Aerospace & Defence - Equipments — sector analysis & key numbers
Aerospace & Defence - Equipments is showing topping signs after a long run: 19 of 24 constituents are in price uptrends, and aggregate profit grew 12% in the latest year.
Aerospace & Defence - Equipments groups 24 listed companies worth ₹8,50,571 Cr combined, and 19 of 24 are in confirmed price uptrends. Aggregate profit moved +6.2% year-on-year in the latest reported quarter. The sector trades at an aggregate P/E of 41.5×, at the 87th percentile of its own history.
Data as of 1 July 2026 · every number traces to its Screener source column · not investment advice.
- Companies
- 24
- Total market cap
- ₹8,50,571 Cr
- Relative strength
- 72.8
- RRG quadrant
- leaders
- Weeks in streak
- 12
- In Stage-2 uptrend
- 19 of 24
- Above 200-DMA
- 23 of 24
- Beating NIFTY 500
- 20 of 24
- Latest-quarter revenue
- ₹31,551 Cr
- Latest-quarter profit
- ₹7,638 Cr
- Aggregate P/E
- 41.5×
- Valuation percentile
- 87th of its own history
- Sector wind
- strong tailwind
- Data as of
- 1 July 2026
The research read on Aerospace & Defence - Equipments: showing topping signs after a long run.lifecycle_bucket
While the fundamental business tailwind from indigenization and DCPP migration is robust, the sector curve reveals a classic peak-margin value trap. The PE multiple has re-rated +92.4% alongside record margins, meaning the sector is priced for perfection. Social exuberance misses this valuation reality, leaving the sector vulnerable to any contract-timing slips.synthesis
What would change this view: A severe valuation reset that brings the multiple back in line with mid-cycle margins, or a continued expansion of margins driven by structural cost shifts that invalidates the historical peak-margin read.would_change_my_mind
The strongest structural wind in the batch — an indigenization-led defence manufacturing supercycle with record order books migrating to high-margin DCPP production — but priced-for-perfection valuations make it a watch, not a depressed entry.one_line_thesis
- ✓PE +92.4% over 12q · sector_why_traces
- ✓ΣPAT rose from 9984 in 2023 to 17530 in 2026 · annual_fundamentals.pat
- ⚠Aggregate OPM 25.7% at 75th percentile · sector_cycle_deterministic
- ⚠Normalized PE at 95th percentile · sector_cycle_deterministic
- ⚠HAL lifted ΣPAT by 3288cr · sector_cycle_deterministic.top_contributors
- ⚠BEL lifted ΣPAT by 3076cr · sector_cycle_deterministic.top_contributors
- ⚠SIGMAADV lifted ΣPAT by 259cr · sector_cycle_deterministic.top_contributors
- ⚠Re-rating-led · sector_cycle_deterministic
Research view from 2026-06-27
Across the 4 largest constituents with research timelines, 3 carried trackable guidance: 5 beats, 0 met, 10 misses against what management said.guidance_pairs
Apollo Micro Systems Ltd: FY26 consolidated revenue Rs 904 Cr, PAT Rs 107 Cr, OPM 24% — verified from screener_annual_resultsclaims
