India’s defense industry is experiencing significant growth, with defense production reaching Rs 1.3 lakh crore in FY 2023-24 and exports hitting a record Rs 23,622 crore in FY 2024-25. This expansion is not only led by major players like Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL), and Mazagon Dock, which have seen increased arms revenues, but also by smaller companies like Data Patterns, MTAR Technologies, and Avantel, which are pivotal for specialized components in defense and aerospace systems. HAL, ranked 44th globally, boasts a robust order book expected to deliver revenue visibility until FY 2033, while BEL’s revenue rose by 24% due to increased orders for electronic warfare systems and radars. The heightened focus on indigenous production aligns with India’s strategic goals to enhance self-reliance in defense capabilities amidst rising geopolitical tensions. However, while Indian companies’ combined arms revenue only accounts for 1.1% of the global total, indicating room for growth, the competitive landscape is intensifying as global defense spending rises, necessitating continuous advancements and innovations within the sector to fully capitalize on emerging opportunities.