Defence
60 recent notes from companies in this sector. 20 companies tracked.
JTL Defence posts ₹21 cr revenue, but old liabilities linger
First full quarter after NCLT resolution shows revenue ramp to ₹21.24 crore from nil, though a ₹2.78 crore depreciation charge created a headline loss. Underlying operations are profitable, but auditor flags legacy uncertainties.
JTL Defence clocks ₹21 cr revenue in first full quarter post NCLT
Revenue jumps from nil to ₹21.24 crore; net loss of ₹2.67 crore is depreciation-driven, with underlying profit of ₹0.11 crore. Auditor flags ₹11.86 crore legacy recoveries and tax immunity.
BEL transcript adds nothing new to Q1 numbers, guidance
The Q1 FY27 earnings call transcript confirms 25% revenue growth to ₹5,533 cr and PAT of ₹1,048 cr, with order book at ₹72,258 cr and full-year inflow guidance of ₹55,000 cr.
Rossell Techsys revenue jumps 78% in Q1; order book at ₹715 cr
Net profit more than doubled to ₹6.98 cr. The aerospace supplier holds ₹3,000 cr in long-term agreements and is raising ₹300 cr via QIP.
Apollo Micro lands IAF prototype deal for NavIC-guided smart bomb
The Make-II contract for a 500 kg bomb, called IPREK, positions the company as a Prime OEM but carries no immediate revenue or guarantee of future orders.
Rossell Techsys grows 78% in June quarter, in line with guidance
Revenue hit ₹154.6 cr as exports drive another quarter of rapid growth. Net profit doubled to ₹7.1 cr. The playbook is working; the open question is margins.
Apollo Micro empanelled by IAF for precision munition kit
Prime development agency role for IPREK programme opens a potential revenue stream, but no firm order or timeline yet.
C2C's new CEO targets 80% of overdue receivables by September
Krishna Chandra took over and immediately collected ₹25 cr. Now he wants 80% of overdue receivables cleared in two months, backed by a new no-long-payment-cycle policy.
Zen Tech misses margin target, trims order outlook
Q1 revenue of ₹142 crore and EBITDA margin of 27.3% missed the 35% guide. The year-end order book target was cut to ~₹2,500 crore from ₹2,500-3,000 crore, citing government procurement delays.
BEL walks through QRSAM delay, keeps FY27 targets
The missile order slips to September, but management reaffirms 15% revenue growth, 28% margin, and over ₹55,000 cr in new orders. No fresh news beyond what was already known.
Goodluck Defence gets DGQA nod for artillery shells, opens MoD supply door
Goodluck India's defence arm is now a qualified supplier for 155mm M107 shells after passing DGQA's quality and technical standards. The certification clears the way to bid for government procurement contracts.
BEL Q1 revenue jumps 25%, but profit growth lags at 8%
Margin compression from higher material and employee costs holds back net profit. Board proposes raising authorised capital to ₹1,000 cr for future flexibility.
Sigma Advanced locks in $104.9M artillery order, more than double annual revenue
The ₹1,013 crore contract for 147,000 base bleed projectile bodies positions Sigma as a serious defence exporter, with margins expected to improve.
Zen Tech's ₹1,239 cr order book, new products lift outlook
Q1 revenue of ₹141.64 cr matches expectations. Order book swells to ₹1,239 cr and a ₹177.5 cr simulator order came in July. New anti-drone, interceptor drone, and first Air Force simulator entry broaden the addressable market.
Zen Tech's new anti-drone system targets high altitudes, but revenue stays low
On Kargil Vijay Diwas, Zen Tech unveiled India's first man-portable counter-drone system for high altitudes. But no contract was announced, and the company's Q1 just showed profit down 28%.
Zen Tech's Q1 slips as ₹1,000 cr QIP cash sits idle
Revenue and profit decline YoY; board extends QIP deployment timeline by two years, raising questions about capital allocation pace.
Zen Tech Q1 slips as revenue, profit fall and order book shrinks
Revenue down 10% YoY to ₹141.64 cr; net profit drops 28% to ₹34.46 cr. Order book declines, and the ₹1,000 cr QIP cash now has two more years to sit idle. A quarter that leaves the 82x P/E multiple feeling heavy.
Zen Tech Q1 profit drops 28%; QIP deadline pushed to 2028
Revenue slipped 10% to ₹141.64 cr; order book at ₹1,239 cr. Board extends QIP deployment timeline by 24 months, citing acquisition delays.
