Indra

What Indra does

Indra Sistemas, S.A. is a Spanish multinational technology and defence company (IBEX 35-listed, headquartered in Alcobendas, Madrid) operating across four core verticals — Defence, Air Traffic, Space, and Mobility — supplemented by the IndraMind sovereign AI platform and the Minsait IT consulting subsidiary. The group reported FY2025 revenue of €5,457M (+13% YoY) with 62,000+ professionals across 49+ countries and commercial presence in 140+ countries; ATM systems are deployed in 160+ countries. The Defence vertical supplies AESA radars (Lanza 3D, NEMUS, MTR, SHIMBAD 4D multiband), electronic warfare, counter-drone systems (ARACNE, CROW), mission systems for armoured vehicles (8x8 Dragón via TESS Defence, K9 howitzers via Hanwha JV, Tigon for Chile), submarine EW/radar (Type 212CD for German/Norwegian navies), simulator and avionics work (SAETA II / ITS-C), and is leading EU-funded SCEPTER multifunction RF and SHIMBAD programmes. The Air Traffic vertical includes the new Linkia digital ATM platform (launched May 2026) and the deployment of 185 next-generation radars for the US FAA under a $12.5B modernisation programme.

The Space vertical, restructured around Indra Space and Space NewCo following the 2024 acquisition of Elecnor Deimos and the 2025 €725M acquisition of 89.68% of Hispasat/Hisdesat, integrates satellite operations, ground systems and Earth-observation services and is targeting greater than €1B revenue by 2030-2033. Mobility supplies gantryless and C-V2X tolling (North Carolina I-485, Virginia 66 Express), metro ticketing (Washington WMATA, Cairo monorail, Qiddiya/Grupo Alsa Saudi Arabia), and Ukraine rail corridor modernisation. IndraMind provides sovereign AI in cyber-resilient environments, supported by partnerships with Cohere and Multiverse Computing; Minsait delivers IT consulting, digital platforms, and agentic AI for retail, financial services, energy and public administration.

The revenue model combines multi-year government and MoD managed-services contracts (€20.3B total backlog at Q1 2026, with defence backlog up 279% YoY to €11.4B), quote-based enterprise sales of ATM hardware/software with recurring services (in 160+ countries), sale of integrated military platforms via JVs (TESS Defence, Hanwha, Rheinmetall, Santa Bárbara), subscription/multi-year concession revenue in mobility/tolling, and project-based managed services in Minsait IT consulting. Go-to-market is primarily enterprise and government field sales augmented by prime-partner OEM channels (Airbus, Leonardo, Rheinmetall, Hanwha, Kongsberg, NATS, Cohere, EDGE) and event-driven demand generation at major defence and aerospace trade shows (Eurosatory, FIDAE, Airspace World). Pricing is contract-by-contract and not publicly disclosed. FY2026 guidance targets greater than €7B revenue with greater than €700M EBIT, and the 2030 plan targets €10B revenue at 12% EBIT margin.

Name

Indra

Legal name

Indra Sistemas, S.A.

Website

https://indracompany.com

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Indra is a Spanish multinational (IBEX 35-listed) technology and defence company serving governments, militaries, air-navigation service providers, and critical-infrastructure operators across 140+ countries via Defence, Air Traffic, Space, Mobility, IndraMind sovereign AI, and Minsait IT consulting.

Ownership category

akta.pro rank

Product category

Defense & Aerospace Technology Systems

NAICS

Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing (334511)

SIC

Search, Detection, Navagation, Guidance, Aeronautical Sys (3812)

akta.pro primary industry

Integrated Modular Avionics (IMA) & Avionics Computing Platforms (IMABAFAI)

Keywords

• Defense technology systems
• Air traffic management
• Sovereign AI platform
• Military radar systems
• IT consulting services

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Defense and security contracts: Multi-year government and MoD contracts covering radars, electronic warfare, command-and-control, simulation, and armored vehicles. Backlog grew to €11.4B (up 279% YoY) in Q1 2026 and full backlog reached €20.3B; program-based, multi-year contract model.
2. Air Traffic Management systems: Sales of ATM software, radar systems, and related services to air-navigation service providers worldwide, deployed in more than 160 countries; recurring service revenues layered on top of large one-time system deployments.
3. Space services (Indra Space / Space NewCo): Integrated space services combining Deimos, Hispasat, Hisdesat and Startical capabilities, targeting over €1B in revenue by 2030–2033; covers satellite operations, ground systems, and Earth-observation services for government and commercial customers.
4. Minsait IT consulting & digital transformation: IT consulting, digital platforms, analytics and AI services for financial services, energy, retail, and public administration clients; primarily project-based and managed-service revenue.
5. Hardware and integrated platform sales: Sale of integrated military platforms (e.g., 8x8 Dragón via TESS Defence, K9-based howitzers in JV with Hanwha, military trucks via Rheinmetall JV) and ATM hardware (radars, control towers) bundled with integration services.
6. Mobility and tolling solutions: Smart-mobility platforms, tolling systems (gantryless and C-V2X), account-based ticketing, and metro/WMATA terminal systems deployed as multi-year municipal or concession contracts.

