Aerospace & Defense industry

28 companies · ₹7.9 L cr · 24 with AI deep dives · Q1FY27 report

Record order books collide with execution bottlenecks as programme slippage defers H1 revenue

Mid cyclemargin range-bound near 22.5%

Revenue YoY: +23.5%
EBITDA margin: 22.5%; -60bps YoY
Price, 1 year: +7.8%; 52% of names up
P/E vs own 5y: +41.5%; 74.9x now

Exhibit 1The quarter in numbers

constant panel of 20 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	15,633 cr	30,302 cr	-48.4%	12,660 cr	+23.5%	30,302 cr	-48.4%
EBITDA margin	22.5%	30.8%	-830bps	23.1%	-60bps	31.7%	-920bps

Revenue

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%

EBITDA margin

Jun 26: 22.5%
Mar 26: 30.8%
QoQ: -830bps
Jun 25: 23.1%

Sept 26: 0 of 25 reported so far, so it is not in the trend above.

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

42.82x - 109.01x across the panel today

The median name trades at 74.9x, +41.5% against this industry's own 5-year median of 53.0x, and -9.4% against its own peak of 82.7x.

Exhibit 3Structure

₹7.9 L cr

Hindustan Aeronautics Ltd is 39.7% of this industry by market cap. The top 5 are 82.9% and the top 10 are 92.6%.

large 2mid 8small 13micro 525 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 74.94x, 5y ROCE above its median of 15.53%, 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.

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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.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Hindustan Aeronautics Ltd	₹3.2 L cr	34.3x	24.0x	31.6%	29.5%	+14.4%	Unlock
Bharat Electronics Ltd	₹2.7 L cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindOrder books and inflows at multi-year or record highs across the sector8 managements

HAL's book reached ₹2,54,538 crores after ₹97,028 crores of FY26 inflows including the historic 97-aircraft LCA Mk-1A contract. BEL holds ₹72,258 crores with a guided ₹55,000+…

HAL (FY26): “The order book of the company further improved to INR2,54,538 crores against the previous…”

headwind5 managements headwind6 managements

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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AppendixThe other 4 companies

1-4

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Jaykay Enterprises Ltd	₹3,024 cr	11.9x	12.4x	8.2%	10.0%	+34.5%	Unlock