7 listed companies earned ₹81,641 crore from defence and aerospace in FY26, +11.8% a year over 5 years. Hindustan Aeronautics Ltd earned the most, 40.5% of it. Hindustan Aeronautics Ltd earned the most on each rupee of sales: 36.6%.
Hindustan Aeronautics Ltd had 40.5% of the listed companies' revenue from defence and aerospace here, 1.2 times as much as Bharat Electronics Ltd, the next largest. The two together sold 74%; the other 5 the rest.
From each company's own sales figures for this kind of product (its reported segment, or its whole sales where that is all it sells). Private makers are not counted, so this is the split among listed companies, not the whole market. An estimate is the share of turnover the company gives this product line in its sustainability report, times its own sales for the year, where its segments do not split it out.
How the sales have grown, and who sold them
Revenue from defence and aerospace each financial year in ₹ crore (L = lakh crore), the change on the year before above each column
The listed companies here earned ₹81,641 Cr from defence and aerospace in FY26. Counting only the companies with figures in both years, sales went from ₹41,058 Cr in FY19 to ₹76,571 Cr, 1.9 times as much. The biggest rise was in FY24 (+15%) and the weakest year FY21 (+1%). Hindustan Aeronautics Ltd's part of the total went from 50% in FY19 to 41% in FY26. Over three years PTC Industries Ltd grew fastest, +38.5% a year. Some companies are counted only from a later year (Adani Enterprises Ltd from FY25; Bharat Forge Ltd from FY25; PTC Industries Ltd from FY20).
Counted from the first year their figures for this are available: Adani Enterprises Ltd from FY25; Bharat Forge Ltd from FY25; PTC Industries Ltd from FY20. A jump in that year is partly that.
Who earns the most on each rupee
Operating profit as a share of revenue from defence and aerospace, each financial year
Operating profit before interest and tax, as a share of revenue from defence and aerospace. Hindustan Aeronautics Ltd earned 36.6% on its sales in FY26, against 18.9% in FY17. Bharat Electronics Ltd earned 29.2% on its sales in FY26, against 21.8% in FY17; its best year was FY25 at 29.9%. Mazagon Dock Shipbuilders Ltd earned 25.4% on its sales in FY26, against 19.5% in FY17; its best year was FY25 at 26.8%. Bharat Dynamics Ltd earned 19.8% on its sales in FY26, against 15.5% in FY17; its best year was FY24 at 30.3%. Bharat Forge Ltd earned 4.9% on its sales in FY26, against 10.9% in FY25.
Brands are read from each company's filings and checked against a public source. Growth is the yearly rate of its revenue from defence and aerospace. Margin is the operating profit (before interest and tax) the company reports on them, as a share of those sales; profit share is its part of all the listed companies' profit on them; return on assets is that profit against the assets it reports for them. A company with no other business is measured on its whole accounts. Where a company's segments include sales between its own businesses (a bank's treasury lending to its retail arm), each segment is scaled down in proportion so that together they match what the company earns outside itself; companies report those internal sales only as a total. Not a recommendation to buy or sell.
Also sold by
These companies report this together with other businesses, so their figures are not counted above
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<a href="https://app.valarth.in/brands/defence"><img src="https://app.valarth.in/brands/defence/card.png" alt="Who arms India: the listed companies' shares, by Valarth" width="600" height="315" loading="lazy"></a>
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Questions people ask
Who arms India?
7 listed companies report their revenue from defence and aerospace: Hindustan Aeronautics Ltd (HAL), Bharat Electronics Ltd (BEL), Mazagon Dock Shipbuilders Ltd (MAZDOCK), Bharat Dynamics Ltd (BDL), Adani Enterprises Ltd (ADANIENT), Bharat Forge Ltd (BHARATFORG), PTC Industries Ltd (PTCIL). 2 more sell them but report them together with other products.
Which listed company earns the most from defence and aerospace in India?
Hindustan Aeronautics Ltd, with revenue from defence and aerospace of ₹33,089 crore in FY26: 40.5% of the listed companies' total here.
How much do listed companies earn from defence and aerospace?
The listed companies here earned ₹81,641 crore from defence and aerospace in FY26, +11.8% a year over 5 years. Private makers are not included.
Which listed company makes the most profit from defence and aerospace?
Hindustan Aeronautics Ltd: its operating profit was 36.6% of its revenue from defence and aerospace in FY26.
