3 Microwave Components, Warship Builder and Industrial Explosives Stocks With a Strong Future Roadmap: Astra Microwave Products, Mazagon Dock Shipbuilders and Solar Industries India
- October 21, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Astra Microwave Products, Mazagon Dock Shipbuilders and Solar Industries India: ROE of 14.7% to 26.7% and FY22 to FY26 revenue CAGR of 11.8% to 25.9%. Prices as of 20 Oct 2026.
Quick Answer
The three defence technology stocks to watch are Astra Microwave Products, Mazagon Dock Shipbuilders and Solar Industries India. Their return on equity ranges from 14.7% to 26.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.8% to 25.9%. Solar Industries India leads on both return on equity at 26.7% and revenue growth at 25.9% a year. Prices are based on the 20 October 2026 close, and this article is educational, not investment advice.
Defence technology stocks follow India’s drive to design and build advanced equipment at home. Astra Microwave Products, Mazagon Dock Shipbuilders and Solar Industries India cover a microwave and radio frequency components maker, a warship and submarine builder and the country’s largest explosives maker with a growing defence business.
This list covers three defence technology stocks with complete current figures: Astra Microwave Products, Mazagon Dock Shipbuilders and Solar Industries India. Every figure comes from the latest reported financials and the 20 October 2026 market close. Companies without complete current figures were left out.
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What Are Defence Technology Stocks?
Defence technology stocks are listed companies that supply components, ships and munitions to the armed forces and space programmes. Their earnings follow government orders, execution timelines and exports.
Defence Technology Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Astra Microwave Products | 1,617.2 | 15,358 | 81.2 | 48.1 | 14.7 | 0.22 |
| Mazagon Dock Shipbuilders | 2,052 | 82,854 | 29.0 | 48.1 | 26.5 | 0.05 |
| Solar Industries India | 19,803 | 178,992 | 87.3 | 48.1 | 26.7 | 0.24 |
On valuation, Mazagon Dock Shipbuilders trades at a P/E below the industry P/E, while Astra Microwave Products and Solar Industries India trade above it, which reflects the growth the market already expects. Readers comparing defence technology stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Defence Technology Stocks Have a Strong Roadmap in India?
Defence technology stocks have a strong roadmap in India because the government is raising defence spending, promoting local production and opening export routes for Indian-made equipment.
- Local production. Policy support for domestic sourcing raises orders for Indian makers.
- Naval build-up. Warship and submarine programmes extend over many years.
- Export potential. Defence products and explosives find buyers overseas.
Why Astra Microwave Products Features Among These Defence Technology Stocks
Among the defence technology stocks on this list, Astra Microwave Products is a Hyderabad-based maker of microwave and radio frequency components, sub-systems and systems used in radars, missiles, electronic warfare and satellite communication.
Revenue rose from Rs 757 crore in FY22 to Rs 1,181 crore in FY26, a compound annual growth rate of 11.8%. Net profit grew from Rs 37.9 crore in FY22 to Rs 193 crore in FY26, which works out to a compound annual growth rate of 50.2%.
The company has a return on equity of 14.7%, a debt to equity ratio of 0.22 and a market capitalisation of Rs 15,358 crore. The stock trades at a P/E of 81.2, above the industry P/E of 48.1.
Roadmap: The company supplies sub-systems to major defence and space programmes and is moving up from components to complete systems. Its design strength in radio frequency and microwave electronics suits the shift to indigenous radars and missile programmes.
What to watch: Check the timing of large order execution, since quarterly revenue in defence electronics can move with delivery schedules.
Why Mazagon Dock Shipbuilders Features Among These Defence Technology Stocks
Among the radio frequency and shipbuilding shares on this list, Mazagon Dock Shipbuilders is a Mumbai-based defence shipyard that builds warships and submarines for the Indian Navy and also takes on ship repair and offshore work.
The company has a return on equity of 26.5%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 82,854 crore. The stock trades at a P/E of 29.0, below the industry P/E of 48.1.
Revenue rose from Rs 6,144 crore in FY22 to Rs 14,146 crore in FY26, a compound annual growth rate of 23.2%. Net profit grew from Rs 563 crore in FY22 to Rs 2,422 crore in FY26, which works out to a compound annual growth rate of 44.0%. In the June 2026 quarter, revenue grew 10.4% year on year to Rs 3,256 crore, while net profit rose 22.1% to Rs 512 crore.
Roadmap: The shipyard has a long order book of destroyers, frigates and submarines, and the multi-year build cycle gives revenue visibility. Capacity additions and a push towards indigenous submarine and warship programmes support its position as a core naval supplier.
What to watch: Monitor milestone-linked revenue on the big naval programmes and any fresh orders announced through the year.
Why Solar Industries India Features Among These Defence Technology Stocks
Among the three companies on this list, Solar Industries India is the country’s largest maker of commercial explosives and also produces defence products such as ammunition, rockets, propellants and warheads for domestic and export customers.
Revenue rose from Rs 3,967 crore in FY22 to Rs 9,966 crore in FY26, a compound annual growth rate of 25.9%. Net profit grew from Rs 455 crore in FY22 to Rs 1,737 crore in FY26, which works out to a compound annual growth rate of 39.7%.
The company has a return on equity of 26.7%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 178,992 crore. The stock trades at a P/E of 87.3, above the industry P/E of 48.1.
