December 3, 2025
MUMBAI – India’s three biggest defence manufacturers saw a steady rise in their arms revenues last year, according to new data released by the Stockholm International Peace Research Institute (SIPRI). Together, Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL) and Mazagon Dock Shipbuilders Limited (MDSL) posted an 8.2 per cent increase, taking their combined defence revenue to USD 7.5 billion.
The figures are part of SIPRI’s annual Top 100 list of global arms producers, released on Monday. Only three Indian companies feature in this year’s rankings, but each shows a different trajectory in terms of growth, orders and positioning.
Performance of Indian defence companies
HAL continues to be India’s largest defence producer, with arms revenue of USD 3.8 billion. It ranked 44th globally, a slight dip from 42 last year, as its revenue edged down by 0.3 per cent. SIPRI noted that while HAL manufactures several aviation and space platforms for civilian use, 95 per cent of its total USD 4 billion revenue came from defence products, the portion considered for the index.
BEL recorded the strongest growth among the Indian entries. Its arms revenue rose by 23.6 per cent to USD 3.8 billion, driven largely by “orders from the Indian government for radars and electronic warfare systems”, SIPRI said. With this jump, BEL moved up ten spots in the global rankings, from 68 to 58. Defence products account for 89.9 per cent of BEL’s USD 2.75 billion total revenue.
MDSL, which builds submarines, warships and other naval platforms, reported defence revenue of USD 1.12 billion, a 9.38 per cent increase over the previous year. Its overall revenue stood at USD 1.37 billion, with defence output making up 89.8 per cent. The company retained its global rank of 91.
How Indian firms compare globally
Globally, the SIPRI report shows a continuing upward trend. Arms revenue for the Top 100 companies rose 5.9 per cent, hitting a new record of USD 679 billion in 2024. SIPRI said the growth was “mostly due to overall increases in the arms revenues of companies based in Europe and the United States”.
US defence giant Lockheed Martin led the rankings with arms sales worth USD 62 billion. Four of the next five companies were also American. Britain’s BAE Systems took the fourth position, while Russia’s Rostec ranked seventh and China’s AVIC eighth.
A previous SIPRI assessment placed India’s overall defence spending at USD 86.23 billion in 2024. In comparison, Pakistan spent USD 10.165 billion, and China allocated USD 313.67 billion.
Also Read: Global arms sales hit USD 679 billion in 2024 as wars drive demand: SIPRI report | Key findings