“FY26 consolidated revenue Rs 904 Cr, PAT Rs 107 Cr, OPM 24% — verified from screener_annual_results”
Apollo Micro Systems Ltd · 2026-06-27 · screener_annual_results
Research view from 2026-06-27
19 of 24 constituents are in Stage-2 price uptrends, 23 trade above their 200-day averages, and 20 are beating the NIFTY 500 on relative strength.stageabove_dma200rs_mansfield
Over the trailing ~20 weeks, the share of constituents above the 200-day line moved from 38% to 92% — participation is widening.breadth_series
Sector relative strength stands at 72.8, in the leaders quadrant of the rotation map, with relative strength rising over a 12-week streak.current_rsquadrant
Recent stage changes: AVANTEL (stage 4→2), BEML (stage 4→1), HAL (stage 4→1), JAYKAY (stage 4→2).stage
Data: Breadth trend
| Period | % above 200-DMA (%) | % beating NIFTY (%) |
|---|---|---|
| Feb 26 | 37.5 | 43.5 |
| Feb 26 | 41.7 | 43.5 |
| Feb 26 | 45.8 | 47.8 |
| Mar 26 | 45.8 | 56.5 |
| Mar 26 | 30.4 | 36.4 |
| Mar 26 | 30.4 | 31.8 |
| Mar 26 | 26.1 | 36.4 |
| Mar 26 | 53.3 | 64.3 |
| Apr 26 | 72.2 | 64.7 |
| Apr 26 | 83.3 | 69.6 |
| Apr 26 | 75.0 | 69.6 |
| Apr 26 | 83.3 | 69.6 |
| May 26 | 95.8 | 87.0 |
| May 26 | 70.8 | 65.2 |
| May 26 | 83.3 | 73.9 |
| May 26 | 75.0 | 78.3 |
| Jun 26 | 75.0 | 78.3 |
| Jun 26 | 75.0 | 78.3 |
| Jun 26 | 87.5 | 82.6 |
| Jun 26 | 91.7 | 78.3 |
Data as of 2026-07-01
Top performers by 1-year price return: Sigma Advanced System Ltd (+457.7%), MTAR Technologies Ltd (+393.9%), Apollo Micro Systems Ltd (+118.3%), Rossell Techsys Ltd (+113.9%), Astra Microwave Products Ltd (+62.8%).price
Data: Indexed price (base 100, ~52 weeks) — default top-5
| Period | SIGMAADV (index) | MTARTECH (index) | APOLLO (index) | ROSSTECH (index) | ASTRAMICRO (index) | Sector avg (index) |
|---|---|---|---|---|---|---|
| Jul 25 | 100 | 100 | 100 | 100 | 100 | 100 |
| Jul 25 | 110 | 101 | 98.5 | 93.6 | 97.5 | 98.8 |
| Jul 25 | 107 | 97.8 | 95.6 | 117 | 98.1 | 96.7 |
| Aug 25 | 118 | 92.8 | 94.5 | 118 | 95.1 | 92.7 |
| Aug 25 | 120 | 97.4 | 98.6 | 122 | 96.1 | 92.1 |
| Aug 25 | 114 | 98.7 | 106 | 123 | 101 | 93.5 |
| Aug 25 | 136 | 98.9 | 131 | 138 | 102 | 97.2 |
| Aug 25 | 136 | 90.8 | 146 | 136 | 103 | 95.4 |
| Sep 25 | 145 | 91.5 | 170 | 144 | 102 | 99.7 |
| Sep 25 | 162 | 109 | 179 | 150 | 109 | 105 |
| Sep 25 | 159 | 117 | 191 | 151 | 115 | 111 |
| Sep 25 | 162 | 122 | 181 | 147 | 105 | 107 |
| Oct 25 | 158 | 126 | 191 | 146 | 112 | 111 |
| Oct 25 | 161 | 122 | 177 | 141 | 110 | 109 |
| Oct 25 | 148 | 149 | 163 | 133 | 109 | 107 |
| Oct 25 | 180 | 147 | 162 | 131 | 109 | 109 |
| Oct 25 | 219 | 166 | 154 | 132 | 105 | 110 |
| Nov 25 | 217 | 157 | 149 | 137 | 105 | 107 |
| Nov 25 | 201 | 171 | 158 | 135 | 101 | 110 |
| Nov 25 | 186 | 169 | 151 | 141 | 98.3 | 106 |
| Nov 25 | 212 | 165 | 146 | 156 | 93.8 | 106 |
| Dec 25 | 204 | 155 | 146 | 145 | 91.4 | 102 |