Zen Technologies lands ₹177.5 cr defence simulator upgrade order
The order from the Ministry of Defence is roughly 25% of FY26 revenue, giving clear visibility for FY27 execution within a year.
Avantel bags ₹21 cr SATCOM order from Larsen & Toubro
Avantel has secured a ₹20.81 crore purchase order from Larsen & Toubro for SATCOM services, its second large order this month. The domestic order adds to a growing commercial order book and must be executed by July 2027.
Apollo Micro bags ₹189.57 cr in defence orders
Orders from DRDO, Indian Navy and others, plus ₹55.22 cr for subsidiary IDL Explosives. Roughly 65% of last quarter's sales.
CFF Fluid lifts guarantee limit to ₹1,000 cr, eyes main board listing
The micro-cap defence company's board approved a non-fund based borrowing limit equal to 58% of its market cap. It also plans to migrate from the SME platform to the main board of BSE and NSE.
BEL adds ₹572 cr in fresh orders, about 2.1% of revenue
At roughly 2.1% of annual revenue, the latest batch covering communication gear, avionics, and tank subsystems is routine for a defence PSU with a ₹73,000 cr order book.
Avantel standalone profit jumps 65%, revenue up 35%
Consolidated profit fell to ₹5.39 cr due to healthcare losses; board approves exec pay hike and director reappointments.
Avantel's standalone profit jumps 65%, healthcare arm drags consolidated
Standalone net profit at ₹7.62 cr on 35% revenue growth. Consolidated net profit falls to ₹5.39 cr as healthcare subsidiary remains in loss. Board reappoints ED with pay hike.
Mazagon Dock hands over fourth stealth frigate, builds 21% faster
INS Mahendragiri, the fourth Nilgiri-class frigate, is commissioned at Visakhapatnam. MDL has delivered six vessels in 16 months, but the event is a scheduled milestone, not a financial surprise.
Apollo Micro buys 41% of Premier Explosives for ₹1,550 cr, enters solid propellants
The cash deal triggers a mandatory open offer at ₹698/share, adding up to 26% more. At over 10% of Apollo's market cap, this is the company's biggest strategic bet yet.
Apollo Micro approves ₹3,322 cr preferential issue
The defence electronics firm will issue equity shares and warrants at ₹416.60 each to investors like Tata Mutual Fund and Saint Capital. The raise is 21% of its market cap.
Government to sell 5% in Cochin Shipyard via ₹1,400 OFS
The OFS of up to 5.04% equity at ₹1,400 per share, worth ₹1,857 cr, will be held on July 7-8. No retail or employee discount is offered.
Adani Enterprises breaks ground on ₹2,500 cr missile plant in MP
The facility will produce composite propellants and TNT, enabling DRDO missile serial production. But at 0.6% of market cap, the investment is a drop in the ocean for the conglomerate.
Jupiter Capital dumps 10L Axiscades shares, promoter stake slides below 51%
The promoter group sold 10 lakh shares on June 30, trimming voting rights from 52.50% to 50.15%. No price or reason was disclosed, leaving the market to guess at intent.
Lloyds Enterprises defence arm dilutes to 85% via private placement
Two new investors enter pre-revenue LADSL; parent's stake falls from 100% to 85%. Entity has nil revenue and ₹10 cr capital, immaterial for ₹11,159 cr group.
Paras Defence secures exclusive India rights to Guardian-1 counter-drone system
The 12-month IP license from Powerus's Tandem Defense opens a new product segment but comes with no order commitments or financial disclosure.
Avantel lands ₹84 cr satcom order from Zetwerk
The order, under a rate contract from March 2026, is likely over 30% of annual revenue and must be executed by March 2027.
Apollo Micro to consider preferential issue; details awaited
The defence firm's board will meet on July 6 to discuss issuing equity or convertible securities. No size or price disclosed yet.
BDL lands ₹1,347.71 cr order from HAL for missile systems
The defence PSU's contract, over 55% of FY26 revenue, provides multi-year visibility and is its biggest single order in recent memory.
BEL locks in ₹1,081 cr in fresh orders, routine for a firm its size
The new orders add 3.93% to annual revenue and a similar sliver to a ₹73,000 cr backlog. For a defence giant with a ₹3,12,000 cr market cap, this is a normal fortnight.
