In a striking display of investor confidence and sectoral resilience, India’s defence sector IPO stocks have posted exceptional gains in the past 30 days—with some surging over 61%. The growth is driven by India’s Operation Sindoor, where indigenous technology has performed exceptionally, showcasing India’s defense capabilities to the world. From legacy names to recent tech-driven entrants, defence-focused companies are reaping the rewards of robust government spending, indigenous innovation, and a supportive macroeconomic environment. Below is a company-wise breakdown highlighting the trajectory, strengths, and recent performance of each IPO stock in focus.
Apollo Microsystems – Stellar 61.25% Surge in 30 Days
Apollo Microsystems, which debuted in the stock markets in January 2018, has become the poster boy of the recent defence stock rally. The company, engaged in the design and development of electronic and electromechanical systems, has seen its stock price soar to INR 441.8, representing a 61.25% jump in the past month alone.
The surge in defence sector IPO stocks is attributed to its role in critical defence electronics and its growing presence in aerospace and homeland security. With India’s renewed focus on indigenous defence technologies, Apollo’s expertise in mission-critical systems and custom hardware-software integrations has made it a standout. The company is also expected to benefit from long-term contracts and R&D-based product pipelines, making it a favored pick among institutional investors looking to ride the defence upcycle.
Garden Reach Shipbuilders & Engineers (GRSE) – Shipbuilder Navigates a 59.28% Climb
Listed in October 2018 at an issue price of INR 118, GRSE initially struggled to gain momentum, trading below its listing price at INR 103.3 per share. However, the past month has marked a dramatic turnaround, with a 59.28% surge, closing in on its multi-year highs and re-energizing investor sentiment.
GRSE is one of India’s premier shipyards, playing a key role in the construction of advanced naval ships and vessels for the Indian Navy. The stock’s recent rally is backed by a growing order book, production efficiency, and strong visibility in upcoming naval modernization programs. With several strategic defence projects underway and a strong balance sheet, GRSE stands poised to be a critical beneficiary of India’s maritime push and Make-in-India defence reforms. The market has begun pricing in its long-term relevance in India’s blue-water navy ambitions.
ideaForge Technology – 39.41% Lift in 30 Days
A recent entrant into the public markets, ideaForge Technology made waves with its July 2023 IPO at INR 672 per share. Since then, it has delivered stellar returns, currently trading at INR 1294.95, translating into a 92.70% return from listing. Notably, the last 30 days alone have seen the stock appreciate by 39.41%, underpinned by its technological moat and strong demand signals.
ideaForge is India’s leading manufacturer of unmanned aerial vehicles (UAVs) or drones, widely used in surveillance, border security, and industrial monitoring. The recent surge in its stock reflects increasing recognition of drones as a strategic asset in both defence and civilian infrastructure. With the government increasingly integrating UAVs into national security operations, ideaForge is seen as a key player in this transformative space. The company’s high-margin product mix, proprietary technologies, and deep defence integration make it a top pick in India’s emerging drone-tech ecosystem.
Mishra Dhatu Nigam (MIDHANI)
MIDHANI, listed in April 2018 at INR 90, has long been a foundational supplier to India’s defence and aerospace industries. While it listed at a modest INR 90.05, nearly flat to its allotment price, the past 30 days have seen a solid 37.88% gain, bringing fresh life to this PSU stock.
Specializing in superalloys and special steels, MIDHANI plays a vital role in supplying critical materials for missiles, submarines, aircraft, and space applications. Its strategic partnerships, strong R&D orientation, and contribution to India’s self-reliance in metallurgy have begun receiving long-overdue market recognition. Investors are banking on sustained demand for high-performance alloys driven by growing defence capex and indigenous defence platform production. With stable cash flows and a strategic supply footprint, MIDHANI is being re-rated as a slow and steady compounder in the defence value chain.
Bharat Dynamics Limited (BDL) – Brahmos Manufacturer Rockets Up 34.99% in a Month
BDL, which hit the markets in March 2018 at INR 214, is among India’s most strategic defence PSUs, responsible for manufacturing guided missile systems for the Indian armed forces. Initially listing at INR 389.8, the company had a rocky journey with periods of underperformance. However, in the last 30 days alone, BDL has rallied 34.99%, signaling a major shift in sentiment.
This uptick comes amid increasing order inflows, operational efficiency, and global interest in Indian missile systems. With India exporting defence equipment to friendly nations and scaling up domestic deployment, BDL stands at the forefront of this transformation. Its solid order pipeline, new product launches (like Akash and Astra missiles), and government backing make it an essential pillar of India’s strategic deterrent capability. Market participants now see BDL as not just a defence play, but a high-conviction growth story.
TechEra Engineering
TechEra Engineering made a remarkable debut on the NSE EMERGE platform on 3 October 2024, listing at INR 131.25—up 60.06% from its issue price of INR 82. This surge mirrors the robust interest the market has shown in niche defence and aerospace engineering firms, particularly within the SME segment. The stock also gained 36.88% in the past 30 days, reflecting strong momentum both before and after listing.
Founded in 2018, TechEra specializes in precision tooling and automation solutions for the aerospace and defence industries. Its offerings include assembly tooling, jigs, fixtures, MRO tools, ground support equipment, and high-precision machined components. The company employs advanced technologies such as 5-axis machining and 3D modeling to meet stringent industry requirements
Conclusion
India’s defence sector IPO stocks are experiencing a golden moment, powered by policy support, technological advancements, and structural demand growth. With 30-day gains ranging from 35% to 61%, the recent performance of these stocks indicates not just speculative rallies, but a broader market belief in India’s long-term defence narrative.
As the world witnesses rising geopolitical tensions and governments ramp up self-reliance in defence procurement, India’s defence stocks are no longer just PSUs with modest returns—they are emerging as agile, future-facing growth stories. For investors seeking sustainable themes with strategic depth, the defence sector now offers both resilience and upside.
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