Today is exactly one year since the Pahalgam terror attack on April 22, 2025. In a bid to curb this kind of heinous attack, the Indian Army had launched Operation Sindoor, marking a turning point in India’s security posturing. One of the key aspects of this Operation was India’s growing defence prowess and capabilities. The defence sector stocks too have been in focus as a result.
In the last one year, the Nifty defence index has delivered around 31% return. On April 22, 2026, a year after the tragic attack in Jammu and Kashmir, the Nifty Defence Index closed today’s trading session up 1%.
Let’s take a look at how the Defence sector stocks have performed so far following various policy push and geopolitical developments.
A year after Pahalgam: Market trend and sector momentum
The Pahalgam attack on April 22, 2025, followed by Operation Sindoor also led to sharp rally across defence sector stocks.
The Nifty Defence Index has been on an uptrend since then. From its 52-week low of 6,539.15 to a high of 9,915, the index is currently trading around 8,933 levels.
The Nifty defence sector gained nearly 21% in the past one month. So far in 2026, it delivered a return of about 15%.
Defence index performance snapshot
| Metric | Value |
| Current Level | ~ Rs 8933 |
| 52-Week High | Rs 9,915 |
| 52-Week Low | Rs 6,539 |
| 1-Year Return | 31% |
| 1-Month Return | 21% |
| 2026 YTD Return | 15% |
Broad-based rally across defence stocks
In today’s session, defence and aerospace stocks are seeing a broad-based rally, with gains spread across multiple tiers.
Stocks in the higher momentum bracket are seeing gains in the range of 4-6% in companies like Dynamatic Technologies, Paras Defence and Space Technologies, Data Patterns (India), Cyient DLM, and Unimech Aerospace and Manufacturing.
In the 3-4% range, names such as BEML and Garden Reach Shipbuilders & Engineers are also seeing steady upward movement.
A wider set of stocks, including Zen Technologies, Solar Industries India, Astra Microwave Products, Mazagon Dock Shipbuilders, MTAR Technologies, Cochin Shipyard, Bharat Dynamics, and Hindustan Aeronautics, are trading with gains in the 1-2% range.
Meanwhile, a few stocks are seeing limited movement. Mishra Dhatu Nigam and Bharat Forge are trading with gains of below 1%, while Bharat Electronics is the only stock marginally in the red during the session.
Defence sector: Order books, execution and growth visibility
Beyond price action, the fundamental story of defence companies continues to evolve.
Bharat Electronics (BEL), for instance, has reported strong order inflows and execution. The company recorded order inflows of around Rs 75,000 crore, with its total order book standing near Rs 2.4 lakh crore. It also reported a turnover of about Rs 26,750 crore in FY26, a growth of over 16% compared to the previous year.
Mazagon Dock Shipbuilders is also expanding its footprint. Alongside its core defence projects for the Indian Navy and Coast Guard, the company is moving into green energy-linked commercial vessels.
“Mazagon Dock Shipbuilders Limited (MDL) has entered into a contract with Shipping Corporation of India Limited (SCI) for the construction and sale of one 3000 DWT Methanol Dual Fuel Platform Supply Vessel (PSV). The contract value is approximately USD 39 million,” the company said in the exchange filing.
Defence Sector: Execution challenges and steady growth
Hindustan Aeronautics (HAL) also reported stable performance despite operational challenges. The company posted revenue of around Rs 32,250 crore for FY26, compared to Rs 30,981 crore in the previous year.
However, it noted that supply chain disruptions and geopolitical challenges impacted deliveries of key platforms like Light Combat Aircraft (LCA Mk1A) and HTT-40.
High-growth pockets within the defence sector
Some companies are seeing sharp stock price movements as well.
For instance, MTAR Technologies, has surged over 117% so far in 2026. Moreover, in the last six months, the company has delivered 120% return.
Disclaimer: The information provided reflects historical performance and current market trends within the defence sector and is for informational purposes only. While the Nifty Defence Index and specific stocks have shown significant growth, past performance is not a reliable indicator of future results. Investment in equities involves substantial risk; readers are encouraged to consult a SEBI-registered investment advisor before making any financial decisions based on sector momentum or order book reports. This disclaimer has been generated using AI to support user well-being and responsible content consumption.
