Sixth PIL: 'Opportunity bigger than Rs 3,070 crore'; HAL, BEL, BDL top beneficiaries
HAL, BEL, BDL: The brokerage is bullish on the prospects of the three defence firms due to their strong presence across aircraft/helicopters, defence electronics/radars and missile systems, respectively.
- Aug 20, 2026,
- Updated Aug 20, 2026 1:27 PM IST
Choice Broking has come out with a report stating that Bharat Electronics Ltd (BEL), Hindustan Aeronautics Limited (HAL) and Bharat Dynamics Ltd (BDL) remain the key direct listed beneficiaries of the sixth Positive Indigenisation List (PIL) notified by the defence ministry. The brokerage is bullish on the prospects of the three defence firms due to their strong presence across aircraft/helicopters, defence electronics/radars and missile systems, respectively.
"We expect meaningful incremental opportunities to increasingly extend to private-sector Tier-1/Tier-2 suppliers, particularly as indigenisation moves deeper into electronics, propulsion, precision components and mission-critical sub-systems," said Choice Broking.
The PIL comprises 405 strategically key items with an estimated business potential of Rs 3,070 crore. The list contains Line Replaceable Units, sub-systems, sub-assemblies, spares, components and raw materials. These include 16 items of the Indian Coast Guard (ICG) and 389 items of Defence Public Sector Undertakings (DPSUs).
The items cover a broad range of defence platforms and systems, including:
1. Air platforms such as Advanced Light Helicopter, Light Utility Helicopter, Su-30MKI, Light Combat Aircraft and AL-31FP Engine.
2. Armoured platforms including T-72, T-90 and BMP-II Warships Missile systems such as Konkurs-M, Invar and MRSAM.
3. Defence electronics including radars, sonars, fire control systems and satellite communication systems
4. High Explosive Anti-Tank ammunition and other critical defence equipment
HAL has Advanced Light Helicopter, Light Utility Helicopter, Su-30MKI, Light Combat Aircraft and AL-31FP Engines in its defence portfolio. Konkurs-M, Invar, and MRSAM are related to the Indian state-owned defence manufacturer Bharat Dynamics Ltd.
Bharat Electronics Limited (BEL) supplies critical electronic systems, thermal imagers, and fire control systems for armored vehicles such as T-72, T-90 and BMP-II.
"The inclusion of critical platforms and systems, such as ALH/LUH, Su30MKI, LCA, AL-31FP engines, T-72/T-90, BMP-II, warships, MRSAM, radars, sonars, fire-control and satellite communication systems. This suggests that the indigenisation cycle is moving towards higher-value, mission-critical systems, rather than remaining focussed on lower-value components. We believe this could create a larger revenue opportunity for Indian defence manufacturers across the value chain," said the brokerage.
"With the government targeting Rs 3 lakh Cr of defence production and Rs 50,000 crore of exports by FY29, we see significant headroom for further growth. We expect the industry to increasingly shift from import substitution towards domestic manufacturing and exports," added Choice Broking.
Choice Broking has come out with a report stating that Bharat Electronics Ltd (BEL), Hindustan Aeronautics Limited (HAL) and Bharat Dynamics Ltd (BDL) remain the key direct listed beneficiaries of the sixth Positive Indigenisation List (PIL) notified by the defence ministry. The brokerage is bullish on the prospects of the three defence firms due to their strong presence across aircraft/helicopters, defence electronics/radars and missile systems, respectively.
"We expect meaningful incremental opportunities to increasingly extend to private-sector Tier-1/Tier-2 suppliers, particularly as indigenisation moves deeper into electronics, propulsion, precision components and mission-critical sub-systems," said Choice Broking.
The PIL comprises 405 strategically key items with an estimated business potential of Rs 3,070 crore. The list contains Line Replaceable Units, sub-systems, sub-assemblies, spares, components and raw materials. These include 16 items of the Indian Coast Guard (ICG) and 389 items of Defence Public Sector Undertakings (DPSUs).
The items cover a broad range of defence platforms and systems, including:
1. Air platforms such as Advanced Light Helicopter, Light Utility Helicopter, Su-30MKI, Light Combat Aircraft and AL-31FP Engine.
2. Armoured platforms including T-72, T-90 and BMP-II Warships Missile systems such as Konkurs-M, Invar and MRSAM.
3. Defence electronics including radars, sonars, fire control systems and satellite communication systems
4. High Explosive Anti-Tank ammunition and other critical defence equipment
HAL has Advanced Light Helicopter, Light Utility Helicopter, Su-30MKI, Light Combat Aircraft and AL-31FP Engines in its defence portfolio. Konkurs-M, Invar, and MRSAM are related to the Indian state-owned defence manufacturer Bharat Dynamics Ltd.
Bharat Electronics Limited (BEL) supplies critical electronic systems, thermal imagers, and fire control systems for armored vehicles such as T-72, T-90 and BMP-II.
"The inclusion of critical platforms and systems, such as ALH/LUH, Su30MKI, LCA, AL-31FP engines, T-72/T-90, BMP-II, warships, MRSAM, radars, sonars, fire-control and satellite communication systems. This suggests that the indigenisation cycle is moving towards higher-value, mission-critical systems, rather than remaining focussed on lower-value components. We believe this could create a larger revenue opportunity for Indian defence manufacturers across the value chain," said the brokerage.
"With the government targeting Rs 3 lakh Cr of defence production and Rs 50,000 crore of exports by FY29, we see significant headroom for further growth. We expect the industry to increasingly shift from import substitution towards domestic manufacturing and exports," added Choice Broking.