Who Makes India’s Weapons? Top Ammunition Manufacturers Powering Defence Innovation

India's ammunition manufacturing sector is undergoing a massive change for the sake of self-reliance and modernisation. Earlier, it was mainly the presidencies of Defence Public Sector Undertakings and Ordnance Factories under whose walls this industry, like a sleeping beauty, was forced to wrestle with obsolescence in technology and inefficiencies. The recent reforms in the sector cover the domains of "Make in India" and "Atmanirbhar Bharat," thus opening doors for new players with private participation and foreign investments, liberalising FDI norms.

The market ranges from small to heavy calibres and is growing faster than the global averages, fueled by increased defence spending and modernisation. This is building capabilities through public-private collaborations and advanced technologies and R&D investment, though there are still challenges such as technology gaps and infrastructure demands.

In this article, let's have a look at the list of the top companies that manufacture ammunition for weapons in India.

Munitions India Limited (MIL)

Munitions India Limited (MIL) was formally constituted in October 2021, after the Ordnance Factory Board was corporatised. MIL is the largest ammunition manufacturer in India with 12 state-of-the-art factories and about 25,000 workers. It produces ammunition, explosives, rockets, and grenades of small, medium, and large calibre for armed forces and paramilitary agencies. MIL has witnessed rapid financial growth since its inception, aided by defence modernisation and growing export potential.

The company soared to a net profit level of INR 560.07 crore in FY24, 814% on a year-on-year basis, aided by operational efficiency and export performance. 

Bharat Electronics Limited (BEL)

Bharat Electronics Limited (BEL), which is a Navratna PSU in the Ministry of Defence, was set up in 1954 to cater to the electronic requirements of the Indian defence forces. Based in Bengaluru, BEL is now a multi-product, multi-technology organisation with nine manufacturing complexes and a diversified portfolio. Although more than 80% of its revenues are derived from defence electronics, including radars, communications, avionics, and electronic warfare, BEL also caters to non-defence applications in the form of e-governance, homeland security, healthcare, and smart cities. It has a strong R&D focus and spends consistently 7–8% of its annual revenues on innovation.

In FY24, BEL posted a turnover of INR 19,819.93 crore, registering strong double-digit growth. Its net profit has registered consistent increases in FY23 and FY24, backed by increasing defence orders and better operational efficiency. 

Bharat Dynamics Limited (BDL)

Bharat Dynamics Limited (BDL), the leading Public Sector Undertaking under the Defence Ministry, was founded in 1970 with its headquarters in Hyderabad. The organisation deals in manufacturing guided missiles, submarine weapons, and allied defence systems for the Indian Armed Forces. BDL extensively collaborates with the Defence Research and Development Organisation (DRDO) and international OEMs to provide many indigenous and sophisticated weapon systems. It has three significant manufacturing facilities spread over Telangana and Andhra Pradesh, with more units in the development process to increase its production capacity.

BDL has strengthened in-house R&D capabilities and is a major driver of India's defence modernisation and self-reliance targets. BDL has strong profitability with FY23 and FY24.

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Hindustan Aeronautics Limited (HAL)

Hindustan Aeronautics Limited (HAL), the Bengaluru-based company, is one of India's leading public sector aerospace and defence companies, set up in 1940. One of the world's largest and oldest aerospace manufacturers, HAL undertakes design, manufacturing, overhaul, and upgrade of aircraft, helicopters, aero-engines, avionics, and their related systems for military and civilian usage. With 21 manufacturing units and 11 R&D centres in India, HAL caters to the Indian defence forces, space organisations, and foreign customers. In 2024, it was conferred Maharatna status, underscoring its strategic importance and financial strength.

In FY24, HAL's revenue was INR 28,161.85 crore.. With a net profit of over INR 7,595.04 crore in FY24.

Solar Industries India Limited

Solar Industries India Limited, established in 1995 and with its head office in Nagpur, is a market leader in the manufacture of industrial explosives, initiation systems, and defence ammunition. With the world's largest facility for manufacturing packaged explosives under one roof, the company boasts a pan-India footprint with 34 plants and a growing global presence in 65+ countries with five production centres. While traditionally serving industries like mining, infrastructure, and construction, Solar Industries has diversified significantly into the defence industry, manufacturing ammunition and explosives for Indian and foreign defence clients.

The company has also posted sound numbers, led by robust demand across core industries and a higher percentage of defence orders. During FY24, net sales were INR 3621.96 crore, and the net profit was INR 800.05 crore. 

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Premier Explosives Limited

Premier Explosives Limited, incorporated in 1980, is one of the important Indian producers of high-energy products serving the defence, space, mining, and infrastructure industries. Premier Explosives has been at the forefront in creating indigenous technology for explosives, detonators, missile and rocket propellants, and pyrotechnic devices. Operating manufacturing facilities located in Telangana, Madhya Pradesh, Maharashtra, and Tamil Nadu, Premier Explosives also provides operation and maintenance support for solid propellant plants. Its offerings serve national as well as international customers, aiding significant defence and space missions.

The firm has demonstrated strong financial and operational performance over the past few years. In FY24, it registered net sales of INR 2,717.17 crore and net profit of INR 69.07 crore, demonstrating high demand and operational effectiveness. Premier Explosives is becoming a leading player in India's high-energy materials space.

Paras Defence and Space Technologies

Paras Defence and Space Technologies Limited is a prominent Indian defence engineering company that deals in high-technology solutions for the defence and space industries. Having operations in two core segments—Optics & Optronic Systems and Defence Engineering—the company develops and produces products such as space optics, infrared lenses, hyperspectral cameras, defence electronics, missile parts, automation systems, and electromagnetic pulse protection. Famous for its indigenous innovation, Paras Defence is the only Indian supplier of several key imaging systems employed in space applications.

In FY25, the company recorded robust financials with net sales surging 43.85% year-on-year at INR 333.85 crore and net profit almost doubling to INR 65.06 crore. 

Adani Defence

Adani Defence & Aerospace, a subsidiary of Adani Enterprises Limited (AEL), is among India's fastest-growing private defence and aerospace companies. It is engaged in the indigenous production of small arms, unmanned aerial systems, radars, electronic warfare systems, and aerospace components, and MRO services. Through strategic global collaborations and heavy investment in R&D, the company is aligned with India's defence self-reliance vision. With greenfield initiatives and strategic acquisitions, Adani Defence is gradually becoming a significant player in India's defence manufacturing ecosystem.

AEL achieved net sales of INR 1,00,365 crore and net profit of INR 10,479 crore in FY25, led by an extraordinary gain on the sale of a stake. 

Conclusion

India's defence and ammunition manufacturing industry is witnessing strong growth, fueled by government policies, enhanced private sector participation, and a strong focus on self-reliance. The sector has witnessed steady improvements in financials, operational efficiency, and technology innovation. Growing demand from domestic and overseas markets, along with widening product portfolios and strategic investments, has enhanced the sector's global competitiveness. With a healthy order pipeline and focus on indigenous capabilities, the industry is well-poised for long-term growth, which will make a significant contribution to the country's security and economic development over the coming years.

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FAQs

How many defence PSUs are there in India?

There are sixteen Central Public Sector Undertakings under the administrative control of the Department of Defence Production, Ministry of Defence.

Which government entity primarily manufactures ammunition?

Munitions India Limited (MIL), headquartered in Pune, is the primary state-owned company manufacturing a wide range of ammunition, explosives, rockets, and bombs for the Indian armed forces and other users.