Note: Commercial (mining) explosives are still the bulk of revenue; defense is the fastest-growing segment
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
Supplies small and tactical drones for surveillance, loitering munitions that strike targets, and counter-drone systems (radar, electro-optics, jammers and hard-kill) that protect bases and units. Much of this is bought through fast-track emergency procurement and iDEX start-up channels rather than full DAP cycles.
Why it matters
This is the newest, fastest-moving budget line. Emergency procurement round 6 (EP-6) after Operation Sindoor produced real orders (ideaForge reported >₹100 Cr for its ZOLT and SWITCH drones), and the 3 Jul 2026 DAC approved jet-powered kamikaze drones and the AKASH TARANG anti-drone EW system. Country-of-origin checks now keep Chinese parts out.
Where the value pool sits
Small today (hundreds to a few thousand crore a year) but growing quickly. Orders are many and small, margins vary widely, and listed players are small caps whose results swing with single orders.