Aequs Ltd · AEQUS
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₹229 Cr
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20-quarter listed-company comparison
Aerospace & Defence - Equipments Stocks in India
Aerospace & Defence - Equipments: Hindustan Aeronautics Ltd owns the largest revenue base; Ideaforge Technology Ltd has the fastest current growth.
01 · the index people search for
Nifty Aerospace & Defence - Equipments Index — Constituents & Performance
The Aerospace & Defence - Equipments companies below are the listed Indian Aerospace & Defence - Equipments universe this page tracks — the same constituent set people search for as the Nifty Aerospace & Defence - Equipments index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.
02 · the sector itself · before any single company
How has Aerospace & Defence - Equipments moved against NIFTY 500?
The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 101% ahead of NIFTY 500. Earnings across its companies grew 17% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 26 weeks running.
LEADER · ahead 26w~Price and the fundamentals both up13 of 24 companies ahead of NIFTY 500 by 5% or more over three months
RS ↑26w · 20/24 >200d (+1) · 13/24 lead (−1) · EPS 14/23↑
Aerospace & Defence - Equipments, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Aerospace & Defence - Equipments, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Aerospace & Defence - Equipments, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 24 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.
03 · sector relative strength, before individual stocks
Is Aerospace & Defence - Equipments outperforming NIFTY 500?
Aerospace & Defence - Equipments has outperformed NIFTY 500 by 57.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 15.4%. 17 of 23 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Sigma Advanced System Ltd is the strongest against the sector itself at +94.2%.
+15.4%Sector vs NIFTY 500 · 13 weeks
+57.2%Sector vs NIFTY 500 · 52 weeks
17/23Stocks leading NIFTY 500
9/23Stocks leading sector
Sector metric: 38.6 as of 2026-08-09 · CONSOLIDATION · falling.
The central tension: the companies with the most scale are not necessarily the companies creating the most change.
Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.
Bottom line
Aerospace & Defence - Equipments has outperformed NIFTY 500 by 57.2% over 52 weeks and 15.4% over 13 weeks. 17 of 23 covered companies beat NIFTY on Mansfield relative strength, while 9 of 23 beat the sector itself. Hindustan Aeronautics Ltd leads with revenue of ₹33,785 crore, based on 24 of 24 comparable companies through Jun 2026.
Companies
24
complete canonical membership
Combined market value
₹9.0 L Cr
Hindustan Aeronautics Ltd
Revenue growing
19/24
positive TTM year-on-year growth
Beating NIFTY 500
17/23
positive Mansfield relative strength
Comparing 5 of 24
04 · research priority, made explicit
Best Aerospace & Defence - Equipments Stocks in India (Aug 2026), Ranked by Data
4-Factor Sector Score
An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.
Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Paras Defence and Space Technologies Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 82.3% evidence confidence.
Astra Microwave Products Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.
How this score is built, and what the marks mean
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Top 10 Aerospace & Defence - Equipments Stocks in India
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Paras Defence and Space Technologies LtdPARAS | 71.5/100Favorable setup82% evidence | LEADER | 25.7/35 Revenue 36.6% · PAT 54.8% · OPM change 2 pp 95% evidence | 17.1/25 ROCE 16.9% · OPM 25% 76% evidence | 9.5/20 P/E 120× · PEG — 50% evidence | 19.2/20 RS sector 30.6% · RS bench 66% · 1Y 120.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 25.7 + 17.1 + 9.5 + 19.2 = 71.5 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Sigma Advanced System LtdSIGMAADV | 68.6/100Favorable setup97% evidence | LEADER | 21.7/35 Revenue 100% · PAT 20.3% · OPM change -74.9 pp 95% evidence | 15.0/25 ROCE 60.8% · OPM 16% 95% evidence | 12.1/20 P/E 75.4× · PEG 2.35 100% evidence | 19.8/20 RS sector 94.2% · RS bench 135.6% · 1Y 458.9%12 of 12 weeks ahead 100% evidence |
| Exact sum: 21.7 + 15 + 12.1 + 19.8 = 68.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3MTAR Technologies LtdMTARTECH | 67.4/100Favorable setup90% evidence | FADING | 30.5/35 Revenue 53.5% · PAT 100% · OPM change 6 pp 100% evidence | 15.6/25 ROCE 15.1% · OPM 24% 100% evidence | 7.7/20 P/E 159× · PEG — 50% evidence | 13.6/20 RS sector 37.4% · RS bench 68.3% · 1Y 371.1%9 of 12 weeks ahead 100% evidence |
| Exact sum: 30.5 + 15.6 + 7.7 + 13.6 = 67.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Azad Engineering LtdAZAD | 63.5/100Mixed-positive evidence93% evidence | LEADER | 24.0/35 Revenue 29% · PAT 41.4% · OPM change 1 pp 100% evidence | 13.1/25 ROCE 11.9% · OPM 37% 100% evidence | 8.6/20 P/E 126× · PEG 2.29 65% evidence | 17.8/20 RS sector 13.9% · RS bench 46.6% · 1Y 80.3%10 of 12 weeks ahead 100% evidence |
| Exact sum: 24 + 13.1 + 8.6 + 17.8 = 63.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Sika Interplant Systems LtdSIKA | 62.3/100Mixed-positive evidence94% evidence | TURNING | 18.9/35 Revenue 0.5% · PAT 9.8% · OPM change 1.1 pp 100% evidence | 21.8/25 ROCE 34.6% · OPM 19.5% 100% evidence | 12.7/20 P/E 67.2× · PEG 1.01 100% evidence | 8.9/20 RS sector -10.2% · RS bench 4.4% · 1Y -2.2%4 of 7 weeks ahead 70% evidence |
| Exact sum: 18.9 + 21.8 + 12.7 + 8.9 = 62.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Data Patterns (India) LtdDATAPATTNS | 59.9/100Mixed-positive evidence100% evidence | LEADER | 22.4/35 Revenue 33.9% · PAT 24.2% · OPM change -5 pp 100% evidence | 19.9/25 ROCE 21.9% · OPM 27% 100% evidence | 5.3/20 P/E 92.3× · PEG 3.94 100% evidence | 12.3/20 RS sector 3.2% · RS bench 31.8% · 1Y 83.6%10 of 12 weeks ahead 100% evidence |
| Exact sum: 22.4 + 19.9 + 5.3 + 12.3 = 59.9 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 7Vinyas Innovative Technologies LtdVINYAS | 59.9/100Thin evidence · provisional57% evidence | BREAKING OUT | 21.6/35 Revenue 65% · PAT 100% · OPM change 3 pp 48% evidence | 18.8/25 ROCE 21.4% · OPM 13% 95% evidence | 11.1/20 P/E 56.4× · PEG — 15% evidence | 8.4/20 RS sector -17.6% · RS bench 16.2% · 1Y 10.3%11 of 11 weeks ahead 70% evidence |
| Exact sum: 21.6 + 18.8 + 11.1 + 8.4 = 59.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 8Rossell Techsys LtdROSSTECH | 57.9/100Mixed-positive evidence83% evidence | TURNING | 28.9/35 Revenue 82.9% · PAT 68.8% · OPM change 1.8 pp 100% evidence | 8.1/25 ROCE 11.5% · OPM 14.4% 100% evidence | 9.1/20 P/E 153× · PEG — 15% evidence | 11.8/20 RS sector 2.8% · RS bench 32.1% · 1Y 77.3%9 of 12 weeks ahead 100% evidence |
| Exact sum: 28.9 + 8.1 + 9.1 + 11.8 = 57.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Astra Microwave Products LtdASTRAMICRO | 57.0/100Mixed-positive evidence100% evidence | LEADER | 15.8/35 Revenue 3.9% · PAT 17.4% · OPM change -1 pp 100% evidence | 17.8/25 ROCE 20.2% · OPM 19% 100% evidence | 5.3/20 P/E 87.4× · PEG 3.3 100% evidence | 18.1/20 RS sector 14.8% · RS bench 46.2% · 1Y 82.1%12 of 12 weeks ahead 100% evidence |
| Exact sum: 15.8 + 17.8 + 5.3 + 18.1 = 57 · Decision use: Price leads the evidence: RS versus the benchmark is 46.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 10Apollo Micro Systems LtdAPOLLO | 54.1/100Mixed-positive evidence100% evidence | LEADER | 19.4/35 Revenue 68.8% · PAT 74.2% · OPM change -10 pp 100% evidence | 13.7/25 ROCE 14.5% · OPM 21% 100% evidence | 7.9/20 P/E 121× · PEG 1.6 100% evidence | 13.1/20 RS sector 0.9% · RS bench 29% · 1Y 122%12 of 12 weeks ahead 100% evidence |
| Exact sum: 19.4 + 13.7 + 7.9 + 13.1 = 54.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Hindustan Aeronautics LtdHAL | 53.7/100Mixed-positive evidence100% evidence | TURNING | 13.7/35 Revenue 7.4% · PAT 12.2% · OPM change 1 pp 100% evidence | 20.4/25 ROCE 32% · OPM 28% 100% evidence | 8.8/20 P/E 36.1× · PEG 3.54 100% evidence | 10.8/20 RS sector -15.2% · RS bench 11.6% · 1Y 13.3%6 of 12 weeks ahead 100% evidence |
