The Indian defence sector has been on a spectacular run, with stocks soaring to record highs amid robust government orders, policy tailwinds, and renewed investor enthusiasm. As the latest quarterly results roll in, all eyes are on whether these financial performances can fuel the next leg of the rally-or if the momentum will start to wane.
With market sentiment riding high and expectations soaring, investors are keenly watching the numbers, searching for signs that could either ignite another surge or trigger a much-awaited pause. Will these quarterly results provide the spark for further gains, or will they signal a turning point in the defence stock story? Let’s dive into the data and market reactions to find out.
Timeline Map: Q4 FY25 Results Announcements
| Date | Company | Key Highlights |
|---|---|---|
| May 13, 2025 | GRSE | Revenue up 52.7%, PAT up 109%, big dividend |
| May 13, 2025 | Cochin Shipyard | Revenue up 37%, PAT up 27%, final dividend |
| May 15, 2025 | HAL | Revenue up ~24% YoY, strong order book |
| May 19, 2025 | BEL (upcoming) | Results and dividend to be announced |
| May 2025 | Others (BDL, MDL, Paras) | Awaited or not yet reported |
Performance Insights
- GRSE and Cochin Shipyard delivered standout results this quarter, with both revenue and profit surging over 25% YoY, reflecting strong execution and robust order inflows.
- HAL continues to show exceptional revenue growth, underpinned by a massive order book and strong demand for indigenous aircraft and helicopters.
- BEL is expected to report healthy growth, with a major share of annual revenue typically recognized in Q4.
- Mazagon Dock, BDL, and Paras Defence results are awaited, but all have strong order pipelines and are expected to benefit from the ongoing government push for defence indigenisation.
Here is a detailed article summarizing the Q4 FY25 (Jan–Mar 2025) quarterly results announced in May 2025 for major Indian defence stocks, including a comparison with the previous year, company specializations, and a timeline of announcements:
Q4 FY25 Defence Stocks Results: Strong Earnings, Robust Growth & Sector Outlook
India’s defence sector continues to impress investors with strong quarterly earnings amid a surge in government orders and a strategic push for self-reliance. Several key defence companies reported their Q4 FY25 results in May 2025, showcasing robust revenue growth, profit expansion, and healthy order books. Below is a detailed overview of these results, company specializations, and the timeline of announcements.
Quarterly Results Summary: Q4 FY25 vs Q4 FY24
| Company | Q4 FY25 Revenue (₹ Cr) | Q4 FY25 Net Profit (₹ Cr) | Q4 FY24 Revenue (₹ Cr) | Q4 FY24 Net Profit (₹ Cr) | YoY Revenue Growth | YoY Profit Growth | Specialization |
|---|---|---|---|---|---|---|---|
| Garden Reach Shipbuilders & Engineers (GRSE) | 1,642 | 224 | 1,013 | 112 | +62% | +100% | Warships, patrol vessels, naval engineering |
| Cochin Shipyard | 1,757.65 | 287.18 | 1,282.24 | 258.88 | +37% | +11% | Shipbuilding, repairs, offshore structures |
| Hindustan Aeronautics Ltd (HAL) | 13,699.85 | 3,976.66 | ~14,768* | ~4,308* | -7.2%* | -7.7%* | Aircraft, helicopters, aerospace systems |
| Bharat Electronics Ltd (BEL) | To be announced May 19 | – | ~6,000* | ~1,300* | – | – | Defence electronics, radars, communication |
| Bharat Dynamics Ltd (BDL) | Data awaited | Data awaited | 522.6 | 112.8 | – | – | Guided missiles, underwater weapons |
| Mazagon Dock Shipbuilders Ltd | Data awaited | Data awaited | 2,057.4 | 326.5 | – | – | Warships, submarines, naval engineering |
| Paras Defence & Space Technologies | Data awaited | Data awaited | 64.6 | 14.6 | – | – | Defence optics, electronics, space tech |
*Approximate figures where official Q4 FY25 data is not yet released.
Company Highlights & Specializations
Garden Reach Shipbuilders & Engineers (GRSE)
- Specialization: Builds warships, patrol vessels, and support craft for the Indian Navy and Coast Guard.
- Q4 FY25 Performance: Net profit doubled to ₹224 crore from ₹112 crore YoY; revenue surged 62% to ₹1,642 crore.
- Market Reaction: Shares rallied over 11% following results announcement on May 13, 2025.
- Dividend: Declared a total dividend of 138.5% of paid-up capital, up from 93.6% last year.
Cochin Shipyard
- Specialization: Leading shipbuilder and repairer, including construction of India’s first indigenous aircraft carrier.
- Q4 FY25 Performance: Net profit rose 27% YoY to ₹287.18 crore; revenue increased 37% to ₹1,757.65 crore.
- Market Reaction: Shares surged 12.6%, extending a winning streak.
- Dividend: Recommended a final dividend reflecting strong cash flows.
Hindustan Aeronautics Ltd (HAL)
- Specialization: Aerospace giant manufacturing aircraft, helicopters, engines, and providing maintenance services.
- Q4 FY25 Performance: Revenue declined ~7.2% YoY to ₹13,699.85 crore; net profit fell ~7.7% to ₹3,976.66 crore.
- Context: Results reflect typical lumpy order execution cycles; strong order book (~₹1.3 lakh crore) supports future growth.
- Market Reaction: Stock gained 5.4% amid positive sector sentiment.
Bharat Electronics Ltd (BEL)
- Specialization: Defence electronics including radars, communication, and missile systems.
- Q4 FY25 Results: Scheduled for May 19, 2025; strong growth expected based on order book of ₹71,100 crore.
Bharat Dynamics Ltd (BDL)
- Specialization: Guided missiles and underwater weapon systems.
- Q4 FY25 Results: Awaited; recent market activity suggests optimism after recent order inflows.
Mazagon Dock Shipbuilders Ltd
- Specialization: Construction of warships and submarines for the Indian Navy.
- Q4 FY25 Results: Awaited; expected to report strong growth given recent naval contracts.
Paras Defence & Space Technologies
- Specialization: Defence optics, electronics, and space technologies.
- Q4 FY25 Results: Awaited; shares surged nearly 19% recently on strong sector momentum.
Timeline of Q4 FY25 Results Announcements
| Date | Company | Key Highlights |
|---|---|---|
| May 13, 2025 | GRSE | Net profit doubled; revenue up 62%; strong dividend declared |
| May 13, 2025 | Cochin Shipyard | Profit up 27%; revenue up 37%; final dividend recommended |
| May 14, 2025 | HAL | Revenue and profit declined ~7%; strong order book remains |
| May 19, 2025 | Bharat Electronics Ltd (BEL) | Results and dividend announcement expected |
| May 2025 | BDL, Mazagon Dock, Paras Defence | Results awaited; sector optimism high |
Market Impact & Sector Outlook
- Defence stocks have been on a winning streak, buoyed by strong Q4 earnings and expectations of a multi-year order boom.
- Shipbuilders GRSE and Cochin Shipyard led the rally, with share price gains exceeding 11% post-results.
- The government’s “Make in India” and Atmanirbhar Bharat initiatives continue to drive demand for indigenous defence manufacturing.
- The Nifty India Defence Index surged nearly 39% since March 2025, reflecting robust sector performance.
Conclusion
India’s defence sector remains a beacon of growth in 2025, with top companies posting record revenues, expanding margins, and building formidable order books. The government’s focus on self-reliance and rising defence budgets continue to drive the sector’s momentum, making these stocks a focal point for investors seeking long-term growth.
