India's defence equipment sector offers significant new opportunities

Though there are some unknowns, Street action suggests big upside

The move towards indigenisation of defence procurement creates new opportunities for India’s military industrial sector. The government of India (GoI) has so far released five lists of items for positive indigenisation – these should be manufactured in India, rather than imported. Each item on these lists represents an opportunity for some local firm.

Apart from the usual list of public sector undertakings (PSUs), which would benefit from this import substitution, there are many listed private sector firms interested in this space. In total, the lists include some 567-odd items plus 18 major platforms such as drones and helicopters (each of which