India’s Atmanirbhar Bharat mission has transformed the defence sector, propelling the country from a major importer to a confident exporter of military technology. Defence exports have soared 34 times in the past eleven years — from just ₹6.8 billion in FY14 to a record ₹236.2 billion in FY25, a year-on-year increase of 12 per cent.

This remarkable growth highlights India’s emergence as a reliable global supplier of defence equipment and systems, aligning with its goal of becoming self-reliant in strategic manufacturing.

Private sector leads the export surge

The strong performance in FY25 was led by both the Defence Public Sector Undertakings (DPSUs) and the private sector. The private sector contributed 64.5% (₹152.3 billion) of total exports, while DPSUs accounted for ₹83.9 billion.

DPSU exports grew by 43.8% year-on-year, driven by rising global demand for indigenous systems. Meanwhile, private sector exports remained largely stable but continued to dominate overall volumes.

Together, they exported a wide range of items — from ammunition, weapons, radars, and drones to sub-systems and components — to nearly 80 countries during FY25.

India eyes ₹500 billion defence export target by FY29

Buoyed by this momentum, the Ministry of Defence has set an ambitious goal of achieving ₹500 billion in defence exports by FY29. Several Indian defence companies have emerged as major contributors to this success story, leveraging indigenous technology, innovation, and global partnerships.

Let’s look at four key players driving India’s defence export growth.

Astra Microwave: Boosting exports through advanced defence electronics

Hyderabad-based Astra Microwave Products has emerged as a leader in defence, aerospace, and radar electronics. In Q1FY26, defence contributed 86.4% of its revenue, with exports at 10%, a figure it aims to triple to 30% over the next three years.

The company is developing over 40 Monolithic Microwave Integrated Circuit (MMIC) chips and expects to generate more than $50 million in export revenue from this portfolio alone. It has also partnered with Teledyne for global distribution of its radar and anti-drone systems.

Financially, Astra’s revenue rose 29% year-on-year to ₹2 billion in Q1FY26, while profit after tax grew 126.2% to ₹160 million. The company holds an order book of ₹18.9 billion, providing two years of revenue visibility.

Data Patterns: Strength in radars and indigenous technology

Chennai-based Data Patterns has established itself as a fully integrated defence and aerospace electronics provider catering to DRDO, DPSUs, and international clients.

In Q1FY26, radars accounted for 66.4% of its revenue, with exports contributing 10%, up from 6% in FY24. The company has received new radar orders from NATO countries and its long-standing UK customer.

While Q1FY26 revenue dipped 4.6% year-on-year to ₹993 million, the company expects 20–25% annual growth ahead, supported by a ₹8.1 billion order book and expanding export opportunities. It currently trades at a P/E of 74x, above its four-year median but in line with sector averages.

Bharat Dynamics: Riding the export wave with Akash missiles

Public sector giant Bharat Dynamics Limited (BDL), India’s key missile manufacturer, recorded all-time high export sales of ₹12.7 billion in FY25, up from ₹1.6 billion in FY24 — a jump of nearly eight times.

Exports now account for 35.9% of total sales, compared to 6.7% the previous year. Much of this growth stems from global approvals for the export of the Akash missile system, with interest from nine countries.

With a robust ₹228.1 billion order book and plans to achieve ₹100 billion turnover by FY31, BDL is positioning itself as a global player in missile systems integration and technology transfer.

Zen Technologies: Expanding global reach with anti-drone systems

Hyderabad-based Zen Technologies is strengthening its foothold in the global simulator and anti-drone market. In FY25, exports contributed 38% of total revenue, supported by new orders worth ₹1.1 billion.

Zen’s anti-drone systems are capable of detecting and jamming both commercial and military frequencies, giving it a strong technological edge. The company expects exports to pick up from H2FY26, targeting new customers in Africa, the Middle East, and Southeast Asia.

While FY26 is expected to be a “year of consolidation,” Zen’s order book of ₹7.5 billion provides short-term visibility. It trades at a P/E of 52.5x, lower than its 10-year median, indicating valuation comfort.

Conclusion: India’s defence sector enters a new growth era

India’s steep rise in defence exports signals a structural transformation — from dependence to dominance. The synergy between public and private sectors, supported by policy reforms and indigenous R&D, has placed India among the world’s emerging defence exporters.

Companies such as Astra Microwave, Data Patterns, Bharat Dynamics, and Zen Technologies are leading this new era, poised to capture a significant share of the global defence market in the coming years.

Tags:
, , top Indian defence companies 2025, Bharat Dynamics and Astra Microwave exports, Indian defence industry analysis