a vertically integrated aerospace & defence platform.”
BEMLConstruction VehiclesCore business₹15,942 CrP/E 70.4 vs 29.9ROCE 4.8%
Defence & Aerospace is one of BEML's three principal business groups, contributing 35% of total sales, supplying HMVs, armoured vehicles, missile subsystems and aerospace structures to the Indian armed forces and MoD.
“To begin with, I would like to acknowledge the outstanding performance of our Defence Business Group, which accounted for 35% of total sales in FY 2025-26 with the highest-ever turnover for Defence business, reflecting a strong 38% year-on-year growth.”
Astra MicrowaveAerospace & DefenseCore business₹15,556 CrP/E 82.3 vs 73.9ROCE 17.2%
Defence is the principal business: defence segment sales of Rs 837.80 Cr (~72% of total revenue), with major programmes including Uttam AESA radar for Tejas Mk1A, QRSAM, Virupaksha, SU-30 EW, missile radars and a Rs 2,205 Cr HAL order.
“As a key supplier of RF and microwave subsystems, radar electronics, communication systems and electronic warfare solutions for defence programmes, the Company has benefited from a steady pipeline of high-value, multi-year contracts.”
Zen TechnologiesAerospace & DefenseCore business₹13,684 CrP/E 75.6 vs 73.9ROCE 15.1%
Zen is a diversified indigenous defence technology company providing training simulation, counter-drone systems, weapon platforms, combat robotics, and naval simulation to the armed forces and police organisations.
“Zen Technologies Limited has followed this path since 1993, building indigenous, IP-owned technologies for the training and readiness of the armed forces.”
Paras DEF and Spce TechAerospace & DefenseCore business₹10,024 CrP/E 106.1 vs 73.9ROCE 15.7%
Defence engineering is the company's principal business, with Defence Engineering alone accounting for 46% of consolidated revenue and customers including DRDO, Indian Navy, HAL, BEL and ordnance factories.
“We are a leading private-sector defence engineering Company specialising in optics and optronic systems, defence electronics, electromagnetic protection solutions and heavy engineering, underpinned by strong IDDM (Indigenously Designed, Developed and Manufactured) capabilities.”
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“Paras Defence and Space Technologies Limited”
“The Company is an Indian premier defence engineering company offering a wide range of products and solutions for Defence and Space applications. With a focus on the Defence and Space sector, the Company operates through two business verticals, namely, Optics & Optronic Systems and Defence Engineering”
Dynamatic TechnologiesIndustrial ProductsCore business₹9,112 CrP/E 214.8 vs 28.5ROCE 4.3%
Aerospace & Defence is Dynamatic's largest segment at 48% of FY2026 revenues, with Tier-1 supply roles to HAL, BEL, and exclusive partnership on India's 5th-gen AMCA fighter programme.
“AEROSPACE & DEFENCE
(48% of FY2026 Revenues)”
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“The Company is currently in the process of transformation from an automotive/foundry-focus to the defence and aerospace business.”
Axiscades TechAerospace & DefenseCore business₹8,853 CrP/E 243.3 vs 73.9ROCE 12.3%
Defence is a principal business contributing `378 crore of revenue at 21.9% margin, spanning missile systems, land systems, electronic warfare, and complete-system integration for Indian armed forces.
“Aerospace, Defence and ESAI contributed approximately `902 crore in FY2026, representing around 78% of consolidated revenue.”
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“Aerospace, Defence and ESAI contributed about 78% of revenue at materially higher margins — Aerospace `388 crore (17.3%), Defence `378 crore (21.9%) and ESAI `136 crore (26.1%)”
Marine Electrical (I)Industrial ProductsCore business₹6,352 CrP/E 98.5 vs 28.5ROCE 14.2%
Indian Navy is a primary client; supplies Integrated Bridge Systems, NAVCOM, power generation/distribution, integrated monitoring and control systems, and propulsion solutions for naval platforms.