| Dec 25 | 188 | 153 | 131 | 136 | 91.3 | 99.3 |
| Dec 25 | 177 | 152 | 132 | 130 | 91.4 | 98.8 |
| Dec 25 | 208 | 156 | 149 | 130 | 98.6 | 103 |
| Jan 26 | 212 | 154 | 151 | 127 | 96.9 | 103 |
| Jan 26 | 198 | 175 | 137 | 116 | 99.3 | 102 |
| Jan 26 | 194 | 174 | 137 | 125 | 94.3 | 100 |
| Jan 26 | 178 | 156 | 124 | 125 | 91.6 | 92.5 |
| Feb 26 | 174 | 201 | 138 | 137 | 95.9 | 97.9 |
| Feb 26 | 192 | 213 | 134 | 149 | 90.7 | 99.1 |
| Feb 26 | 189 | 233 | 129 | 144 | 91.0 | 102 |
| Feb 26 | 182 | 238 | 130 | 136 | 90.6 | 103 |
| Feb 26 | 163 | 248 | 132 | 146 | 97.5 | 102 |
| Mar 26 | 164 | 246 | 123 | 146 | 105 | 105 |
| Mar 26 | 149 | 220 | 112 | 138 | 98.5 | 96.6 |
| Mar 26 | 176 | 229 | 111 | 145 | 89.6 | 98.4 |
| Mar 26 | 156 | 233 | 105 | 137 | 88.5 | 94.4 |
| Apr 26 | 161 | 233 | 110 | 146 | 95.9 | 112 |
| Apr 26 | 182 | 271 | 132 | 185 | 102 | 118 |
| Apr 26 | 200 | 316 | 157 | 196 | 110 | 119 |
| Apr 26 | 242 | 334 | 158 | 184 | 113 | 124 |
| Apr 26 | 293 | 420 | 165 | 200 | 113 | 132 |
| May 26 | 329 | 421 | 181 | 184 | 116 | 139 |
| May 26 | 325 | 470 | 164 | 179 | 111 | 133 |
| May 26 | 356 | 525 | 198 | 186 | 118 | 142 |
| May 26 | 433 | 512 | 228 | 213 | 141 | 148 |
| Jun 26 | 445 | 490 | 234 | 212 | 143 | 150 |
| Jun 26 | 492 | 466 | 228 | 201 | 145 | 151 |
| Jun 26 | 536 | 545 | 241 | 207 | 170 | 165 |
| Jun 26 | 627 | 519 | 214 | 188 | 173 | 161 |
| Jul 26 | 587 | 507 | 233 | 194 | 176 | 161 |
Data: Quarterly revenue (8q) — default top-5
| Period | SIGMAADV (₹ Cr) | MTARTECH (₹ Cr) | APOLLO (₹ Cr) | ROSSTECH (₹ Cr) | ASTRAMICRO (₹ Cr) | Sector avg (₹ Cr) |
|---|---|---|---|---|---|---|
| Jun 24 | 0.0 | 128 | 91.0 | 45.0 | 155 | 525 |
| Sep 24 | 0.0 | 190 | 161 | 51.0 | 230 | 639 |
| Dec 24 | 19.0 | 174 | 148 | 76.0 | 259 | 745 |
| Mar 25 | 57.0 | 183 | 162 | 88.0 | 408 | 1,270 |
| Jun 25 | 0.0 | 157 | 134 | 87.0 | 200 | 567 |
| Sep 25 | 18.0 | 136 | 225 | 126 | 215 | 739 |
| Dec 25 | 146 | 278 | 252 | 130 | 260 | 867 |
| Mar 26 | 323 | 306 | 293 | 142 | 488 | 1,315 |
Data: Quarterly net profit (8q) — default top-5
| Period | SIGMAADV (₹ Cr) | MTARTECH (₹ Cr) | APOLLO (₹ Cr) | ROSSTECH (₹ Cr) | ASTRAMICRO (₹ Cr) | Sector avg (₹ Cr) |
|---|---|---|---|---|---|---|
| Jun 24 | -17.0 | 4.0 | 8.0 | -4.0 | 7.0 | 108 |
| Sep 24 | -14.0 | 19.0 | 16.0 | 0.0 | 25.0 | 132 |
| Dec 24 | 7.0 | 16.0 | 18.0 | 5.0 | 47.0 | 138 |
| Mar 25 | 9.0 | 14.0 | 14.0 | 7.0 | 73.0 | 300 |
| Jun 25 | 136 | 11.0 | 18.0 | 3.0 | 16.0 | 122 |
| Sep 25 | 4.0 | 4.0 | 30.0 | 6.0 | 24.0 | 144 |
| Dec 25 | -1.0 | 35.0 | 23.0 | 5.0 | 47.0 | 163 |
| Mar 26 | 128 | 44.0 | 37.0 | 8.0 | 106 | 318 |
Data: Operating margin % (8q) — default top-5
| Period | SIGMAADV (%) | MTARTECH (%) | APOLLO (%) | ROSSTECH (%) | ASTRAMICRO (%) | Sector avg (%) |
|---|---|---|---|---|---|---|
| Jun 24 | – | 13.0 | 25.0 | -2.4 | 15.0 | 14.9 |
| Sep 24 | – | 19.0 | 20.0 | 11.5 | 21.0 | 17.3 |