Roadmap: The company serves mining and infrastructure customers with bulk and packaged explosives and has grown its defence business with large export orders. Capacity additions in defence manufacturing and a global presence widen its reach.
What to watch: Monitor the defence order book and the pace of new capacity in ammunition and rocket systems.
Astra Microwave Products vs Mazagon Dock Shipbuilders vs Solar Industries India on Key Financials
The table below sets the three defence technology stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| Astra Microwave Products | 757 | 1,181 | 11.8% | 193 | 16.3% |
| Mazagon Dock Shipbuilders | 6,144 | 14,146 | 23.2% | 2,422 | 17.1% |
| Solar Industries India | 3,967 | 9,966 | 25.9% | 1,737 | 17.4% |
Solar Industries India posts the highest return on equity in this group at 26.7%. Mazagon Dock Shipbuilders has the largest FY26 revenue at Rs 14,146 crore, and Solar Industries India shows the fastest revenue growth with a 25.9% compound annual rate. A useful habit with defence technology stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Defence Technology Stocks
Every theme carries risks that deserve a check before any decision. For these defence technology stocks, the main points are:
- Order timing. Government orders and deliveries can shift between quarters.
- Qualification cycles. New products need long testing before supply.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter defence technology stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Defence Technology Stocks
Defence technology stocks reward investors who follow order books and delivery milestones. Astra Microwave Products, Mazagon Dock Shipbuilders and Solar Industries India each play a clear role in defence self-reliance. Based on the 20 October 2026 close, Astra Microwave Products trades at Rs 1,617.2, Mazagon Dock Shipbuilders at Rs 2,052 and Solar Industries India at Rs 19,803.
Download the Univest iOS App or Univest Android App to track defence technology stocks, set price alerts and get research-backed stock ideas.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
What are defence technology stocks?
Ans. Defence technology stocks are listed companies that supply components, ships and munitions to the armed forces and space programmes. Their earnings follow government orders, execution timelines and exports. This list looks at three of them, Astra Microwave Products, Mazagon Dock Shipbuilders and Solar Industries India, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.
Which defence technology stocks are covered in this list?
Ans. This list covers Astra Microwave Products, Mazagon Dock Shipbuilders and Solar Industries India. Based on the 20 October 2026 close, Astra Microwave Products traded at Rs 1,617.2, Mazagon Dock Shipbuilders at Rs 2,052 and Solar Industries India at Rs 19,803. Their return on equity ranges from 14.7% to 26.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.8% to 25.9%.
Why do defence technology stocks have a strong future roadmap in India?
Ans. Defence technology stocks have a strong roadmap in India because the government is raising defence spending, promoting local production and opening export routes for Indian-made equipment. The main drivers are as follows. Local production. Policy support for domestic sourcing raises orders for Indian makers. Naval build-up. Warship and submarine programmes extend over many years. Export potential. Defence products and explosives find buyers overseas. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Astra Microwave Products performed financially?
Ans. Revenue rose from Rs 757 crore in FY22 to Rs 1,181 crore in FY26, a compound annual growth rate of 11.8%. Net profit grew from Rs 37.9 crore in FY22 to Rs 193 crore in FY26, which works out to a compound annual growth rate of 50.2%. The company has a return on equity of 14.7%, a debt to equity ratio of 0.22 and a market capitalisation of Rs 15,358 crore. The stock trades at a P/E of 81.2, above the industry P/E of 48.1. Looking ahead, the company supplies sub-systems to major defence and space programmes and is moving up from components to complete systems. Its design strength in radio frequency and microwave electronics suits the shift to indigenous radars and missile programmes.
How has Mazagon Dock Shipbuilders performed financially?
Ans. Revenue rose from Rs 6,144 crore in FY22 to Rs 14,146 crore in FY26, a compound annual growth rate of 23.2%. Net profit grew from Rs 563 crore in FY22 to Rs 2,422 crore in FY26, which works out to a compound annual growth rate of 44.0%. In the June 2026 quarter, revenue grew 10.4% year on year to Rs 3,256 crore, while net profit rose 22.1% to Rs 512 crore. The company has a return on equity of 26.5%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 82,854 crore. The stock trades at a P/E of 29.0, below the industry P/E of 48.1. Looking ahead, the shipyard has a long order book of destroyers, frigates and submarines, and the multi-year build cycle gives revenue visibility. Capacity additions and a push towards indigenous submarine and warship programmes support its position as a core naval supplier.
How has Solar Industries India performed financially?
Ans. Revenue rose from Rs 3,967 crore in FY22 to Rs 9,966 crore in FY26, a compound annual growth rate of 25.9%. Net profit grew from Rs 455 crore in FY22 to Rs 1,737 crore in FY26, which works out to a compound annual growth rate of 39.7%. The company has a return on equity of 26.7%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 178,992 crore. The stock trades at a P/E of 87.3, above the industry P/E of 48.1. Looking ahead, the company serves mining and infrastructure customers with bulk and packaged explosives and has grown its defence business with large export orders. Capacity additions in defence manufacturing and a global presence widen its reach.
What risks should investors check before buying defence technology stocks?
Ans. Investors should check a few risks before buying defence technology stocks. Order timing. Government orders and deliveries can shift between quarters. Qualification cycles. New products need long testing before supply. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of defence technology stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 20 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.
