Defence stocks that will contribute to the ₹30,000 crore Indian Army QRSAM order

Reports are indicating that the Indian Army has issued a tender worth ₹30,000 crore to state-run Bharat Electronics Ltd. (BEL) to procure the Quick Reaction Surface-To-Air Missiles (QRSAM) air defence missile systems.

The Indian Army plans to procure five to six regiments of the indigenously developed ‘Anant Shastra’ surface-to-air missile weapon systems, according to the reports.

The Defence Acquisition Council had cleared the procurement proposal for this project shortly after Operation Sindoor in May this year.

Here are the defence stocks that can have a contribution in fulfilling this order, including BEL, according to sources:

Bharat Electronics

BEL is likely to be the lead integrator of this order and execution could commence primarily from financial year 2027.

This order is also likely to increase BEL's order book past the ₹1 lakh crore mark. At the end of the June quarter, the order book for BEL stood at ₹74,589 crore.

In financial year 2026, BEL has so far received orders worth ₹11,458 crore. For the full year, BEL had guided for order inflow to be ₹27,000 crore, which is excluding the ₹30,000 crore QRSAM order. It also anticipates margins at 27% for the year and 16% medium-term revenue growth.

Bharat Dynamics

While BEL could be the lead integrator, Bharat Dynamics will be manufacturing the missiles, and can expect orders worth ₹10,500 crore to ₹12,000 crore from this.

Apollo Micro

The stock is off the day's high in today's session but has risen over 26% in the last one month.

The company could be used for the computer and complete navigation system for the QRSAM and is likely to see orders worth ₹800 crore to ₹1,000 crore.

Apollo Micro's current order book stands at ₹735 crore.

Astra Micro

The company could supply subsystems like TR Modules as well as supply subsystems in the missile programs and could expect orders valued between ₹1,800 crore to ₹2,000 crore.

Astra Micro's current order book stands at ₹1,891 crore.

The stock is down 4% in today's session.

Axiscades, Data Patterns and Paras Defence are some of the other names that could contribute to this order, although the nature and size of the orders remains unclear.