Nibe's Garudastra mortar hits target in Army demo, but no order yet
Vehicle-mounted 120mm system fired 12 rounds in 60 seconds from a two-man crew. A GPS/laser-guided round scored a direct hit on a 3-metre square target. The no-cost-no-commitment demo leaves revenue uncertain.
— 2 earlier stories on NIBE Ltd. →What's new
- Nibe demonstrated Garudastra 120mm vehicle-mounted mortar to Indian Army at Mhow on June 17.
- System performed shoot-and-scoot in under 30 seconds, with multi-round simultaneous impact.
- All on a no-cost-no-commitment basis; no order or financial commitment yet.
Why this matters
A successful field demo to the Indian Army strengthens Nibe's credentials for future procurement, especially under Aatmanirbhar Bharat. But with no immediate order, the revenue impact is zero, a concern given the stock's trailing P/E of 440x.
What we're watching
- Whether the Army issues a formal request for proposal following the demo.
- Nibe's production capacity readiness if an order materializes.
- Upcoming defence tenders in the mortar and loitering munition space.
The full read
Nibe took its Garudastra 120mm vehicle-mounted mortar system to the Indian Army's Infantry School in Mhow on June 17 for a live demonstration. The system fired 12 rounds in 60 seconds from a two-man crew, performed shoot-and-scoot in under 30 seconds, and landed a direct hit on a 3-metre square target with GPS and laser-guided munition. The demo was no-cost-no-commitment — meaning no order, no revenue, no near-term financial change. For a stock at 440x trailing earnings, market expectations are already high. Nibe's earlier wins (the Vayu Astra-1 loitering munition passing Army trials in May and a subsidiary's heavy firearms license in June) have built a defence narrative. Garudastra adds to it, but the next step is an actual contract. Without one, the demo remains just a demo.
Questions answered
- What is the Garudastra system?
- It is a 120mm vehicle-mounted mortar and bomb system developed by Nibe in technical collaboration with a foreign OEM. It can fire 12 rounds per minute using a two-man crew.
- How did the demonstration go?
- The system performed a rapid shoot-and-scoot operation in under 30 seconds, fired 12 rounds in 60 seconds, and achieved a direct hit on a 3m x 3m target using GPS and laser-guided precision munition.
- What is the significance of this demo?
- It showcases Nibe's capability in indigenous firepower solutions and aligns with the Aatmanirbhar Bharat initiative, potentially positioning the company for future Army orders.
- Did Nibe receive an order?
- No. The demo was conducted on a no-cost-no-commitment basis, meaning no financial commitment or immediate order was placed.
- How does Garudastra fit into Nibe's defence portfolio?
- It complements Nibe's earlier successes like the Vayu Astra-1 loitering munition, which passed Army trials in May, and the subsidiary's heavy firearms license obtained in June.
- What are the financial implications for Nibe?
- The latest quarter showed sales of ₹260 cr and net profit of ₹28 cr. While the demo boosts credibility, any revenue impact depends on future orders, and the stock trades at a high P/E of 440x.
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All notes on NIBE →- 17 Jun 2026 · 6:00 PM IST Nibe's Garudastra mortar hits target in Army demo, but no order yet
- 30d ago Nibe's subsidiary gets a lifetime license for heavy firearms
- 46d ago NIBE's Vayu Astra-1 passes Army trials with 100 km range, sub-2-metre accuracy