5 Drone Stocks in India Ranked by Order Book

The Indian drone industry is experiencing explosive growth.

Geo-political tensions along the border have led to hopes that there would be fresh orders for drones. Investors expect defence orders to surge in the coming days.

That apart, the expanding commercial applications of drones in agriculture, urban planning, medical supply delivery, and infrastructure monitoring are broadening the market.

According to a report by Kotak Securities the industry which is valued at US$ 654 million (m) in 2024, is expected to more than double to US$ 1.43 billion (bn) by 2029.

Let's take a look at a few stocks from the sector that are ranked according to their order book.

#1 Hindustan Aeronautics Ltd (HAL)

First on the list is Hindustan Aeronautics.

HAL is an Indian public sector aerospace and defence company headquartered in Bengaluru.

Hindustan Aeronautics is a leading manufacturer of complete military drones for the Indian armed forces. It has expertise in designing and developing crucial drone components such as airframes and propulsion systems.

The company's RUAV-200 rotary-wing drone is designed for high-altitude logistical operations.

The HAL Combat Air Teaming System of the company includes unmanned platforms like the CATS Warrior and CATS Hunter drones. These are designed for combat roles such as scouting, absorbing enemy fire, and attacking targets.

As of March 2025, Hindustan Aeronautics reported a robust order book valued at approximately Rs 1840 bn. This was double from an opening balance of Rs 941.2 bn at the start of the year.

HAL Financial Snapshot (FY20-24)

(Rs m, consolidated)	FY20	FY21	FY22	FY23	FY24
Net Sales	214,452	228,823	246,200	269,275	303,811
Net profit	28,827	32,456	50,799	58,277	76,210
Return on Equity (%)	21.8	21	26.3	24.7	26.2
Return on Capital Employed (%)	32.7	29.5	27.4	27.9	35.2

Source: Equitymaster

The company has reported a 5-year average ROE of 24%. The average ROCE has been 30.6% in this period.

On the financial front, Hindustan Aeronautics reported subdued results for the quarter ending March 2025. For Q4 2025 revenue dropped by 7.24% to Rs 137 bn compared to the same period last year. Consolidated net profit was Rs 39.77 bn, which declined 7.71% year-on-year.

To know more, check out HAL's fact sheet and latest quarterly results.

#2 Bharat Electronics Limited (BEL)

Second on the list is BEL.

BEL is a government of India company primarily engaged in designing, developing, and manufacturing advanced electronic products and systems for the Indian Armed Forces, including the Army, Navy, and Air Force.

As of 1 April 2025, the company had a total order book of approximately Rs 716.5 bn. Since mid-May 2025, BEL has secured additional defence orders worth Rs 5.37 bn.

These orders cover products such as advanced shipborne composite communication systems, jammers, simulators, test rigs, software upgrades, and spares.

The company is involved in the development and production of drone-related technologies. BEL has secured contracts for integrated drone detection radars and counter-drone systems, highlighting its strong presence in drone detection and countermeasures.

Additionally, BEL has developed a drone-based electronic intelligence (ELINT) system prototype, indicating its work on advanced drone payloads for electronic warfare.

BEL Financial Snapshot (FY20-24)

(Rs m, consolidated)	FY20	FY21	FY22	FY23	FY24
Net Sales	129,677	141,087	153,682	177,344	202,682
Net profit	17,926	20,693	23,545	29,404	39,431
Return on Equity (%)	17.8	18.7	19.2	21.2	24.2
Return on Capital Employed (%)	24.7	26.7	25.8	28.4	32.3

Source: Equitymaster

The company has reported an average 5-year ROE of 20.2%. The average ROCE has been 27.6%.

BEL reported strong financial results for Q4 FY25. Revenue increased by 7% to Rs 93.44 bn compared to the same quarter last year. The consolidated net profit rose by 18.4% YoY to Rs 21.27 bn.

To know more, check out BEL's fact sheet and latest quarterly results.

#3 Solar Industries India

Third on the list is Solar Industries India.

The company is one of the largest domestic manufacturers of industrial explosives, cartridge explosives, detonators, detonating cords, and related components etc.

Solar Industries India is also actively involved in manufacturing drones, particularly weaponised drones and loitering munitions.

Through its subsidiary Economic Explosives, Solar Industries India developed and delivered the Nagastra-1 loitering munition to the Indian Army.

Nagastra-1 is a GPS-enabled precision strike drone capable of neutralizing targets with high accuracy and is reusable, featuring a parachute recovery mechanism if the mission is aborted. There were reports of the government confirming the use of Nagastra drones in Operation Sindoor recently.

Solar Industries India has a robust total order book of approximately Rs 170 bn as of end FY25. This includes defence orders.

