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
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₹6,145 CrP/E 18.1 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₹5,042 CrP/E 12.1 vs 15.9ROCE 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₹3,659 CrP/E 22.4 vs 19.2ROCE 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₹2,199 CrP/E 0.7 vs 26.6ROCE -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.”
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.”
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.”
Alicon CastalloyAuto Components & EquipmentsGrowing₹1,479 CrP/E 30.6 vs 27.0ROCE 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₹1,468 CrP/E 28.3 vs 25.4ROCE 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.”
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.”
IzmoIT Enabled ServicesGrowing₹1,330 CrP/E 24.7 vs 18.9ROCE 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'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”
HIM TeknoforgeAuto Components & EquipmentsGrowing₹257 CrP/E 152.4 vs 27.0
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.”
JyotiHeavy Electrical EquipmentGrowing₹152 CrP/E 8.4 vs 37.7ROCE -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.”
AplabOther Electrical EquipmentGrowing₹110 CrP/E 42.2 vs 25.4ROCE 12.0%
Aplab has a strategic focus on domestic defence, supplying backup and ground power systems to armed forces/defence customers.
“The Company strategically focused on higher-margin domestic defence business, which has provided resilience against tariff-related challenges faced by other manufacturers.”
Kranti IndustriesAuto Components & EquipmentsGrowing₹65 CrP/E 19.8 vs 27.0ROCE 2.9%
Kranti entered the defence sector during FY26 via business engagements with Armoured Vehicles Nigam Limited (AVNL), supplying precision-machined components as a new growth vertical beyond its core auto/agri/CE business.
“Among the most significant milestones of the year was our successful entry into the defence sector through business engagements with Armoured Vehicles Nigam Limited (AVNL).”
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“Kranti Industries caters to a diversified portfolio of leading OEMs across the automotive, agriculture, commercial vehicle, construction equipment, industrial engineering and defence sectors.”
“the Company also commissioned its fourth manufacturing facility in Jaipur and made its formal entry into the defence sector, thereby opening up a new and strategically important avenue for long-term growth.”
Fine-line CircuitsComputers Hardware & EquipmentsGrowing₹30 CrP/E 255.5 vs 26.9ROCE 0.1%
The company supplies PCBs to the defence market and identifies domestic defence as an ongoing growth driver alongside its main commercial PCB business.
“Space (Domestic and Global) and Defence (Domestic) are growth drivers for the Company.”
Takyon NetworksIT Enabled ServicesGrowing₹24 CrP/E 6.5 vs 18.9ROCE 7.8%
Defence is identified as one of the key end-sectors served, with a significant share of revenue coming from competitively bid defence and government tenders.
“A significant part of our revenue base is secured through competitively bid government, defence, and institutional tenders.”
Vama is actively delivering solutions and implementing projects for India's Defence sector as a stated area of current business operations.
“Vama is actively engaged in delivering innovative solutions to clients in the Space and Defense sectors, while also providing specialized cloud computing support to niche customers. The company has been implementing projects across India for organizations such as ISRO, the Defense sector, and is increasingly taking on turnkey assignments.”
The company supplies bleached cotton linter pulp to Munitions India Limited for use in ammunition production, representing a real but supplementary revenue stream alongside its core spinning and medical textile operations.
“The Company is also getting regular orders from the Defence Industry i.e. Munitions India Limited for supply of pulp which is used in production of ammunitions.”
The company supplies precision aluminium components for heavy-duty defence vehicles; defence began as a customer in FY24-25 and is a stated focus sector, but is not yet a main revenue driver.
“DEFENCE Representative products include intake pipes, cylinder heads, oil cooler covers, intake manifolds and bearing frames for heavy-duty applications.”
Defence is listed as one of the critical industries SBVCL serves with valve components, though it is not the primary end-market (oil & gas appears dominant).
“SBVCL has strengthened its position across critical industries, including oil & gas, power generation, pharmaceuticals, and defence.”
NALCO formed a JV with MIDHANI (a defence PSU) to manufacture high-end aluminium alloys for the defence and aerospace sector, though no current revenue scale is disclosed in this text.
“Formation of JV Company with MIDHANI to make high end aluminium alloy to meet the requirement of defence and aerospace sector.”
