Industry analysis
Aerospace & Defense
Read from what its listed companies are showing. Valuations are compared within this industry.
Improving
33 listed companies · ₹ 7,52,413 Cr. total market value- ▲71% of companies grew sales by more than 8% from a year earlier; the typical company's profit rose 8.9%. 22% made a loss.
- ▲3 credit rating upgrades and 1 downgrade in the last 90 days.
- –24 good and no bad company announcements, including 9 big orders won (read since 6 Oct 2026; not counted until there is a month of them).
- ▲The typical share is down 2% in 3 months; 64% of shares trade above their 200-day average (their usual level).
- –Typical P/E 72.2, 61% above these companies' usual level (pricier than normal).
- –No shares issued in 90 days; 1 more fund raise on the way.
▲ / ▼ / ● are the signals the verdict counts: results, credit ratings, announcements and share prices. Lines marked – are shown but not counted.
In charts
Share prices over the last year
The typical Aerospace & Defense share against the typical share on the market, both starting at 100. Now 134 vs 83.
Is growth speeding up or slowing down?
The typical company's sales and profit growth against the same quarter a year earlier.
Price against growth
Each dot is a company: further left is cheaper (lower P/E), higher up grew profit faster. Red dots passed the cheaper-than-peers screen. Companies beyond the chart's edges sit on the edge.
Cheaper than peers
Not a buy list. These shares trade at a P/E at least 30% below their industry's typical level and below their own usual level, and they also pass basic checks: profitable, sales and profit growing, low debt, no red flags, market value of ₹250 Cr or more. Cheap shares are often cheap for a reason; this is where to start reading, not where to stop.
No company here passes every test right now.
Cheaper than peers across the whole market
Leaders and laggards
Good news
- Astra Microwave ProductsCredit rating raised
- Paras Defence and Space TechnologiesCredit rating raised
- Centum ElectronicsCredit rating raised
- Bharat DynamicsBig order won
- AequsBig order won
Warning signs
- DCX SystemsCredit rating cut
Best shares, 3 months
Worst shares, 3 months
- C2C Advanced Systems−42.4%
- Garden Reach Shipbuilders & Engineers Ltd−26.9%
- DCX Systems−23.9%
- Bharat Dynamics−20.3%
- Sika Interplant Systems−17.9%
Companies
Click a column to sort.
| Signs (90 days) | |||||||
|---|---|---|---|---|---|---|---|
| Hindustan Aeronautics HAL | Aerospace & Defense | ₹ 3,15,531.39 Cr. | +14.4% | +14.9% | 33.9 | +5.7% | |
| Bharat Electronics BEL | Aerospace & Defense | ₹ 2,63,225.14 Cr. | +24.9% | +8.9% | 43 | −5.1% | |
| Bharat Dynamics BDL | Aerospace & Defense | ₹ 37,279.41 Cr. | +130.6% | +561.1% | 71.6 | −20.3% | Big order won |
| Data Patterns (India) DATAPATTNS | Aerospace & Defense | ₹ 21,212.04 Cr. | +17.2% | −15.4% | 78.5 | −6.9% | |
| Aequs AEQUS | Aerospace & Defense | ₹ 15,804.06 Cr. | +54.7% | Loss | 477.1 | −4.7% | Big order won |
| Astra Microwave Products ASTRAMICRO | Aerospace & Defense | ₹ 14,145.66 Cr. | −11.5% | −25% | 74.6 | −11.5% | Credit rating raised |
| Apollo Micro Systems APOLLO | Aerospace & Defense | ₹ 13,894.11 Cr. | +72.4% | +53.3% | 114.8 | +11.1% | Strong results |