| Exact sum: 13.7 + 20.4 + 8.8 + 10.8 = 53.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Jaykay Enterprises LtdJAYKAY | 53.5/100Mixed-positive evidence74% evidence | ASLEEP | 29.1/35 Revenue 100% · PAT 100% · OPM change 1.8 pp 95% evidence | 8.2/25 ROCE 8.2% · OPM 14.2% 95% evidence | 11.2/20 P/E 49.8× · PEG — 15% evidence | 5.0/20 RS sector -20.9% · RS bench -13.3% · 1Y 11%5 of 10 weeks ahead 70% evidence |
| Exact sum: 29.1 + 8.2 + 11.2 + 5 = 53.5 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -20.9% and the one-year return is 11%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 13Ideaforge Technology LtdIDEAFORGE | 49.2/100Mixed-negative evidence74% evidence | FADING | 26.9/35 Revenue 100% · PAT 100% · OPM change 152.7 pp 74% evidence | 1.4/25 ROCE -2.8% · OPM 3.4% 100% evidence | 8.5/20 P/E 1038× · PEG — 15% evidence | 12.4/20 RS sector 10.7% · RS bench 39.4% · 1Y 91.9%11 of 12 weeks ahead 100% evidence |
| Exact sum: 26.9 + 1.4 + 8.5 + 12.4 = 49.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Bharat Electronics LtdBEL | 44.2/100Mixed-negative evidence100% evidence | ASLEEP | 14.2/35 Revenue 19.8% · PAT 11.8% · OPM change -3 pp 100% evidence | 19.4/25 ROCE 36.4% · OPM 25% 100% evidence | 8.1/20 P/E 48.9× · PEG 3.54 100% evidence | 2.5/20 RS sector -26.7% · RS bench -3.2% · 1Y 6.8%0 of 12 weeks ahead 100% evidence |
| Exact sum: 14.2 + 19.4 + 8.1 + 2.5 = 44.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Mishra Dhatu Nigam LtdMIDHANI | 42.9/100Mixed-negative evidence100% evidence | FADING | 16.1/35 Revenue 18.2% · PAT 13.4% · OPM change -5 pp 100% evidence | 11.7/25 ROCE 11.3% · OPM 15% 100% evidence | 7.8/20 P/E 57.8× · PEG 5.62 100% evidence | 7.3/20 RS sector -15.8% · RS bench 9.7% · 1Y 8.4%8 of 12 weeks ahead 100% evidence |
| Exact sum: 16.1 + 11.7 + 7.8 + 7.3 = 42.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Zen Technologies LtdZENTEC | 42.3/100Mixed-negative evidence69% evidence | TURNING | 5.2/35 Revenue -23.4% · PAT -27.8% · OPM change -14 pp 95% evidence | 16.9/25 ROCE 16.2% · OPM 27% 76% evidence | 10.1/20 P/E 92.3× · PEG — 15% evidence | 10.1/20 RS sector -6.6% · RS bench 20.1% · 1Y 32.2%7 of 10 weeks ahead 70% evidence |
| Exact sum: 5.2 + 16.9 + 10.1 + 10.1 = 42.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Dynamatic Technologies LtdDYNAMATECH | 38.8/100Mixed-negative evidence93% evidence | TURNING | 18.2/35 Revenue 17.3% · PAT 0% · OPM change 3 pp 100% evidence | 9.3/25 ROCE 10% · OPM 13% 100% evidence | 4.3/20 P/E 130× · PEG 8 65% evidence | 7.0/20 RS sector -10.2% · RS bench 16.6% · 1Y 67.1%2 of 12 weeks ahead 100% evidence |
| Exact sum: 18.2 + 9.3 + 4.3 + 7 = 38.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Bharat Dynamics LtdBDL | 38.3/100Mixed-negative evidence93% evidence | TURNING | 12.4/35 Revenue -18.7% · PAT -7.1% · OPM change 33 pp 100% evidence | 13.4/25 ROCE 13.8% · OPM 15% 100% evidence | 5.5/20 P/E 98.4× · PEG 4.44 65% evidence | 7.0/20 RS sector -25.8% · RS bench -1.6% · 1Y -6.7%2 of 12 weeks ahead 100% evidence |
| Exact sum: 12.4 + 13.4 + 5.5 + 7 = 38.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Aequs LtdAEQUS | 37.3/100Thin evidence · provisional51% evidence | BREAKING OUT | 15.3/35 Revenue 44.3% · PAT — · OPM change -7.3 pp 74% evidence | 2.0/25 ROCE 1.6% · OPM 3.7% 100% evidence | 10.0/20 P/E — · PEG — 0% evidence | 10.0/20 RS sector — · RS bench — · 1Y —12 of 12 weeks ahead 0% evidence |
| Exact sum: 15.3 + 2 + 10 + 10 = 37.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 20BEML LtdBEML | 36.3/100Mixed-negative evidence91% evidence | TURNING | 15.9/35 Revenue 12.8% · PAT -40.1% · OPM change 8.2 pp 74% evidence | 3.7/25 ROCE 7.7% · OPM 0.2% 100% evidence | 10.1/20 P/E 87.5× · PEG 1.18 100% evidence | 6.6/20 RS sector -24% · RS bench 0.3% · 1Y -2.9%5 of 12 weeks ahead 100% evidence |
| Exact sum: 15.9 + 3.7 + 10.1 + 6.6 = 36.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21Avantel LtdAVANTEL | 32.9/100Adverse evidence83% evidence | TURNING | 10.1/35 Revenue -3.2% · PAT -67.2% · OPM change 4.6 pp 100% evidence | 10.4/25 ROCE 9.6% · OPM 24.8% 100% evidence | 8.7/20 P/E 245× · PEG — 15% evidence | 3.7/20 RS sector -26.2% · RS bench -3.1% · 1Y 26.4%8 of 12 weeks ahead 100% evidence |
| Exact sum: 10.1 + 10.4 + 8.7 + 3.7 = 32.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22AXISCADES Technologies LtdAXISCADES | 25.5/100Adverse evidence100% evidence | ASLEEP | 11.8/35 Revenue 3.5% · PAT -55% · OPM change -2.3 pp 100% evidence | 4.0/25 ROCE 3.6% · OPM 4.7% 100% evidence | 8.9/20 P/E 193× · PEG 1.39 100% evidence | 0.8/20 RS sector -28.1% · RS bench -6.7% · 1Y 14.6%4 of 12 weeks ahead 100% evidence |
| Exact sum: 11.8 + 4 + 8.9 + 0.8 = 25.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23NIBE LtdNIBE | 25.0/100Adverse evidence66% evidence | BREAKING OUT | 3.1/35 Revenue -5.2% · PAT -80% · OPM change -24 pp 95% evidence | 5.4/25 ROCE 4.8% · OPM -15% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 6.5/20 RS sector -29.8% · RS bench 19% · 1Y 3.5%11 of 11 weeks ahead 70% evidence |
| Exact sum: 3.1 + 5.4 + 10 + 6.5 = 25 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24DCX Systems LtdDCXINDIA | 23.5/100Adverse evidence71% evidence | ASLEEP | 5.8/35 Revenue -46.5% · PAT -80% · OPM change -10.9 pp 95% evidence | 4.2/25 ROCE 0.9% · OPM -10.4% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 3.5/20 RS sector -27.1% · RS bench -13.6% · 1Y -31.4%3 of 10 weeks ahead 70% evidence |
| Exact sum: 5.8 + 4.2 + 10 + 3.5 = 23.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Showing 10 of 24 companies
05 · what price has already done
Market action
Sigma Advanced System Ltd has the strongest one-year price move in Aerospace & Defence - Equipments at +458.9%. It also leads on Mansfield relative strength against NIFTY at +135.6%. 17 of 23 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14.
Price and relative strength
Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.
How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.
The same measure taken against Aerospace & Defence - Equipments itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.
06 · the story behind the numbers
Aerospace & Defence - Equipments — the story behind the numbers
This is the written read behind the Aerospace & Defence - Equipments figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 29 Jul 2026. 4 themes are live here. It also states what would change this read.
The Aerospace & Defence - Equipments sector displays significant divergence in Q4 FY26 performance among the two constituents analyzed. NIBE Ltd reported a substantial surge in profitability, with Profit After Tax increasing 282.52% YoY to ₹29.23 crore. In contrast, Sika Interplant Systems Ltd experienced a marginal decline in net profit of 1.01% YoY to ₹7.83 crore.
How old this read is: This read comes from our Aerospace & Defence - Equipments sector brief dated 29 Jul 2026, so the words here and the numbers above them cover the same few weeks.
What is live in this sector right now
| Live theme | Severity | Evidence on file |
|---|---|---|
| High dependence on government tenders creates concentration risk within the defense sector.Named for NIBE | medium | Company dismissed media reports as speculative, stating there is no material impact on its current business operations. |
| Company denied speculative army order claims, highlighting reliance on confirmed contract awards and scrutiny.Named for NIBE | medium | Company dismissed media reports as speculative, stating there is no material impact on its current business operations. |
| NIBE faces management instability. SIKA faces labor cost inflation pressures.Named for NIBE, SIKA | medium | SIKA embedding inflation into contract pricing. |
| Company faces raw material cost inflation pressures but manages them via pricing.Named for SIKA | low | Embedding inflation into contract pricing |
What would change this read
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.
