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Updated - September 01, 2026 at 09:45 PM.

Union Defence Minister Rajnath Singh | Photo Credit: ANI

India’s defence story is evolving from import dependence to a self-sustaining manufacturing and export cycle, says Ashika Stock Broking. Defence capital outlay is projected from ₹1.6 trillion in FY25 to rise to ₹2.9 trillion by FY30, while a multi-year procurement pipeline spanning Multi-Role fighters, tanks, Tejas Mk2 jets and P75I submarines promises strong demand visibility. Defence imports are declining even as exports are expected to grow at an 18 per cent CAGR through FY30, reflecting the success of indigenisation. Rising order books and healthy book-to-bill ratios further underscore the sector’s long-term growth prospects and revenue visibility. Key facts:

Published on September 1, 2026

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