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.”
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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