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₹49,816 CrP/E 133.8 vs 60.3ROCE 7.2%
BDL is a Ministry of Defence PSU and the principal Indian manufacturer of guided missiles (SAMs, AAMs, ATGMs), torpedoes and underwater weapons supplied to the Indian Armed Forces, forming its core business.
“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.”
Cochin ShipyardShip Building & Allied ServicesCore business₹38,949 CrP/E 57.8ROCE 15.3%
Defence is CSL's dominant order-book segment at ₹13,800 Crs (~66% of total), spanning aircraft carriers, anti-submarine warfare crafts and missile vessels built for the Indian Navy.
Zen TechnologiesAerospace & DefenseCore business₹17,327 CrP/E 100.0 vs 60.3ROCE 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.”
Astra MicrowaveAerospace & DefenseCore business₹15,780 CrP/E 51.6 vs 60.3ROCE 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.”
Apollo Micro SystemsAerospace & DefenseCore business₹13,645 CrP/E 107.3 vs 60.3ROCE 10.4%
AMS is a dedicated defence technology company with 40+ years of experience, offering weapon electronics for ground, missile and naval defence and participating in over 150 Indigenous Defence Programmes.
“Apollo Micro Systems Limited (AMS) is a defence technology company that started in 1985 in Hyderabad.”
+1 more quote from the report
“Approval for giving Loan or Guarantee or providing Security in connection with loan availed by Apollo Defence Industries Private Limited pursuant to Section 185 of the Companies Act, 2013”
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₹7,849 CrP/E 214.1 vs 23.8ROCE 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)”
+1 more quote from the report
“The Company is currently in the process of transformation from an automotive/foundry-focus to the defence and aerospace business.”
Marine Electrical (I)Industrial ProductsCore business₹5,266 CrP/E 86.3 vs 23.8ROCE 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”
+1 more quote from the report
“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.”
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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