Archive · 7 Oct 2026
Defence Orders Reach Rs 8,600 Crore as Suppliers Benefit
Elara Securities says defence companies received many orders in the second quarter of FY27.
The estimated total was Rs 8,600 crore, up 19% from a year earlier.
The estimate excludes Larsen & Toubro.
Many orders were for electronics and radar, but others were for weapons, training simulators and helicopter parts.
Bharat Electronics received orders for a wide range of equipment.
Specialist suppliers such as Astra Microwave and Data Patterns also received radar-related orders.
Some contracts go to companies that make parts or supporting equipment rather than complete aircraft or weapons.
The disclosed contracts are examples and do not add up to the full estimated total.
Together, they show how defence spending can support different kinds of manufacturers.
Elara Securities estimated adjusted defence order inflows at Rs 8,600 crore in Q2FY27, up 19% year-on-year, excluding Larsen & Toubro.
The estimate contrasted with a 10% year-on-year decline in overall capital goods order inflows; Elara cited buoyant defence electronics demand.
Disclosed orders included Rs 1,271 crore for Bharat Electronics, Rs 2,205.2 crore for Astra Microwave’s Uttam Radar-related equipment, and Rs 585.8 crore for Data Patterns’ radar electronics.
Other disclosed contracts covered Bharat Dynamics’ Rs 810.8 crore weapons order, Zen Technologies’ combined Rs 472.5 crore simulator orders, and BEML’s Rs 184.3 crore helicopter fuselage structures order.
The selected disclosed orders total more than Rs 5,560 crore, but are not the full Rs 8,600 crore estimate; Centum Electronics also reported a Rs 30.5 crore electronic systems order.
- Who
- Elara Securities reported on defence order inflows among major capital goods companies; disclosed orders involved companies including Bharat Electronics, Astra Microwave, Data Patterns, Bharat Dynamics, Zen Technologies, BEML and Centum Electronics.
- What
- Adjusted defence order inflows were estimated at Rs 8,600 crore in Q2FY27, with orders spanning electronics, radar, weapons, simulators and aerospace structures.
- When
- Q2FY27; the report was described as Elara Securities’ October report.
- Where
- India’s defence manufacturing sector.
- Why
- Elara attributed the order flow to buoyant demand for defence electronics and described opportunities extending across suppliers and supporting technologies.
Broader supply-chain opportunity
Limits of the disclosed order data
How to interpret the quarter’s orders
Broader supply-chain opportunity
The breadth of contracts suggests defence demand can benefit system integrators as well as specialist suppliers in radar, electronics, simulation and structures.
Limits of the disclosed order data
The Rs 8,600 crore figure is an adjusted estimate, while the individual contracts are selected disclosed orders; they should not be treated as a complete breakdown of that total.
- Adjusted defence order inflows
- Rs 8,600 crore in Q2FY27, up 19% year-on-year; excludes Larsen & Toubro.
- Overall capital goods order inflows
- Down 10% year-on-year.
- Bharat Electronics orders
- Two disclosed orders of Rs 730 crore and Rs 541 crore, totalling Rs 1,271 crore.
- Radar-related orders
- Astra Microwave: Rs 2,205.2 crore for Uttam Radar programme equipment; Data Patterns: Rs 585.8 crore for radar electronics.
- Other disclosed orders
- Bharat Dynamics: Rs 810.8 crore; Zen Technologies: Rs 472.5 crore combined; BEML: Rs 184.3 crore.
- Centum Electronics order
- Rs 30.5 crore for electronic systems for a global OEM customer.
- Selected disclosed order total
- More than Rs 5,560 crore; these examples are not the entirety of the Rs 8,600 crore estimate.