India’s defense sector is currently going through a major change. This change is clearly visible not only on paper, but also in the balance sheets of companies and the production happening on the ground. Government’s campaigns like ‘Make in India’ and ‘Self-reliant India’ have changed the picture of this sector. The country’s defense production has reached a record level of Rs 1.54 lakh crore in the financial year 2025.
Along with this, the Defense Ministry will also demand a 20% increase in its budget for FY27. Experts say that orders in the defense sector will increase rapidly in the coming days. There has been a huge increase of 174 percent in defense production as compared to the year 2014-15.
The direct impact of this boom is being seen on the defense companies listed in the stock market. It is important for investors to understand which companies have no shortage of work. Here we are going to tell about those 5 major companies, whose order book has crossed Rs 15,000 crore to Rs 25,000 crore.
Mazgaon Dock
First of all let’s talk about Mazagon Dock Shipbuilders (MDL). It is a Navratna government company, which manufactures submarines and warships for the Indian Navy. By September 2025, the company had orders worth Rs 27,415 crore. However, in the September quarter, the company’s profit declined slightly to Rs 1,200 crore and margin to 16%, but the most reassuring thing is that the company has no debt. Being debt free is a very positive sign for any investor.
Cochin Shipyard
Cochin Shipyard Company has the capability to build huge ships like aircraft carriers. Its order book is worth Rs 21,100 crore, of which a major part is from defense orders. The company’s profits and margins may have declined in recent quarters, but its large projects make it a strong player for the long term.
GRSE
The performance of Garden Reach Shipbuilders and Engineers (GRSE) has caught the attention of the market. This Miniratna company manufactures frigates and survey vessels for the Navy. The company currently has an order book of Rs 20,200 crore. The most important thing is that the company has emerged as the lowest (L1) bidder for the ‘Next Generation Corvette’ project.
Solar Industries
Solar Industries, which earlier manufactured only industrial explosives, has now established its presence in defence. On the basis of products like Pinaka rocket system, its defense order book has crossed Rs 15,500 crore. The company’s sales and profits are continuously increasing, which makes it an interesting stock.
BEML
Along with defence, BEML is also active in railways and mining. The order book of this armored vehicles manufacturing company is at a record level of Rs 16,342 crore.
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