India’s top defence manufacturers recorded an 8.2 per cent rise in arms revenues in 2024, reaching a combined total of $7.5 billion, according to the latest data from the Stockholm International Peace Research Institute (SIPRI).
SIPRI’s annual Top 100 global arms producers ranking includes only three Indian companies: Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL), and Mazagon Dock Shipbuilders Limited (MDSL). These firms continue to be India’s primary contributors to the global defence industry.
HAL remains India’s largest defence manufacturer with arms revenues of $3.8 billion. However, its global ranking slipped slightly from 42 to 44 due to a marginal 0.3 per cent decline in defence earnings. While HAL also engages in civilian aviation and space projects, 95 per cent of its $4 billion total revenue came from arms production.
BEL posted the strongest growth among Indian firms, with arms revenues rising 23.6 per cent to $3.8 billion. The surge was driven by increased domestic orders for radars and electronic warfare systems, helping BEL climb ten places globally from 68th to 58th. Defence manufacturing accounted for 89.9 per cent of its $2.75 billion total revenue.
MDSL, specializing in submarines and warships, saw a 9.38 per cent increase in defence revenue, reaching $1.12 billion. With 89.8 per cent of its $1.37 billion total revenue derived from arms production, MDSL retained its global ranking of 91.
Global Context: Worldwide, SIPRI reported that arms revenues among the Top 100 producers reached $679 billion in 2024, a 5.9 per cent increase, largely driven by European and American companies. Lockheed Martin topped the list with $62 billion in arms sales, followed by other major American firms. BAE Systems of the UK ranked fourth, Russia’s Rostec seventh, and China’s AVIC eighth.
SIPRI’s earlier data on military expenditure placed India’s defence spending at $86.23 billion in 2024, compared with Pakistan’s $10.165 billion and China’s $313.67 billion.
