Polska Grupa Militarna

What Polska Grupa Militarna does

Niewiadów Polska Grupa Militarna S.A. (NPGM) is a Polish defense manufacturing holding company listed on the Warsaw Stock Exchange Main Market since April 21, 2026 — the first privately-held Polish armaments producer to list on the main market. Originally incorporated in 2010 as Venture Capital Poland, the entity pivoted to defense in 2023 and now operates through its core subsidiary ZSP Niewiadów, which carries more than a century of munitions manufacturing heritage (founded 1922). The group is structured as a holding covering ammunition production, weapons and military equipment trade, defense R&D, and an associated foundation focused on public-interest and security activities.

NPGM's product portfolio centers on medium- and large-caliber artillery ammunition (155mm, 120mm, 125mm, 122mm), 40mm ammunition, anti-tank and anti-personnel mines, hand grenades, pyrotechnic stores, and historically RPG-7W / SPG-9 recoilless systems. Underlying technologies include Austempered Ductile Iron (ADI) casting of warhead bodies — a process acquired and industrialized through the 2024 acquisition of Odlewnia Żeliwa Sferoidalnego — which materially shortens retooling cycles and tooling lead times. Manufacturing is concentrated at the Niewiadów plant in central Poland, where the group is building toward a target capacity of 180,000 155mm shells per year (operational Q4 2026), 480,000 40mm rounds per year (operational mid-2027), and 1,000,000 mines per year. Adjacent technology development covers gas generators, fuzes, solid rocket propellants, 30mm and 70mm rockets, plastic explosives, and UAV/drone integration through subsidiary Tech Robotics.

The business model is B2G/government-defense: revenue is generated through long-cycle procurement contracts with the Polish Ministry of Defense, the Polish Armaments Agency (Agencja Uzbrojenia), NATO's Support and Procurement Agency (NSPA), and foreign government customers reached through licensed-production partnerships (ST Engineering, Northrop Grumman, KNDS, Rheinmetall). Pricing is contract-based, anchored to multi-year framework agreements with capacity reservation commitments. FY2025 consolidated revenue was PLN 70.1 million (~USD $17.5M) with EBITDA of PLN 0.8 million and a net loss of PLN 0.8 million; the modest profitability reflects a deliberate pre-production investment phase ahead of large-scale capacity coming online in 2026–2027. Capital raised in 2026 (PLN 156.8M ABB plus PLN 156.8M Series M issuance) is being deployed alongside PLN 250M+ in committed project financing and a PLN 60M unsecured loan facility into plant expansion and a stated minimum cash buffer of PLN 150M.

Name

Polska Grupa Militarna

Legal name

NIEWIADÓW POLSKA GRUPA MILITARNA SPÓŁKA AKCYJNA

Website

https://gnsa.com

Company type

Public

Founded year

2010

Operating status

Ipo

Headcount range

1–10 employees

Short description

Niewiadów Polska Grupa Militarna S.A. is a Polish defense manufacturing holding company producing medium- and large-caliber artillery ammunition, 40mm rounds, mines, and pyrotechnics for the Polish MoD, the Polish Armaments Agency, NSPA, and allied governments, with capacity build-out underway toward 180,000 155mm shells per year by Q4 2026.

Ownership category

akta.pro rank

Product category

Defense Manufacturing

NAICS

Guided Missile and Space Vehicle Manufacturing (336414), Small Arms Ammunition Manufacturing (332992)

SIC

Ordnance & Accessories, (No Vehicles/Guided Missiles) (3480), Guided Missiles & Space Vehicles & Parts (3760)

akta.pro primary industry

Tactical & Strategic Missile Systems (IMABAHAB)

akta.pro secondary industry

Artillery, Mortar & Tank Munitions (IMABAHAH)

Keywords

• Military ammunition manufacturing
• Artillery ammunition production
• Defense procurement contracts
• Military logistics services
• Land defense systems

