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Nirmal Bang Report
The Indian defence sector saw significant momentum in Q2 FY25, driven by strong government initiatives to boost self-reliance under the Atmanirbhar Bharat program. Key developments were seen across defence manufacturing, procurement, and international collaborations. Several Defence Public Sector Undertakings and private sector players announced new orders and technological advancements.
We project the revenue of our coverage universe to grow by ~13% YoY, reflecting decent top-line performance. However, Ebitda growth is expected to be subdued at ~3.1%, driven by cost pressures likely to compress overall Ebitda margins by 196 basis points.
Among the companies under our coverage, Mazagon Dock Shipbuilders is expected to report a margin expansion of 912 bps YoY. Hindustan Aeronautics' Ebitda margin is expected to expand by 94 bps YoY, supported by operational efficiencies.
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