| Dec 24 | -2.0 | 19.0 | 26.0 | 19.0 | 29.0 | 14.5 |
| Mar 25 | 29.0 | 19.0 | 22.0 | 17.6 | 29.0 | 14.4 |
| Jun 25 | – | 18.0 | 31.0 | 12.6 | 20.0 | 9.4 |
| Sep 25 | 6.0 | 13.0 | 26.0 | 12.5 | 22.0 | 15.1 |
| Dec 25 | 5.0 | 23.0 | 20.0 | 13.3 | 32.0 | 14.0 |
| Mar 26 | 17.0 | 20.0 | 23.0 | 11.3 | 33.0 | 20.9 |
Data: Latest reported ROCE / ROE (single latest reading, not a trend) — default top-5
| Period | SIGMAADV (%) | MTARTECH (%) | APOLLO (%) | ROSSTECH (%) | ASTRAMICRO (%) | Sector avg (%) |
|---|---|---|---|---|---|---|
| ROCE % | 60.8 | 15.1 | 14.5 | 11.5 | 20.2 | 16.3 |
| ROE % | 90.6 | 12.5 | 11.8 | 15.7 | 16.0 | 13.9 |
Data: 10-year valuation percentile (latest) — default top-5
| Period | SIGMAADV (percentile) | MTARTECH (percentile) | APOLLO (percentile) | ROSSTECH (percentile) | ASTRAMICRO (percentile) | Sector avg (percentile) |
|---|---|---|---|---|---|---|
| 10y percentile | 29.0 | 96.0 | 96.0 | 63.0 | 95.0 | 78.7 |
Interactive charts default to the five strongest performers by 1-year price return; use the rail to add or remove any constituent, globally or per chart. Non-interactive readers see the same numbers in each chart’s data table.
Data as of 2026-07-01
In the latest reported quarter (2026-03), constituents together booked ₹31,551 Cr of revenue (+3.5% year-on-year) and ₹7,638 Cr of profit (+6.2%).revenuepat
On the annual arc, aggregate profit grew 12% to ₹17,530 Cr in 2026.pat
Data: Aggregate quarterly revenue
| Period | Revenue (₹ Cr) | Reporters |
|---|---|---|
| Jun 23 | 10,173 | 21 |
| Sep 23 | 13,422 | 23 |
| Dec 23 | 14,039 | 22 |
| Mar 24 | 29,206 | 23 |
| Jun 24 | 11,543 | 22 |
| Sep 24 | 14,698 | 23 |
| Dec 24 | 17,128 | 23 |
| Mar 25 | 30,479 | 24 |
| Jun 25 | 12,483 | 22 |
| Sep 25 | 17,732 | 24 |
| Dec 25 | 19,929 | 23 |
| Mar 26 | 31,551 | 24 |
Data: Aggregate quarterly profit
| Period | Profit after tax (₹ Cr) |
|---|---|
| Jun 23 | 1,533 |
| Sep 23 | 2,454 |
| Dec 23 | 2,555 |
| Mar 24 | 7,050 |
| Jun 24 | 2,368 |
| Sep 24 | 3,035 |
| Dec 24 | 3,167 |
| Mar 25 | 7,194 |
| Jun 25 | 2,673 |
| Sep 25 | 3,461 |
| Dec 25 | 3,756 |
| Mar 26 | 7,638 |
Data: Aggregate operating margin
| Period | OPM (%) |
|---|---|
| Jun 23 | 17.9 |
| Sep 23 | 23.2 |
| Dec 23 | 22.3 |
| Mar 24 | 32.4 |
| Jun 24 | 19.3 |
| Sep 24 | 25.1 |
| Dec 24 | 23.6 |
| Mar 25 | 31.7 |
| Jun 25 | 22.6 |
| Sep 25 | 22.9 |
| Dec 25 | 23.5 |
| Mar 26 | 30.0 |
Data: Aggregate profit by year
| Period | Profit after tax (₹ Cr) |
|---|---|
| 2015 | 4,177 |
| 2016 | 4,078 |
| 2017 | 4,851 |
| 2018 | 4,160 |
| 2019 | 4,947 |
| 2020 | 5,729 |
| 2021 | 6,039 |
| 2022 | 8,760 |
| 2023 | 9,984 |
| 2024 | 13,578 |
| 2025 | 15,678 |
| 2026 | 17,530 |
Data: Operating margin by year
| Period | OPM (%) |
|---|---|
| 2015 | 13.6 |
| 2016 | 14.4 |
| 2017 | 16.5 |
| 2018 | 17.1 |
| 2019 | 20.8 |
| 2020 | 20.8 |
| 2021 | 20.8 |
| 2022 | 20.5 |