“Defence & Marine: A Cornerstone of Strength”
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“expanding the business of the company to a new height by diversification of the business into different verticals i.e. Defense, Shipping, Marine & Non- Marine Sectors & Renewable Energy.”
Premier ExplosivesExplosivesCore business₹3,709 CrP/E 110.6 vs 49.7ROCE 18.5%
Defence is the principal business, supplying propellants, rocket motors, pyrotechnics, countermeasures and explosive compositions to DRDO, BDL, BrahMos Aerospace and Agni programme agencies for Akash, MRSAM, LRSAM, Astra, Agni and BrahMos missile platforms.
“Defence and Space services contributed ₹ 3,154 million, representing 81% of annual revenue, while Commercial Explosives contributed ₹ 729 million.”
Quadrant supplies electron-beam irradiated specialty cables to naval defence PSUs (Goa Shipyard, GRSE, HSL) with DGQA approval for naval applications, and is approved by Naval Defence for supply of cables for ships and submarines.
“A leading supplier to Railways and Defence PSUs, diversifying revenue streams by expanding into Solar Power and EV cable markets.”
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“Its product portfolio includes cables for railway rolling stock, naval and defence applications, solar installations and electric vehicles”
DCX's principal business is defence electronics and systems manufacturing — cable/wire harnesses, RF/microwave modules, radar subsystems and integrated systems for land, naval and airborne defence applications, serving OEMs and Indian defence programmes.
“Established in 2011, DCX Systems Limited is an integrated defence electronics and systems manufacturing company serving global original equipment manufacturers (OEMs) and Indian defence programmes.”
The company is a defence-sector business (formerly Nibe Ordnance and Maritime Limited) with subsidiaries named Global Munition Limited, Global Explosives Limited, Nibe Maritime Private Limited, Globe Forge Limited, and promoter-group company Nibe Aeronautics Limited.
“GLOBAL DEFENCE INDUSTRIES LIMITED (FORMERLY KNOWN AS NIBE ORDNANCE AND MARITIME LIMITED)”
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“Given the nature of forging and defence industry and having multiple group Companies, the Company and its subsidiaries work closely with related parties (including group companies) to achieve its business objectives”
Core defence/aerospace electronics EMS provider — 97.81% of FY2026 revenue, approved supplier to BEL and HAL, manufacturing missile seeker assemblies, airborne radar electronics and avionics systems.
“Aerospace & Defence is our core revenue driver, accounting for 97.81% of revenue from operations in FY2026.”
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“The Company is engaged in the business of Manufacturing PCB assemblies, Electrical or Electronic box, USBs (Mini/Micro, Storage Devices), embedded electronic systems, analog and mixed-signal board assembly, cable harnesses, and integrated box-build solutions for industrial, automotive, aerospace and defence applications.”
Larsen & ToubroCivil ConstructionGrowing₹4.99 L CrP/E 30.1 vs 14.6ROCE 11.9%
L&T manufactures multiple defence platforms (ASW-SWC, Zorawar Light Tank, CIWS counter-drone) and joined the AMCA combat aircraft consortium, with PES vertical positioned for defence localisation.
“Delivery of the first Anti-Submarine Warfare - Shallow Water Craft, the first weapon-intensive platform created jointly by L&T and Garden Reach Shipbuilders & Engineers, reflecting a new era of synergistic defence production”
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“The Manufacturing and Products segment focuses on custom designed and engineered equipment for process industries (including nuclear), Precision Engineering and Systems for defence and aerospace”
BHELHeavy Electrical EquipmentGrowing₹1.50 L CrP/E 61.5 vs 36.5ROCE 4.7%
BHEL supplies Super Rapid Gun Mounts (SRGMs) to the Indian Navy and Coast Guard as part of a dedicated Defence & Aerospace Business Group, with 52 units supplied to date and ongoing delivery of upgraded variants.
“52 Super Rapid Gun Mount supplied for Indian Navy & Indian Coast Guard Ships”
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“Leveraging the long-standing relations with Defence institutions, and the Indian Navy for over 30 years as the sole supplier of SRGMs, the Company is working towards emerging opportunities in the defence segment.”
