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
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₹39,398 CrP/E 91.6 vs 27.1ROCE 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.”
+1 more quote from the report
“applications spanning home power backup, industrial UPS, solar, railways, traction, infrastructure and specialised defence sector.”
JBM AutoAuto Components & EquipmentsAnnounced₹15,687 CrP/E 60.6 vs 27.1ROCE 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₹11,432 CrP/E 17.9 vs 15.5ROCE 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.”
+1 more quote from the report
“progressing the development of e-beam and elastomeric cables and initiating pilot production for defence, automotive and railway applications”
Maharashtra SeamlessIron & Steel ProductsAnnounced₹8,623 CrP/E 12.5 vs 17.1ROCE 13.0%
Defence is listed as a new target segment being explored for diversification of the company's pipe product offerings.
“Exploration of new target segments: AUTOMOBILE BEARING DEFENCE”
+1 more quote from the report
“We see new opportunities in defence, automobile, sub-sea pipelines and high end import substitution products.”
KrossAuto Components & EquipmentsAnnounced₹1,333 CrP/E 18.3 vs 27.1ROCE 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.”
How this list is built
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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