India has achieved a significant milestone in its defense manufacturing capabilities, with three of its companies making it into the prestigious Stockholm International Peace Research Institute (SIPRI) Top 100 arms producers list for 2024. This achievement underscores the success of national initiatives like ‘Make in India’ and ‘Atmanirbhar Bharat’ in bolstering the indigenous defense sector.
Leading the Indian contingent is Hindustan Aeronautics Limited (HAL), renowned for its Light Combat Aircraft (LCA) Tejas, which secured the 44th position globally. Bharat Electronics Limited (BEL), a key player in radar and electronic warfare systems, followed at 58th. Mazagon Dockyard Limited (MDL), a prominent builder of warships and submarines, also earned a spot at 91st.
The SIPRI report, released on December 1, 2025, reveals that the global arms market saw record revenues of $679 billion in 2024. The United States continues its dominance, with four of the top five global arms producers hailing from the US, including industry giants like Lockheed Martin and RTX. The UK’s BAE Systems is the sole non-US company in the top five, ranking fourth. Overall, 39 US companies are featured in the Top 100, with many experiencing revenue growth, reflecting the strong financial performance of the defense industry.