The Indian defence industry is a significant sector of the country"s economy, with a growth trajectory that is only expected to accelerate due to ever-rising concerns about national security. With the world"s second-largest army, India has a strong defence capability to protect its borders and citizens. And it makes sense to ensure it’s optimally leveraged.
The defence sector in India encompasses a wide range of areas, including aerospace, land, and naval systems. A diverse array of defence companies, both public and private, contribute to the manufacturing of defence equipment and supplies.
The defence industry has undergone a remarkable transformation, transitioning from being a major importer to becoming an exporter in recent years. In 2023, India was ranked fourth in the world regarding defence spending, according to Statista. During the 2023-24 financial year, defence exports surged by 32.5 percent, reaching an all-time high of Rs21,083 crore (approximately $2.63 billion). This is a significant increase from the previous year"s exports of Rs15,920 crore.
In addition to increasing demand, government initiatives, and innovation, the Indian defence industry has witnessed a surge in economic growth. Over the past year, Indian defence stocks have seen a remarkable bull run on Dalal Street.
List of Defence Stocks in India
Here’s the list of the leading defence stocks in India, based on their market capitalisation, with data sourced from NSE India and BSE India as of February 19, 2025.
