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Top 7 Defense Manufacturing Companies in India

Here you can see the List of Defense Manufacturing Companies in India. India’s defence manufacturing sector has been witnessing a CAGR of 3.9% between 2016 and 2020. The Indian Government has set the defence production target at USD 25 billion by 2025. Defence exports in the country witnessed strong growth in the last two years.

India targets to export military hardware worth USD 5 billion in the next 5 years.
The Indian defence manufacturing industry may be a critical segment for the economy. The industry is likely to accelerate with rising concerns of national security. Over the last five years, India has been ranked among the top importers of defence equipment

List of Defense Manufacturing Companies in India

so here is the list of defence manufacturing companies in India which are sorted based on the total sales.

1. Hindustan Aeronautics Ltd

The manufacturing programs underway at HAL are production of SU-30 MKI, LCA & DO-228 aircraft and ALH-Dhruv, Chetak, Cheetal & LCH Helicopters. The Repair Overhaul (ROH) programs being carried out presently are Jaguar (with upgrade), Mirage (with upgrade), Kiran, HS-748, AN-32, MiG 21, Su-30 MKI, Hawk, Dornier Do-228, ALH, Cheetal, Cheetah and Chetak.

The history and growth of Hindustan Aeronautics Limited is synonymous with the growth of Aeronautical industry in India for more than 79 years. In January 1951, Hindustan Aircraft Limited was placed under the administrative control of Ministry of Defence, Government of India.

  • Total Sales: Rs 21,438 Cr
  • Market Cap:  27,891 Cr.
  • Dividend Yield: 3.99 %
  • ROE: 22.03 %
  • Sales Growth (3Yrs): 6.10 %
  • Face Value:  10.00
  • Promoter holding89.97 %
  • Debt to equity: 0.44
  • Price to book value: 2.10

August 1951, the HT-2 Trainer aircraft, designed and produced by the company under the able leadership of Dr. V.M.Ghatge flew for the first time. In 1970, a separate division was set up exclusively for manufacture of ‘Chetak’ and ‘Cheetah’ Helicopters in Bangalore under licence from M/s SNIAS, France. A new division was also established to manufacture aircraft instruments and accessories at Lucknow

Over 150 Trainers were manufactured and supplied to the Indian Air Force and other customers. With the gradual building up of its design capability, the company successfully designed and developed four other aircraft i.e. two seater ‘Pushpak’ suitable for flying clubs,  ‘Krishak’ for Air Observatory Post (AOP) role, HF-24 Jet Fighter ‘(Marut)’ and the HJT-16 Basic Jet Trainer ‘(Kiran)’.

Aeronautics India Limited (AIL)

Meanwhile, in August 1963, Aeronautics India Limited (AIL) was incorporated as a Company wholly owned by the Government of India, to undertake manufacture of   MiG-21 aircraft under licence.

Factories were setup at Nasik (Maharashtra) & Koraput (Odisha). In June 1964, the Aircraft Manufacturing Depot which was set up in 1960 at Kanpur as an Air Force unit to produce the Airframe for the HS-748 transport aircraft was transferred to AIL. One of the largest defense companies in India.

The major on-going indigenous development programs are the Light Combat Aircraft (LCA) MK 1A, Light Combat Helicopter(LCH), Light Utility Helicopter (LUH), Basic Turboprop Trainer HTT 40 & Indian Multi Role Helicopter (IMRH). Design and Development of HTFE-25 and HTSE-1200 engines have also been taken up. 

2. Bharat Electronics Ltd

BEL was established to meet the specialized electronic equipment requirements of the Indian Defence Services. While this continues to be its prime focus, the Company has a significant presence in the civilian market, too. BEL exports some of its products and services to a number of countries as well.

BEL has established its presence across the country by setting up eight other Units – in Ghaziabad, Pune, Machilipatnam, Panchkula, Kotdwara, Navi Mumbai, Chennai and Hyderabad. Each Unit has a specific product mix and customer focus. BEL has also set up a wide network of offices and service centres countrywide as well as two overseas offices – at New York and Singapore.

  • Total Sales: Rs 12,968 Cr
  • Market Cap:  26,084 Cr.
  • ROE: 19.01 %
  • Sales Growth (3Yrs): 14.53 %
  • Face Value:  1.00
  • Promoter holding: 51.14 %
  • Debt to equity: 0.00
  • Price to book value: 2.65

Civilian products from BEL include Electronic Voting Machines, Tablet PC, solar-powered traffic signal systems and Access Control Systems. The company is the 2nd largest defense companies in India

BEL now produces a wide range of state-of-the-art equipment in fields such as Defence Communication, Radars, Naval Systems, C4I Systems, Weapon Systems, Homeland Security, Telecom & Broadcast Systems, Electronic Warfare, Tank Electronics, Electro Optics, Professional Electronic Components and Solar Photovoltaic Systems, BEL also provides turnkey system solutions.

3. Bharat Dynamics Ltd

Bharat Dynamics Limited (BDL) is one of India’s manufacturer of ammunitions and missile systems. It was founded in 1970 in Hyderabad, Telangana, India. The company is 3rd largest defense companies in India.

BDL was established in the year 1970 to be a manufacturing base for guided weapon systems. Begun with a pool of engineers drawn from Indian Ordnance Factories, DRDO and aerospace industries, BDL began by producing a first generation anti-tank guided missile – the French SS11B1.

  • Total Sales: Rs 3,095 Cr
  • Market Cap:  5,771 Cr.
  • Dividend Yield: 2.79 %
  • ROE: 21.94 %
  • Sales Growth (3Yrs): -14.12 %
  • Face Value:  10.00
  • Promoter holding: 87.75 %
  • Debt to equity: 0.01
  • Price to book value: 2.21

This product was a culmination of a licence agreement the Government of India entered into with Aerospatiale. BDL has three manufacturing units, located at Kanchanbagh, Hyderabad; Bhanur, Medak district, Telangana and Visakhapatnam, Andhra Pradesh.