Cummins IndiaCompressors Pumps & Diesel EnginesGrowing₹1.31 L CrP/E 55.5 vs 44.4ROCE 31.8%
Cummins India supplies engines and powertrains for wheeled and tracked defence mobility platforms, with active OEM orders and a completed strategic defence prototype field trial.
“Strengthened capabilities across key defence mobility platforms in both wheeled and tracked applications, securing new orders for specialized vehicle applications from defence OEMs”
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“Large size 95L product development for Marine power generation for Navy fleet support ship.”
Polycab IndiaCables - ElectricalsGrowing₹1.23 L CrP/E 42.6 vs 26.8ROCE 28.9%
Polycab supplies specialised cables to defence and marine companies, is engaged in naval projects for destroyers/frigates/aircraft carriers, and has entered a submarine cable indigenisation programme.
“Defence and Marine: Aligned with the 'Make in India' initiative, we secured orders from various defence and marine companies to substitute imports.”
Bharat Petroleum CorpRefineries & MarketingGrowing₹1.22 L CrP/E 7.1 vs 7.5ROCE 23.2%
BPCL supplies fuels (including aviation fuel, with Defence at 2.7% of aviation fuel sales, and India's first all-weather extreme-grade diesel to the Indian Army) to defence customers as part of its I&C business.
“Our Industrial and Commercial (I&C) Strategic Business Unit (SBU) is the dedicated B2B arm serving a wide range of industrial customers, across sectors such as Defense, Power, Cement, Railways, and Petrochemicals.”
Defence is a real revenue-generating business supplying tactical and logistics vehicles to the Indian Armed Forces, with a healthy order book and pipeline, plus an MOU with PT Pindad (Indonesia) for defence vehicles.
“Our Defence business grew 20% year on year in FY26. Ashok Leyland is well positioned as a credible partner to the Indian Armed Forces across tactical and logistics vehicle categories under the Make in India and Aatmanirbhar Bharat frameworks.”
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“Your Company sold 1,28,033 M&HCVs in the domestic market, comprising 21,261 buses and 1,06,772 trucks (including Defence vehicles), registering a 11.5% growth over the previous year.”
Apar IndustriesOther Electrical EquipmentGrowing₹71,483 CrP/E 60.5 vs 24.6ROCE 21.9%
APAR supplies specialised cables for defence and naval applications as part of its expanding cables portfolio, addressing high-value defence, aerospace and naval markets alongside other specialised segments.
“Our portfolio expanded across aerospace, fire-survival, solar, wind, defence and naval applications, while new solutions such as APAR Sureshield™ ZHFR compounds and Green TPE strengthen our offering in safer and more sustainable cable technologies.”
SAIL has signed ToT agreements with DRDO/DMRL for DMR defence-grade steel sheets/plates and supplied steel for five Indian Navy ships in FY25-26, with 1.08 lakh tonnes of speciality steel supplied to defence/nuclear/aerospace against MoU targets.
“Licence Agreements for Transfer of Technology were signed with Defence Metallurgical Research Laboratory (DMRL), Defence Research and Development Organisation (DRDO), Ministry of Defence for DMR Sheets and Plates from Steel Plants at Bokaro, Bhilai and Rourkela.”
PTC IndustriesCastings & ForgingsGrowing₹36,700 CrP/E 292.2 vs 26.9ROCE 7.5%
PTC supplies titanium and superalloy cast components for defence platforms including the BAE Systems M777 howitzer and supports multiple defence programmes (land, air, naval), with growth via subsidiary Aerolloy Technologies serving Safran Aircraft Engines and Israel Aerospace Industries.
“PTC received a major production order from BAE Systems (UK) for titanium castings for the M777 Ultra-Lightweight Howitzer, including critical components such as Spade Trails and Blades.”
