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- Jun 2, 2024 - Top Defence Shares in India 2024: Defence Companies to Add to Your Watchlist
Top Defence Shares in India 2024: Defence Companies to Add to Your Watchlist
Image Source: abhisheklegit/www.istockphoto.comIndia's defence sector is on a meteoric rise, thanks to government initiatives focused on manufacturing military equipment domestically and modernising its armed forces.
This push for self-reliance is ushering in a golden age for local companies. Despite ongoing bureaucratic hurdles in procurement and reliance on foreign technology, the sector's undeniable growth potential is attracting significant investor interest.
This trend is reflected in the stock market, where some defence stocks have surged in recent years. While many gains have already been substantial, the sector's potential remains largely untapped.
With a continuously growing defence budget and increasing export opportunities, these companies are poised for further ascent.
#1 Mazagaon Dock Shipbuilders
First on the list is Mazagaon Dock Shipbuilders.
Mazagaon Dock Shipbuilders builds and repairs warships, submarines and other vessels for the Indian Navy, Coast Guard, and ONGC.
The company's diverse portfolio encompasses cargo ships, passenger liners, water tankers, fishing vessels, destroyers, submarines, and corvettes.
Between 2019-23, the company has reported consistent growth with sales and net profit climbing at a 5-year compound annual growth rate (CAGR) of 11.2% and 21.6%.
The returns have been admirable, with the Return on Capital Employed (RoCE) and Return on Equity RoE averaging at 24.4% and 16.3%, respectively.
The company has achieved this growth without incurring any debt.
Mazagaon Dock Financial Snapshot (2019-2023)
| 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | |
|---|---|---|---|---|---|
| Revenue Growth (%) | 3.13% | 4.97% | -15.39% | 32.91% | 38.58% |
| Operating Profit Margin (%) | 18.47% | 16.74% | 19.77% | 14.87% | 19.03% |
| Net Profit Margin (%) | 10.19% | 7.69% | 11.20% | 9.82% | 13.36% |
| Return on Capital Employed(%) | 25.99% | 23.58% | 18.94% | 20.97% | 32.81% |
| Return on Equity (%) | 15.52% | 12.02% | 13.97% | 15.45% | 24.28% |
As on 31 March 2024, Mazagaon Dock's orderbook stood at Rs 385 bn, 61% of which comes from submarine and heavy engineering and the balance shipbuilding.
Going forward, the company is planning heavy capital expenditure for its dry dock over the next 2.5 years, which could lead to higher sales and profits.
It is venturing beyond shipbuilding, exploring underwater heavy engineering equipment and offshore platforms.
Additionally, it is making efforts to export offshore patrol vessels to countries in Southeast Asia, Latin America, and Africa.
To know more about the company, check out its financial factsheet and latest financial results.
#2 Cochin Shipyard
Next on our list is Cochin Shipyard.
Cochin Shipyard holds a prominent position in the construction and maintenance of a wide range of maritime vessels, encompassing tankers, product carriers, bulk carriers, passenger ships, and defence vessels.
The company stands as the sole shipyard in India capable of constructing vessels with a deadweight tonnage (DWT) of up to 110,000 and repairing vessels of up to 125,000 DWT.
In addition to its work in defence shipbuilding, the company has diversified its product line by venturing into inland and coastal shipping, the fishing industry as well as the cruise and ferry markets.
Over the years, the company has built its expertise in defence vessels. Progressing from bulk carriers, the company is credited with building smaller, technologically advanced ships, including platform supply vessels and anchor handling tug supply vessels.
Recently, the company achieved a significant milestone by constructing India's first indigenous aircraft carrier, INS Vikrant, delivered in the previous financial year.
Going forward, the company enjoys strong revenue visibility as its order book currently stands at close to Rs 210 bn.
This is an almost whopping 10x its financial year 2023 revenues of around Rs 23 bn.
Cochin Shipyard Financial Snapshot (2019-23)
| 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | |
|---|---|---|---|---|---|
| Revenue Growth (%) | 25.44% | 14.91% | -17.94% | 14.75% | -25.54% |
| Operating Profit Margin (%) | 26.88% | 27.95% | 32.41% | 27.89% | 19.82% |
| Net Profit Margin (%) | 16.11% | 18.47% | 21.59% | 17.67% | 12.89% |
| Return on Capital Employed(%) | 22.34% | 24.87% | 21.65% | 18.88% | 10.17% |
| Return on Equity (%) | 14.51% | 17.93% | 15.69% | 13.39% | 6.91% |
Between 2019-2023, the company's sales and net profit have been stable, with the net profit falling a little.