| 2023 | 22.0 |
| 2024 | 26.1 |
| 2025 | 26.5 |
| 2026 | 25.7 |
Data as of 2026-06-27
Sector revenue moved from ₹74,231 Cr to ₹81,973 Cr (+10.4% year-on-year).revenue
The aggregate P/E moved from 21.6× to 41.5× (+92.4%) while sector profits moved +75.6% — multiple and earnings moved together.pe
Capital cycle: the capital-flow signals are mixed — institutions and capex point in opposite directions, with constituent capex running -15.6% year-on-year.readcapex_yoy_pct
Participation check: the share of constituents above their 200-day average moved 43%→82% across the trailing weeks — the move is broadening.pct_above_200dma
Sector Σrevenue +10.4% YoY — confirm it is demand/volume-led across constituents, not price/base.
revenueSector PE +92.4% vs ΣPAT +75.6% over ~3y — multiple and earnings moved together; neither clearly led.
peprice_idxpatCapital is LEAVING (read=MIXED; capex -15.65%, FII+DII +1.09pp) — capex starvation + institutions absent WHILE fundamentals inflect is the TAILWIND ("be greedy where capital is starving"). Confirm the fundamental turn is real before leaning on it.
capex_yoy_pctfii_dii_delta_4qpromoter_delta_2qcwip_growth_pctSector breadth WIDENING — % above 200-DMA 43→82% over the trailing weeks: broad participation corroborates a genuine sector-wide turn rather than a few-name move.
pct_above_200dmapct_outperformingResearch view from 2026-06-27
Ownership: institutional (FII+DII) holdings moved +1.09 percentage points over four quarters; promoter stakes moved +1.27 points over two.fii_dii_delta_4qpromoter_delta_2q
Constituents spent ₹13,017 Cr on capex in the trailing twelve months (-15.7% year-on-year), with gross block growing +35.7%.capex_ttm_sum_crcapex_yoy_pct
The deterministic capital-flow signals are mixed — institutions and capex point in opposite directions for this industry.read
Research view from 2026-06-27
The sector trades at an aggregate P/E of 41.51× against a range of 7.84–52.15× over its 40-quarter history.pe
The median constituent sits at the 87th percentile of its own 10-year valuation range.percentile
Aggregate operating margin (25.7%) sits at the 83rd percentile of its own annual history — a cheap-looking multiple on near-peak margins is only cheap if the margins hold.opm
Data: Aggregate P/E and price index
| Period | P/E (×) | Price index |
|---|---|---|
| Jun 16 | 24.0 | 100 |
| Sep 16 | 23.6 | 99 |
| Dec 16 | 25.6 | 107 |
| Mar 17 | 25.7 | 122 |
| Jun 17 | 26.6 | 126 |
| Sep 17 | 28.6 | 135 |
| Dec 17 | 32.1 | 152 |
| Mar 18 | 20.9 | 116 |
| Jun 18 | 16.3 | 92 |
| Sep 18 | 13.5 | 76 |
| Dec 18 | 14.2 | 80 |
| Mar 19 | 12.4 | 79 |
| Jun 19 | 13.5 | 86 |
| Sep 19 | 13.3 | 84 |
| Dec 19 | 13.0 | 83 |
| Mar 20 | 7.8 | 58 |
| Jun 20 | 12.0 | 88 |
| Sep 20 | 11.5 | 84 |
| Dec 20 | 13.5 | 99 |
| Mar 21 | 14.6 | 108 |
| Jun 21 | 17.5 | 129 |
| Sep 21 | 20.8 | 152 |
| Dec 21 | 21.9 | 156 |
| Mar 22 | 16.7 | 171 |