Sources: our Aerospace & Defence - Equipments sector brief, 29 Jul 2026.
07 · compare level, then change
Revenue Scale & Growth Durability
Hindustan Aeronautics Ltd has the highest Revenue among the 24 Aerospace & Defence - Equipments companies compared here, at ₹33,785 crore. Bharat Electronics Ltd is next at ₹28,717 crore. Ideaforge Technology Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.
What the numbers say: Hindustan Aeronautics Ltd is the scale leader at ₹33,785 crore, 17.6% ahead of Bharat Electronics Ltd. Ideaforge Technology Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 221.1% from a ₹282 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderHindustan Aeronautics Ltd · ₹33,785 crore
Gap17.6% versus #2 · Bharat Electronics Ltd
Persistence7/8 recent comparable periods
Coverage24/24 companies · 418 observations
Investor read: Hindustan Aeronautics Ltd is the scale benchmark; Ideaforge Technology Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.
This conclusion weakens if: Hindustan Aeronautics Ltd's growth falls below Ideaforge Technology Ltd's for two consecutive comparable reports while operating margin also compresses.
Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
Revenue growthfastest growers
Revenue · company comparison
24/24 level · 24/24 change
On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.
All-company data · latest reported quarter
In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Revenue | Revenue growth | Reported |
|---|---|---|---|
| Bharat Electronics Ltd BEL | ₹5.5K Cr | 25% | Jun 2026 |
| Hindustan Aeronautics Ltd HAL | ₹5.5K Cr | 14% | Jun 2026 |
| BEML Ltd BEML | ₹820 Cr | 29% | Jun 2026 |
| Bharat Dynamics Ltd BDL | ₹572 Cr | 131% | Jun 2026 |
| Dynamatic Technologies Ltd DYNAMATECH | ₹425 Cr | 15% | Jun 2026 |
| Aequs Ltd AEQUS | ₹396 Cr | 55% | Jun 2026 |
| Sigma Advanced System Ltd SIGMAADV | ₹374 Cr | 467% | Jun 2026 |
| MTAR Technologies Ltd MTARTECH | ₹361 Cr | 130% | Jun 2026 |
| Vinyas Innovative Technologies Ltd VINYAS⚠ unverified | ₹302 Cr | 22% | Mar 2026 |
| Apollo Micro Systems Ltd APOLLO | ₹251 Cr | 87% | Jun 2026 |
| Mishra Dhatu Nigam Ltd MIDHANI | ₹239 Cr | 41% | Jun 2026 |
| AXISCADES Technologies Ltd AXISCADES | ₹183 Cr | 95% | Jun 2026 |
| Astra Microwave Products Ltd ASTRAMICRO | ₹177 Cr | -12% | Jun 2026 |
| Azad Engineering Ltd AZAD | ₹173 Cr | 26% | Jun 2026 |
| Rossell Techsys Ltd ROSSTECH | ₹154 Cr | 77% | Jun 2026 |
| Zen Technologies Ltd ZENTEC | ₹142 Cr | -10% | Jun 2026 |
| Paras Defence and Space Technologies Ltd PARAS | ₹128 Cr | 38% | Jun 2026 |
| Data Patterns (India) Ltd DATAPATTNS | ₹116 Cr | 17% | Jun 2026 |
| DCX Systems Ltd DCXINDIA⚠ unverified | ₹103 Cr | -54% | Jun 2026 |
| Jaykay Enterprises Ltd JAYKAY⚠ unverified | ₹75 Cr | 34% | Jun 2026 |
| Avantel Ltd AVANTEL | ₹70 Cr | 36% | Jun 2026 |
| Ideaforge Technology Ltd IDEAFORGE | ₹69 Cr | 437% | Jun 2026 |
| NIBE Ltd NIBE | ₹63 Cr | -23% | Jun 2026 |
| Sika Interplant Systems Ltd SIKA | ₹43 Cr | -37% | Jun 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Apollo Micro Systems Ltd · APOLLO
₹46 Cr
₹65 Cr
₹106 Cr
₹56 Cr
₹52 Cr
₹82 Cr
₹107 Cr
₹58 Cr
₹87 Cr
₹91 Cr
₹135 Cr
₹91 Cr
₹161 Cr
₹148 Cr
₹162 Cr
₹134 Cr
₹225 Cr
₹252 Cr
₹293 Cr
₹251 Cr
Astra Microwave Products Ltd · ASTRAMICRO
₹182 Cr
₹203 Cr
₹237 Cr
₹162 Cr
₹175 Cr
₹220 Cr
₹258 Cr
₹134 Cr
₹190 Cr
₹231 Cr
₹354 Cr
₹155 Cr
₹230 Cr
₹259 Cr
₹408 Cr
₹200 Cr
₹215 Cr
₹260 Cr
₹488 Cr
₹177 Cr
Azad Engineering Ltd · AZAD
—
—
—
—
—
₹60 Cr
₹85 Cr
₹76 Cr
₹83 Cr
₹89 Cr
₹93 Cr
₹98 Cr
₹112 Cr
₹120 Cr
₹127 Cr
₹137 Cr
₹146 Cr
₹159 Cr
₹162 Cr
₹173 Cr
BEML Ltd · BEML
₹1.0K Cr
₹1.1K Cr
₹1.8K Cr
₹669 Cr
₹805 Cr
₹1.0K Cr
₹1.4K Cr
₹577 Cr
₹917 Cr
₹1.0K Cr
₹1.5K Cr
₹634 Cr
₹860 Cr
₹876 Cr
₹1.7K Cr
₹634 Cr
₹839 Cr
₹1.1K Cr
₹1.8K Cr
₹820 Cr
Bharat Dynamics Ltd · BDL
₹504 Cr
₹804 Cr
₹1.4K Cr
₹695 Cr
₹535 Cr
₹462 Cr
₹798 Cr
₹298 Cr
₹616 Cr
₹602 Cr
₹854 Cr
₹191 Cr
₹545 Cr
₹832 Cr
₹1.8K Cr
₹248 Cr
₹1.1K Cr
₹567 Cr
₹480 Cr
₹572 Cr
Bharat Electronics Ltd · BEL
₹3.7K Cr
₹3.7K Cr
₹6.3K Cr
₹3.1K Cr
₹4.0K Cr
₹4.2K Cr
₹6.5K Cr
₹3.5K Cr
₹4.0K Cr
₹4.2K Cr
₹8.6K Cr
₹4.2K Cr
₹4.6K Cr
₹5.8K Cr
₹9.2K Cr
₹4.4K Cr
₹5.8K Cr
₹7.2K Cr
₹10.2K Cr
₹5.5K Cr
Data Patterns (India) Ltd · DATAPATTNS
₹59 Cr
₹44 Cr
₹171 Cr
₹68 Cr
₹88 Cr
₹112 Cr
₹185 Cr
₹90 Cr
₹108 Cr
₹140 Cr
₹182 Cr
₹104 Cr
₹91 Cr
₹117 Cr
₹396 Cr
₹99 Cr
₹307 Cr
₹173 Cr
₹345 Cr
₹116 Cr
Hindustan Aeronautics Ltd · HAL
₹5.6K Cr
₹5.9K Cr
₹11.6K Cr
₹3.6K Cr
₹5.1K Cr
₹5.7K Cr
₹12.5K Cr
₹3.9K Cr
₹5.6K Cr
₹6.1K Cr
₹14.8K Cr
₹4.3K Cr
₹6.0K Cr
₹7.0K Cr
₹13.7K Cr
₹4.8K Cr
₹6.6K Cr
₹7.7K Cr
₹13.9K Cr
₹5.5K Cr
MTAR Technologies Ltd · MTARTECH
₹91 Cr
₹78 Cr
₹99 Cr
₹91 Cr
₹126 Cr
₹160 Cr
₹196 Cr
₹153 Cr
₹167 Cr
₹118 Cr
₹143 Cr
₹128 Cr
₹190 Cr
₹174 Cr
₹183 Cr
₹157 Cr
₹136 Cr
₹278 Cr
₹306 Cr
₹361 Cr
Sigma Advanced System Ltd · SIGMAADV
₹13 Cr
₹13 Cr
₹14 Cr
₹2 Cr
—
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹19 Cr
₹57 Cr
₹0 Cr
₹18 Cr
₹146 Cr
₹323 Cr
₹374 Cr
Zen Technologies Ltd · ZENTEC
—
—
—
—
—
₹52 Cr
₹96 Cr
₹132 Cr
₹66 Cr
₹100 Cr
₹141 Cr
₹255 Cr
₹242 Cr
₹152 Cr
₹325 Cr
₹158 Cr
₹174 Cr
₹178 Cr
₹178 Cr
₹142 Cr
Revenue growth · reported quarter history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
12%
23%
51%
47%
55%
Apollo Micro Systems Ltd · APOLLO
—
—
—
107%
13%
26%
0.9%
3.6%
67%
11%
26%
57%
85%
63%
20%
47%
40%
70%
81%
87%
Astra Microwave Products Ltd · ASTRAMICRO
—
—
—
25%
-3.9%
8.4%
8.9%
-17%
8.6%
5.0%
37%
16%
21%
12%
15%
29%
-6.5%
0.4%
20%
-12%
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
—
—
—
48%
9.4%
29%
35%
35%
37%
40%
30%
33%
28%
26%
BEML Ltd · BEML
—
—
—
48%
-20%
-8.5%
-21%
-14%
14%
1.0%
9.1%
9.9%
-6.2%
-16%
9.2%
0.0%
-2.4%
24%
8.5%
29%
Bharat Dynamics Ltd · BDL
—
—
—
439%
6.2%
-43%
-42%
-57%
15%
30%
7.0%
-36%
-12%
38%
108%
30%
110%
-32%
-73%
131%
Bharat Electronics Ltd · BEL
—
—
—
90%
7.7%
12%
2.2%
12%
1.2%
0.2%
32%
20%
15%
39%
6.8%
4.6%
26%
24%
12%
25%
Data Patterns (India) Ltd · DATAPATTNS
—
—
—
84%
49%
155%
8.2%
32%
23%
25%
-1.6%
16%
-16%
-16%
118%
-4.8%
237%
48%
-13%
17%
Hindustan Aeronautics Ltd · HAL
—
—
—
124%
-7.3%
-3.8%
8.1%
8.1%
9.5%
7.0%
18%
11%
6.0%
15%
-7.2%
11%
11%
11%
1.8%
14%
MTAR Technologies Ltd · MTARTECH
—
—
—
69%
38%
105%
98%
68%
33%
-26%
-27%
-16%
14%
47%
28%
23%
-28%
60%
67%
130%
Sigma Advanced System Ltd · SIGMAADV
—
—
—
-85%
—
-100%
-100%
-100%
—
—
—
—
—
—
—
—
—
668%
467%
—
Zen Technologies Ltd · ZENTEC
—
—
—
—
—
—
—
—
—
92%
47%
93%
267%
52%
131%
-38%
-28%
17%
-45%
-10%
08 · compare level, then change
Operating Economics & Margin Trend
Azad Engineering Ltd has the highest OPM among the 24 Aerospace & Defence - Equipments companies compared here, at 37%. Hindustan Aeronautics Ltd is next at 28%. Ideaforge Technology Ltd has the highest Margin change at +152.7 percentage points, so level and change sit with different companies. 24 of 24 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Azad Engineering Ltd leads opm at 37%; Ideaforge Technology Ltd leads margin change at +152.7 percentage points.
