Skip to content
Search

Latest Stories

Revenue at Indian firms rises with global demand for arms

The combined arms revenues of three Indian companies men­tioned in the list increased by 8.2 per cent to $7.5 billion (£5.6bn) on the back of domestic orders, according to the Stockholm In­ternational Peace Research Insti­tute.

Hindustan Aeronautics Limited

Vehicles move past the Hindustan Aeronautics Limited (HAL) headquarters in Bengaluru on December 3, 2025. (Photo: Getty Images)

Getty Images

REVENUE from the sales of arms and military services by the 100 largest weapons-producing com­panies worldwide rose by 5.9 per cent last year, with demand boost­ed by the wars in Ukraine and Gaza, and global and regional ge­opolitical tensions, as per a global report released on Monday (1).

The combined arms revenues of three Indian companies men­tioned in the list increased by 8.2 per cent to $7.5 billion (£5.6bn) on the back of domestic orders, according to the Stockholm In­ternational Peace Research Insti­tute (SIPRI), a Sweden-based global think-tank.


Hindustan Aeronautics (at 44th spot), Bharat Electronics (58th) and Mazagon Dock Shipbuilders (91st) figure on the list.

“Last year global arms reve­nues reached the highest level ever recorded by SIPRI as pro­ducers capitalised on high de­mand,” said Lorenzo Scarazzato, researcher with the SIPRI Mili­tary Expenditure and Arms Pro­duction Programme.

For the first time since 2018, all of the five largest arms com­panies increased their arms rev­enues, SIPRI reported.

They were Lockheed Martin Corp. (US), RTX (US), Northrop Grumman Corp. (US), BAE Sys­tems (UK) and General Dynam­ics Corp. (US).

The report showed that “al­though the bulk of the global rise was due to companies based in Europe and the US, there were year-on-year increases in all of the world regions featured in the top 100. The only exception was Asia and Oceania, where issues within the Chinese arms industry drove down the regional total.”

For the first time, nine of the top 100 arms companies were based in the Middle East, with combined arms revenues of $31bn (£23.4bn). Arms revenues in the region grew by 14 per cent.

“Although companies have been building production capac­ity, they still face challenges that could affect costs and delivery schedules,” Scarazzato said.

More For You

Reliance IPO

Bankers are proposing a valuation of as much as $170 bn for Jio

Getty Images

Reliance begins work for India's largest IPO

Highlights

  • Reliance Industries starts preparing draft prospectus for Jio Platforms listing.
  • Bankers propose valuation of up to $170 bn, surpassing rival Bharti Airtel's $140 bn.
  • IPO could raise $4.3 bn under new SEBI rules, potentially launching in first half of 2026.
Reliance Industries has begun work on an initial draft prospectus for the listing of Jio Platforms, in what is expected to be India's biggest-ever initial public offering, Bloomberg reported Thursday citing people familiar with the development.

The oil-to-telecoms conglomerate is informally speaking with banks to prepare a prospectus that it plans to file with the regulator as soon as possible, said the sources, who requested anonymity as the process remains private.

The draft prospectus filing and formal appointment of bankers will occur after new rules on Indian IPOs come into effect. The Securities and Exchange Board of India (SEBI) has approved reducing the minimum dilution in IPOs to as low as 2.5 per cent for companies with a post-issue market capitalisation above 5 trillion rupees ($55 bn), though the change has not yet been implemented.

Keep ReadingShow less