The actuators that move an aircraft's control surfaces, its generators and radar, and missile fin actuators all use samarium-cobalt or NdFeB magnets - small tonnages, but supply has to be secure.
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
Aircraft, missile and defence-electronics makers build magnets into actuators, motors, sensors and microwave tubes. IREL has been setting up a small samarium-cobalt magnet facility at Visakhapatnam for strategic users.
Why it matters
China's export licences rule out defence end-uses, and from 1 Jan 2027 US defence rules bar magnets mined or processed in China anywhere in the chain. A domestic magnet base is a strategic need, even if the volumes are tiny next to EVs.
Where the value pool sits
Very small tonnages at high prices. For listed defence majors, magnets are a minor bill-of-materials item; the benefit is supply assurance and indigenisation scores, not revenue.
Key drivers
Indigenisation lists and Make in India defence procurement
Missile, radar and aircraft production rates
Potential bottlenecks
Samarium-cobalt and heavy-rare-earth grades are not made at scale in India