Go-to-market motion4 records

Distribution channels5 records

Marketing channels6 records

Core offering

Indra is a Spanish multinational that designs, manufactures and integrates defence electronics, air-traffic-management systems, space systems, smart-mobility platforms and sovereign AI for governments, militaries, ANSPs and critical-infrastructure operators. Through divisions Indra Defence, Indra Air Traffic, Indra Space, Indra Mobility, IndraMind and Minsait, the company delivers multi-year framework contracts (radars, electronic warfare, command-and-control, satellites, tolling, ticketing, ATM modernisation, IT consulting and digital transformation) to ministries of defence, ANSPs, transportation authorities and commercial enterprises.

Differentiator

Problem solved

Functional benefit

Brands

• Minsait: Specialized company and global reference in digital transformation and IT consulting, transforming organizations through digital platforms, analytics, and AI.
• Indra Defence
• Indra Air Traffic
• Indra Space
• Indra Mobility
• IndraMind

Products and services

• Indra Defence

Quantifiable outcome

• 2025 revenue €5,457M (up 13%+ vs 2024); 2025 net profit up 57%; share price up 186% in 2025 (top IBEX 35 performer).
• +6 more outcomes

Named customers22 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration15 records

AI capability15 records

Feature9 records

Partnerships

26 partnerships are on record, tiered flagship, core and minor.