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“a Special Purpose Vehicle (SPV) comprising of Mishra Dhatu Nigam Limited (MIDHANI), PTC Industries Limited, Bharat Dynamics Limited, Hindustan Aeronautics Limited (HAL), Yantra India Limited (YIL), and UPEIDA, has been registered as a Section 8 Company in the name of Advanced Materials (Defence) Testing Foundation”
Syrma SGS TechnologyIndustrial ProductsGrowing₹32,374 CrP/E 87.3 vs 28.5ROCE 13.4%
Naval & Maritime Electronics is a new vertical built on the 60% Elcome acquisition, supplying navigation, surveillance, communication and safety electronics to India's navy, paramilitary and armed forces, with PCBAs for artillery, field-gun ammunition and assault-rifle systems.
“A vertical opened in FY26, built on a naval and maritime electronics platform of nearly five decades' standing, serving the armed forces, paramilitary, and select naval, maritime and aerospace programmes.”
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“Anchored on Elcome, we bring navigation, surveillance, communication and secure electronics capability to naval, paramilitary and aerospace programmes, the technology-intensive layers, not commodity hardware.”
Defence is one of the diversified industrial segments, with KOEL executing Indian Navy marine propulsion development and incorporating a defence-focused subsidiary (KASPL) for systems integration.
“Industrial revenues reached ₹ 1,444 crores for the full year, growing 22%. The business has evolved from being primarily construction and mining-dependent to a genuinely diversified portfolio spanning Defence, Nuclear, Marine, Railways, Construction and Mining.”
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“We have positioned ourselves for this opportunity by incorporating Kirloskar Advanced Systems Pvt. Ltd. as a wholly owned subsidiary to handle specialised work in defence and railways separately from its core engines business.”
Sansera EngineeringAuto Components & EquipmentsGrowing₹25,773 CrP/E 73.7 vs 26.7ROCE 12.5%
Sansera's non-automotive precision components serve defence applications alongside aerospace and other markets.
“Drawing on our deep precision-engineering capabilities, we have diversified into high-value non-automotive components serving aerospace, defence, off-road, and agricultural applications.”
Carborundum UniversalAbrasives & BearingsGrowing₹22,955 CrP/E 108.8 vs 88.4ROCE 5.9%
CUMI runs a commissioned facility for aerospace and defence ceramics, holding STANAG Level 4 and BIS Threat Levels 5/6 certifications for body and vehicle armour protection, supplying defence and paramilitary-grade armour.
“Commissioned a facility to manufacture ceramics for Aerospace & Defence applications and secured STANAG Level 4 and BIS Threat Levels 5 and 6 certifications for body and vehicle armour protection”
NBCCCivil ConstructionGrowing₹19,980 CrP/E 27.0 vs 14.6ROCE 29.7%
NBCC has secured a Rs 350.31 crore PMC mandate from Heavy Vehicles Factory and Armoured Vehicles Nigam Limited (defence PSUs) for major capital civil works.
“The H350.31 crore mandate expands our institutional Project Management Consultancy portfolio into defence manufacturing infrastructure.”
Avalon TechnologiesOther Electrical EquipmentGrowing₹15,353 CrP/E 114.8 vs 24.6ROCE 20.0%
Avalon added new defence customers in FY2026 with defence programs progressing from prototyping towards production.
“Our customer base expanded, with new customers added across the industrial and defence segments and programs progressing from prototyping towards production.”
Action Const EquipConstruction VehiclesGrowing₹14,059 CrP/E 32.1 vs 29.9ROCE 27.4%
ACE supplies logistics support equipment, rough terrain forklifts and specialized lifting/mobility equipment to defence infrastructure, and the risk section confirms an existing defence business dependent on government procurement.
“Defence represents a significant emerging opportunity for the Company. The Government's continued focus on defence modernization, indigenization, and domestic procurement under Atmanirbhar Bharat is creating increasing demand for logistics support equipment, rough terrain forklifts, specialized lifting solutions, and mobility equipment used across defence infrastructure, maintenance facilities, logistics operations, and strategic installations.”