LeaderAzad Engineering Ltd · 37%
Gap32.1% versus #2 · Hindustan Aeronautics Ltd
Persistence6/8 recent comparable periods
Coverage24/24 companies · 435 observations
Investor read: Azad Engineering Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current margin change signal.
Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
Margin changefastest expanders
Operating margin · company comparison
24/24 level · 24/24 change
All-company data · latest reported quarter
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| Azad Engineering Ltd AZAD | 37% | +1.0 pp | Jun 2026 |
| Hindustan Aeronautics Ltd HAL | 28% | +1.0 pp | Jun 2026 |
| Data Patterns (India) Ltd DATAPATTNS | 27% | −5.0 pp | Jun 2026 |
| Zen Technologies Ltd ZENTEC | 27% | −14.0 pp | Jun 2026 |
| Bharat Electronics Ltd BEL | 25% | −3.0 pp | Jun 2026 |
| Paras Defence and Space Technologies Ltd PARAS | 25% | +2.0 pp | Jun 2026 |
| Avantel Ltd AVANTEL | 25% | +4.6 pp | Jun 2026 |
| MTAR Technologies Ltd MTARTECH | 24% | +6.0 pp | Jun 2026 |
| Apollo Micro Systems Ltd APOLLO | 21% | −10.0 pp | Jun 2026 |
| Sika Interplant Systems Ltd SIKA | 19% | +1.1 pp | Jun 2026 |
| Astra Microwave Products Ltd ASTRAMICRO | 19% | −1.0 pp | Jun 2026 |
| Sigma Advanced System Ltd SIGMAADV | 16% | −74.9 pp | Jun 2026 |
| Bharat Dynamics Ltd BDL | 15% | +33.0 pp | Jun 2026 |
| Mishra Dhatu Nigam Ltd MIDHANI | 15% | −5.0 pp | Jun 2026 |
| Rossell Techsys Ltd ROSSTECH | 14% | +1.8 pp | Jun 2026 |
| Jaykay Enterprises Ltd JAYKAY⚠ unverified | 14% | +1.8 pp | Jun 2026 |
| Dynamatic Technologies Ltd DYNAMATECH | 13% | +3.0 pp | Jun 2026 |
| Vinyas Innovative Technologies Ltd VINYAS⚠ unverified | 13% | +3.0 pp | Mar 2026 |
| AXISCADES Technologies Ltd AXISCADES | 4.7% | −2.3 pp | Jun 2026 |
| Aequs Ltd AEQUS | 3.7% | −7.3 pp | Jun 2026 |
| Ideaforge Technology Ltd IDEAFORGE | 3.4% | +152.7 pp | Jun 2026 |
| BEML Ltd BEML | 0.2% | +8.2 pp | Jun 2026 |
| DCX Systems Ltd DCXINDIA⚠ unverified | -10% | −10.9 pp | Jun 2026 |
| NIBE Ltd NIBE | -15% | −24.0 pp | Jun 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
-2.5%
9.0%
3.4%
10%
11%
10%
9.0%
1.1%
3.7%
Apollo Micro Systems Ltd · APOLLO
22%
19%
16%
18%
18%
24%
21%
22%
21%
26%
21%
25%
20%
26%
22%
31%
26%
20%
23%
21%
Astra Microwave Products Ltd · ASTRAMICRO
6.5%
13%
10%
14%
22%
23%
13%
2.2%
22%
29%
23%
15%
21%
29%
29%
20%
22%
32%
33%
19%
Azad Engineering Ltd · AZAD
—
—
—
—
—
29%
36%
35%
32%
37%
34%
34%
36%
36%
36%
36%
36%
39%
38%
37%
BEML Ltd · BEML
2.7%
9.9%
14%
-8.3%
5.2%
9.0%
21%
-9.0%
6.0%
5.0%
24%
-8.0%
8.0%
7.0%
26%
-8.0%
9.0%
0.3%
15%
0.2%
Bharat Dynamics Ltd · BDL
13%
36%
29%
6.1%
18%
19%
23%
-11%
22%
20%
37%
-27%
18%
15%
17%
-18%
16%
4.6%
12%
15%
Bharat Electronics Ltd · BEL
23%
22%
25%
17%
22%
21%
28%
19%
25%
26%
27%
22%
30%
29%
31%
28%
29%
30%
29%
25%
Data Patterns (India) Ltd · DATAPATTNS
35%
36%
51%
31%
34%
42%
40%
31%
38%
43%
51%
36%
38%
46%
38%
32%
22%
47%
56%
27%
Hindustan Aeronautics Ltd · HAL
22%
24%
22%
23%
32%
17%
26%
22%
27%
24%
40%
23%
27%
24%
39%
27%
24%
24%
36%
28%
MTAR Technologies Ltd · MTARTECH
32%
29%
28%
27%
28%
28%
25%
23%
22%
20%
13%
13%
19%
19%
19%
18%
13%
23%
20%
24%
Sigma Advanced System Ltd · SIGMAADV
-25%
-9.0%
-100%
-272%
—
—
—
—
—
—
—
—
—
-2.2%
29%
91%
6.0%
4.6%
17%
16%
Zen Technologies Ltd · ZENTEC
-1.0%
5.7%
17%
29%
30%
32%
37%
52%
29%
43%
36%
44%
33%
29%
42%
41%
37%
37%
28%
27%
Margin change · reported quarter history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
+13.5 pp
+1.0 pp
+5.6 pp
−8.9 pp
−7.3 pp
Apollo Micro Systems Ltd · APOLLO
+5.5 pp
−8.2 pp
−0.1 pp
−9.1 pp
−4.0 pp
+5.3 pp
+5.4 pp
+4.4 pp
+3.4 pp
+2.0 pp
0.0 pp
+3.0 pp
−1.0 pp
0.0 pp
+1.0 pp
+6.0 pp
+6.0 pp
−6.0 pp
+1.0 pp
−10.0 pp
Astra Microwave Products Ltd · ASTRAMICRO
+5.7 pp
+0.5 pp
−9.4 pp
−5.6 pp
+15.7 pp
+10.2 pp
+2.8 pp
−11.5 pp
−0.2 pp
+6.0 pp
+10.0 pp
+12.8 pp
−1.0 pp
0.0 pp
+6.0 pp
+5.0 pp
+1.0 pp
+3.0 pp
+4.0 pp
−1.0 pp
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
—
—
—
+8.0 pp
−2.0 pp
−1.0 pp
+4.0 pp
−1.0 pp
+2.0 pp
+2.0 pp
0.0 pp
+3.0 pp
+2.0 pp
+1.0 pp
BEML Ltd · BEML
−3.0 pp
+4.0 pp
+2.2 pp
+9.9 pp
+2.5 pp
−0.9 pp
+7.4 pp
−0.7 pp
+0.8 pp
−4.0 pp
+3.0 pp
+1.0 pp
+2.0 pp
+2.0 pp
+2.0 pp
0.0 pp
+1.0 pp
−6.7 pp
−11.0 pp
+8.2 pp
Bharat Dynamics Ltd · BDL
−5.6 pp
+23.1 pp
−1.0 pp
+32.2 pp
+4.4 pp
−17.0 pp
−6.3 pp
−17.1 pp
+4.5 pp
+1.0 pp
+14.0 pp
−16.0 pp
−4.0 pp
−5.0 pp
−20.0 pp
+9.0 pp
−2.0 pp
−10.4 pp
−5.0 pp
+33.0 pp
Bharat Electronics Ltd · BEL
+3.9 pp
+2.7 pp
−3.8 pp
+12.4 pp
−1.6 pp
−1.4 pp
+3.1 pp
+2.4 pp
+3.1 pp
+5.0 pp
−1.0 pp
+3.0 pp
+5.0 pp
+3.0 pp
+4.0 pp
+6.0 pp
−1.0 pp
+1.0 pp
−2.0 pp
−3.0 pp
Data Patterns (India) Ltd · DATAPATTNS
—
+33.5 pp
−5.2 pp
−15.3 pp
−0.5 pp
+6.4 pp
−11.3 pp
−0.1 pp
+3.8 pp
+1.0 pp
+11.0 pp
+5.0 pp
0.0 pp
+3.0 pp
−13.0 pp
−4.0 pp
−16.0 pp
+1.0 pp
+18.0 pp
−5.0 pp
Hindustan Aeronautics Ltd · HAL
+1.1 pp
+1.9 pp
−3.4 pp
+8.0 pp
+9.2 pp
−7.2 pp
+4.4 pp
−0.8 pp
−4.5 pp
+7.0 pp
+14.0 pp
+1.0 pp
0.0 pp
0.0 pp
−1.0 pp
+4.0 pp
−3.0 pp
0.0 pp
−3.0 pp
+1.0 pp
MTAR Technologies Ltd · MTARTECH
−0.6 pp
−2.5 pp
−15.4 pp
+0.6 pp
−4.6 pp
−1.2 pp
−3.1 pp
−4.4 pp
−5.7 pp
−8.0 pp
−12.0 pp
−10.0 pp
−3.0 pp
−1.0 pp
+6.0 pp
+5.0 pp
−6.0 pp
+4.0 pp
+1.0 pp
+6.0 pp
Sigma Advanced System Ltd · SIGMAADV
−37.9 pp
−18.0 pp
−93.4 pp
−269.8 pp
—
—
—
—
—
—
—
—
—
—
—
—
—
+6.8 pp
−12.0 pp
−74.9 pp
Zen Technologies Ltd · ZENTEC
−22.3 pp
−14.6 pp
+3.1 pp
+39.3 pp
+30.7 pp
+26.3 pp
+19.7 pp
+22.9 pp
−0.7 pp
+11.0 pp
−1.0 pp
−8.0 pp
+4.0 pp
−14.0 pp
+6.0 pp
−3.0 pp
+4.0 pp
+8.0 pp
−14.0 pp
−14.0 pp
09 · compare level, then change
Profit Scale & Acceleration
Hindustan Aeronautics Ltd has the highest Net profit among the 24 Aerospace & Defence - Equipments companies compared here, at ₹9,322 crore. Bharat Electronics Ltd is next at ₹6,148 crore. Jaykay Enterprises Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.
What the numbers say: Hindustan Aeronautics Ltd leads with ₹9,322 crore of TTM profit, 51.6% above Bharat Electronics Ltd. Jaykay Enterprises Ltd shows ≥100% on the scoring scale (822% uncapped) growth from a ₹200 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