| Paras Defence and Space Technologies PARAS | Aerospace & Defense | ₹ 9,523.81 Cr. | +37.6% | +50% | 102.6 | +6.1% | Credit rating raised |
| Axiscades Technologies AXISCADES | Aerospace & Defense | ₹ 8,154.24 Cr. | +94.7% | Loss | 248.3 | +26.1% | |
| Unimech Aerospace and Manufacturing UNIMECH | Aerospace & Defense | ₹ 7,951.14 Cr. | +71.4% | +47.4% | 110.3 | +42.7% | Strong results |
| Mishra Dhatu Nigam MIDHANI | Aerospace & Defense | ₹ 6,804.44 Cr. | +40.6% | +23.1% | 50.2 | −7% | |
| Cyient DLM CYIENTDLM | Aerospace & Defense | ₹ 5,960.5 Cr. | +26.4% | +6.3% | 71.2 | +10.8% | Strong results |
| Centum Electronics CENTUM | Aerospace & Defense | ₹ 5,629.49 Cr. | +14% | +2,020% | 64.7 | +14.6% | Credit rating raised |
| Rossell Techsys ROSSTECH | Aerospace & Defense | ₹ 5,278.42 Cr. | +77.1% | +116.4% | 199.7 | +53.8% | |
| Avantel AVANTEL | Aerospace & Defense | ₹ 3,605.89 Cr. | +35.7% | +66.9% | 211.4 | −15.2% | Strong results |
| ideaForge Technology IDEAFORGE | Aerospace & Defense | ₹ 3,214.4 Cr. | +436.7% | Loss | 185.5 | −15.6% | |
| Jaykay Enterprises JAYKAY | Aerospace & Defense | ₹ 2,964.38 Cr. | +34.5% | −77.7% | 72.2 | +34.8% | |
| CFF Fluid Control 543920 | Aerospace & Defense | ₹ 2,059.66 Cr. | +123.4% | +185.7% | 52.1 | +2% | |
| Sika Interplant Systems SIKA | Aerospace & Defense | ₹ 1,754.47 Cr. | −37% | −18.8% | 50.9 | −17.9% | |
| NIBE Ltd NIBE | Aerospace & Defense | ₹ 1,717.12 Cr. | −23.2% | Loss | 389.7 | −17.4% | |
| Millworks Technologies Ltd 544826 | Aerospace & Defense | ₹ 1,678.54 Cr. | — | — | 45.2 | +36.4% | |
| DCX Systems DCXINDIA | Aerospace & Defense | ₹ 1,483.47 Cr. | −53.6% | Loss | 169.3 | −23.9% | Credit rating cut |
| Shree Refrigerations 544458 | Aerospace & Defense | ₹ 1,168.7 Cr. | — | — | 55 | −0.5% | |
| Taneja Aerospace & Aviation Ltd TANAA | Aerospace & Defense | ₹ 729.45 Cr. | +21% | +61.9% | 37.2 | — | |
| Apsis Aerocom APSISAERO | Aerospace & Defense | ₹ 673.7 Cr. | — | — | 89.3 | +26.2% | |
| Digilogic Systems Ltd 544684 | Aerospace & Defense | ₹ 495.07 Cr. | — | — | 50 | +59% | |
| C2C Advanced Systems C2C | Aerospace & Defense | ₹ 245.7 Cr. | — | Loss | 13.3 | −42.4% | |
| TechEra Engineering (India) TECHERA | Aerospace & Defense | ₹ 228.15 Cr. | −0.9% | −66.4% | 117.3 | −3.6% | |
| Garden Reach Shipbuilders & Engineers Ltd GRSE | Aerospace & Defense | — | +38.5% | +44.2% | 26.6 | −26.9% | |
| Kavveri Defence & Wireless Technologies Ltd-$ KAVDEFENCE | Aerospace & Defense | — | −63.2% | Loss | 59.7 | +53% | |
| Krishna Defence KRISHNADEF | Aerospace & Defense | — | −14.7% | +33.3% | 38.7 | −3.5% | |
| Sigma Advanced Systems Limited SIGMAADV | Aerospace & Defense | — | +7,380% | −74.3% | 89.3 | +42.3% | Big order won |
| ZEN Technologies Ltd ZENTEC | Aerospace & Defense | — | −10.1% | −39.6% | 74.2 | −5.1% |
Figures are medians and shares of companies, so one giant company cannot outweigh the rest. Results compare each company's latest quarter with the same quarter a year earlier; ratings and announcements cover the last 90 days (announcements are read by AI and can be wrong). This page adds up published data; it is not a recommendation to buy or sell anything.