Headquarters

HQ city

Warsaw

HQ country

Poland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Government and NATO defense procurement contracts: Multi-year framework agreements and direct procurement contracts with Polish Ministry of National Defence, Polish Armaments Agency (Agencja Uzbrojenia), and NATO Support and Procurement Agency (NSPA). Includes 155mm artillery shells (target 180,000/year from Q4 2026), 40mm ammo (480,000/year target from mid-2027), anti-personnel mines, mortar grenades.
2. International co-production and licensing royalties: Co-production revenues under strategic framework agreements with Northrop Grumman (155mm), KNDS France (155mm LU211P + MCS modular charges), Rheinmetall (R&D services), and 30-year exclusive license from ST Engineering for 40mm ammunition.
3. Ammo processing/elaboration services (elaboracja): Fee-based ammunition assembly and finishing services for partners (e.g., elaboration of 10,100 units of 60mm HEF mortar grenades for VOP Nováky with NSPA as end customer).
4. M&A-driven inorganic growth: Acquisition of complementary companies and assets (e.g., 100% acquisition of Romer Media sp. z o.o. for PLN 5.31 million in June 2026; takeover of 24,000 shares in ZSP Niewiadów for PLN 50 million in June 2026) to expand production capacity, infrastructure footprint, and product portfolio.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Niewiadów Polska Grupa Militarna S.A. is a Polish defense holding company that manufactures and supplies military ammunition and weapons systems, primarily NATO-standard 155mm large-caliber artillery ammunition, medium-caliber ammunition (40mm, 60mm), anti-personnel and anti-tank mines, warheads for unmanned weapon systems, and civil-defense drones. The company also operates military logistics and transportation services and runs an in-house R&D Center with a dynamic testing range. Its primary production base is the 100+ year-old ZSP Niewiadów facility in Ujazd, Poland.

Product overview

Niewiadów Polska Grupa Militarna S.A. (NPGM) operates as an integrated holding company (platform-plus-modules architecture) on the Warsaw Stock Exchange Main Market, comprising multiple subsidiaries and business profiles focused on advanced civil-military technologies. The core platform includes the production subsidiary Zakłady Sprzętu Precyzyjnego Niewiadów sp. z o.o. (ZSP Niewiadów) — with over 100 years of defense manufacturing history and PN-EN ISO 9001:2015 certification — alongside Elaboracja Niewiadów sp. z o.o. and the recently established Niewiadów Warhead Systems S.A. (NWS). The portfolio is organized into six business profiles: Large-Caliber Ammunition (155mm NATO-standard with KNDS technology transfer targeting 180,000 units/year, and planned 40mm production under ST Engineering license at 480,000 units/year), the Research and Development Center (OBR) with its own dynamic testing site, Civil and Defense Drones (via subsidiary Tech Robotics S.A.), Special Production (anti-personnel/anti-tank mines for the "Tarcza Wschód" program), Logistics and Transportation, and Weapons and Ammunition (small-caliber). The new Ammunition Factory in Niewiadów (Fabryka Amunicji) serves as the central production hub, with serial production of 155mm artillery ammunition scheduled to start in Q4 2026. Strategic partnerships with Northrop Grumman, KNDS Ammo France, Rheinmetall, and ST Engineering underpin technology transfer and product development.

Differentiator

Problem solved

Functional benefit

Brands

• ZSP Niewiadów: Historic defence manufacturing brand (Zakłady Sprzętu Precyzyjnego Niewiadów), over 100 years of armaments production, operated through the Group as the primary production subsidiary.