In the financial year 2023, the company experienced a decline in revenue due to a weakened order book. This decline was primarily attributed to concerns stemming from the pandemic.
The 5-year average RoCE and RoE stood at 19.5% and 13.6%, respectively.
To know more about the company, check out its factsheet and latest quarterly results.
#3 Bharat Electronics
Third on the list is Bharat Electronics.
Bharat Electronics caters to the Indian armed forces providing radar, communication and electronic warfare equipment.
The company's product portfolio is quite diverse, encompassing defence and non-defence products such as software and electronic manufacturing services.
In addition to serving the domestic market, Bharata Electronics also exports its goods to various nations, such as Botswana, Indonesia, Sri Lanka, Russia, the United States, and South Africa.
Over the years, the company has established multiple growth drivers by developing a robust infrastructure, fostering strong relationships with government entities and venturing into non-defence sectors to create new avenues for expansion.
Bharat Electronics Financial Snapshot (2019-23)
| 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | |
|---|---|---|---|---|---|
| Revenue Growth (%) | 14.06% | 7.43% | 7.25% | 9.53% | 15.91% |
| Operating Profit Margin (%) | 24.51% | 22.04% | 23.66% | 23.25% | 24.64% |
| Net Profit Margin (%) | 15.19% | 13.82% | 14.66% | 15.31% | 16.58% |
| Return on Capital Employed(%) | 30.50% | 25.73% | 27.92% | 27.20% | 30.15% |
| Return on Equity (%) | 21.45% | 18.59% | 19.59% | 20.17% | 22.49% |
Between 2019-23, the company's sales and net profit grew at a CAGR of 10.7% and 15.8%, respectively.
The average RoCE and RoE stood at 28.7% and 20%, respectively.
The consistent expansion in operating margin comes from an increasing level of indigenisation and a strong channel of local supply chains.
The company reported a current order book of Rs 759 bn.
Looking ahead, the defence major anticipates an order inflow of around Rs 700 bn over the next two years, up from their previous forecast of Rs 500 bn.
This revision is driven by a potential new order of Rs 300 bn for the Quick Reaction Surface to Air Missile (QRSAM) system from the Indian Army and Air Force.
To know more about the company, check out its factsheet and latest quarterly results.
#4 Hindustan Aeronautics
Fourth on the list is Hindustan Aeronautics.
Hindustan Aeronautics (HAL) is a play on the growing strength & modernisation of India's air defence.
Its significant presence is evident, with approximately 80% of the defence force's fleet being supplied or serviced by the company.
The company has been advancing its technologies, evidenced by the development of more sophisticated platforms.
What's even more exciting is that it has successfully transitioned from manufacturing products through licensed production to establishing a range of homegrown designs.
This places the aerospace giant in a sweet spot to capitalise on the long-term, sustainable demand created by the government's commitment to procuring indigenous defence aircraft.
HAL's sales have been growing smoothly. Between 2019-23, the sales and net profit have grown at a CAGR of 8% and 24%, respectively.
The returns have been admirable, reporting a average RoCE and RoE of 28% and 24%, respectively.
Hindustan Aeronautics Financial Snapshot (2019-23)
| 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | |
|---|---|---|---|---|---|
| Revenue Growth (%) | 5.72% | 6.66% | 6.89% | 10.18% | 11.69% |
| Operating Profit Margin (%) | 24.62% | 24.30% | 24.92% | 26.00% | 31.03% |
| Net Profit Margin (%) | 11.64% | 13.44% | 14.18% | 20.63% | 21.64% |
| Return on Capital Employed(%) | 29.28% | 24.50% | 26.26% | 30.37% | 30.59% |
| Return on Equity (%) | 21.57% | 22.76% | 22.64% | 29.25% | 27.18% |
The defence PSU maintains a healthy order book and is reporting consistently higher profitability through scaling up operations and leveraging its capabilities.
At Rs 940 bn, HAL's outstanding order book is 15% higher than the previous year.
Looking ahead, the company is stepping up its game with a massive five-year investment plan of around Rs 145 bn for capex, averaging nearly Rs 30 bn annually.
It is expanding manufacturing facilities and setting up repair, overhaul and refurbishment (ROH) capabilities.
