New Delhi, May 1 -- The top private and state-owned defence companies are looking at a Rs.15 trillion revenue opportunity over the next five fiscal years, according to brokerage Dam Capital on 27 April, as rising government capital expenditure and an export push combine to reshape the country's arms sector into a global supplier.

The windfall is being spread across five big firms, Hindustan Aeronautics, Bharat Electronics, Bharat Dynamics, Mazagon Dock Shipbuilders, and Larsen & Toubro's Precision Engineering & Systems division, with exports projected to be over Rs.72,000 crore for the period, according to industry projections and company disclosures. Defence exports already hit Rs.38,424 crore in FY26, as per defence ministry data, and ...