The arsenal is being rebuilt at home.
India spends ₹7.85 lakh crore a year on defence, still imports more weapons than any nation except Ukraine — and is now rerouting that river of capital to domestic factories. This is the map of who captures it.
Import dependence, 2020–24
▼ from 55% (2015-19) and 72% (2010-14)
▲ Rafale, Scorpène, engines
▲ EW, drones, missiles, AESA
▲ P-8I, Apache, GE F404/F414 engines
South Korea (K9), Germany (subs bid)
Where fundamentals meet momentum
2 names currently clear the Buy bar across the 54-company universe.
Defence ×28
From HAL's ₹1.3 L Cr order book to titanium-casting insurgents. Monopolies with license moats — and the valuations that come with them.
Explore defence universeCapital Goods ×26
The machines that build the machines — L&T's ₹5.5 L Cr backlog, Cummins' 39% ROCE, the electrification supercycle, and the bearings quietly inside everything.
Explore capital goodsThe DekaCon watchlist
Defence-tech funding grew 61x in a decade. These four lead the probability table.
Category leader + deepest capital + in-house manufacturing = compounding advantage in India's fastest-growing procurement line
Proven exports + profitability + imminent IPO; optics is a durable, sanctions-resilient niche
C-UAS is a 28% CAGR market and BBBS holds the flagship order
Near-monopoly position in Indian naval autonomy with 176-ship navy tailwind