Three Indian Defence Companies HAL, Bharat Electronics, Bharat Dynamics Lead with Over Rs 10,000 Crore Order Book

Defence Industry

New Delhi: Defence Minister Rajnath Singh who is into  second term, emphasised in his recent tweet about the government’s commitment towards building self-reliance in the defence industry of India.


In March 2024, defence ministry released that in 2014, India’s domestic production was ₹440 billion (billion), which crossed ₹1 trillion (Trillion) in March 2024 and is growing continuously.

With that, the current vision of the defence ministry is to make in India, secure at home, and export to the world.

Hindustan Aeronautics (HAL), owned by the government of India, focuses on the manufacturing and design of aircraft, helicopters, communications equipment, avionics etc. The company has achieved the milestone of surpassing the ₹100 billion mark in its order book. HAL’s current order book stands at ₹940 billion, even after executing orders worth ₹300 billion.

HAL has been in focus for the last 2-3 years because of its defence exports which account for 1-1.5% of its total revenue. It is also in talks with major countries like Nigeria, Argentina, and Egypt for export orders.

big bang

It’s projected that HAL will reach ₹1,200 billion order book in the coming year. The future order demand is expected to include Light Combat Helicopters (LCH), Light Combat Aircraft (LCA) Tejas, ALH Dhruv, UHM, Dornier etc.

Bharat Electronics, an Indian government-owned company under the Ministry of Defence (MoD) has current order book  at ₹350 billion which exceeds the ₹100 billion order book. The major orders demanded from BEL include tank upgrade products, long-term electronic fuses for ammunition, and buyer-nominated equipment for ships.


According to MoD, BEL has entered into a tripartite memorandum of understanding (MoU) with Bharat Earth Movers Limited (BEML) to develop sophisticated fuelling and control systems for heavy-duty applications.

BEL has expanded its global presence to pursue (Government 2 Government) G2G opportunities in Vietnam, Sri Lanka, Oman, and the Association of Southeast Asian Nations (ASEAN).

Bharat Dynamics Ltd (BDL) established in 1970, operates as a public sector undertaking under the MoD which manufactures allied equipment and missile systems for the Indian Armed Forces.

Earlier BDL manufactured anti-tank missiles under licenses from France and Russia. Today it proudly manufactures various missile systems like Prithvi, Agni, Trishul, and Nag missiles in India.

BDL’s current order book amounts to ₹200.7 billion. The potential export orders of BDL include Akash SAM, Konkurs M, Astra, SAAW, Light Weight Torpedo, and CMDS.

The recent developments of BDL includes an increase in supply of Astra missiles to the Indian Air Force and more in order since January 2024.

Moving on to Q4 FY24 earnings, BDL reported an 89% increase in net profit.

This is due to the increase in manufacturing of Akash Air Defence Systems and its supply with successful field trials. India has become the first country to demonstrate the capability to target 4 objectives with a command-guided missile.

The current government wants to focus on self-reliance of defence industry and BDL comes forward to support this vision with an export order worth ₹26 billion as of September 2023.

Thus, it is evident that BDL’s orderbook is driven by its commitment to innovation, self-reliance, and strong export potential.