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₹5.63 L CrP/E 33.0 vs 15.4ROCE 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₹1.44 L CrP/E 42.8 vs 33.9ROCE 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₹1.42 L CrP/E 63.1 vs 44.6ROCE 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₹1.35 L CrP/E 48.0 vs 24.9ROCE 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.”
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.”
Ashok LeylandCommercial VehiclesGrowing₹1.02 L CrP/E 27.7ROCE 7.5%
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.”
Gujarat FluorochemSpecialty ChemicalsGrowing₹50,754 CrP/E 120.1 vs 30.0ROCE 8.7%
Defence is explicitly named as a current end-use sector driving growth in GFL's high-performance fluoropolymers (PVDF, FKM, PFA).
“Key end-use sectors, including semiconductors, EVs, defence, and pharmaceuticals witnessed renewed traction, driving consistent growth in high-performance fluoropolymers, particularly PVDF, FKM, and PFA.”
PTC IndustriesCastings & ForgingsGrowing₹31,071 CrP/E 270.7 vs 28.9ROCE 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”
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.”
Syrma SGS TechnologyIndustrial ProductsGrowing₹27,775 CrP/E 67.9 vs 23.8ROCE 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.”
Amber Enterprises (I)Household AppliancesGrowing₹25,866 CrP/E 121.3 vs 57.6ROCE 5.3%
Amber explicitly lists HVAC solutions for Defence applications among its current business domains alongside Room ACs and Railways/Metro HVAC.
“HVAC solutions for Indian Railways, Metros, Buses, and Defense applications”
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“Air conditioners for Railways, Metro trains, Buses, Defence etc.”
Sansera EngineeringAuto Components & EquipmentsGrowing₹24,201 CrP/E 73.0 vs 26.9ROCE 12.5%
Defence is part of Sansera's ADS (Aerospace, Defence, Semiconductor) non-automotive segment, which generated ~`1,235 mn revenue in FY25 and is targeted for growth.
“The ADS (Aerospace, Defence, and Semiconductor) segment stood out, recording revenues of `1,235 mn in FY 2024-25, a 13% YoY growth.”
NBCCCivil ConstructionGrowing₹23,998 CrP/E 27.8 vs 15.4ROCE 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.”
Jyoti CNC AutomationIndustrial ProductsGrowing₹22,521 CrP/E 62.9 vs 23.8ROCE 19.2%
CNC machines supplied into the defence sector as a major customer vertical; aerospace & defence combined account for 45% of the Rs 4,346 Crore orderbook.
“Our customer base spans critical sectors such as aerospace, defence, automotive, electronics, die and mould, healthcare, pumps and valves, power, agriculture, and increasingly, renewable energy manufacturing”
Carborundum UniversalAbrasives & BearingsGrowing₹22,231 CrP/E 188.8 vs 95.2ROCE 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”
Belrise IndustriesAuto Components & EquipmentsGrowing₹20,601 CrP/E 38.8 vs 26.9ROCE 10.9%
Belrise has entered the defence segment through maiden partnerships with an Indian and an Israeli defence OEM and has secured incremental orders from another leading Indian defence OEM, representing a newly diversified, non-core vertical.
“we have further diversified our portfolio with maiden partnerships with both an Indian and an Israeli defense OEM, while also securing incremental orders from another leading Indian defense OEM.”
JSW DuluxPaintsGrowing₹14,190 CrP/E 35.5 vs 38.3ROCE 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.”
Action Const EquipConstruction VehiclesGrowing₹14,112 CrP/E 31.0 vs 26.6ROCE 27.4%
ACE supplies rough terrain forklifts to defence customers, with a largest-ever defence order last year marking defence as a key diversification area alongside its core cranes/construction/material handling business.
“Defence also continues to be a key diversification area, marked by a major milestone last year with our largest-ever order for rough terrain forklifts.”
Defence is a stated sub-component of the FRS segment; company has historically delivered warships to the Indian Coast Guard and recently launched naval tugs for the Indian Navy, though it is sub-scale relative to wagons/PRS.
“Launched 5 Bollard Pull Tugs for the Indian Navy”
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“This segment encompasses our "Shipbuilding, Bridges and Defence" (SBD) business, in which we manufacture products including (i) coastal research vessels, naval vessels, passenger ships and cargo ferry vessels, and tugs; (ii) metal canisters, and integrated field shelters for the Indian Air Force; and (iii) bailey bridges, steel modular bridges and unibridges.”
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₹9,518 CrP/E 19.0 vs 20.6ROCE 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.”
JK PaperPaper & Paper ProductsGrowing₹7,078 CrP/E 29.2 vs 13.4ROCE 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”
MastekComputers - Software & ConsultingGrowing₹5,277 CrP/E 12.3 vs 19.5ROCE 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”
Reliance InfrastructuIntegrated Power UtilitiesGrowing₹2,581 CrP/E 1.4 vs 30.5ROCE -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.”
AplabOther Electrical EquipmentGrowing₹124 CrP/E 30.0 vs 25.2ROCE 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.”
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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