Aerospace Stocks in India 2026: Suppliers and Order Books

On 10 June 2026, the first C295 transport aircraft assembled in India made its maiden flight from the Tata Advanced Systems line in Vadodara. It came as the world's airlines wait for more than 17,000 aircraft that the makers have not yet built, and Indian airlines alone have about 1,800 on order against a fleet of about 730. Airbus now sources over USD 1.5 bn a year from India, and Boeing over USD 1.4 bn.

Much of that work goes to listed Indian companies that make engine parts, aircraft structures, special metals, wiring and electronics, and to the airfields and shops that repair aircraft. This page lists the aerospace and space suppliers we have studied in depth, with each one's order book or main aerospace figure. Each row links to our full research on that company. For missile, radar and naval companies, see our Defence Stocks in India 2026: List by Segment and Order Book.

Figures as of 13 November 2026. This page is research, not a recommendation to buy or sell any stock.

Aerospace Stocks in India at a Glance

The order book is the value of contracts a company has signed but not yet delivered. Dividing it by FY26 revenue shows roughly how many years of work are already in hand.

Azad's ratio is high because most of its long-term contracts are for energy turbines, not aircraft. Sansera's backlog covers its whole ADS business, which also makes parts for chip-making machines, and is due over about five years. Read each ratio together with the company's delivery record, which our research covers.

How the Aerospace Supply Chain Works

An aircraft is built by a long chain of companies, and each layer is called a tier.

• Aircraft makers such as Airbus, Boeing and HAL design the aircraft and assemble it.
• Engine makers such as CFM (a joint venture of GE and Safran), Pratt & Whitney and Rolls-Royce build the engines.
• Tier 1 suppliers build large sections, such as fuselages and wings, and complete systems. In India, Tata Advanced Systems and L&T work at this level.
• Tier 2 and Tier 3 suppliers make machined parts, sub-assemblies, harnesses and electronics. Most listed Indian aerospace companies sit here.
• Tier 4 suppliers make the metals: titanium, superalloys, castings and forgings. MIDHANI and PTC Industries work here.
• MRO companies (maintenance, repair and overhaul) service the aircraft and engines for their whole working life.

The engine is about 25% of the value of a new aircraft, and the wings, fuselage, tail and engine housings together are about 40%. That is why so many Indian suppliers aim at engine parts and aerostructures, the load-bearing body of the aircraft.

Why Approvals Take Years

A new supplier cannot simply quote a lower price. It must pass a quality audit, get each special process approved, and make a first article, a sample part checked line by line against the drawing, before it can supply that part. This takes about 3-6 years. Bharat Forge, for example, says the approval and validation cycle takes 2 to 4 years.

Once a part is approved, the work tends to stay. Only four all-new airliners have been launched since 2010, so aircraft makers rarely get the chance to switch suppliers. This is why qualified parts are a useful number to watch: Azad has about 1,700 qualified parts, and Unimech has 250 parts qualified with 346 more in the pipeline.

Why Indian Aerospace Is Growing

The world cannot build aircraft fast enough. The global backlog is over 17,000 aircraft, almost 60% of the active fleet. Airbus alone had 9,352 aircraft on order in July 2026, about 10.7 years of work at its planned build rate. Engines are a bottleneck too: CFM delivered 1,802 LEAP engines in 2025 and plans over 2,000 in 2026. Before 2022, Russia's VSMPO-AVISMA supplied about 35% of Boeing's titanium and about 50% of Airbus's, so aircraft makers are now looking for new qualified sources of metal and parts.

Indian airlines are among the biggest buyers. IndiGo has nearly 1,000 aircraft on order and Air India about 600. India had about 150 operating airports in 2025, against about 70 in 2014.

India is building its own military aircraft. HAL received an order for 83 Tejas Mk1A fighters in 2021, worth about ₹48,000 Cr, and 97 more in September 2025 for over ₹62,370 Cr. Of the 56 C295 aircraft ordered for the Air Force, 40 are to be built in Vadodara. The prototype stage of the AMCA, India's planned fifth-generation fighter, is worth about ₹15,000 Cr.

