3 Radar Maker, Commercial Shipyard and Propellant Supplier Stocks With a Strong Future Roadmap: Bharat Electronics, Cochin Shipyard and Premier Explosives

Defence supply chain stocks cover the companies that deliver the radars, ships and propellants that national programmes depend on. Bharat Electronics, Cochin Shipyard and Premier Explosives represent a Navratna electronics major, India's largest public sector shipyard and a maker of explosives and rocket propellants.

This list covers three defence supply chain stocks with complete current figures: Bharat Electronics, Cochin Shipyard and Premier Explosives. 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 Supply Chain Stocks?

Defence supply chain stocks are listed companies that make electronics, vessels and energetic materials for the armed forces and space agencies. Their results depend on government orders and the pace of execution.

Defence Supply Chain Stocks at a Glance

On valuation, Bharat Electronics and Cochin Shipyard trade at a P/E below the industry P/E, while Premier Explosives trades above it, which reflects the growth the market already expects. Readers comparing defence supply chain 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 Supply Chain Stocks Have a Strong Roadmap in India?

Defence supply chain stocks have a strong roadmap in India because defence budgets are rising, indigenous content is being preferred and large programmes in radars, ships and missiles run over many years.

• Large order books. Multi-year contracts give revenue visibility.
• Indigenous content. Policy favours Indian-made electronics and vessels.
• Space and missiles. Rocket motors and propellants are in growing demand.

Why Bharat Electronics Features Among These Defence Supply Chain Stocks

Among the defence supply chain stocks on this list, Bharat Electronics is a Navratna public sector company that designs and makes radars, communication systems, electronic warfare suites, naval systems, electro-optics and avionics for the Indian armed forces, with a growing civil and export business.

The company has a return on equity of 25.3%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 275,177 crore. The stock trades at a P/E of 44.8, below the industry P/E of 48.1.

Revenue rose from Rs 15,600 crore in FY22 to Rs 28,176 crore in FY26, a compound annual growth rate of 15.9%. Net profit grew from Rs 2,354 crore in FY22 to Rs 6,023 crore in FY26, which works out to a compound annual growth rate of 26.5%. In the June 2026 quarter, revenue grew 24.2% year on year to Rs 5,717 crore, while net profit rose 8.7% to Rs 1,044 crore.

Roadmap: The company works with a large order book from the defence ministry and continues to win new programmes in air defence, naval combat systems and communication. Indigenisation policies favour domestic suppliers, and the company is also widening into homeland security, railways and electronic manufacturing services.

What to watch: Watch the size of the order book, the pace of order execution and the order inflow reported with each quarterly result.

Why Cochin Shipyard Features Among These Defence Supply Chain Stocks

Among the radar and shipyard shares on this list, Cochin Shipyard is India's largest public sector shipyard, building commercial vessels and naval ships, and operating one of the biggest ship repair facilities in the country.

Revenue rose from Rs 3,454 crore in FY22 to Rs 5,432 crore in FY26, a compound annual growth rate of 12.0%. Net profit grew from Rs 564 crore in FY22 to Rs 717 crore in FY26, which works out to a compound annual growth rate of 6.2%.

In the June 2026 quarter, revenue grew 3.4% year on year to Rs 1,161 crore. The company has a return on equity of 12.2%, a debt to equity ratio of 0.28 and a market capitalisation of Rs 32,227 crore. The stock trades at a P/E of 47.4, below the industry P/E of 48.1.

Roadmap: The shipyard has built India's first indigenous aircraft carrier and is expanding with a new dry dock and an international ship repair facility. Orders from European customers for specialised vessels and a growing repair business add to the mix.

What to watch: Check order inflow from commercial customers and the commissioning of the new dry dock and repair facilities.

Why Premier Explosives Features Among These Defence Supply Chain Stocks

Among the three companies on this list, Premier Explosives makes industrial explosives, detonators, propellants and defence products, and is a supplier of rocket motors and solid propellants for strategic and space programmes.

Revenue rose from Rs 202 crore in FY22 to Rs 430 crore in FY26, a compound annual growth rate of 20.8%. Net profit grew from Rs 5.2 crore in FY22 to Rs 45.8 crore in FY26, which works out to a compound annual growth rate of 72.1%.

The company has a return on equity of 15.8%, a debt to equity ratio of 0.11 and a market capitalisation of Rs 3,722 crore. The stock trades at a P/E of 111.0, above the industry P/E of 48.1.

Roadmap: The company is moving up the value chain into defence and space propellants, which carry higher margins than civil explosives. Orders from strategic programmes and capacity expansion support the plan.

What to watch: Check the execution of defence and space orders, which can be uneven from one quarter to the next.

Bharat Electronics vs Cochin Shipyard vs Premier Explosives on Key Financials

The table below sets the three defence supply chain stocks side by side on revenue, profit and margin, using reported figures.