Exide IndustriesAuto Components & EquipmentsAnnounced₹34,204 CrP/E 46.4 vs 27.0ROCE 8.1%
Exide supplies specialised submarine battery sets to the Indian Navy and exports to overseas navies, operating at full capacity in this defence segment.
“Operations remained at full capacity, with battery sets being delivered to the Indian Navy across Kilo Class (Type I), German 209 Class (Type II) and Scorpene Class (Type IV) submarines, all ahead of schedule.”
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“applications spanning home power backup, industrial UPS, solar, railways, traction, infrastructure and specialised defence sector.”
Black BoxIT Enabled ServicesAnnounced₹15,771 CrP/E 67.6 vs 18.9ROCE 9.5%
TPS business is pivoting its IP-led KVM/Control Room portfolio toward military/defence C2 applications including DoD, NATO and NORTHCOM as a stated growth vertical.
“Government C2 Military – High Secure Operations [Department of Defence (DoD), North Atlantic Treaty Organization (NATO), NORTHCOM Centres]”
JBM AutoAuto Components & EquipmentsAnnounced₹12,938 CrP/E 42.3 vs 27.0ROCE 12.2%
JBM lists a dedicated Defence Bus variant in its e-bus product portfolio for military transit in high-torque/hilly terrain, but no revenue, contracts, or order book figures are disclosed for this segment.
“JBM Defence Bus Application: Military transit in high-torque terrains Key Features: Night vision, large luggage bay, rugged design for hilly regions”
KEC Intl.Civil ConstructionAnnounced₹9,658 CrP/E 17.4 vs 14.6ROCE 11.0%
KEC is developing E-beam and elastomeric cable products with defence applications, with commercial production expected to commence in FY27, positioning defence as an end-market for its cable business.
“the Company made meaningful advances in its high-performance product portfolio of E-beam and elastomeric cables, a segment with critical demand in defence, automotive and railway applications. Commercial production is expected to commence in FY27.”
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“progressing the development of e-beam and elastomeric cables and initiating pilot production for defence, automotive and railway applications”
Sar Auto ProductsAuto Components & EquipmentsAnnounced₹3,329 CrP/E 3620.2 vs 27.0ROCE 4.0%
The board is seeking shareholder approval to amend the Main Object Clause to add manufacture/supply of precision components for defence, aerospace, military and naval applications, signalling a committed intent to enter defence, but no current revenue.
“3. To carry on the business of designing, developing, engineering, manufacturing, fabricating, machining, assembling, testing, inspecting, repairing, reconditioning, upgrading, buying, selling, importing, exporting, supplying and otherwise dealing in precision engineering components, automotive components, mechanical components, parts, sub-assemblies, assemblies, systems, equipment and allied products for automotive, defence, aerospace, military, naval, land systems, industrial and other engineering applications, including components and equipment for defence and aerospace platforms, vehicles, machinery and systems, and to undertake all activities incidental or ancillary thereto, subject to applicable laws, rules, regulations, licences, permissions and approvals.”
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“new business related to manufacturing, supply, designing and otherwise dealing in precision engineering components, automotive components, mechanical components, parts, sub-assemblies, assemblies, systems, equipment and allied products for automotive, defence, aerospace, military, naval, land systems”
Shukra Defence Private Limited, a subsidiary incorporated on 09/06/2026, is dedicated to designing, manufacturing and supplying defence, aerospace and homeland security products and systems for the armed forces and government, with no revenue yet.
“For carrying on the business of designing, developing, researching, manufacturing, importing, exporting, assembling, supplying, distributing, maintaining, and dealing in all kinds of expendable and nonexpendable defence, aerospace, homeland security, pharmaceutical, healthcare, biotechnology, medical devices, diagnostics, AI-based technologies, cybersecurity systems, tactical systems, autonomous unmanned systems (UxVs), communication systems”
Brightcom GroupIT Enabled ServicesAnnounced₹1,833 CrP/E 1.3 vs 18.9ROCE 13.5%
Brightcom Defence was formally launched in FY2025-26 as a new dedicated division focused on aerospace intelligence and autonomous aerial defence; the CMD states it is still an emerging business with no revenue yet, building capabilities and partnerships.
