India’s defence story has been changing rapidly over the past few years, since the “Make in India” mission was introduced.

What was earlier a market ruled by foreign suppliers is seeing a revolution, with both domestic public and private firms focusing on it.

The country is creating its own radars, drones, avionics, and even AI-driven combat systems. The news headlines may be focusing on the state-of-the-art fighter jets and missiles, but there is one more story quietly unfolding in the stock market.

Several defence manufacturers in India in the last three years have grown multi-fold, showing that their businesses are not only pioneering but financially healthy too.

At the same time, some of these companies have low or slightly elevated EV/EBITDA ratios, suggesting that the market ma

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