LeaderHindustan Aeronautics Ltd · ₹9,322 crore
Gap51.6% versus #2 · Bharat Electronics Ltd
Persistence6/8 recent comparable periods
Coverage24/24 companies · 419 observations
Investor read: Hindustan Aeronautics Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.
Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
Profit growthfastest growers
Net profit · company comparison
24/24 level · 21/24 change
All-company data · latest reported quarter
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| Hindustan Aeronautics Ltd HAL | ₹1.6K Cr | 15% | Jun 2026 |
| Bharat Electronics Ltd BEL | ₹1.1K Cr | 8.9% | Jun 2026 |
| Bharat Dynamics Ltd BDL | ₹119 Cr | 561% | Jun 2026 |
| MTAR Technologies Ltd MTARTECH | ₹50 Cr | 355% | Jun 2026 |
| Azad Engineering Ltd AZAD | ₹35 Cr | 21% | Jun 2026 |
| Sigma Advanced System Ltd SIGMAADV | ₹35 Cr | -74% | Jun 2026 |
| Zen Technologies Ltd ZENTEC | ₹32 Cr | -40% | Jun 2026 |
| Apollo Micro Systems Ltd APOLLO | ₹25 Cr | 39% | Jun 2026 |
| Data Patterns (India) Ltd DATAPATTNS | ₹22 Cr | -15% | Jun 2026 |
| Vinyas Innovative Technologies Ltd VINYAS⚠ unverified | ₹22 Cr | 83% | Mar 2026 |
| Paras Defence and Space Technologies Ltd PARAS | ₹21 Cr | 50% | Jun 2026 |
| Dynamatic Technologies Ltd DYNAMATECH | ₹21 Cr | 91% | Jun 2026 |
| Mishra Dhatu Nigam Ltd MIDHANI | ₹16 Cr | 23% | Jun 2026 |
| Astra Microwave Products Ltd ASTRAMICRO | ₹12 Cr | -25% | Jun 2026 |
| Sika Interplant Systems Ltd SIKA | ₹8 Cr | -19% | Jun 2026 |
| Rossell Techsys Ltd ROSSTECH | ₹7 Cr | 116% | Jun 2026 |
| Avantel Ltd AVANTEL | ₹5 Cr | 67% | Jun 2026 |
| Jaykay Enterprises Ltd JAYKAY⚠ unverified | ₹5 Cr | -78% | Jun 2026 |
| Ideaforge Technology Ltd IDEAFORGE | ₹-3 Cr | -2,114% | Jun 2026 |
| DCX Systems Ltd DCXINDIA⚠ unverified | ₹-9 Cr | -313% | Jun 2026 |
| NIBE Ltd NIBE | ₹-12 Cr | -1,300% | Jun 2026 |
| AXISCADES Technologies Ltd AXISCADES | ₹-15 Cr | -171% | Jun 2026 |
| BEML Ltd BEML | ₹-27 Cr | -38% | Jun 2026 |
| Aequs Ltd AEQUS | ₹-53 Cr | -1,425% | Jun 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
₹-36 Cr
₹-36 Cr
₹-40 Cr
₹9 Cr
₹4 Cr
₹-21 Cr
₹-43 Cr
₹-54 Cr
₹-53 Cr
Apollo Micro Systems Ltd · APOLLO
₹3 Cr
₹3 Cr
₹8 Cr
₹2 Cr
₹3 Cr
₹7 Cr
₹7 Cr
₹2 Cr
₹7 Cr
₹10 Cr
₹13 Cr
₹8 Cr
₹16 Cr
₹18 Cr
₹14 Cr
₹18 Cr
₹30 Cr
₹23 Cr
₹37 Cr
₹25 Cr
Astra Microwave Products Ltd · ASTRAMICRO
₹3 Cr
₹11 Cr
₹11 Cr
₹8 Cr
₹21 Cr
₹28 Cr
₹14 Cr
₹-7 Cr
₹30 Cr
₹43 Cr
₹54 Cr
₹7 Cr
₹25 Cr
₹47 Cr
₹73 Cr
₹16 Cr
₹24 Cr
₹47 Cr
₹106 Cr
₹12 Cr
Azad Engineering Ltd · AZAD
—
—
—
—
—
₹4 Cr
₹15 Cr
₹7 Cr
₹19 Cr
₹17 Cr
₹15 Cr
₹17 Cr
₹21 Cr
₹24 Cr
₹25 Cr
₹29 Cr
₹33 Cr
₹35 Cr
₹37 Cr
₹35 Cr
BEML Ltd · BEML
₹11 Cr
₹79 Cr
₹134 Cr
₹-82 Cr
₹16 Cr
₹66 Cr
₹158 Cr
₹-75 Cr
₹52 Cr
₹48 Cr
₹257 Cr
₹-70 Cr
₹51 Cr
₹24 Cr
₹288 Cr
₹-64 Cr
₹48 Cr
₹-22 Cr
₹180 Cr
₹-27 Cr
Bharat Dynamics Ltd · BDL
₹43 Cr
₹213 Cr
₹264 Cr
₹40 Cr
₹76 Cr
₹84 Cr
₹153 Cr
₹42 Cr
₹147 Cr
₹135 Cr
₹289 Cr
₹7 Cr
₹123 Cr
₹147 Cr
₹273 Cr
₹18 Cr
₹216 Cr
₹73 Cr
₹113 Cr
₹119 Cr
Bharat Electronics Ltd · BEL
₹624 Cr
₹596 Cr
₹1.2K Cr
₹366 Cr
₹624 Cr
₹614 Cr
₹1.4K Cr
₹539 Cr
₹790 Cr
₹860 Cr
₹1.8K Cr
₹791 Cr
₹1.1K Cr
₹1.3K Cr
₹2.1K Cr
₹969 Cr
₹1.3K Cr
₹1.6K Cr
₹2.2K Cr
₹1.1K Cr
Data Patterns (India) Ltd · DATAPATTNS
₹13 Cr
₹9 Cr
₹62 Cr
₹14 Cr
₹21 Cr
₹33 Cr
₹55 Cr
₹26 Cr
₹34 Cr
₹51 Cr
₹71 Cr
₹33 Cr
₹30 Cr
₹45 Cr
₹114 Cr
₹26 Cr
₹49 Cr
₹58 Cr
₹138 Cr
₹22 Cr
Hindustan Aeronautics Ltd · HAL
₹847 Cr
₹933 Cr
₹3.1K Cr
₹620 Cr
₹1.2K Cr
₹1.2K Cr
₹2.8K Cr
₹814 Cr
₹1.2K Cr
₹1.3K Cr
₹4.3K Cr
₹1.4K Cr
₹1.5K Cr
₹1.4K Cr
₹4.0K Cr
₹1.4K Cr
₹1.7K Cr
₹1.9K Cr
₹4.2K Cr
₹1.6K Cr
MTAR Technologies Ltd · MTARTECH
₹19 Cr
₹13 Cr
₹20 Cr
₹16 Cr
₹25 Cr
₹31 Cr
₹31 Cr
₹20 Cr
₹20 Cr
₹10 Cr
₹5 Cr
₹4 Cr
₹19 Cr
₹16 Cr
₹14 Cr
₹11 Cr
₹4 Cr
₹35 Cr
₹44 Cr
₹50 Cr
Sigma Advanced System Ltd · SIGMAADV
₹0 Cr
₹1 Cr
₹1 Cr
₹2 Cr
₹2 Cr
₹2 Cr
₹3 Cr
₹3 Cr
₹-3 Cr
₹-5 Cr
₹-8 Cr
₹-17 Cr
₹-14 Cr
₹7 Cr
₹9 Cr
₹136 Cr
₹4 Cr
₹-1 Cr
₹128 Cr
₹35 Cr
Zen Technologies Ltd · ZENTEC
—
—
—
—
—
₹12 Cr
₹23 Cr
₹48 Cr
₹14 Cr
₹30 Cr
₹38 Cr
₹79 Cr
₹63 Cr
₹43 Cr
₹114 Cr
₹53 Cr
₹62 Cr
₹56 Cr
₹47 Cr
₹32 Cr
Profit growth · reported quarter history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-700%
-1,425%
Apollo Micro Systems Ltd · APOLLO
—
—
—
100%
0.0%
133%
-13%
0.0%
133%
43%
86%
300%
129%
80%
7.7%
125%
88%
28%
164%
39%
Astra Microwave Products Ltd · ASTRAMICRO
—
—
—
-33%
600%
155%
27%
-188%
43%
54%
286%
—
-17%
9.3%
35%
129%
-4.0%
0.0%
45%
-25%
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
—
—
—
325%
0.0%
143%
11%
41%
67%
71%
57%
46%
48%
21%
BEML Ltd · BEML
—
—
—
—
45%
-16%
18%
—
225%
-27%
63%
—
-1.9%
-50%
12%
—
-5.9%
-192%
-38%
—
Bharat Dynamics Ltd · BDL
—
—
—
—
77%
-61%
-42%
5.0%
93%
61%
89%
-83%
-16%
8.9%
-5.5%
157%
76%
-50%
-59%
561%
Bharat Electronics Ltd · BEL
—
—
—
1,425%
0.0%
3.0%
20%
47%
27%
40%
30%
47%
38%
53%
18%
23%
18%
20%
4.7%
8.9%
Data Patterns (India) Ltd · DATAPATTNS
—
—
—
40%
62%
267%
-11%
86%
62%
55%
29%
27%
-12%
-12%
61%
-21%
63%
29%
21%
-15%
Hindustan Aeronautics Ltd · HAL
—
—
—
218%
44%
24%
-8.8%
31%
1.3%
9.3%
52%
77%
22%
14%
-7.7%
-3.7%
11%
30%
5.5%
15%
MTAR Technologies Ltd · MTARTECH
—
—
—
78%
32%
138%
55%
25%
-20%
-68%
-84%
-80%
-5.0%
60%
180%
175%
-79%
119%
214%
355%
Sigma Advanced System Ltd · SIGMAADV
—
—
—
0.0%
—
106%
200%
50%
-250%
-343%
-367%
-667%
—
—
—
—
—
-114%
1,322%
-74%
Zen Technologies Ltd · ZENTEC
—
—
—
—
—
—
—
—
—
150%
65%
65%
350%
43%
200%
-33%
-1.6%
30%
-59%
-40%
10 · compare level, then change
Return On Capital Employed
Sigma Advanced System Ltd has the highest ROCE among the 24 Aerospace & Defence - Equipments companies compared here, at 60.8%. Bharat Electronics Ltd is next at 36.4%. The same company also holds the highest ROCE change, at +41.2 percentage points. 24 of 24 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Sigma Advanced System Ltd leads ROCE at 60.8%, 24.4 percentage points above Bharat Electronics Ltd. Sigma Advanced System Ltd has the strongest latest improvement at +41.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.
