India’s defence sector is entering one of its strongest upcycles yet. According to Nuvama Institutional Equities’ Q2FY26 preview report, the industry is riding a high-growth wave, backed by a Rs 10 lakh crore pipeline across Defence Public Sector Undertakings (DPSUs). The momentum is supported by higher capital allocations particularly toward the Air Force and Navy and an intensified push for indigenisation.

Defence Ministry’s 15-year roadmap a big boost

The Ministry of Defence’s new 15-year roadmap has added further thrust, laying out plans for nuclear-powered warships, hypersonic missiles, stealth UCAVs, directed-energy weapons, and advanced AI and space-warfare capabilities.

But as the brokerage cautioned, while the structural outlook is robust, near-term growth remains “selective am

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