Key projects include the LCA Mark 2 and technology transfer to build GE F414 engines in India, along with developing the indigenous IMRH.
To know more about the company, check out its factsheet and latest quarterly results.
#5 Bharat Dynamics
Fifth on the list is Bharat Dynamics.
Bharat Dynamics manufactures guided missiles and allied defence equipment for the Indian armed forces, also providing life cycle support and refurbishment for vintage missiles.
Recently, the company has gained more attention due to its role in producing the Nirbhay missiles, which all three branches of the armed forces will use.
These missiles can strike targets over 1,000 kilometers away. About two years ago, the government approved the missile's induction into the two services and now there are plans to extend its deployment to the third.
Bharat Dynamics has been actively improving operational efficiency through strategies like lean manufacturing and enhanced supply chain management.
The company has also benefited from government policies promoting domestic defence production, boosting its performance.
Bharat Dynamics Financial Snapshot (2019-23)
| 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | |
|---|---|---|---|---|---|
| Revenue Growth (%) | -34.92% | -0.47% | -37.10% | 45.82% | -9.69% |
| Operating Profit Margin (%) | 24.73% | 27.19% | 23.00% | 29.77% | 22.68% |
| Net Profit Margin (%) | 13.77% | 17.23% | 13.47% | 17.74% | 14.15% |
| Return on Capital Employed(%) | 32.33% | 30.90% | 13.15% | 25.15% | 15.69% |
| Return on Equity (%) | 20.24% | 22.15% | 9.82% | 17.62% | 11.35% |
Between 2019-23, the company has sales and net profit have dwindled.
Looking ahead, Bharat Dynamics aims to expand its product portfolio to attract more orders and strengthen its position in the defence market.
As on 1 April 2023, the company reported an orderbook of Rs 200 bn, 13% of which comes from exports.
To know more about the company, check out its factsheet and latest quarterly results.
#6 Astra Microwave Products
Sixth on the list is Astra Microwave Products.
Astra Microwave is one of the leading designers and manufacturers of high-quality radio frequency (RF) and microwave modules and sub-systems in India.
The company is engaged in cutting-edge solutions in developing sub-systems for radio frequency and microwave systems used in defence, space, meteorology, and telecommunication.
AMP recently secured a significant achievement with the execution of a license-cum-transfer of technology (ToT) agreement.
This agreement, facilitated by NewSpace India Limited (NSIL) and the Indian National Space Promotion and Authorization Centre (IN-SPACe), signifies AMP's growing role in India's space industry.
It has a successful record of supplying high-value RF and microwave components to critical applications, evident in its performance over the last 5 years.
Astra Micro Financial Snapshot (2019-23)
| 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | |
|---|---|---|---|---|---|
| Revenue Growth (%) | -14.22% | 50.74% | 35.96% | 16.12% | 8.48% |
| Operating Profit Margin (%) | 19.39% | 21.61% | 14.13% | 12.79% | 18.83% |
| Net Profit Margin (%) | 3.33% | 9.43% | 4.50% | 5.05% | 8.56% |
| Return on Capital Employed(%) | 4.71% | 13.24% | 10.03% | 10.72% | 17.10% |
| Return on Equity (%) | 1.95% | 8.47% | 5.25% | 6.62% | 11.37% |
Between 2019-23, the company's sales and net profit grew at a 5-year CAGR of 17.2% and 2.7%, respectively.
The 5-year average RoCE and RoE stood at 11.6% and 6.7%, respectively.
Looking ahead, Astra Microwave Products is expanding its product portfolio. Its focus lies in developing innovative products like high-power amplifiers, solid-state power amplifiers (SSPAs) and advanced radar systems.
As of 31 March 2024, the company is sitting on a stand-alone order book of Rs 19 bn, reflecting a healthy order wins.
In the last quarter, it secured about Rs 4.7 bn in orders, with Rs 4.4 bn from the defence sector.
Most defence orders are in radar and EW segments, followed by metrology, hydrology, and some exports.
To know more about the company, check out its factsheet and latest quarterly results.
#7 Bharat Forge
Seventh on the list is Bharat Forge.
Bharat Forge, a global leader in high-performance components, caters to diverse industries like automotive, railways, and defence.
The company has been diversifying from its core operations, building a strong defence portfolio.
They've consistently invested in cutting-edge facilities, enabling in-house design and development of defence products and securing complete intellectual property ownership.
This independence has fuelled their export-driven growth (over 80% revenue) and established them as a renowned aircraft parts manufacturer.