| Jun 22 | 17.5 | 179 |
| Sep 22 | 23.5 | 240 |
| Dec 22 | 24.4 | 248 |
| Mar 23 | 21.6 | 254 |
| Jun 23 | 29.3 | 340 |
| Sep 23 | 29.3 | 366 |
| Dec 23 | 38.3 | 495 |
| Mar 24 | 36.3 | 559 |
| Jun 24 | 52.2 | 854 |
| Sep 24 | 44.3 | 754 |
| Dec 24 | 42.2 | 748 |
| Mar 25 | 40.4 | 722 |
| Jun 25 | 51.6 | 942 |
| Sep 25 | 49.7 | 932 |
| Dec 25 | 45.8 | 873 |
| Mar 26 | 41.5 | 815 |
Aggregate operating margin (25.7%) sits at the 83rd percentile of its own annual history — a cheap-looking multiple on near-peak margins is only cheap if the margins hold.
Data as of 2026-06-27
24 companies make up this sector, led by Bharat Electronics Ltd at ₹3,02,296 Cr of market value.constituents
| Company | Price | 1y | Stage | RS | 10y val % |
|---|---|---|---|---|---|
| Bharat Electronics Ltd | ₹416 | −2.6% | 2 | 0.3 | 81 |
| Hindustan Aeronautics Ltd | ₹4,434 | −11.2% | 1 | 0.6 | 77 |
| Bharat Dynamics Ltd | ₹1,379 | −30.3% | 4 | -3.8 | 97 |
| Data Patterns (India) Ltd | ₹4,534 | +52.1% | 2 | 45.3 | 90 |
| MTAR Technologies Ltd | ₹7,790 | +393.9% | 2 | 118.9 | 96 |
| Astra Microwave Products Ltd | ₹1,753 | +62.8% | 2 | 63.5 | 95 |
| Zen Technologies Ltd | ₹1,763 | −8.8% | 2 | 17.3 | 53 |
| Aequs Ltd | ₹238 | – | 2 | – | – |
| BEML Ltd | ₹1,826 | −19.3% | 1 | -2.0 | 98 |
| Apollo Micro Systems Ltd | ₹419 | +118.3% | 2 | 53.1 | 96 |
| Azad Engineering Ltd | ₹2,049 | +24.7% | 2 | 19.6 | 42 |
| Sigma Advanced System Ltd | ₹576 | +457.7% | 2 | 163.4 | 29 |
| Paras Defence and Space Technologies Ltd | ₹1,278 | +36.9% | 2 | 69.8 | 85 |
| Mishra Dhatu Nigam Ltd | ₹423 | −2.7% | 2 | 13.7 | 64 |
| AXISCADES Technologies Ltd | ₹1,668 | +16.3% | 2 | 8.7 | 97 |
| Dynamatic Technologies Ltd | ₹10,397 | +43.2% | 2 | 16.0 | 76 |
| Avantel Ltd | ₹179 | +12.6% | 2 | 14.0 | 95 |
| Ideaforge Technology Ltd | ₹856 | +44.8% | 2 | 60.4 | – |
| Rossell Techsys Ltd | ₹964 | +113.9% | 2 | 29.5 | 63 |
| NIBE Ltd | ₹1,656 | −1.2% | 2 | 34.2 | 87 |
| Jaykay Enterprises Ltd | ₹175 | +11.1% | 2 | 0.8 | 61 |
| Sika Interplant Systems Ltd | ₹1,113 | −20.1% | 1 | 7.1 | 91 |
| DCX Systems Ltd | ₹201 | −29.3% | 4 | -3.7 | – |
| Vinyas Innovative Technologies Ltd | ₹1,403 | +10.5% | 2 | 20.5 | – |
Data as of 2026-07-01
Headwind chain: The shared driver is the strategy's own setup: turning around / oversold value buckets where earnings have troughed and turned, the multiple has de-rated to decade-cheap, and a CONFIRMING RRG start is present… Also touches: Speciality Chemicals, Logistics, IT Product Companies.triggermechanism
Tailwind chain: Make-in-India mandates in defence procurement and PLI disbursements for electronics. Also touches: Consumer Electronics - EMS, Electronics - Others.triggermechanism