Solar Industries Financial Snapshot (FY20-24)

(Rs m, consolidated)	FY20	FY21	FY22	FY23	FY24
Net Sales	22,373	25,156	39,476	69,225	60,695
Net profit	2,787	2,881	4,555	8,112	8,752
Return on Equity (%)	20.2	18.2	23.8	31.1	26.5
Return on Capital Employed (%)	23.9	22	28	38.7	32.7

Source: Equitymaster

The company has a 5-year average ROE of 24.0% in 5-years. The average ROCE has been 29.0%.

Solar Industries India delivered a strong set of results for Q4 FY25. Sales were reported at Rs 21.67 bn, up 34.5% YoY from Rs 16.11 bn. The company's net profit rose 43.4% YoY to Rs 3.48 bn compared to Rs 2.43 bn in the same quarter last year.

Overall, the company reported its highest-ever quarterly EBITDA and net profits, supported by strong order inflows and robust operational performance.

To know more, check out Solar Industries India's fact sheet and latest quarterly results.

#4 Bharat Forge

Next on our list is Bharat Forge.

Bharat Forge, part of the US$ 3.5 bn Kalyani Group, is a leading Indian multinational company specialising in high-performance forged and machined components.

The company is also involved in drone technology. The company has developed India's first indigenous UAV (unmanned aerial vehicle) engine, marking a significant step towards self-reliance in defence technology.

Bharat Forge is working on various types of drones, including long-endurance loitering drones, kamikaze drones, network drones, and swarm drones.

Through its subsidiary Kalyani Strategic Systems, it has acquired a 25% equity stake in Edgelab SpA, an Italian company specialising in autonomous underwater vehicles (AUVs) and marine robotics. This marks Bharat Forge's expansion into marine robotics and underwater drone technology.

As of March 2025, Bharat Forge's defence order book stands at Rs 94.2 bn expected to be executed over the next few years. The company expects substantial orders from defence going forward.

Bharat Forge Financial Snapshot (FY20-24)

(Rs m, consolidated)	FY20	FY21	FY22	FY23	FY24
Net Sales	80,558	63,363	104,611	129,103	156,821
Net profit	3,492	-1,270	10,771	5,084	9,102
Return on Equity (%)	6.7	-2.3	16.4	7.6	12.7
Return on Capital Employed (%)	8.9	1.1	18.4	13.3	21.5

Source: Equitymaster

Bharat Forge has a 5-year average ROE of 8.7%. The average ROCE has been 12.6% in this period.

In Q4 FY25 revenue from operations declined 7% YoY to Rs 21.63 bn. The net profit declined to Rs 3.45 bn, down 12% YoY.

To know more, check out Bharat Forge's latest fact sheet and latest quarterly results.

#5 Paras Defence & Space Technologies

Paras Defence & Space Technologies is a prominent Indian private sector company specialising in defence and space engineering.

It designs and develops, a range of products and solutions primarily for defence applications under the IDDM (Indigenously Designed, Developed, and Manufactured).

As of 31 March 2025, the company's order book was Rs 9 bn. The management has forecasted an order book of more than Rs 10 bn for FY26.

The company is targeting being among the top 5 drone companies by FY27. It already has a client base, which includes HAL, ISRO, DRDO, Bharat Electronics, Godrej, TATA Power etc.

Paras Defence, through its JV with Heven Drones (Israel), is developing autonomous hydrogen-powered drones tailored for defence and homeland security applications.

Paras Defence & Space Technologies Financial Snapshot (FY20-24)

(Rs m, consolidated)	FY20	FY21	FY22	FY23	FY24
Net Sales	1470	1433	1826	2224	2535
Net profit	197	158	271	359	300
Return on Equity (%)	11.4	7.6	7.2	8.7	6.8
Return on Capital Employed (%)	15.3	15.4	11.9	13.2	10.8

Source: Equitymaster

The company has a 5-year average ROE of 8.3%. The average ROCE has been 13.3% in this period.

In Q4 FY25 revenue for Paras Defence & Space Technology rose nearly 36% YoY to Rs 1,082 m compared to Rs 797 m in the same period last year. The net profit rose to Rs 208 m in Q4 FY25 from Rs 97 m in the corresponding period of last year.

To know more, check out Paras Defence & Space Technologies fact sheet and latest quarterly results.

Conclusion

The Indian drone industry is expected to grow rapidly in the coming years.

India is positioning itself as a global supplier of advanced drones, with domestic companies unveiling new drone models and expanding manufacturing capabilities.

Investments in R&D, infrastructure for drone testing and piloting, and supportive regulatory frameworks will further accelerate industry growth.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.

Happy investing.

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