With aspirations to become a global artillery powerhouse, Bharat Forge is actively negotiating exports of artillery guns, armoured vehicles and components to multiple countries, including the US.
Bharat Forge Financial Snapshot (2019-23)
| 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | |
|---|---|---|---|---|---|
| Revenue Growth (%) | 22.07% | -20.55% | -21.09% | 64.56% | 22.83% |
| Operating Profit Margin (%) | 22.18% | 16.11% | 16.27% | 20.99% | 14.99% |
| Net Profit Margin (%) | 10.18% | 4.34% | -2.00% | 10.22% | 3.93% |
| Return on Capital Employed(%) | 19.94% | 6.67% | 0.82% | 13.61% | 8.75% |
| Return on Equity (%) | 20.59% | 6.59% | -2.39% | 17.97% | 7.66% |
Between 2019-2023, the sales have grown at a CAGR of 9%. The returns have been rangebound, with the RoCE and RoE averaging at over 9.9% and 10%, respectively.
The company's defence business (1.7% of sales in the financial year 2024) recorded revenues of Rs 15 bn, nearly 4 times higher than the financial year 2023.
The company secured new orders worth Rs 44.9 bn across artillery systems, armoured vehicles and consumables. As of 31 March 2024, the executable order book stands at Rs 51.9 bn.
To know more about the company, check out its factsheet and latest quarterly results.
#8 Solar Industries
Eighth on the list is Solar Industries.
Solar Industries is making strides in defence technology, developing an array of drones for ammunition delivery, a new capability for the Indian armed forces.
Their successful demonstration of weaponised hexacopter drones and loitering munitions marks a significant achievement, establishing the company as the first Indian firm to do so.
In the 2024 financial year, Solar Industries saw its defence revenue surpassing Rs 5 bn for the first time.
With a defence order book standing at around Rs 26 bn and substantial orders expected in the coming quarters, the company anticipates a tripling in defence revenue by the financial year 2025.
Looking ahead, Solar Industries expects the defence business to contribute around 20% of its annual revenue by the financial year 2025, up from the current 9%.
With this projection in mind, the company aims for a top-line growth of around 30% and further improvement in Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) margins.
To capitalise on upcoming opportunities, Solar Industries plans a capex of around Rs 8 bn in financial year 2025.
Solar Industries Financial Snapshot (2019-23)
| 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | |
|---|---|---|---|---|---|
| Revenue Growth (%) | 27.71% | -7.99% | 11.35% | 56.87% | 74.73% |
| Operating Profit Margin (%) | 20.67% | 20.87% | 21.02% | 19.25% | 19.07% |
| Net Profit Margin (%) | 11.07% | 12.24% | 11.30% | 11.43% | 11.72% |
| Return on Capital Employed(%) | 26.24% | 19.89% | 19.87% | 25.56% | 36.34% |
| Return on Equity (%) | 23.84% | 21.29% | 19.47% | 26.07% | 35.86% |
Coming to its financials, the company's revenue and net profit, between 2019-2023, have grown at a CAGR of 29% and 28.3%, respectively.
This is primarily due to the growing share of defence in the revenue mix and internal manufacturing of key raw materials.
The returns have been improving, with the RoCE and RoE averaging at over 25.6% and 25.3%, respectively.
To know more about the company, check out its factsheet and latest quarterly results.
#9 MTAR Technologies
Ninth on the list is MTAR Technologies.
MTAR Technologies is a manufacturing company renowned for its precision engineering capabilities in building nuclear and pressurised water reactors, aerospace engines, and other critical components.
The company's product portfolio includes fuel machining heads, drive mechanisms, water-lubricated bearings, liquid propulsion rocket engines, cryogenic engines, and high-precision sheet metal.
It caters to various industries such as nuclear, space, defence and aerospace.
MTAR Technologies boasts an impressive clientele, including ISRO, Rafael, Elbit, DRDO, BHEL, Bharat Dynamics and the Indira Gandhi Centre for Atomic Research.
The company has played a vital role in several notable Indian missions, supplying core parts for rocket engines and cryogenic engines in missions like Chandrayaan-3 and Aditya L1.
It's contributing to the Gaganyaan mission by supplying grid fins.
In 2023, MTAR Technologies received the coveted 'Defence Industrial Licence', enabling it to produce various mechanical and electronic subsystems for the defence sector.
