Capital Goods (Defense) – Sector Update – DAC AoNs ~Rs790bn adds to multi-year revenue visibility
Published on 30 Dec 2025
On 29thDec’25 the DAC accorded AoN for procurement proposals across defense platforms aggregating ~Rs790bn, reinforcing the medium-term defence capex pipeline. We believe the major AoN approvals include Long Range Guided Rocket Ammunition for Pinaka (Solar Industries India as the primary beneficiary), and Astra Mk-II missile, which should mainly benefit Bharat Dynamics (BDL) and Bharat Electronics (BEL) while other approvals across drones, radars, naval and IAF platforms provide incremental opportunities for a wider set of domestic defense players.