“In August 2025, Brightcom Group announced the launch of a new, dedicated division called Brightcom Defence, to enter the rapidly growing aerospace intelligence and autonomous aerial defence sector.”
KrossAuto Components & EquipmentsAnnounced₹1,703 CrP/E 29.5 vs 27.0ROCE 14.0%
Kross is actively exploring defence-sector opportunities by leveraging its upcoming in-house seamless tube manufacturing facility, but no defence revenue yet.
“The Company is also actively exploring opportunities in the defence sector, leveraging its in-house seamless tube manufacturing capabilities to address emerging requirements in this space.”
Frontier SpringsAuto Components & EquipmentsAnnounced₹1,692 CrP/E 8.3 vs 27.0ROCE 43.4%
The forging division is developing components for defence applications as a diversification beyond railways, but the work is at an earlier stage with no current revenue.
“Beyond the Railways, the Company is developing forged components for road construction equipment and defence, where the work is at an earlier stage, and is studying export opportunities for forging in markets where domestic capacity is being withdrawn.”
UCAL has initiated expansion into defence and aerospace as part of its diversification strategy, leveraging precision engineering and machining capabilities, though no revenue or specific contracts are disclosed.
“The Company has already initiated its expansion into defence and aerospace, demonstrating the transferability of its capabilities into demanding, high-precision applications.”
Company altered its object clause (approved by shareholders at an EGM on July 24, 2026) to include naval/defence shipbuilding and aerospace, but explicitly states it has not yet commenced any business in these objects.
“Subsequent to the close of the financial year, the Company has altered its Object Clause of the Memorandum of Association to include objects relating to naval and defence shipbuilding and aerospace, aviation and precision engineering products and services.”
Binding term sheet to acquire 40% stake in HAL-Edgewood Technologies (HETL), a HAL joint venture focused on military aviation electronics including the OSAMC mission computer; no revenue yet.
“we have executed a binding term sheet to acquire a 40% equity stake in HAL-Edgewood Technologies Private Limited (HETL), a joint venture of Hindustan Aeronautics Limited (HAL). HETL is a recognized frontrunner in military aviation electronics, famed for developing and patenting the Open System Architecture Mission Computer (OSAMC)”
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“VL E-Governance & IT Solutions Limited (VLEG) has strengthened its growth roadmap by executing a binding term sheet to acquire a 40% equity stake in HAL-Edgewood Technologies Private Limited (HETL) a joint venture of HAL.”
R&D pipeline of specialised technical fabrics for defence (marine and inflatable) applications, still in development/testing with no commercial revenue yet.
“We are aggressively developing a pipeline of specialized technical fabrics designed to replace imports in high-growth sectors, including Automotive, Engineering, Rubber Components, and Defense (specifically for Marine and Inflatable applications).”
The company has decided to explore the defence segment as a new business vertical, alongside real-estate, mining and nuclear, but no committed capex, orders or JVs are disclosed yet.
“However, the company has decided to venture in developing its business and exploring various opportunities in various other segments like Real-Estate, Mining of stones, Nuclear and Defense segment.”
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“During the year, the company has incorporated a Wholly-Owned Subsidiary and has entered into a MOU with GET Rosatom to enter and grow in this sector but has made no financial contribution to the revenue of the Company.”
Company is seeking shareholder approval (Special Resolution at Sept 30, 2026 AGM) to alter its objects clause to include designing, manufacturing and trading of defence products spanning missiles, electronic warfare, armoured vehicles, naval systems and related technologies.
“used in Defence for applications such as Rocket & Missile, Electronic warfare & surveillance, Battle tanks & armoured vehicles, other Land systems, Arms & ammunitions, Naval systems, Space Research & Exploration, Drones & Counter UAVs etc.”
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“The Board of Directors has approved, subject to the approval of the shareholders, the alteration of the main object Clause III(A) of the Memorandum of Association (MOA) of the company by inserting new clauses 6,7 and 8 after the existing clauses 5 of the Main Objects of MOA of the company, to enable the Company to undertake activities in the defence manufacturing and renewable energy sectors”
“The Company now proposes to build upon this foundation and progressively diversify into Defence, Green Energy, Real Estate and Exploration & Mining, in addition to continuing its Agriculture business.”
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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