The shared driver is the strategy's own setup: turning around / oversold value buckets where earnings have troughed and turned, the multiple has de-rated to decade-cheap, and a CONFIRMING RRG start is present — Speciality Chemicals (RECOVERY, rrg 60.2), Diagnostics (turning around, conv 70), Logistics (fairly priced real value, rrg confirming), Realty - CoWorking (profitability cross confirmed, rrg 81.6), IT Product Companies (oversold value, rrg 88.3).
A genuine fundamental inflection off a depressed base with price just beginning to move is the §0 base-rate winner pattern (depressed-base + EPS-support = 734% avg vs 287% cohort). These are NOT linked by a macro driver but by SETUP quality — they are the freshest points on the curve and per doctrine RANK ABOVE the topping/peak-margin names regardless of headline conviction.
Make-in-India mandates in defence procurement and PLI disbursements for electronics.
Import bans on defence subsystems force OEMs to source locally, benefiting engineering and electronics ancillaries. EMS players gain from consumer durables PLI.
Research view from 2026-06-27
Institutional money is NOT yet crowding in: FII+DII holdings moved just +1.1 percentage points across constituents over the last two quarters — the capital-flow read is mixed.fii_dii_delta_2qread
- Institutional money is NOT yet crowding in: FII+DII holdings moved just +1.1 percentage points across constituents over the last two quarters — the capital-flow read is mixed.
Data as of 2026-07-01
Straight answers from the data
What is the Aerospace & Defence - Equipments sector?
The Aerospace & Defence - Equipments sector groups 24 listed companies with a combined market value of ₹8,50,571 Cr, led by Bharat Electronics Ltd, Hindustan Aeronautics Ltd, Bharat Dynamics Ltd. 19 of 24 constituents are currently in confirmed price uptrends.
Which stocks are in the Aerospace & Defence - Equipments sector?
The largest Aerospace & Defence - Equipments companies by market value are Bharat Electronics Ltd (₹3,02,296 Cr), Hindustan Aeronautics Ltd (₹2,92,168 Cr), Bharat Dynamics Ltd (₹50,714 Cr), Data Patterns (India) Ltd (₹25,230 Cr), MTAR Technologies Ltd (₹24,535 Cr), Astra Microwave Products Ltd (₹16,347 Cr), Zen Technologies Ltd (₹15,992 Cr), Aequs Ltd (₹15,355 Cr).
What are the best-performing Aerospace & Defence - Equipments stocks?
By 1-year price return as of 1 July 2026, the strongest Aerospace & Defence - Equipments stocks are Sigma Advanced System Ltd (+458%), MTAR Technologies Ltd (+394%), Apollo Micro Systems Ltd (+118%), Rossell Techsys Ltd (+114%), Astra Microwave Products Ltd (+63%). These are descriptive price moves measured from weekly Screener closes, not recommendations.
Is the Aerospace & Defence - Equipments sector in an uptrend?
19 of 24 Aerospace & Defence - Equipments constituents are in Stage-2 price uptrends, 23 trade above their 200-day average, and 20 are beating the NIFTY 500 on relative strength. Sector relative strength reads 72.8, in the leaders quadrant of the rotation map, rising over a 12-week streak.
