Defence public sector undertakings (PSUs) like Hindustan Aeronautics Limited, Bharat Electronics, Mazagon Dock Shipbuilders have long been among the leading players in India's defence sector, enjoying significant investor attention. However, as the focus shifts on 'Make in India', several private defence players are also playing a crucial role in India’s defence ecosystem.
Listed firms like Apollo Micro Systems, Astra Microwave, MTAR Technologies, Data Patterns, and Zen Technologies are among the top defence players that are on experts’ radar for their long-term growth outlook. For investors who closely track defence theme, here are 5 defence stocks to track beyond established players.
MTAR Technologies has a strong overall visibility and growth setup. Its order book is large relative to the company’s revenue base, stated Vinit Bolinjkar, Head of Research, Ventura, highlighting that the second half of financial year 2026-27 is expected to be stronger.
The expert also mentioned that MTAR Technologies has a diversified engineering order book, which includes 67% order form clean energy, hence “it should not be treated as defense backlog. Growth depends on timely execution and the planned capacity ramp-up.”
The Hyderabad-headquartered precision engineering and manufacturing firm is also poised to benefit the most from India’s defence localisation push, according to Soumitra Sengupta, smallcase manager, Founder & CEO, Lamron Analysts. MTAR Tech share price closed 4.33% lower at ₹6037.65 per share on BSE on Wednesday, November 4.