Repair work is coming home. About 85% of the repair work on Indian aircraft is still done abroad. The GST on MRO services was cut from 18% to 5% in 2020, and in November 2025 Safran opened a shop in Hyderabad that can service up to 300 LEAP engines a year. The government expects India's MRO market to grow from USD 2 bn to USD 4 bn by 2030.

Space is a new market. The global space economy reached USD 613 bn in 2024, about 78% of it commercial. In the September 2026 quarter, INOX India won an order of more than ₹1,000 Cr for launch pad tanks from a US space company, and Rossell Techsys holds a multi-year space contract worth about ₹400 Cr. MIDHANI supplies maraging steel and titanium for ISRO's rockets.

Other Listed Companies in Aerospace

These companies also work in aerospace but are not yet covered in our in-depth research. The details come from their own filings, calls and presentations.

How to Read an Aerospace Supplier's Numbers

1. Firm orders or long-term agreements? A long-term agreement fixes the part and price for years, but the customer releases orders as its build rate allows. Check how much of the book is firm.
2. How much is really aerospace? Many suppliers also serve energy turbines, cars or chip-making machines. Azad's book is mostly energy, and Sansera's backlog includes chip-equipment parts.
3. Which programmes? Revenue follows the build rate of a few aircraft and engines, such as the A320neo, the LEAP engine or Tejas. A cut in one rate hits every supplier on it.
4. How many parts are in qualification? Parts still being approved are tomorrow's revenue. Companies such as Unimech and Azad report these counts.
5. How much cash is tied up? Aerospace suppliers hold large stocks of costly metal and parts. MIDHANI, for example, held about 402 days of inventory at March 2026. Check operating cash flow, not just profit.

Key Risks for Aerospace Stocks

• Build-rate cuts: aircraft makers change their plans often. Airbus cut the A220 rate to 12 a month in 2026 from 14.
• Engine problems: a powder-metal flaw in Pratt & Whitney's GTF engine sent about 700 engines to the shop between 2023 and 2026, and grounded about 70 IndiGo aircraft at various points.
• Slow qualification: new parts and new engines can run late. Military aircraft deliveries also depend on engine supply.
• Few customers: Boeing gives about 40% of Rossell Techsys' revenue, and Taneja Aerospace earns 59% of its revenue from one customer.
• Exports and currency: many suppliers export most of what they make. About 90% of Unimech's output is exported, so currency moves and trade rules matter.
• Valuations: aerospace stocks often trade at high prices for their current revenue, which leaves little room for delays.

Explore our Products

Research Framework

Market Cap focus

No. of ideas in a year

Holding period

Pricing

Emerging Titans

Combination of quantitative analysis, industry tailwinds, and management assessment - SPRINT investment philosophy

Multi Cap

20-25

3+ Years

Rs. 23,999/year

Buy Now

Tiny Titans

Heavy emphasis on scuttlebutt research, plant visits, and early on-ground signals

Exclusively for SME's

15-20

3+ years

Rs. 31,999/year

Buy Now

Conclusion

India is becoming a real supplier to the world's aircraft and engine makers, from titanium castings and engine parts to doors, wiring and rocket launch pad tanks. Order books and long-term agreements are at records for many of these companies. But aerospace revenue follows a few build rates and takes years to qualify, so delivery matters more than the headline order. Use the tables above to see where each company sits, then read our research on each one for its orders, margins and risks.

Shashank Mahajan

High growth stock specialist, Value Educator

Shashank Mahajan is an equity research professional with over 12 years of experience in identifying high-potential SME and micro-cap stocks at an early stage. He follows a rigorous scuttlebutt research–driven approach, combining on-ground insights with deep financial analysis. Shashank specializes in uncovering under-researched and under-owned companies with strong management quality and long-term growth potential. Through disciplined research and early identification, he focuses on spotting tomorrow’s market leaders before they enter the mainstream investor radar.