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Beyond HAL, BEL: Apollo Micro Systems, MTAR, Data Patterns, Zen Tech, among 5 defence stocks on experts' radar | List

By Livemint Markets · Published by Everything Blog

In short

Private defence companies including Apollo Micro Systems, MTAR Technologies, and Data Patterns are gaining market traction due to the 'Make in India' programme. While these firms command premium valuations, they offer faster earnings growth through specialized, high-margin product offerings. However, operational success hinges on diverse factors such as clean energy execution for MTAR and the timing of complex radar shipments for Astra Microwave.

Key points

Domestic procurement mandates and import restrictions are creating lucrative growth niche…: Domestic procurement mandates and import restrictions are creating lucrative growth niches for private defence manufacturers.
Sustained valuation premiums will depend on timely contract execution, capacity additions…: Sustained valuation premiums will depend on timely contract execution, capacity additions, and winning fresh project orders.
Conversion timelines vary across the sector, with several firms facing deferred revenue r…: Conversion timelines vary across the sector, with several firms facing deferred revenue realisation beyond fiscal year 2027.

Sources checked by our analysis pipeline: 1

Defence public sector undertakings (PSUs) like Hindustan Aeronautics Limited, Bharat Electronics, Mazagon Dock Shipbuilders have long been among the leading players in India's defence sector, enjoying significant investor attention. However, as the focus shifts on 'Make in India', several private defence players are also playing a crucial role in India’s defence ecosystem.

Listed firms like Apollo Micro Systems, Astra Microwave, MTAR Technologies, Data Patterns, and Zen Technologies are among the top defence players that are on experts’ radar for their long-term growth outlook. For investors who closely track defence theme, here are 5 defence stocks to track beyond established players.

MTAR Technologies has a strong overall visibility and growth setup. Its order book is large relative to the company’s revenue base, stated Vinit Bolinjkar, Head of Research, Ventura, highlighting that the second half of financial year 2026-27 is expected to be stronger.

The expert also mentioned that MTAR Technologies has a diversified engineering order book, which includes 67% order form clean energy, hence “it should not be treated as defense backlog. Growth depends on timely execution and the planned capacity…

AI Analysis

Tone

Positive

In short

Key Points

Domestic procurement mandates and import restrictions are creating lucrative growth niche…: Domestic procurement mandates and import restrictions are creating lucrative growth niches for private defence manufacturers.
Sustained valuation premiums will depend on timely contract execution, capacity additions…: Sustained valuation premiums will depend on timely contract execution, capacity additions, and winning fresh project orders.
Conversion timelines vary across the sector, with several firms facing deferred revenue r…: Conversion timelines vary across the sector, with several firms facing deferred revenue realisation beyond fiscal year 2027.

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AI Analysis

Tone

Positive

In short

Key Points

Domestic procurement mandates and import restrictions are creating lucrative growth niche…: Domestic procurement mandates and import restrictions are creating lucrative growth niches for private defence manufacturers.
Sustained valuation premiums will depend on timely contract execution, capacity additions…: Sustained valuation premiums will depend on timely contract execution, capacity additions, and winning fresh project orders.
Conversion timelines vary across the sector, with several firms facing deferred revenue r…: Conversion timelines vary across the sector, with several firms facing deferred revenue realisation beyond fiscal year 2027.

Topics

Finance

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Beyond HAL, BEL: Apollo Micro Systems, MTAR, Data Patterns, Zen Tech, among 5 defence stocks on experts' radar | List

In short

Key points

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