India, June 19 -- Hidden in plain sight on the NSE Main Board, a Gujarat-based defence manufacturer has quietly compounded its net profit at 102.4% annually for four straight years - nearly doubling earnings every single year. The numbers are striking, but the roadmap ahead may be even more interesting.

From Milk Cans to Naval Warships The origin story is not what you would expect. Krishna Defence and Allied Industries Limited started in 1997 making stainless steel dairy equipment in Kalol, Gujarat. The founder, late Mr. Ashwin N. Shah, ran a modest engineering shop with a small team and a small investment.

The real turn came in 2006, when the company partnered with DRDO's Defence Metallurgical Research Laboratory in Hyderabad for a Tra...