LeaderSigma Advanced System Ltd · 60.8%
Gap67% versus #2 · Bharat Electronics Ltd
Persistence7/8 recent comparable periods
Coverage24/24 companies · 296 observations
Investor read: Sigma Advanced System Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current roce change signal.
ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
ROCE changefastest improvers
Return on capital · company comparison
24/24 level · 24/24 change
Withheld from this chart: Zen Technologies Ltd (ZENTEC) — its two data sources disagree by up to 32% on reported income across 14 comparable periods, so its derived ratios are withheld; Paras Defence and Space Technologies Ltd (PARAS) — its two data sources disagree by up to 11% on reported income across 14 comparable periods, so its derived ratios are withheld; NIBE Ltd (NIBE) — its two data sources disagree by up to 9.5% on reported income across 13 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
All-company data · latest reported quarter
| Company | ROCE | ROCE change | Reported |
|---|---|---|---|
| Sigma Advanced System Ltd SIGMAADV | 36% | +41.2 pp | Jun 2026 |
| Bharat Electronics Ltd BEL | 35% | −2.8 pp | Jun 2026 |
| Rossell Techsys Ltd ROSSTECH | 29% | +11.5 pp | Jun 2026 |
| Sika Interplant Systems Ltd SIKA | 27% | +4.6 pp | Jun 2026 |
| Vinyas Innovative Technologies Ltd VINYAS⚠ unverified | 21% | −0.7 pp | Mar 2026 |
| Astra Microwave Products Ltd ASTRAMICRO | 20% | +0.3 pp | Jun 2026 |
| Data Patterns (India) Ltd DATAPATTNS | 20% | +2.9 pp | Jun 2026 |
| Hindustan Aeronautics Ltd HAL | 17% | −4.8 pp | Jun 2026 |
| AXISCADES Technologies Ltd AXISCADES | 14% | +2.1 pp | Jun 2026 |
| MTAR Technologies Ltd MTARTECH | 13% | +2.9 pp | Jun 2026 |
| Apollo Micro Systems Ltd APOLLO | 13% | −2.8 pp | Jun 2026 |
| Avantel Ltd AVANTEL | 11% | −24.7 pp | Jun 2026 |
| Azad Engineering Ltd AZAD | 9.1% | +1.0 pp | Jun 2026 |
| Dynamatic Technologies Ltd DYNAMATECH | 9.0% | +0.3 pp | Jun 2026 |
| Mishra Dhatu Nigam Ltd MIDHANI | 7.2% | −0.4 pp | Jun 2026 |
| Jaykay Enterprises Ltd JAYKAY⚠ unverified | 6.4% | +3.8 pp | Jun 2026 |
| BEML Ltd BEML | 5.2% | −5.7 pp | Jun 2026 |
| Bharat Dynamics Ltd BDL | 1.9% | −3.5 pp | Jun 2026 |
| DCX Systems Ltd DCXINDIA⚠ unverified | -1.0% | −0.4 pp | Jun 2026 |
| Aequs Ltd AEQUS | -2.5% | +0.1 pp | Jun 2026 |
| Ideaforge Technology Ltd IDEAFORGE | -6.2% | +7.0 pp | Jun 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
Showing the 12 largest of 21 companies with a series here. The remaining 9 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-2.6%
-1.9%
-1.4%
2.8%
-2.5%
—
Apollo Micro Systems Ltd · APOLLO
9.2%
—
11%
—
12%
—
13%
—
14%
17%
13%
17%
15%
20%
16%
21%
13%
18%
13%
—
Astra Microwave Products Ltd · ASTRAMICRO
19%
—
11%
—
15%
—
17%
—
11%
18%
16%
24%
18%
22%
19%
25%
19%
23%
20%
—
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
9.7%
14%
19%
28%
14%
23%
14%
20%
8.1%
14%
8.8%
16%
9.1%
—
BEML Ltd · BEML
5.2%
—
7.7%
—
9.8%
—
9.5%
—
10%
11%
11%
12%
11%
12%
11%
12%
11%
10%
5.2%
—
Bharat Dynamics Ltd · BDL
10%
—
16%
—
17%
—
5.1%
—
4.1%
11%
6.4%
11%
5.6%
10%
5.4%
10%
6.2%
10%
1.9%
—
Bharat Electronics Ltd · BEL
24%
—
21%
—
23%
—
25%
—
25%
30%
27%
35%
29%
38%
30%
38%
31%
39%
30%
35%
Data Patterns (India) Ltd · DATAPATTNS
46%
—
23%
—
24%
—
13%
—
15%
25%
15%
20%
15%
19%
17%
21%
18%
23%
20%
—
Hindustan Aeronautics Ltd · HAL
11%
—
11%
—
11%
—
12%
—
12%
20%
18%
28%
17%
28%
11%
21%
9.4%
20%
7.9%
17%
Mishra Dhatu Nigam Ltd · MIDHANI
13%
—
12%
—
12%
—
11%
—
9.4%
9.2%
6.9%
7.0%
6.4%
8.0%
7.6%
8.9%
7.2%
8.0%
7.2%
—
MTAR Technologies Ltd · MTARTECH
15%
—
14%
—
15%
—
19%
—
19%
19%
11%
9.7%
8.6%
10%
11%
13%
9.2%
14%
13%
—
Sigma Advanced System Ltd · SIGMAADV
-3.0%
—
-8.6%
—
-7.9%
—
-5.8%
—
-4.0%
7.6%
-3.6%
6.3%
-3.9%
7.9%
-4.9%
67%
55%
70%
36%
—
ROCE change · reported quarter history
Showing the 12 largest of 21 companies with a series here. The remaining 9 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
+0.1 pp
—
Apollo Micro Systems Ltd · APOLLO
—
—
—
—
+2.4 pp
—
+2.3 pp
—
+2.1 pp
—
−0.1 pp
—
+1.1 pp
+3.4 pp
+3.0 pp
+3.8 pp
−2.2 pp
−1.9 pp
−2.8 pp
—
Astra Microwave Products Ltd · ASTRAMICRO
—
—
—
—
−3.7 pp
—
+5.9 pp
—
−3.6 pp
—
−1.1 pp
—
+6.3 pp
+4.4 pp
+3.3 pp
+1.1 pp
+1.2 pp
+1.2 pp
+0.3 pp
—
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
—
—
—
—
+4.1 pp
+9.1 pp
−4.6 pp
−7.7 pp
−5.7 pp
−9.4 pp
−5.1 pp
−4.9 pp
+1.0 pp
—
BEML Ltd · BEML
—
—
—
—
+4.6 pp
—
+1.8 pp
—
+0.6 pp
—
+1.3 pp
—
+0.1 pp
+0.6 pp
+0.1 pp
−0.1 pp
+0.5 pp
−1.5 pp
−5.7 pp
—
Bharat Dynamics Ltd · BDL
—
—
—
—
+7.0 pp
—
−10.9 pp
—
−12.9 pp
—
+1.3 pp
—
+1.5 pp
−0.8 pp
−1.0 pp
−1.0 pp
+0.6 pp
+0.1 pp
−3.5 pp
—
Bharat Electronics Ltd · BEL
—
—
—
—
−1.0 pp
—
+4.2 pp
—
+2.5 pp
—
+2.2 pp
—
+3.5 pp
+8.1 pp
+3.3 pp
+3.5 pp
+2.0 pp
+0.4 pp
−0.4 pp
−2.8 pp
Data Patterns (India) Ltd · DATAPATTNS
—
—
—
—
−21.5 pp
—
−9.9 pp
—
−9.4 pp
—
+2.6 pp
—
+0.2 pp
−5.7 pp
+1.4 pp
+0.9 pp
+3.0 pp
+3.6 pp
+2.9 pp
—
Hindustan Aeronautics Ltd · HAL
—
—
—
—
0.0 pp
—
+1.3 pp
—
+1.0 pp
—
+5.4 pp
—
+5.0 pp
+8.0 pp
−6.4 pp
−6.1 pp
−7.6 pp
−8.0 pp
−3.3 pp
−4.8 pp
Mishra Dhatu Nigam Ltd · MIDHANI
—
—
—
—
−1.3 pp
—
−1.2 pp
—
−2.1 pp
—
−3.7 pp
—
−3.0 pp
−1.2 pp
+0.7 pp
+1.9 pp
+0.8 pp
0.0 pp
−0.4 pp
—
MTAR Technologies Ltd · MTARTECH
—
—
—
—
0.0 pp
—
+4.6 pp
—
+4.0 pp
—
−7.6 pp
—
−10.1 pp
−8.5 pp
−0.7 pp
+2.9 pp
+0.6 pp
+3.3 pp
+2.9 pp
—
Sigma Advanced System Ltd · SIGMAADV
—
—
—
—
−4.9 pp
—
+2.8 pp
—
+3.9 pp
—
+2.2 pp
—
+0.1 pp
+0.3 pp
−1.3 pp
+61.0 pp
+59.1 pp
+61.9 pp
+41.2 pp
—
11 · compare level, then change
Valuation Against Growth & Quality
Sika Interplant Systems Ltd has the lowest PEG among the 24 Aerospace & Defence - Equipments companies compared here, at 1.01×. BEML Ltd is next at 1.18×. Hindustan Aeronautics Ltd has the lowest P/E at 36.1×, so level and change sit with different companies. 13 of 24 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Sika Interplant Systems Ltd has the lowest comparable PEG at 1.01×, 14.4% below BEML Ltd. Only 13 of 24 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.
LeaderSika Interplant Systems Ltd · 1.01×