GRSE gets Navratna status, can invest ₹1,000 cr without approval
The defence PSU's elevation to the second-highest CPSE classification gives it greater financial autonomy, building on a near-tripling of revenue to ₹7,002 crore over five years.
Bharat Dynamics gets new CMD, ends leadership gap
Shailesh Vagerwal appointed by government; term runs until superannuation in 2031.
Bharat Forge teams up with AM General for artillery exports
KSSL, Bharat Forge's defence arm, partners with a U.S. military vehicle specialist to sell the MArG 155mm platform globally, including a bid for the US Army's Mobile Tactical Cannon program.
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.
Bharat Forge's KSSL unveils Simha 4x4 at Eurosatory, no order attached
The armoured vehicle launch with Paramount is a genuine new product. But for a ₹97,195 cr company, it's a credential builder without immediate financial impact.
Bharat Forge unveils MArG artillery gun at Eurosatory, no order yet
KSSL's new 155mm mounted gun series offers three calibre options, but the launch lacks any disclosed order value or near-term financial impact for the ₹96,086 cr company.
Axiscades sells aerospace engineering unit to Akkodis for $206.3M
The deal is structured in two tranches: an upfront 51% for $77.7M, with the remaining 49% after two years for $76M plus up to $52.6M in earn-outs. Proceeds will fund core aerospace, defence, and ESAI acquisitions.
Astra Microwave carves out its space business for a separate listing
Shareholders get a 1:1 share swap in the new Astra Space Technologies, which had ₹157 crore in revenue last year.
Nibe's subsidiary gets a lifetime license for heavy firearms
DPIIT clears Nibe Defence to make and test guns above 12.7 mm, adding a new vertical to its defence portfolio.
MIDHANI posts record FY26 revenue, commits ₹1,000 cr to modernisation
The defence materials maker logged its highest-ever annual sales and outlined a three-year plan to spend big on downstream capacity.
Axiscades deferred ₹142 cr in Q4; FY27 guidance holds at ₹1,377 cr
Supply-chain snags on defence programs pushed revenue into the new year. Management says the deferred ₹142 crore will show up in H1 FY27.
JTL Defence to raise ₹100 cr, a quarter of its market cap
The nano-cap board will seek shareholder approval for a fresh equity infusion. The move comes after a recent return to profitability and a strategic rebranding.
JTL Defence clears a ₹100 cr raise that's a quarter of its market cap
The nano-cap's board green-lit up to ₹100 crore in fresh equity, with the route and pricing still open. The move follows a recent NCLT-approved restructuring.
Axiscades missed its EBITDA target by half and pushed a key sale to H2
FY26 EBITDA grew 24.6%, not the 45% management had promised. Supply-chain disruptions pushed ₹142 crore of revenue into next year and the Akkodis sale won't close until H1 FY27.
Astra Microwave cuts FY27 revenue guidance by 7%
Management trimmed its annual revenue target to ₹1,300-1,400 crore, citing execution caution, while pushing back key radar program timelines.
Zen Technologies launches integrated border security suite
The new modular system targets the government's 'Smart Border' project, which aims to secure 6,000 km of Indian borders.
Astra Microwave demerging space unit after a year of strong growth
Q4 profit jumped 40% to ₹105 crore. The board now wants to split off its space and weather-tech business into a separate company.
Astra Microwave profit jumps 24% as Q4 momentum builds
Annual revenue reached ₹1,156 crore, supported by a final quarter where profit climbed 40%. The board raised the dividend to ₹2.40 per share.
Axiscades sells a quarter of its business to Akkodis for $30.63M
The company is offloading its heavy engineering and energy services unit to pivot toward aerospace and defence, using the proceeds to fund new acquisitions.
Balu Forge's CFO quits weeks after NATO contract win
Amit Todkari left on May 25, citing personal reasons. The company has named an interim replacement and is hunting for a permanent CFO.
BEL adds ₹608 cr in orders. That's a normal week.
The defense PSU disclosed ₹608 crore in new orders since May 5. It's about 2.2% of annual revenue, part of its regular reporting cadence.
Avantel lands ₹28 cr Coast Guard order, second government win this month
The contract for satellite comms is small at 0.65% of market cap, but it stacks a ₹137 cr meteorological-department win from earlier in June.
Kavveri Defence issues 40 lakh shares to the Thobhani family
A major preferential allotment lifted the Thobhani family's stake to 9.98% as the total share count climbed to 6.01 crore.