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Graphic of the day: Double-Digit Growth

Private Indian defence companies are booming, driven by government spending

By Samreen Wani
Last Updated: Sep 25, 2025, 14:42 IST1 min
It's not just about revenue—Indian private defence firms are also boosting profitability. Crisil Ratings predicts the operating margins for key defence companies will improve to over 18.6 percent by 2026, though still lower than the margins in 2024, alongside a sharp revenue increase. Propelled by rising government spending and a Make in India push, private defence companies are rapidly growing, attracting significant investment to fund innovation and R&D.
It's not just about revenue—Indian private defence firms are also boosting profitability. Crisil Ratings predicts the operating margins for key defence companies will improve to over 18.6 percent by 2026, though still lower than the margins in 2024, alongside a sharp revenue increase. Propelled by rising government spending and a Make in India push, private defence companies are rapidly growing, attracting significant investment to fund innovation and R&D.

First Published: Sep 25, 2025, 14:11

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