India’s defence exports have soared to an unprecedented ₹23,622 crore in the financial year 2024–25, marking a 12% increase over the previous year and a 34-fold rise over the past decade. This achievement underscores the success of the government’s push for self-reliance under the ‘Atmanirbhar Bharat’ initiative and reflects growing global confidence in Indian defence manufacturing.
According to the Ministry of Defence, private companies contributed ₹15,233 crore, accounting for nearly 65% of the total exports, while Defence Public Sector Undertakings (DPSUs) added ₹8,389 crore, registering a 43.8% year-on-year growth. India now exports a wide range of defence products — including arms, ammunition, sub-systems, and components — to nearly 80 countries. The government aims to double exports to ₹50,000 crore by FY29.
Four companies have emerged as the biggest winners in this export surge:
- Astra Microwave Products
Specializing in radar, tactical, and space electronics, Astra generated 86.4% of its revenue from defence in Q1FY26, with exports contributing 10%. The company aims to raise export revenue to 30% within three years. Its order book stands at ₹1,890 crore, ensuring strong revenue visibility. - Larsen & Toubro (L&T) Defence
L&T has expanded its presence in Southeast Asia, exporting a range of defence systems and components. Its advanced manufacturing capabilities and strategic partnerships have positioned it as a key player in India’s export strategy. - Bharat Forge
Known for its artillery components and high-precision systems, Bharat Forge is leveraging global relationships to meet rising international demand. Its diversified portfolio and infrastructure support its growing export footprint. - Bharat Electronics Limited (BEL)
A leader in defence electronics, BEL has showcased indigenous technologies at global exhibitions, strengthening India’s presence in international markets. Its focus on advanced systems has made it a preferred supplier for several foreign governments.
Experts attribute the export boom to policy reforms, rising global demand, and the agility of private firms in delivering high-tech solutions. With continued innovation and investment, India is poised to become a major exporter of complete defence platforms, moving beyond components and sub-systems.
