India’s defence industry is entering a higher growth phase as combat deployment of indigenous weapons during Operation Sindoor strengthens the credibility of locally made systems in global markets. Jefferies expects defence exports to rise 11% annually through fiscal 2030, reaching Rs 584 billion, and identified Solar Industries, Astra Microwave, HAL and Bharat Electronics as its preferred stocks.
Indian defence exports rose 63% year-on-year (YoY) to Rs 384 billion in fiscal 2026, exceeding the government’s Rs 300 billion target, according to the brokerage. The Ministry of Defence also indicated that exports could surpass the FY29 target of Rs 50,000 crore.
