HAL reports record revenue, pvt cos take lead as def exports cross ₹21k cr

Private companies have taken the lead as Indian defence exports crossed record figures, even as state-owned Hindustan Aeronautics Limited (HAL) reported its highest-ever revenue from operations, registering double-digit growth in the previous financial year. Indian exports of weapon systems, including missiles, rockets, drones, artillery systems and explosives, touched a record ₹21,083 crore in 2023-24, with sources saying military equipment has been delivered to close to 100 nations, including Armenia and the Philippines.

Private companies, which have recorded impressive growth over the past five years, accounted for a majority of the exports.

Defence ministry officials said that almost 60% of the exports have been carried out by private companies, with the rest being done by defence public sector units. This marks a growth of 32.5% over the last fiscal when the export figure was ₹15,920 crore.


The government has set a target of achieving defence manufacturing worth ₹1,75,000 crore by 2024-25, which would include exports worth ₹35,000 crore. "India's defence exports have reached to the level of ₹21,083 crore in the financial year 2023-24, which is a growth of 32.5% over the previous fiscal," defence minister Rajnath Singh posted on X.

Sources said that while old partners like the US accounted for a significant chunk of the exports, there have been several new entrants in the export nations list as well, including Guyana that has acquired two Hindustan 228 transport aircraft from HAL in the last financial year. HAL has recorded its highest-ever revenue from operations of ₹29,810 crore for the just finished financial year, a double-digit growth of around 11%.