India is making big moves in defence manufacturing! This year, the country is set to achieve Rs. 1.75 lakh crore in defence production, with an even bigger goal of Rs. 3 lakh crore by 2029. Defence exports are also soaring, reaching Rs. 21,083 crore in FY 2023-24. The USA, France, and Armenia were the top buyers of Indian defence equipment.
By 2029, India aims to export Rs. 50,000 crore worth of defence products, strengthening its position as a trusted global supplier. With these ambitious targets, India is on its way to becoming a major player in the global defence industry.
The total order book of the top 15 defence stocks stands at approximately Rs. 3,40,694.51 crore, reflecting strong growth and a robust pipeline in India’s defence sector.
Here are the top 15 defence stocks with a strong order book of up to Rs. 130,000 crore
Hindustan Aeronautics Limited
As of December 2024, Hindustan Aeronautics Limited (HAL) holds an order book of over Rs. 130,000 crore. With an estimated order inflow of Rs. 165,000 crore in the next 12 months, HAL’s order book is expected to reach Rs. 250,000 crore.
Bharat Electronics Limited
As of January 1, 2025, the company holds an order book of Rs. 71,100 crore. For FY25, it aims to secure Rs. 25,000 crore in new orders, having already secured Rs. 18,415 crore, marking strong progress toward its goal.
Mazagon Dock Shipbuilders Limited
Mazagon Dock Shipbuilders Limited (MDL) has an order book of Rs. 34,787 crore as of December 31, 2024, primarily focused on naval defence projects.
Garden Reach Shipbuilders and Engineers Limited
As of December 31, 2024, the company’s order book stands at Rs. 23,877 crore, covering 40 platforms from 10 projects. This includes 17 warships for the Navy, such as P-17 Alpha, Survey Vessels Large, Anti-Submarine Shallow Water Crafts, and Offshore Patrol Vessels.
Cochin Shipyard Limited
As of December 31, 2024, Cochin Shipyard Limited (CSL) has an order book worth Rs. 21,784 crore, reflecting its strong position in the shipbuilding and defence sectors
Bharat Dynamics Limited
As of December 31, 2024, Bharat Dynamics Limited (BDL) has a total order book of Rs. 20,700 crore, driven by an order inflow of Rs. 3,100 crore in the first nine months of FY25.
BEML Limited
As of February 2025, BEML’s order book stands at approximately Rs. 15,000 crore, with 60 percent from rail and metro projects, 30 percent from defence, and 10 percent from mining. The company aims to reach an order book of Rs. 18,000 crore by FY25.
Solar Industries India Limited
Solar Industries India Limited’s total order book stands at approximately Rs. 13,100 crore. This includes Rs. 2,100 crore from CIL and SCCL for the next two years and Rs. 11,000 crore in the defence segment, boosted by a Rs. 6,000 crore Pinaka order.
DCX Systems Limited
As of December 31, 2024, DCX Systems Limited’s consolidated order book stands at Rs. 3,359 crore, reflecting a strong pipeline of projects and future revenue visibility.
Astra Microwave Products Limited
As of December 2024, the company’s consolidated order book stood at Rs. 2,332.6 crore. Domestic defence orders contributed 85 percent of revenue, followed by exports (8.4 percent), space (3.4 percent), metrology (2.7 percent), and other businesses making up the balance.
Mishra Dhatu Nigam Limited
As of December 31, 2024, Mishra Dhatu Nigam Limited has an executable order book of approximately Rs. 1,906 crore. The company has already secured Rs. 1,115 crore in orders and expects to reach Rs. 1,700 crore by year-end.
MTAR Technologies Limited
As of December 31, 2024, the company has a diversified order book of Rs. 1,030 crore. The major segments include Clean Energy – Civil Nuclear Power (55.8 percent), Defence (18.1 percent), Space (13.1 percent), Products & Others (7.0 percent), and Clean Energy – Fuel Cell, Hydel & Others (5.9 percent).
Paras Defence and Space Technologies Limited
Paras Defence and Space Technologies Limited has an order book of around Rs. 881 crore over the past 18 months, ending September 30, 2024. As of November 2024, the company’s order book exceeds Rs. 850 crore, with expectations to reach Rs. 2,500 crore by FY28.
Zen Technologies Limited
As of December 31, 2024, Zen Technologies Limited has a total order book of Rs. 816.91 crore, comprising Rs. 279.68 crore from AMC contracts and Rs. 537.23 crore from equipment orders.
Ideaforge Technology Limited
As of December 31, 2024, Ideaforge Technology Limited’s order book stands at approximately Rs. 21 crore, with an L1 opportunity pipeline exceeding Rs. 400 crore, indicating strong potential for future growth.
Written By – Nikhil Naik
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