Gap14.4% versus #2 · BEML Ltd
Persistence0/8 recent comparable periods
Coverage13/24 companies · 118 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/e signal.
PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.
PEGlowest PEG
P/Elowest P/E
Valuation · company comparison
13/24 level · 21/24 change
All-company data · latest reported quarter
| Company | PEG | P/E | Reported |
|---|---|---|---|
| MTAR Technologies Ltd MTARTECH | 11.8 | 472.5 | Jun 2026 |
| Avantel Ltd AVANTEL | 11.3 | 301.2 | Jun 2026 |
| Dynamatic Technologies Ltd DYNAMATECH | 8.0 | 129.7 | Jun 2026 |
| Mishra Dhatu Nigam Ltd MIDHANI | 5.6 | 58.8 | Jun 2026 |
| Bharat Dynamics Ltd BDL | 4.4 | 119.3 | Jun 2026 |
| Data Patterns (India) Ltd DATAPATTNS | 3.9 | 92.2 | Jun 2026 |
| Hindustan Aeronautics Ltd HAL | 3.5 | 32.0 | Jun 2026 |
| Bharat Electronics Ltd BEL | 3.5 | 49.1 | Jun 2026 |
| Astra Microwave Products Ltd ASTRAMICRO | 3.3 | 84.7 | Jun 2026 |
| Sigma Advanced System Ltd SIGMAADV | 2.4 | 39.1 | Jun 2026 |
| Azad Engineering Ltd AZAD | 2.3 | 98.2 | Jun 2026 |
| Apollo Micro Systems Ltd APOLLO | 1.6 | 121.7 | Jun 2026 |
| AXISCADES Technologies Ltd AXISCADES | 1.4 | 257.4 | Jun 2026 |
| BEML Ltd BEML | 1.2 | 103.0 | Jun 2026 |
| Sika Interplant Systems Ltd SIKA | 1.0 | 61.2 | Jun 2026 |
| Zen Technologies Ltd ZENTEC | — | 57.1 | Jun 2026 |
| Paras Defence and Space Technologies Ltd PARAS | — | 115.6 | Jun 2026 |
| Ideaforge Technology Ltd IDEAFORGE | — | -94.4 | Jun 2026 |
| Rossell Techsys Ltd ROSSTECH | — | 155.2 | Jun 2026 |
| NIBE Ltd NIBE | — | 439.2 | Jun 2026 |
| Jaykay Enterprises Ltd JAYKAY⚠ unverified | — | 34.1 | Jun 2026 |
| DCX Systems Ltd DCXINDIA⚠ unverified | — | 169.8 | Jun 2026 |
| Vinyas Innovative Technologies Ltd VINYAS⚠ unverified | — | 33.2 | Mar 2026 |
Full 20-quarter history · every available company
PEG · reported quarter history
Showing the 12 largest of 15 companies with a series here. The remaining 3 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Apollo Micro Systems Ltd · APOLLO
—
—
—
0.4
1.2
—
—
1.8
1.6
—
2.2
3.5
1.6
—
—
—
2.8
8.0
1.6
—
Astra Microwave Products Ltd · ASTRAMICRO
—
—
—
1.4
2.6
—
1.2
—
1.4
3.7
—
—
—
—
1.4
—
3.0
2.4
1.2
3.3
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
—
—
—
—
—
—
—
7.0
—
1.9
3.0
1.9
2.3
—
BEML Ltd · BEML
—
—
0.6
—
0.8
1.0
7.1
—
3.3
1.6
—
—
—
1.4
1.2
—
—
—
—
—
Bharat Dynamics Ltd · BDL
—
3.3
—
—
—
—
—
—
—
—
—
—
—
9.0
4.4
—
—
—
—
—
Bharat Electronics Ltd · BEL
1.0
—
—
1.7
0.8
—
—
1.3
2.1
1.9
1.4
1.7
1.5
—
1.1
1.7
1.8
—
2.6
3.5
Data Patterns (India) Ltd · DATAPATTNS
—
—
—
0.1
1.3
—
—
—
2.7
2.2
4.5
3.4
2.0
3.4
6.8
—
6.1
5.2
2.1
3.9
Dynamatic Technologies Ltd · DYNAMATECH
—
—
—
—
—
—
2.7
1.2
—
1.1
—
1.4
—
—
—
—
—
—
—
8.0
Hindustan Aeronautics Ltd · HAL
0.4
0.3
—
—
0.3
—
—
—
—
—
—
—
—
—
0.8
4.0
—
—
—
3.5
Mishra Dhatu Nigam Ltd · MIDHANI
1.1
1.0
2.2
2.8
—
—
—
—
—
—
—
—
—
—
2.3
3.5
1.2
2.5
5.6
—
MTAR Technologies Ltd · MTARTECH
4.8
4.4
—
—
1.5
2.1
0.9
—
1.3
1.7
—
—
—
—
—
—
4.2
4.1
11.8
—
Sigma Advanced System Ltd · SIGMAADV
—
—
—
—
—
2.2
2.4
—
—
—
—
—
—
—
—
—
—
—
—
—
P/E · reported quarter history
Showing the 12 largest of 23 companies with a series here. The remaining 11 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Apollo Micro Systems Ltd · APOLLO
24.4
38.3
26.1
17.5
24.1
41.7
30.1
59.3
60.9
100.8
85.9
91.4
76.3
61.5
66.7
104.8
153.1
105.8
71.2
121.7
Astra Microwave Products Ltd · ASTRAMICRO
41.3
38.4
35.1
44.1
77.4
48.6
29.0
45.6
66.6
83.7
69.5
74.5
59.6
56.4
47.5
64.8
61.1
57.7
52.0
84.7
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
—
—
—
13.5
26.7
35.1
122.7
142.2
104.4
111.1
96.6
93.3
78.4
98.2
BEML Ltd · BEML
42.8
54.3
33.9
33.1
44.0
41.9
39.2
42.8
58.4
58.7
72.6
65.6
54.0
59.4
51.2
63.0
58.6
52.8
48.1
103.0
Bharat Dynamics Ltd · BDL
22.4
21.5
20.6
25.5
27.4
28.1
37.2
58.3
53.4
73.8
67.4
95.5
71.7
79.5
83.0
126.1
97.9
82.8
71.9
119.3
Bharat Electronics Ltd · BEL
24.2
22.3
19.2
23.7
26.9
26.6
25.9
30.8
32.0
40.5
41.3
56.1
50.6
47.0
44.1
56.9
52.6
51.1
49.6
49.1
Data Patterns (India) Ltd · DATAPATTNS
—
2.3
2.1
2.0
59.1
53.7
54.8
80.8
84.1
69.0
81.7
92.5
70.7
76.0
52.9
88.4
70.6
71.2
83.8
92.2
Hindustan Aeronautics Ltd · HAL
13.6
11.5
12.9
11.8
14.2
14.4
15.0
21.8
21.4
31.1
36.2
46.2
36.3
33.2
32.1
39.2
38.1
34.8
27.0
32.0
MTAR Technologies Ltd · MTARTECH
94.4
135.4
89.8
69.6
71.2
67.2
52.8
57.0
72.6
65.7
62.9
101.9
132.3
133.2
89.5
92.5
111.3
141.8
211.9
472.5
Paras Defence and Space Technologies Ltd · PARAS
—
141.2
61.8
79.7
82.3
69.9
51.5
66.4
81.2
78.0
72.7
171.4
101.8
87.4
70.2
102.0
87.6
80.1
68.7
115.6
Sigma Advanced System Ltd · SIGMAADV
49.0
249.2
107.1
154.8
232.8
74.0
40.9
27.9
36.0
103.3
94.9
—
—
-19.5
—
6.6
8.4
9.7
7.3
39.1
Zen Technologies Ltd · ZENTEC
487.9
675.0
650.6
648.9
143.9
89.4
104.5
79.8
77.2
72.2
70.3
78.2
92.1
101.5
60.5
60.8
48.4
44.3
43.7
57.1
12 · before the conclusion, check the blind spots
What can make this comparison misleading?
This Aerospace & Defence - Equipments comparison names 6 specific ways its own evidence can mislead, all listed below. All 24 companies here report on comparable dates, so no rank carries a stale marker. 3 draw at least one figure from a second feed with too little overlap to cross-check. 3 have second-feed figures withheld because the two sources disagree.
Keep these limits visible
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 3 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 3 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
13 · evidence and freshness
How was this comparison built?
This comparison is built from the reported filings of 24 Aerospace & Defence - Equipments companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-08-14.
FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-08-14 · weekly price and relative-strength history
Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing18 cross-checked · 3 unverified · 3 withheld, of 24 graded companies.
How a second data feed is admitted, and what happens when it disagrees
A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.