4. Astra Microwave Products Ltd

Astra Microwave Products Limited (AMPL) was incorporated in 1991 by a team of distinguished scientists with experience in RF/Microwave/Digital electronics and management of projects with high technology content.

The three promoters had back then sensed a need for a sound, technically powerful private company that can design, develop and produce highly end RF and Microwave subsystems and systems for strategic applications. The company has three production units and two R&D units that also include an exclusive space qualified facility.

Astra today has an array of assembly and test facilities that include 3 Automatic assembly lines for PCBA assembly, 5 class 10K clean rooms, functional test infrastructure that extends from 30MHz up to 40GHz, in house Environment test facilities including EMI/EMC facility and a first for any Indian Private Industry – Near Field Antenna test and measurement range.

  • Total Sales: Rs 535 Cr
  • Market Cap:  1,057 Cr.
  • ROE: 8.15 %
  • Sales Growth (3Yrs): 6.23 %
  • Face Value:  2.00
  • Promoter holding: 10.05 %
  • Debt to equity: 0.11
  • Price to book value: 1.96

Astra is an ISO9001:2008 company, along with AS 9100 Rev D certification for its special projects division. Starting with a diverse range of microwave products like filters, transmitters, receivers, antennas etc., the achievement in producing actual space-borne hardware that has flown on Indian satellites was a dream come true for the promoters and for the company and an endeavor to be proud of for the entire AMPL team.

With these achievements under its belt, AMPL is targeting to move up the value chain using partnerships and helped by the Make in India policy of the Government of India. Formulating appropriate policies, AMPL has started accumulating the resources required for this important task, including man power, IP and infrastructure.

The MMIC activities are operational now in a vast self-owned campus with class 10,000 clean room facilities and state of the art assembly and testing facilities. Also, AMPL started a new R&D facility close to Bangalore airport with an aim to expand its achievements further and be closer to its biggest customers.

5. Apollo Micro Systems Ltd

Apollo Micro Systems (AMS), estd in 1985 is pioneer in Design, Development and assembly of Custom Built Electronics and Electro-mechanical solutions. One of defense companies in India.

AMS offer solutions based on state of the art technologies for Aerospace, Defense & Space as primary customers and also caters solutions for Railways, Automotive and Home Land Security markets.

  • Total Sales: Rs 263 Cr
  • Market Cap:  243.35 Cr.
  • ROE: 4.85 %
  • Sales Growth (3Yrs): 6.97 %
  • Face Value:  10.00
  • Promoter holding: 63.93 %
  • Debt to equity: 0.28
  • Price to book value: 0.82

The Company wide spectrum of technological solutions and end to end design, assembly & testing capabilities gives us an edge over the competition. The company is 5th in the list of top defence company in India.

6. Reliance Naval & Engineering Ltd

Reliance Naval and Engineering Limited (RNAVAL) (formerly Reliance Defence and Engineering Limited / Pipavav Defence and Offshore Engineering Company Limited) has the largest engineering infrastructure in India and is one of the largest in the world. RNAVAL is the first private sector company in India to obtain the licence and contract to build warships.

  • Total Sales: Rs 180 Cr
  • Market Cap:  269.22 Cr.
  • ROCE: -16.64 %
  • Face Value:  10.00

RNAVAL operates India’s largest integrated shipbuilding facility with 662 M x 65 M Dry dock. The facility houses the only modular shipbuilding facility with a capacity to build fully fabricated and outfitted blocks.

The fabrication facility is spread over 2.1 million sq. ft. The shipyard has a pre-erection berth of 980 meters length and 40 meters width, and 2 Goliath cranes with combined lifting capacity of 1,200 tonnes, besides outfitting berth length of 780 meters.

7. Sika Interplant systems Ltd

SIKA is an engineering driven company focused on the Aerospace, Defence & Space (A&D) and Automotive sectors in India. A public listed company on the Bombay Stock Exchange, SIKA’s main lines of business comprise: engineered projects & systems; interconnect solutions & electrical module integration, maintenance, repair & overhaul (MRO); and value-added distribution.

An AS 9100D certified company, SIKA has a successful track-record of nearly twenty-five years in executing advanced engineering projects, in collaboration with international technology partners, for A&D customers in India.

  • Total Sales: Rs 62.77 Cr
  • Market Cap:  95.32 Cr.
  • Dividend Yield: 0.49 %
  • ROE: 14.56 %
  • Sales Growth (3Yrs): 22.42 %
  • Face Value:  10.00
  • Promoter holding: 71.72 %
  • Debt to equity: 0.01
  • Price to book value: 1.81

In addition, SIKA is also a qualified Indian Offset Partner (IOP) with a license for defence production from the Government of India and has had continuous design approval from the Indian Ministry of Defence’s Centre for Military Airworthiness & Certification (CEMILAC) since 1999.

SIKA has developed a capability in fabrication, assembly, integration and testing, documentation and certification of systems. Founded in 1969, the Company is headquartered in Bangalore, where it has also established a greenfield technology park, and maintains a pan-India sales network.

List of Defense Companies in India

The following table show the list of defense company that are listed on stock exchanges.

NoCompanies NameSecurity CodeSecurity IdFace ValueISIN No
1Apollo Micro Systems Ltd500049APOLLO10INE713T01010
3Bharat Dynamics Ltd532493BDL10INE171Z01018
5Reliance Naval and Engineering Ltd540879RNAVAL10INE542F01012
list of defense company in India

Raveendran R
Raveendran R
Editor @ Indiancompaies.in



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