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
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”
Defence is part of a 13% consolidated revenue vertical, supported by NATO artillery shell supply chain entry, a 5-year MoU for large-calibre ammunition, a 30,000-unit 152mm shell order, and Ordnance Factory Board approved-vendor status.
“Our Defence, Aerospace, and Railways vertical expanded to represent 13% of our consolidated revenue.”
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“The Company has also commissioned an automated large-calibre empty-shell production line, with an annual capacity of 360,000 shells, strengthening its specialised manufacturing capabilities.”
Technocraft IndIron & Steel ProductsGrowing₹5,895 CrP/E 17.4 vs 17.0ROCE 16.8%
The company owns 70% of Techno Defence Private Limited, which manufactures and trades defence products but is at an initial stage of operations.
“The Company holds 70% of the equity capital in TDPL. The said company is engaged in the business of manufacturing and trading of defence products.”
MastekComputers - Software & ConsultingGrowing₹5,109 CrP/E 12.2 vs 15.6ROCE 15.7%
Mastek delivers digital engineering and cloud transformation services to the UK Ministry of Defence and other defence/security agencies as part of its UK Public Sector business (Government & Education is 40.5% of revenue), including work across defence, national security, borders and immigration.
“expanding our top five UK Public Sector accounts by working together on impactful projects across key areas such as Secure Government, Borders and Immigration, the Ministry of Defence, City Councils and Financial Services”
Grauer & Weil IndCommodity ChemicalsGrowing₹3,532 CrP/E 21.6 vs 18.9ROCE 19.2%
Defence is a stated growth-driver segment for the paints business, supported by EN9100-certified aerospace/defence coatings and specialised plating solutions for defence applications.
“Growth was led by the Oil & Gas, Defence and Infrastructure segments, reflecting sustained investments in strategic industries and the increasing demand for high-performance protective coatings.”
Drone business supplies indigenous unmanned systems to defence and government customers (state police, strategic defence projects) and offers Counter-UAS capabilities, but the primary business is drones rather than pure defence.
“During the year, the business delivered notable milestones, including the supply of indigenous surveillance drones to the Karnataka State Police, execution of strategic defence and government projects, expansion of drone training initiatives and continued investments in technology, manufacturing and system integration.”
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“NeoSky has supplied Drones and Counter Drone solutions to the Indian Army, BSF, CRPF, Railway police, State police, Forests, FICCI & educational institutes.”
DCI completed a dredging contract for defence PSU Cochin Shipyard Limited supporting the docking/undocking of Indian Navy aircraft carrier INS Vikramaditya — real defence-adjacent revenue, but a small slice of overall civilian port dredging business.
“Dredging of Ernakulam channel and Wharf in connection with docking & undocking of INS VIKRAMADITYA (Phase-II) for Cochin Shipyard Limited from 23.10.2024 to 05.05.2025.”
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“We serve a diverse range of customers, including major and non-major ports, the Indian Navy, shipyards, fishing harbours and other maritime organisations.”
Reliance InfrastructuIntegrated Power UtilitiesGrowing₹2,309 CrP/E 0.7 vs 25.4ROCE -1.6%
Defence is described as an 'emerging segment' of the company, with expansion plans into defence manufacturing, alongside subsidiaries/associates such as Dassault Reliance Aerospace, Reliance Defence, and Reliance Helicopters.
“The Company is a diversified infrastructure company with capabilities across Engineering & Construction (E&C), power utilities, metro and emerging segments such as defence and renewable energy.”
Through its subsidiary HMT Machine Tools Limited, HMT supplies CNC lathes, turning centres, manipulators and radiation shield windows to defence and strategic customers including HAL, BARC, Ordnance Factory Ambajhari (bomb shell machining) and BEL.
“the Company secured a prestigious order from Hindustan Aeronautics Limited (HAL), Koraput, for the supply of two CNC Vertical Lathes valued at `3.01 crore, further strengthening its presence in the aerospace and defence sectors.”
Valiant supplies defence-grade synchronization, communication and cybersecurity hardware to militaries and primes (U.S. Armed Forces, IS4S, Lockheed Martin, Northrop Grumman cited elsewhere), with defence cited as a key target vertical under PIL/ADITI.
“Supplied synchronization products to Space Norway AS, Space One Co. Ltd. (Japan), Turkmenergo (Turkmenistan), DTV Network, and the U.S. Armed Forces for satellite and defence synchronization requirements.”
Alicon CastalloyAuto Components & EquipmentsGrowing₹1,403 CrP/E 29.1 vs 26.7ROCE 6.2%
Active pilot programmes with defence customers as part of its Defence, Aerospace and Railways (DAR) vertical, representing real but nascent operations within the broader 5% non-automotive revenue.
“We also advanced our Defence, Aerospace and Railways (DAR) vertical, progressing from initial customer engagements to active pilot programmes with defence and aerospace customers.”
RIR Power ElectronicsOther Electrical EquipmentGrowing₹1,391 CrP/E 26.8 vs 24.6ROCE 5.9%
Real and growing defence business supplying qualified high-power semiconductor solutions for electromagnetic railguns, directed energy weapons, shipboard converters, avionics power systems and SCR-based launching systems.
“Our successful qualification and deployment of high-power semiconductor solutions for defence applications represents an important milestone in our journey towards becoming a trusted domestic technology partner.”
IzmoIT Enabled ServicesGrowing₹1,293 CrP/E 24.0 vs 18.5ROCE 11.4%
Izmo Microsystems provides advanced semiconductor packaging and integration services for defence electronics (communications, surveillance, electronic warfare, radar sub-systems) and expanded this business during FY26, leveraging India's domestic defence procurement mandates.
“The Company provides packaging and integration services for components used in defence communication and surveillance systems.”
The company holds AS 9100:2016 certification specifically for manufacturing sheet metal and FRP assemblies for aerospace and defence applications, indicating a real secondary line of operations alongside its core railway business.
“The company is also AS 9100:2016 certified in the area of manufacture of sheet metal components, fiber reinforced polymer (FRP) claddings and assemblies for aerospace and defence applications.”
HIM TeknoforgeAuto Components & EquipmentsGrowing₹264 CrP/E 157.1 vs 26.7
Real defence operations: developing specialised forgings and assemblies with TASL for India's indigenously built armored vehicle (Vikram VT-21), with Track Chain Assembly samples receiving first-phase approval.
“In defence, we made encouraging progress in developing a Track Chain Assembly for the Vikram VT-21 advanced armored platform, with the samples receiving first phase of approval.”
The company's Engineered Products Division provides NVH (Noise, Vibration, Harshness) testing services to defence vendors and conducted testing for INS Vikrant, representing a real but niche service line within its broader engineering testing portfolio.
“New testing services introduced:
Transformer testing using mobiletransformer test van
NVH testing for defence vendors and also in INS Vikrant”
JyotiHeavy Electrical EquipmentGrowing₹157 CrP/E 8.7 vs 36.5ROCE -249.4%
Jyoti supplies HT Switchgear Panels with Arc Flash Protection to the Indian Navy, evidenced by a Defence Minister-led showcase at Vibrant Gujarat 2026.
“JYOTI'S CONTRIBUTION IN INDIAN NAVY
JYOTI
Make 11 KV 40 KA HT Switchgear Panels
with Arc Flash Protection system”
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“FEA analysis carried out for design improvement of pump and motor for Navy project and implemented.”
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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