India, July 4 -- India's defence sector has spent the last few years earning its stripes on order books and execution speed. But brokerages are increasingly asking a different question: which companies are diversifying fastest, and which ones stand to benefit most as procurement policy tilts further toward indigenous design and manufacturing. Kotak Institutional Equities has flagged three companies worth watching heading into FY27 - MTAR Technologies, Zen Technologies, and Astra Microwave Products.

Kotak's Big Picture on FY27 The brokerage's thesis isn't really about bigger contracts, though those matter too. It's about new business lines starting to pull their own weight alongside legacy operations. Kotak expects demand visibility to s...