• Santa Bárbara Sistemas (General Dynamics)flagshipStrategic or Co-development Partner · 24 June 2026Indra and Santa Bárbara Sistemas are negotiating a joint venture to resolve litigation over the €7.24B Spanish artillery programmes, with Indra Land Vehicles holding 51% and Santa Bárbara 49%. Also collaborating on a broader "Defense Pact".
• Airbus / Leonardo / Thales ("Bromo" pan-European space merger)flagshipStrategic or Co-development Partner · 24 June 2026Indra Space (along with Germany's OHB) opposes the proposed Airbus/Leonardo/Thales "Bromo" pan-European space merger on competition grounds, signalling potential legal action. Indra plans to engage with EU competition authorities on transparency grounds.
• BAE Systems OneArccoreTechnology or Integration · 22 June 2026Indra Group and OneArc (BAE Systems simulation subsidiary) signed an agreement integrating OneArc's VBS4 virtual simulation software and Blue IG image-generation into Indra's training systems for the Spanish Army's land-vehicle programmes, with potential expansion to joint development.
• MBDA / Dassault Aviation (MRFA Rafale / Meteor)coreTechnology or Integration · 22 June 2026Indra developed the upgraded Meteor missile datalink that recently passed PDR and is set to feature on 114 Rafale jets in India's ₹3.25 lakh crore MRFA programme, leveraging the RBE2 AESA radar.
• Arquimea / EM&E / Oesía (Spanish anti-drone alliance)coreStrategic or Co-development Partner · 19 June 2026Indra has formed an alliance with EM&E and TRC for counter-drone solutions, with Arquimea negotiating to join the partnership to position itself as Spain's leading interceptor drone provider. Together they target a ~€1.5B government military modernization programme (PEM) for anti-drone systems.
• MAN Truck & BuscoreStrategic or Co-development Partner · 16 June 2026Indra is in advanced negotiations with Rheinmetall and MAN Truck & Bus to use their platforms for two Spanish military modernization contracts (wheeled artillery and bridge-laying vehicles) collectively valued at ~€3B.
• EDGE Group (UAE)coreStrategic or Co-development Partner · 16 June 2026EDGE Group (UAE defence group) has established collaborations with Indra Group in Europe, alongside EDGE's broader European expansion via EDGE Europe (Paris HQ, Bordeaux engineering hub).
• Airbus (Team Gen 6 / FCAS)flagshipStrategic or Co-development Partner · 11 June 2026Indra is part of the Spanish industrial consortium (with GMV, Grupo Oesia, Sener, ITP Aero) forming up to join Airbus's "Team Gen 6" sixth-generation fighter programme launched after the collapse of the Franco-German-Spanish FCAS programme. Indra is also a core Spanish industrial partner in the original FCAS programme.
• NATS (UK air navigation service provider)flagshipStrategic or Co-development Partner · 31 May 2026Indra and NATS formed a 51/49 joint venture called Igonair, headquartered in Spain, to develop digital automation tools for airport control towers in Spain, the UK, the Middle East, the US and Asia, combining Indra's ATM expertise with NATS's operational experience at Heathrow and Gatwick.
• Cohere (Canada)flagshipStrategic or Co-development Partner · 21 May 2026Indra Group signed an MoU with Canadian AI company Cohere to develop joint sovereign AI solutions across Spain, Canada and Europe through IndraMind, including defence AI, SME internationalization platforms and Spanish/regional-language models. Signed during King Felipe VI's official visit to Canada.
• Catalan SMEs (Catalonia government / Acció)coreGTM or Marketing Partner · 9 May 2026Indra hosted a Barcelona event to sign ~20 agreements with Catalan companies as part of the Catalan government's Acció programme to integrate Catalan SMEs into defence supply chains (dual-use aerospace, satellites, cybersecurity, automotive components).
• Leonardo S.p.A.flagshipStrategic or Co-development Partner · 24 April 2026Indra Group and Leonardo signed an MoU to collaborate on cyber defence at Leonardo's Rome HQ, jointly providing managed cyber-defence services across Europe, NATO and other markets.
• Kongsberg Defence & AerospaceflagshipStrategic or Co-development Partner · 15 April 2026Indra signed a contract with Kongsberg to supply fully digital electronic warfare systems and advanced radar units for six additional Type 212CD submarines for the German and Norwegian navies, bringing total equipped platforms to twelve.
• TelefónicacoreStrategic or Co-development Partner · 9 April 2026Indra and Telefónica are reportedly exploring a cybersecurity and AI partnership to compete jointly for Spanish defense modernization contracts potentially worth billions of euros.
• Rheinmetall AGflagshipStrategic or Co-development Partner · 27 March 2026Indra and Rheinmetall signed an MoU to expand cooperation and plan a joint venture in Spain for joint bids on Spanish military contracts, including up to 3,000 military trucks and several hundred tactical fighting vehicles (potentially worth several billion euros). The partnership also covers satellites, electronics, naval systems and the integration of Indra's NEMUS AESA radar into Rheinmetall's Strikeshield active protection system, and a joint bid on a separate €1B tactical military trucks programme.
• IFEMA MADRID (Global Mobility Call 2026)minorGTM or Marketing Partner · 25 March 2026Indra Group is the official technology sponsor and strategic technology partner of Global Mobility Call 2026 in Madrid (June 9–11, 2026), showcasing smart traffic management, connected-vehicle systems, and public-transport ticketing solutions.
• Hanwha AerospaceflagshipStrategic or Co-development Partner · 24 March 2026Indra and Hanwha signed a deal worth over €4.55B to design and manufacture a K9-based self-propelled howitzer for the Spanish Army, with full technology transfer, hull production at Gijón, a new Indra plant by 2027, and deliveries 2033–2034. The partnership was extended to the Tigon armored-vehicle programme for Chile and Latin America.