Bharat Electronics posts the highest return on equity in this group at 25.3%. Bharat Electronics has the largest FY26 revenue at Rs 28,176 crore, and Premier Explosives shows the fastest revenue growth with a 20.8% compound annual rate. A useful habit with defence supply chain stocks is to check each new quarterly result against the capacity plans the company described earlier.

Key Risks to Check Before Investing in Defence Supply Chain Stocks

Every theme carries risks that deserve a check before any decision. For these defence supply chain stocks, the main points are: Long-term radar and shipyard shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.

• Execution schedules. Large programmes may be delivered across several quarters.
• Government dependence. Orders come mainly from a few agencies.
• 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 supply chain stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.

Final Thoughts on Defence Supply Chain Stocks

Defence supply chain stocks suit investors who follow order inflow and delivery timelines. Bharat Electronics, Cochin Shipyard and Premier Explosives each serve a different link of the defence chain. Based on the 20 October 2026 close, Bharat Electronics trades at Rs 377.2, Cochin Shipyard at Rs 1,226.5 and Premier Explosives at Rs 692.85.

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What are defence supply chain stocks?

Ans. Defence supply chain stocks are listed companies that make electronics, vessels and energetic materials for the armed forces and space agencies. Their results depend on government orders and the pace of execution. This list looks at three of them, Bharat Electronics, Cochin Shipyard and Premier Explosives, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.

Which defence supply chain stocks are covered in this list?

Ans. This list covers Bharat Electronics, Cochin Shipyard and Premier Explosives. Based on the 20 October 2026 close, Bharat Electronics traded at Rs 377.2, Cochin Shipyard at Rs 1,226.5 and Premier Explosives at Rs 692.85. Their return on equity ranges from 12.2% to 25.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 12.0% to 20.8%.

Why do defence supply chain stocks have a strong future roadmap in India?

Ans. Defence supply chain stocks have a strong roadmap in India because defence budgets are rising, indigenous content is being preferred and large programmes in radars, ships and missiles run over many years. The main drivers are as follows. Large order books. Multi-year contracts give revenue visibility. Indigenous content. Policy favours Indian-made electronics and vessels. Space and missiles. Rocket motors and propellants are in growing demand. Together these factors give the companies on this list a visible path for growth over the coming years.

How has Bharat Electronics performed financially?

Ans. Revenue rose from Rs 15,600 crore in FY22 to Rs 28,176 crore in FY26, a compound annual growth rate of 15.9%. Net profit grew from Rs 2,354 crore in FY22 to Rs 6,023 crore in FY26, which works out to a compound annual growth rate of 26.5%. In the June 2026 quarter, revenue grew 24.2% year on year to Rs 5,717 crore, while net profit rose 8.7% to Rs 1,044 crore. The company has a return on equity of 25.3%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 275,177 crore. The stock trades at a P/E of 44.8, below the industry P/E of 48.1. Looking ahead, the company works with a large order book from the defence ministry and continues to win new programmes in air defence, naval combat systems and communication. Indigenisation policies favour domestic suppliers, and the company is also widening into homeland security, railways and electronic manufacturing services.

How has Cochin Shipyard performed financially?

Ans. Revenue rose from Rs 3,454 crore in FY22 to Rs 5,432 crore in FY26, a compound annual growth rate of 12.0%. Net profit grew from Rs 564 crore in FY22 to Rs 717 crore in FY26, which works out to a compound annual growth rate of 6.2%. In the June 2026 quarter, revenue grew 3.4% year on year to Rs 1,161 crore. The company has a return on equity of 12.2%, a debt to equity ratio of 0.28 and a market capitalisation of Rs 32,227 crore. The stock trades at a P/E of 47.4, below the industry P/E of 48.1. Looking ahead, the shipyard has built India's first indigenous aircraft carrier and is expanding with a new dry dock and an international ship repair facility. Orders from European customers for specialised vessels and a growing repair business add to the mix.

How has Premier Explosives performed financially?

Ans. Revenue rose from Rs 202 crore in FY22 to Rs 430 crore in FY26, a compound annual growth rate of 20.8%. Net profit grew from Rs 5.2 crore in FY22 to Rs 45.8 crore in FY26, which works out to a compound annual growth rate of 72.1%. The company has a return on equity of 15.8%, a debt to equity ratio of 0.11 and a market capitalisation of Rs 3,722 crore. The stock trades at a P/E of 111.0, above the industry P/E of 48.1. Looking ahead, the company is moving up the value chain into defence and space propellants, which carry higher margins than civil explosives. Orders from strategic programmes and capacity expansion support the plan.

What risks should investors check before buying defence supply chain stocks?

Ans. Investors should check a few risks before buying defence supply chain stocks. Execution schedules. Large programmes may be delivered across several quarters. Government dependence. Orders come mainly from a few agencies. 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 supply chain 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.