GRSE, Data Patterns, Cochin Shipyard: Defence stocks trade lower amid weak market; FY26 exports jump 63%

Defence stocks traded lower on Thursday, April 2, pressured by a overall weak market sentiment, even as the central government reported strong defence export data.

Defence exports saw a growth of 62.66% in the financial year 2025-26, touching an all-time high of ₹38,424 crore—marking a massive rise of ₹14,802 crore (62.66%) from the previous fiscal year’s ₹23,622 crore. In this, Defence Public Sector Undertakings (DPSUs) and the private sector have contributed 54.84% and 45.16%, respectively. 

“With DPSUs contributing 54.84% and private industry 45.16%, this milestone showcases the power of a collaborative and self-reliant defence ecosystem,” Defence Minister Rajnath Singh said in a post on his social media handle X.

The Defence Ministry, in a post, said exports by Defence Public Sector Undertakings (DPSUs) surged 151% year-on-year, while private players recorded a 14% increase. In value terms, the private sector contributed ₹17,353 crore to total defence exports, while DPSUs accounted for ₹21,071 crore, compared with ₹15,233 crore and ₹8,389 crore, respectively, in the previous fiscal year.

This record high figure indicates an increase by around three times in the last five years, the ministry added.

The Defence Ministry noted that the sharp rise reflects growing global acceptance of India-made defence products and the sector’s increasing integration into international supply chains.

“Apart from being a successful global partner for systems/sub-systems, India is exporting defence equipment to more than 80 countries as of FY 2025-26. The number of exporters underwent a surge to 145 from 128, a 13.3% rise from the previous fiscal,” the defence ministry said in a statement on Thursday.

The Defence Ministry further added that the government’s sustained efforts to improve ease of doing business and support defence exporters have helped build a performance-driven and globally competitive industry. It added that, to aid exporters, the Department of Defence Production has streamlined regulatory processes through a revamped online portal and a simplified standard operating procedure for authorisations.

Defence stocks in FY26

The Nifty India Defence sector has jumped approximately 13% in FY26 as compared to a gain of 38.5% in the previous fiscal year. The gauge had rallied 176% in FY24, while it saw a jump of 48.6% in the financial year 2022-23.

On Thursday, the sector has tumbled 3% to touch an intraday low of the 7,369.75 level. As many as 18 stocks out of 19 traded on the Nifty India Defence index were seen in red during the session.

Shares of Garden Reach Shipbuilders & Engineers (GRSE) were the most underperforming stock, declining 5.82%, followed by Data Patterns (-5.81%), Cochin Shipyard (-4.3%), Mishra Dhatu Nigam (-3.79%), and Mazagon Dock (-3.53%).

However, Astra Microwave Products was the only gainer on the index, rising 2.59%.