Experts identify five private defence stocks for long-term growth
Private players like Apollo Micro Systems and MTAR Technologies are being tracked for their potential in India's defence ecosystem, according to Mint.
Several private defence companies are being monitored by experts for their long-term growth outlook as the focus shifts toward the 'Make in India' initiative, according to a Mint report. These include Apollo Micro Systems, Astra Microwave, MTAR Technologies, Data Patterns, and Zen Technologies.
MTAR Technologies, a precision engineering firm based in Hyderabad, has a large order book relative to its revenue base, according to Vinit Bolinjkar, Head of Research at Ventura. Bolinjkar noted that 67 per cent of the order book is from clean energy and should not be treated as a defence backlog. Soumitra Sengupta, founder and CEO of Lamron Analysts, said the company is poised to benefit from India's defence localisation push.
Zen Technologies reported a consolidated order book of ₹1,375.7 crore as of September 30, 2026. Bolinjkar stated that while the company offers near-term revenue-conversion visibility, fresh orders remain important for FY28 visibility due to risks like procurement timing and lumpy government orders.
Astra Microwave has strong multi-year programme visibility, though Bolinjkar noted that the execution of large radar programmes is spread over multiple years. Data Patterns is expected to have a promising performance in FY27, but Bolinjkar pointed out that its headline order figure includes negotiated orders where Q2 confirmation was pending.
Sengupta identified Apollo Micro Systems and MTAR Technologies as two companies that could benefit most from indigenisation driven by Atmanirbhar Bharat and import ban lists. He stated that specialised mid-caps often deliver faster top-line earnings acceleration and higher export optionality compared to public sector undertakings (PSUs).