14 · questions investors ask, short speakable answers
Aerospace & Defence - Equipments company comparison FAQs
These 24 answers restate the Aerospace & Defence - Equipments comparison above in question form. Every one is computed from the same 24 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-08-14. Nothing here is estimated, and none of it is a recommendation.
Is the Aerospace & Defence - Equipments sector outperforming NIFTY 500?
Aerospace & Defence - Equipments has outperformed NIFTY 500 by 57.2% over 52 weeks and 15.4% over 13 weeks. 17 of 23 covered companies beat NIFTY on Mansfield relative strength, while 9 of 23 beat the sector itself.
Which Aerospace & Defence - Equipments company is largest by revenue?
Hindustan Aeronautics Ltd leads with revenue of ₹33,785 crore, based on 24 of 24 comparable companies through Jun 2026.
Which Aerospace & Defence - Equipments company is growing fastest?
Ideaforge Technology Ltd has the fastest current revenue growth at 100%, across 24 of 24 comparable companies.
Which Aerospace & Defence - Equipments company has the strongest 4-Factor Sector Score?
Paras Defence and Space Technologies Ltd ranks first at 71.5/100 with 82.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.
Which Aerospace & Defence - Equipments company has the lowest comparable PEG?
Sika Interplant Systems Ltd has the lowest comparable PEG at 1.01, among 13 of 24 companies whose earnings and growth are steady enough for the ratio to mean anything.
How much history does this Aerospace & Defence - Equipments comparison include?
The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.
How is the 4-Factor Sector Score calculated?
The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.
Is there a Nifty Aerospace & Defence - Equipments index?
NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Aerospace & Defence - Equipments, this page builds its own equal-weight basket of 24 listed Aerospace & Defence - Equipments companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.
Which are the best Aerospace & Defence - Equipments stocks in India?
Ranked by this page's four-factor score, Paras Defence and Space Technologies Ltd places first among 24 listed Aerospace & Defence - Equipments companies, followed by Sigma Advanced System Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.
How many Aerospace & Defence - Equipments stocks are listed in India?
This comparison covers 24 listed Aerospace & Defence - Equipments companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.
Which Aerospace & Defence - Equipments company is the biggest?
Hindustan Aeronautics Ltd is the largest, with trailing-twelve-month revenue of ₹33,785 crore, ahead of Bharat Electronics Ltd at ₹28,717 crore. That covers 24 of 24 companies with comparable reporting through Jun 2026.
Which Aerospace & Defence - Equipments company has the best profit margins?
Azad Engineering Ltd has the highest operating margin at 37%, from 24 of 24 comparable companies. Ideaforge Technology Ltd shows the biggest improvement (+152.7 percentage points — see the chart above for the starting level). A high margin matters most when it is holding or rising, not when it is peaking.
Which Aerospace & Defence - Equipments company makes the most profit?
Hindustan Aeronautics Ltd earns the most, at ₹9,322 crore of trailing-twelve-month net profit, from 24 of 24 comparable companies. Jaykay Enterprises Ltd has the fastest profit growth at the ≥100% scoring cap, though growth off a small or recovering profit base overstates how much has actually changed.
Which Aerospace & Defence - Equipments company earns the highest return on capital?
Sigma Advanced System Ltd leads on return on capital employed at 60.8%, across 24 of 24 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.
Which Aerospace & Defence - Equipments stock is the cheapest?
On PEG — where a LOWER number is cheaper — Sika Interplant Systems Ltd screens cheapest at 1.01×. Only 13 of 24 companies have earnings and growth steady enough for the ratio to mean anything, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.
Is the Aerospace & Defence - Equipments sector beating the market?
Aerospace & Defence - Equipments has outperformed NIFTY 500 by 57.2% over the last 52 weeks and 15.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 17 of 23 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.
Which Aerospace & Defence - Equipments stock has the strongest price momentum?
Sigma Advanced System Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.
Which Aerospace & Defence - Equipments company scores highest for research priority?
Paras Defence and Space Technologies Ltd scores 71.5 out of 100 with 82.3% evidence confidence, from 25.7 points on growth and earnings, 17.1 on capital efficiency, 9.5 on valuation and 19.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.
How many Aerospace & Defence - Equipments companies does this comparison cover, and over what period?
It compares 24 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.
What is the total market cap of the Aerospace & Defence - Equipments sector?
The 24 Aerospace & Defence - Equipments companies on this page carry ₹9,00,450 crore of combined market value. Hindustan Aeronautics Ltd is the largest at ₹3,36,387 crore, about 37% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-18.
What is the Aerospace & Defence - Equipments sector's P/E ratio?
The median price-to-earnings ratio across the 24 Aerospace & Defence - Equipments companies on this page is 92.3×, measured on the 21 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-08-18.
How is the Aerospace & Defence - Equipments sector performing?
17 of the 23 covered Aerospace & Defence - Equipments companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 57.2% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-18.
Why are some values on this page blank?
A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.
Is this investment advice?
No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.