Private defense firms' revenue to jump 16-18% this fiscal: ICRA

Business Sep 23, 2025

India's private defense companies are expected to see their revenue jump by 16-18% in the current fiscal year (FY2025), thanks to strong local demand and government support.
This follows an impressive run, with the sector recording a compound annual growth rate (CAGR) of roughly 20% from fiscal 2022 to 2025.

Order books could hit ₹55,000 crore by March 2026

Big spending on research, development, and new tech has helped these firms land bigger deals and stay financially healthy.
Government moves like Atmanirbhar Bharat and the Emergency Procurement Plan have opened doors for more homegrown production and exports.
By March 2026, order books could hit ₹55,000 crore—especially in electronic warfare and aerospace parts—showing just how much momentum is building.