• Synaptic Aviation Inc.coreTechnology or Integration · 20 March 2026Indra and Synaptic Aviation deployed an AI-based apron-monitoring system at three major Spanish Aena airports (Madrid-Barajas, Barcelona-El Prat, Palma de Mallorca), automating real-time monitoring of ground activities such as GPU connection, chocks, refuelling and catering.
• Delca (industrial supply hub)minorStrategic or Co-development Partner · 20 March 2026Indra Group announced a strategic partnership with Delca to establish an industrial supply and service management hub, alongside its Global Mobility Call 2026 sponsorship.
• Escribano Mechanical & Engineering (EM&E)flagshipStrategic or Co-development Partner · 19 March 2026EM&E withdrew from a planned merger with Indra following pressure from SEPI over a conflict of interest involving Indra's then-chairman Ángel Escribano (founder of EM&E). The cancelled integration has led to renewed integration discussions in 2026.
• Hispasat / Hisdesat (Redeia)flagshipStrategic or Co-development Partner · 16 December 2025Spanish Government authorised Indra's acquisition of 89.68% of Hispasat (and Hisdesat) for €725M via its subsidiary Indra Space, completing the deal before end-2025. Strengthens Indra's space division and Space NewCo ambitions.
• Airbus Defence and Space (ITS-C / SAETA II)flagshipStrategic or Co-development Partner · 1 December 2025Indra leads simulator development and avionics/mission systems for the Airbus-led Integrated Combat Training System (ITS-C / SAETA II) awarded in December 2025; will replace Spain's F-5 fleet with 30 HÜRJET-based aircraft by 2035 (deliveries starting 2028), with 60% national industry participation.
• TESS DefenceflagshipStrategic or Co-development Partner · 13 June 2025Indra acquired a controlling (majority) stake in TESS Defence on June 13, 2025. TESS Defence develops the 8x8 Dragón infantry combat vehicle (displayed at Eurosatory 2026), and is positioned as a key player for Spanish Army artillery and 8x8/VAC vehicle programmes.
• Elecnor Deimos / StarticalflagshipStrategic or Co-development Partner · 12 September 2024Indra acquired Elecnor Deimos to expand space capabilities and created Space NewCo, integrating its 50% stake in Startical. Space NewCo targets over €1B in revenue by 2030–2033 and consolidates satellite mission design, satellite design, and space surveillance.
• Global Training Aviation (GTA)coreStrategic or Co-development Partner · 14 February 2024Indra completed the 100% acquisition of GTA, a pilot and cabin-crew training specialist. Expands simulation and aviation training services, securing leadership in civil-aviation training.
• Registraduría Nacional del Estado Civil (Colombia)coreOthersIndra-developed two-phase electoral software handles preliminary vote transmission (preconteo) and official vote consolidation (escrutinio) for Colombia's national elections, including the June 21 presidential runoff.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Hensoldt: European pure-play defense-electronics and sensor house (radar, EW, optronics) — directly comparable to Indra Defence's AESA radar family (Lanza, NEMUS, MTR, SHIMBAD) and EW offerings. Hensoldt is a SCEPTER co-partner and a close competitor on European radar programs.
• Elbit Systems: Israeli defense electronics house with comparable offerings in radar, EW, C4I, C-UAS (ARACNE competitor) and homeland security — directly comparable to Indra Defence and IndraMind sovereign-AI segments.
• Thales: French defense and aerospace prime with strong positions in air-traffic management, defense electronics, space and sovereign cybersecurity — overlapping directly with Indra's Defence, Air Traffic, Space and IndraMind portfolios. Thales is Indra's most direct European mid-tier defense/ATM peer.
• Rheinmetall AG: German land-systems and defense-electronics prime that is both a partner (joint JV, Strikeshield integration, K9/MAN platforms) and competitor of Indra in Spanish and European military-vehicle programs. Highly relevant peer given Indra–Rheinmetall JV and bid co-bidding structure.
• Leonardo S.p.A. Italian defense, aerospace and ATM prime — directly comparable to Indra across defense electronics (radar, EW), air-traffic management, helicopters and cyber. Leonardo and Indra are also SCEPTER co-partners and recently signed a cyber-defense MoU, underlining their peer overlap.
• Saab AB: Swedish defense and ATM group with comparable products across radar, command-and-control, EW, air-traffic management and training — overlapping with Indra Defence, Air Traffic and SAETA II-style training systems. SCEPTER co-partner.

Broad incumbents

• BAE Systems: Global defense incumbent with comparable capabilities in combat systems, simulation (OneArc/VBS4 — Indra's training integration partner), naval electronics and cyber. BAE is both a partner (VBS4/Blue IG integration with Indra) and an incumbent competitor in European defense.
• Honeywell Aerospace: Major US aerospace and ATM systems supplier competing with Indra Air Traffic on US and global ANSP modernization programs; comparable in avionics, navigation aids and integrated ATM suites.
• Airbus: European aerospace and defense incumbent partnering with Indra on FCAS/Team Gen 6 and SAETA II while competing with Indra Space in the proposed Bromo space merger. Overlaps heavily in ATM, space, defense electronics and government AI.

Emerging players

• Hanwha Aerospace: Korean defense prime partnering with Indra on the €4.55B K9 howitzer for Spain and the Tigon armored-vehicle programme for Chile — strategically aligned while also competing on certain land-systems bids; relevant emerging peer given their joint €4.55B programme.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/indracompany
• YouTubeyoutube.com/user/theindracompany
• LinkedInlinkedin.com/company/indra
• Instagraminstagram.com/indracompany
• Facebookfacebook.com/indracompany

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries17 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A13 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indra