How many Aerospace & Defence - Equipments stocks trade above their 200-day average?
23 of 24 Aerospace & Defence - Equipments constituents currently trade above their 200-day moving average. Over the trailing ~20 weeks, that share moved from 38% to 92% — participation is widening.
Is the Aerospace & Defence - Equipments sector expensive versus its own history?
The Aerospace & Defence - Equipments sector trades at an aggregate P/E of 41.5× against a 7.84–52.2× band over its own history. The median constituent sits at the 87th percentile of its own 10-year P/E range, near the top of its own historical range. Aggregate operating margin (25.7%) sits at the 83rd percentile of its own annual history — a cheap-looking multiple on near-peak margins is only cheap if the margins hold.
Is money entering or leaving the Aerospace & Defence - Equipments sector?
On Sector Alpha's deterministic capital-flow read, money is sending mixed signals across the Aerospace & Defence - Equipments sector. Institutional (FII+DII) holdings moved +1.09 percentage points across constituents over the last four quarters, and constituents grew capex −15.7% year-on-year.
How fast is the Aerospace & Defence - Equipments sector growing?
In the latest reported quarter (March 2026), Aerospace & Defence - Equipments constituents together booked ₹31,551 Cr of revenue, +3.5% year-on-year, with aggregate profit +6.2% year-on-year. Figures aggregate Screener-scraped quarterly filings across the sector.
How are Aerospace & Defence - Equipments operating margins trending?
Aggregate Aerospace & Defence - Equipments operating margin was 29.9% in the latest reported quarter (March 2026), versus 31.7% a year earlier — margins are softening.
Which sectors is the Aerospace & Defence - Equipments sector connected to?
The Aerospace & Defence - Equipments sector sits in 2 cross-sector chains: as a potential casualty it connects to Speciality Chemicals, Logistics, IT Product Companies — The shared driver is the strategy's own setup: turning around / oversold value buckets where earnings have troughed and turned, the multiple has de-rated to…; as a beneficiary it connects to Consumer Electronics - EMS, Electronics - Others — Make-in-India mandates in defence procurement and PLI disbursements for electronics..
What is the bull case for the Aerospace & Defence - Equipments sector?
The strongest structural wind in the batch — an indigenization-led defence manufacturing supercycle with record order books migrating to high-margin DCPP production — but priced-for-perfection valuations make it a watch, not a depressed entry. PE +92.4% over 12q
What could change the view on the Aerospace & Defence - Equipments sector?
A severe valuation reset that brings the multiple back in line with mid-cycle margins, or a continued expansion of margins driven by structural cost shifts that invalidates the historical peak-margin read. Also worth noting: institutional money is NOT yet crowding in: FII+DII holdings moved just +1.1 percentage points across constituents over the last two quarters — the capital-flow read is mixed.
What is the research view on the Aerospace & Defence - Equipments sector?
Sector Alpha does not publish trading recommendations or price calls — this is a research read, not advice. What the data says: topping · divergent. While the fundamental business tailwind from indigenization and DCPP migration is robust, the sector curve reveals a classic peak-margin value trap. The PE multiple has re-rated +92.4% alongside record margins, meaning the sector is priced for perfection. Every number on this page traces to its source column; it is machine-written research, not investment advice.
Should I invest in the Aerospace & Defence - Equipments sector?
Sector Alpha does not publish sector allocations or trading calls — for Aerospace & Defence - Equipments or any sector. What this page provides is a data-first read: how many constituents are in confirmed uptrends, how the sector's valuation compares with its own history, where earnings sit in their cycle, and whether capital is entering or leaving. Use it to study the sector on the evidence, then do your own diligence.
What is the Aerospace & Defence - Equipments sector's relative-strength position?
Aerospace & Defence - Equipments relative strength reads 72.8 on Sector Alpha's rotation map, placing it in the leaders quadrant. Relative strength is rising and has held for 12 weeks. A positive, rising relative-strength trend means the sector has been outperforming the broad market week after week.