May 2026
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Largest DefenseTech Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Larsen & Toubro, Bharat Electronics, Hindustan Aeronautics, Bharat Dynamics and Data Patterns (India).
 | Larsen & Toubro Ltd is a technology, engineering, manufacturing, and financial services conglomerate operating globally. It enters into contracts to construct various facilities, develop solutions for offshore and onshore hydrocarbon projects, serve power plants, build ships, and perform other engineering projects. Its integrated capabilities help customers throughout the entire value chain, from design to delivering a project. The company's operating segments are: Infrastructure projects, Energy projects, Hi-Tech Manufacturing, IT & Technology services, Financial services, Development projects, and other segments. A majority of its revenue is generated from the Infrastructure projects segment. Geographically, the group generates maximum revenue from its operations in India. | $41 | +2% | $56B | $61B | 2.0x | 17.7x | ||
| Bharat Electronics Ltd is an aerospace and defense company predominantly owned by the Indian government. It manufactures a wide range of specialized electronics and equipment for defense and civilian use. Its investments are made in research and development to meet the ever-changing needs of customers and to test products in its pipeline. Its product portfolio includes unmanned systems, land-based radars, batteries, weapon systems, fuzes, simulators, and jammers, among others. It also provides cybersecurity and software products. A majority of the company's revenue is derived from the defense sector. Geographically, the company's key revenue is derived from India, and it also has international customers from countries like the United Kingdom, Israel, and others. | $4 | +6% | $32B | $31B | 10.9x | 34.9x | ||
| Hindustan Aeronautics Ltd operates in the aerospace and defense sector. The company is engaged in the design, manufacturing, and development of products like aircraft, helicopters, systems and accessories, power plants, avionics, materials like castings, rolled rings, rubber products, and aerospace which include structures, tanks, and cryogenic engines. Geographically the company derives revenue from India and other countries, of which a majority of revenue is generated from India. | $45 | -16% | $30B | $25B | 7.3x | 17.9x | ||
| Bharat Dynamics Ltd is engaged in the manufacturing of Missiles and allied Defence equipment. The Company provides the majority of its goods and services to the Indian Armed Forces and the Government of India. Its products comprise Milan-2T ATGM, Helina, Astra Weapon System, FLAME, Anti-Submarine Warfare Suite (ASW SUITE), Astra Weapon Systemothers, and Others. | $14 | -38% | $5B | $4B | 11.4x | 52.5x | ||
| Data Patterns (India) Ltd is a defense and aerospace electronics solutions provider catering to the indigenously developed defense products industry. The company caters to the entire spectrum of defense and aerospace platforms, offering products like cockpit and rugged displays, naval systems, space systems, radar and radar systems, electronic warfare, and avionic systems, among others. It operates only in one business segment, i.e., the manufacture, sale, and service of defense electronics. Geographically, a majority of its revenue is generated from its operations in India, and it also has some exposure to other markets. | $38 | +23% | $2B | $2B | 21.4x | 49.9x | ||
| Zen Technologies Ltd is engaged in the design, development, and manufacture of training simulators. The products of the company are;Â Weapon Simulator, Hand Grenade Simulator, Driving Training Simulator, BMP-II Driving Simulator, Forward Observer Simulator, Tactical Engagement Simulator and among others. The firm offers its products to police and paramilitary forces, armed forces, security forces, government departments, such as transport, mining, infrastructure, and civilian markets. The company caters to both domestic and international markets. | $16 | -30% | $1B | $1B | 18.7x | 39.3x | ||
| Apollo Micro Systems Ltd offers design, development, and assembly of custom-built electronics and electro-mechanical solutions. The company offers a wide range of services such as electronic manufacturing, hardware design services, IT and software services, electronic and mechanical- CAD services. | $4 | +74% | $1B | $1B | 13.9x | 56.0x | ||
| Astra Microwave Products Ltd is engaged in designing and manufacturing radio frequency (RF) and microwave super components and sub-systems finding applications in defense, space, telecom, meteorology, and civil communication systems. The principal activity of the company is to carry on the business to manufacture, produce, assemble, repair, maintain, importing, export, buy, sell, or otherwise deal in all kinds of electronic items and components. | $11 | -4% | $1B | $1B | 8.9x | 34.7x | ||
| Paras Defence And Space Technologies Ltd is engaged in the designing, developing, manufacturing, and testing of various defense and space engineering products and solutions. The company's product portfolio includes lens barrels, rugged networking and communication equipment, multifold lenses, metal mirrors, submarine winches, and mill grade control systems among others. Its operating segments are; Optics & Optronic Systems; and Defence Engineering. The maximum revenue for the company is derived from its Optics and Optronic Systems segment. Geographically, the firm generates a majority of its revenue from its customers within India and the rest from outside India through exports. | $8 | -9% | $639M | $628M | 12.6x | 43.4x | ||
| DCX System Ltd is an Indian Defence Manufacturing player offering a full service and manufacture of Electronic Systems and cable harnesses for both International and Domestic reputed customers. The company provides a spectrum of services to Aerospace, Land and Naval Defence systems, Satellites, and Civil Aviation. The company’s robust business structure is divided into three main segments: Manufacturing, System Integration, and Other. | $2 | -39% | $225M | $135M | 1.1x | 15.9x | ||
| C2C Advanced Systems Ltd is a vertically integrated Defence electronics solutions provider catering to the indigenously developed defence products industry in India. The company has developed several offerings which cater to the entire spectrum of defence platforms both in the air and in the sea. It has design capabilities across the entire spectrum of strategic defence solutions including processors, power, radio frequencies (RF), radars and microwaves, embedded software and firmware. its core competencies include hardware design and development, software design and development, mechanical design and development, product prototype design and development, functional testing and validation, environment testing and verification and engineering services opportunities. | $4 | -9% | $73M | $76M | 6.4x | 16.8x | ||
| Median | $11 | -9% | $1B | $1B | 10.9x | 34.9x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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