Defence Index Soar 7% on Positive Updates 

Shares of defence-related companies were in high demand, with the Nifty India Defence index rising 7% to 7,712.75 on the National Stock Exchange (NSE) in Wednesday’s intraday trade, fueled by a significant increase in shipbuilding equities.

Shares of Garden Reach Shipbuilders & Engineers (GRSE) (up 19% at Rs 2,348.70), Cochin Shipyard (15% at Rs 1,372), and Mazagon Dock Shipbuilders (13.5% at Rs 2,343.90) increased by more than 13%.

Paras Defence and Space Technologies, Bharat Dynamics (BDL), Apollo Micro Systems, BEML, Mishra Dhatu Nigam (Midhani), Bharat Electronics (BEL), and Astra Microwave Products were all up between 8% and 10%. Solar Industries, Hindustan Aeronautics (HAL), MTAR Technologies, and Dynamatic Technologies were all up 5%.

BEL has secured a contract worth Rs 6,795 crore with the Ministry of Defence for the procurement of two indigenously developed Mountain Radars for the Indian Air Force, an avionics package for LCA from HAL, and a major export order for communication equipment, electronic fuses, strategic components, upgrades, spares and services. The company received contracts of Rs 1,660 crore for satellite communication networks, electronic warfare systems, communication equipment, avionics, software solutions, munitions, EVMs, strategic components, upgrades, spares and services.

Midhani, GRSE announced provisional revenue of Rs 1,206 crore for FY26, a 12.3% YoY increase from Rs 1,074 crore in FY25. The development was driven by execution in aerospace, defense, and space programs, as well as export orders of Rs 85 crore. Higher supplies of superalloys and titanium alloys for aero-engine programmes, naval applications, and space sector requirements aided the company’s growth, as did NADCAP certification, a 40% YoY increase in titanium production, and expansion into value-added products.

In FY26, GRSE reported a provisional and unaudited revenue of around Rs 6,400 crore, up 26% year on year. The business reported that execution remained good in FY26, highlighted by the delivery of eight vessels to the Indian Navy, including two Project 17A frigates, two Survey Vessel Large ships, and four Anti-Submarine Warfare Shallow Water Crafts, as well as progress on export vessels and refit projects.