India’s defense manufacturing prowess has been acknowledged on the world stage, as revealed in the latest report by the Stockholm International Peace Research Institute (SIPRI). The ‘SIPRI Top 100 Arms-Producing and Military Services Companies, 2024’ report, released December 1, 2025, includes three prominent Indian companies, showcasing the progress made under the ‘Make in India’ initiative.
Among the world’s leading arms manufacturers, Hindustan Aeronautics Limited (HAL) is positioned at 44th, recognized for its production of advanced aircraft like the Tejas. Bharat Electronics Limited (BEL) ranks 58th, noted for its expertise in electronic warfare and radar systems. Mazagon Dockyard Limited (MDL), a critical naval shipbuilding entity, is placed 91st on this distinguished list.
The report underscores the robust financial performance of the global defense industry, with aggregate revenues hitting $679 billion in 2024. US-based corporations continue to lead the market, holding four of the top five spots, including major players such as Lockheed Martin. BAE Systems from the UK is the only non-US entity in the top five. Out of the 100 companies listed, 39 are from the United States, many of which experienced significant revenue increases, highlighting sustained global demand for defense technologies.