This milestone will accelerate the company's expansion of its defence product line and enable it to bid for major defence projects.
MTAR Technologies has ambitious plans for capital expenditure, intending to establish manufacturing units in Europe and the US.
This expansion will increase the company's total manufacturing facilities from seven to nine.
The order book, as of 31 March 31 2024, stood at Rs 9.1 bn, 6% of which comes from defence.
MTAR Financial Snapshot (2019-23)
| 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | |
|---|---|---|---|---|---|
| Revenue Growth (%) | 17.99% | 17.34% | 13.57% | 33.51% | 79.30% |
| Operating Profit Margin (%) | 30.46% | 29.16% | 34.25% | 32.04% | 30.29% |
| Net Profit Margin (%) | 21.34% | 14.65% | 18.70% | 18.91% | 18.15% |
| Return on Capital Employed(%) | 18.82% | 19.42% | 19.21% | 16.02% | 22.53% |
| Return on Equity (%) | 17.80% | 13.61% | 13.13% | 12.22% | 18.25% |
In the last five years, the company's revenue has grown at a CAGR of 30.4%, driven by strong growth across all segments.
The net profit also grew at a CAGR of 74.6%. The 5-year average RoCE and RoE stood at 19.5% and 15%, respectively.
To know more about the company, check out its factsheet and latest quarterly results.
#10 Paras Defence & Space Technologies
Last on the list is Paras Defence & Space Technologies.
Paras Defence is a trailblazer in defence and space engineering solutions in India, boasting over four decades of expertise.
The company is delving into the vast potential of the drone industry, serving diverse sectors like agriculture, mining, and surveillance.
With a cutting-edge R&D facility, Paras Defence pioneers innovative drone solutions incorporating AI-based navigation and data analytics.
Collaborating with esteemed institutions such as IIT Bombay and DRDO, the company taps into top research talent and accelerates innovation.
Furthermore, strategic partnerships with global leaders like Israel Aerospace Industries enable Paras Defence to access advanced technologies and explore joint ventures, bolstering its global competitiveness.
Paras Defence Financial Snapshot (2019-23)
| 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | |
|---|---|---|---|---|---|
| Revenue Growth (%) | 3.45% | -4.76% | -2.53% | 27.37% | 21.84% |
| Operating Profit Margin (%) | 29.77% | 28.37% | 31.64% | 30.35% | 29.67% |
| Net Profit Margin (%) | 12.29% | 13.37% | 11.01% | 14.83% | 16.16% |
| Return on Capital Employed(%) | 21.27% | 14.90% | 14.14% | 14.15% | 14.49% |
| Return on Equity (%) | 19.71% | 16.29% | 10.68% | 10.81% | 10.16% |
Between 2019-2023, the company reported a sales and net profit CAGR of 9.5% and 7.5%, respectively. The RoE and RoCE have also been strong, at 15.7% and 13.5%, respectively.
With a robust order book in tow, Paras Defence is poised for continued growth and innovation in the defence and space sectors.
To know more about the company, check out its factsheet and latest quarterly results.
In conclusion
As India reduces its reliance on imports for military equipment and domestic manufacturers secure advanced orders, the defence sector presents a compelling investment opportunity for those willing to conduct thorough research and analysis.
Despite its promising outlook, understanding the industry's dynamics and associated risks is crucial before investing in defence stocks.
While the sector holds immense potential, it also faces challenges. Dealing with the government, its primary client, can be arduous due to extended receivable days and orders heavily reliant on defence budget allocations.
The substantial capital outlays often necessitate external funding, impacting companies' balance sheets.
Furthermore, Indian firms encounter obstacles in accessing advanced technology essential for developing modern defence equipment, posing a significant challenge in obtaining expertise at competitive prices.
Despite these challenges, the defence sector's growth prospects remain robust, making it an attractive investment avenue for those prepared to navigate its complexities.
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Dr RAJAN GARG
Jun 3, 2024SIR,
MAY I KNOW WHY YOU ARE NOT INCLUDING AVANTEL SOFT AS TOP DEFENCE COMPANY.AFTER ALL ON A TURN OVER OF 224 CRORE FOR YR ENDING 2023-24, THE COMPANY RECEIVED MINISTRY OF DEFENCE ORDER OF RS.110 ON 30.5.2024, TO BE COMPLETED IN ONE YEAR.
THUS GREAT VISION, CLEAR BUSINESS OF SATCOM , A DEFENCE PRODUCT