Aerospace & Defense industry
29 companies · ₹8.6 L cr · 18 with AI deep dives · Q1FY27 report
Record order inflows mask delivery bottlenecks - LCA delays, QRSAM CCS hold - concentrating FY27 revenue into…
- Revenue YoY
- +23.5%
- EBITDA margin
- 22.5%
- -60bps YoY
- Price, 1 year
- +24.7%
- 81% of names up
- P/E vs own 5y
- +61.6%
- 82.2x now
Exhibit 1The quarter in numbers
constant panel of 20 companies above ₹500 cr- Jun 26
- 15,633 cr
- Mar 26
- 30,302 cr
- QoQ
- -48.4%
- Jun 25
- 12,660 cr
- YoY
- +23.5%
- Peak
- 30,302 cr
- vs peak
- -48.4%
- Jun 26
- 22.5%
- Mar 26
- 30.8%
- QoQ
- -830bps
- Jun 25
- 23.1%
- YoY
- -60bps
- Peak
- 31.7%
- vs peak
- -920bps
Breadth: 71% of 21 companies grew revenue year on year (was 71% a quarter earlier) and 52% expanded margin (was 48%).
Exhibit 2What it costs
48.22x - 111.56x across the panel todayThe median name trades at 82.2x, +61.6% against this industry's own 5-year median of 50.9x, and +8.9% against its own peak of 75.5x.
Exhibit 3Structure
₹8.6 L crHindustan Aeronautics Ltd is 37.2% of this industry by market cap. The top 5 are 83.3% and the top 10 are 93%.
Exhibit 4Screen
P/E below the sub-industry median of 82.24x, 5y ROCE above its median of 14.46%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (25 of 29)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹27,981 cr
- P/E
- 34.9x
- EV/EBITDA
- -
- ROCE
- 36.8%
- Margin
- 14.7%
- Rev YoY
- +38.5%
- Mcap
- ₹16,085 cr
- P/E
- 85.5x
- EV/EBITDA
- 46.5x
- ROCE
- 21.0%
- Margin
- 29.7%
- Rev YoY
- -11.5%
- Mcap
- ₹15,680 cr
- P/E
- 120.7x
- EV/EBITDA
- 72.2x
- ROCE
- 13.5%
- Margin
- 23.2%
- Rev YoY
- +88.1%
- Mcap
- ₹11,548 cr
- P/E
- 124.8x
- EV/EBITDA
- 83.1x
- ROCE
- 16.3%
- Margin
- 28.3%
- Rev YoY
- +37.2%
- Mcap
- ₹8,171 cr
- P/E
- 110.3x
- EV/EBITDA
- 67.9x
- ROCE
- 14.0%
- Margin
- 42.5%
- Rev YoY
- +70.8%
- Mcap
- ₹7,804 cr
- P/E
- 217.7x
- EV/EBITDA
- 42.7x
- ROCE
- 15.7%
- Margin
- 14.0%
- Rev YoY
- -24.7%
- Mcap
- ₹1,593 cr
- P/E
- 39.0x
- EV/EBITDA
- 28.8x
- ROCE
- 26.3%
- Margin
- 22.3%
- Rev YoY
- -
- Mcap
- ₹259 cr
- P/E
- 92.3x
- EV/EBITDA
- 30.6x
- ROCE
- 9.5%
- Margin
- 19.5%
- Rev YoY
- -24.2%
- Mcap
- ₹786 cr
- P/E
- 39.3x
- EV/EBITDA
- -
- ROCE
- 15.3%
- Margin
- 61.4%
- Rev YoY
- +21.0%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30HAL, BEL, BDL, GRSE, MTAR, Aequs, Astra Microwave, Apollo and Data Patterns all reported expanding order books or record inflow quarters. HAL's ₹97,028 crore FY26 inflow included…
- HAL (FY26): “The order book of the company further improved to INR2,54,538 crores against the previous…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
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