JSW DuluxPaintsGrowing₹13,637 CrP/E 7.0 vs 33.6ROCE 89.2%
Supplies marine anti-corrosive and anti-fouling coatings to the Indian Navy as part of its Marine and Protective Coatings business vertical.
“Continued long-standing association with the Indian Navy for anti-corrosive and anti-fouling coatings”
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“Our strategic partnership with the Indian Navy remains a highlight, ensuring that high-specification anti-corrosive and anti-fouling solutions protect the nation's most vital maritime vessels.”
Defence/naval shipbuilding is a real vertical (with a dedicated Bharatpur 'Wagon and Defence' facility and DSC series for Indian Navy), now housed in wholly-owned subsidiary Titagarh Naval Systems Limited; FRS segment also includes 'Bridges and Defence'.
“The Company successfully delivered DSC A20, the first indigenously built Diving Support Craft and launched the third indigenously built Diving Support Craft (DSC) in a series of five vessels for the Indian Navy under the Ministry of Defence's 'Make in India' initiative.”
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“The company has acquired 100% Paid up equity share capital of Titagarh Naval Systems Limited and the Company has become its wholly-owned Subsidiary.”
Produces defence wagons, troop carriers, water bowsers and load bodies for military/reconnaissance vehicles, and won a wheelset contract from defence PSU Braithwaite.
“Troop carrier and water bowser for defence sector”
JNIL operates an Industrial and Defence Products division that already manufactures defence equipment and has secured a Crucial Ammunition Manufacturing Licence, expanding regulated ammunition production capacity.
“Industrial and Defence Products
Manufacturing ferrous valves and defence equipment while expanding capabilities through the securing of Crucial Ammunition Manufacturing Licence for regulated ammunition production in accordance with national security and quality standards.”
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“Our portfolio of alloy steel products, castings, industrial components and specialised engineering solutions serves diverse industries, including automotive, engineering, infrastructure, power and defence.”
Swan CorpPetrochemicalsGrowing₹8,181 CrP/E 39.3 vs 14.5ROCE 3.3%
Through its SDHI subsidiary (revived India's largest private shipyard), the company completed Indian Coast Guard refit orders and is positioning to participate in India's defence and maritime manufacturing space.
“SDHI successfully recommenced operations at the shipyard, marking a key milestone in its turnaround journey. Demonstrating its operational readiness and project execution strength, the Company completed three refit orders for the Indian Coast Guard (ICG) all delivered ahead of schedule.”
Defence is one of the named client segments in KMEW's diversified order book alongside ports, IWAI and state governments, indicating real but non-principal defence supply exposure.
“A broad order book spanning major ports, IWAI, defence, state governments and private clients”
Omnitech EngineeringIndustrial ProductsGrowing₹7,780 CrP/E 88.7 vs 28.5ROCE 13.4%
Omnitech holds AS9100 aerospace certification and is actively converting First Article defence orders into repeat production programmes, supported by special-process qualifications.
“Aerospace, Defence and Space continue to represent a strategic growth vector, with the Company focused on converting First Article development orders into repeat production programmes and progressing special-process qualifications to unlock further opportunities in this high-value segment.”
JK PaperPaper & Paper ProductsGrowing₹6,642 CrP/E 20.0 vs 14.4ROCE 4.4%
JK Paper lists 'Defence electronics' as one of its six business verticals alongside paper, paperboard, corrugated box, monocarton & label, and animal nutrition, indicating real current operations in this segment though not its main business.
“Our Business Verticals
Paper
Paperboard
Corrugated box
Monocarton & Label
Animal nutrition
Defence electronics”
Definition used: Supplies equipment, systems, components or services to armed forces or defence PSUs — ordnance, platforms, electronics, shipbuilding, aerospace defence. Membership is extracted from each company’s newest annual report; every quote is validated against the report page before publishing, and core/growing tiers are confirmed by a second independent read (marked ). Companies whose reports our corpus hasn’t read yet simply aren’t listed — absence means unread, not “no exposure”.
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