Products and services

• Large-Caliber Ammunition (Amunicja Wielkokalibrowa) Production of 155mm NATO-standard artillery ammunition including LU211P long-range projectiles, MCS modular propellant charges, and CCC self-consuming cartridge cases via KNDS technology transfer. Target capacity 180,000 units/year once new factory is operational in Q4 2026. For Polish Ministry of Defence and NATO customers.
• Weapons and Ammunition (Broń i Amunicja)

Quantifiable outcome

• Target production capacity of 180,000 units of 155mm artillery ammunition per year, with serial production starting Q4 2026
• +6 more outcomes

Named customers7 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

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

• Romer Media sp. z o.o.minorOthers · 19 June 2026Acquired by ZSP Niewiadów on 19 June 2026 for PLN 5.31 million (100% of shares). Provides 1.84 ha of real estate, existing technical infrastructure, on-site wastewater treatment plant, and independent water intakes supporting production safety and process control. Group also repaid Romer Media's PLN 190,000 liabilities. Reinforces NPGM's strategy of expanding production capacity and infrastructure footprint around the Niewiadów plant.
• KNDS Ammo France (KNDS Group)flagshipStrategic or Co-development Partner · 18 June 2026Strategic cooperation agreement signed on 18 June 2026 at Eurosatory 2026 in Paris between Grupa Niewiadów S.A. (NPGM subsidiary) and KNDS Ammo France. Targets production in Poland of complete 155mm artillery ammunition sets (target 180,000 units/year) and components including LU211P shells and MCS modular propellant charges. Includes technology transfer for projectile production (including explosive filling), MCS modular charge production at LAP level, and production of CCC self-consuming casings. Plans to qualify KNDS 155mm solutions for Polish KRAB and K9 systems. Framework agreement planned before end of 2026. Agreement runs for 1 year with extension option; may expand to 105mm light artillery and 120mm tank ammunition.
• Schoenherr (law firm)coreImplementation/ SI/ Consulting Partner · 16 June 2026Legal advisor on the May 2026 ABB transaction - advised a shareholder on the sale of 12,064,349 shares for proceeds exceeding PLN 156 million via accelerated bookbuilding on the WSE. Schoenherr advisory team led by Partner Szymon Okon, Counsel Dawid Brudzisz, and Attorney at Law Urszula Sleszycka. Subsequently advised on capital raise via Series M share subscription to fund defense-related production capabilities.
• Ipopema SecuritiescoreOthers · 22 May 2026Coordinator and bookrunner of the May 2026 ABB (accelerated bookbuilding) process that raised PLN 156.8 million. Led the placement of 12,064,349 shares to Polish OFE, TFI, HNWI, and family foundations.
• VOP Nováky (Slovakia)coreStrategic or Co-development Partner · 11 May 2026Contract signed 11 May 2026 between ZSP Niewiadów and Slovak partner VOP Nováky for elaboration of 10,100 units of 60mm HEF mortar grenades. End customer is NATO Support and Procurement Agency (NSPA). VOP Nováky brings one of the most modern and highly-robotized production facilities in Europe with capabilities in calibers 57-155mm, rockets, and anti-tank systems.
• Tech Robotics S.A.coreStrategic or Co-development Partner · 23 April 2026Subsidiary of NPGM specializing in battlefield drones and robotics. Partner in the newly established Niewiadów Warhead Systems S.A. (joint venture established 23 April 2026) for production of specialized warheads for unmanned weapon systems (INERT training, HE fragmentation, TBX thermobaric, HEAT cumulative-fragmentation warheads). In June 2026, Tech Robotics acquired 33% of Niewiadów Warhead Systems shares (330,000 shares for PLN 318,000).
• Rheinmetall Expal Munitions S.A.U. (REM)coreStrategic or Co-development Partner · 27 February 2026Framework agreement signed 27 February 2026 between ZSP Niewiadów and Rheinmetall Expal Munitions for utilization of the R&D Center (OBR) operating within ZSP Niewiadów. Covers R&D work related to ammunition; scope defined in separate executive orders. Includes cost-coverage settlement for execution of individual work and use of research infrastructure.
• Northrop Grumman (Northrop Grumman Polska S.A.)flagshipStrategic or Co-development Partner · 10 February 2026Framework agreement signed 10 February 2026 for joint production and commercialization of over 180,000 155-mm artillery shells annually in Poland for the European market, with potential supply to Ukraine and the US. Combines Northrop Grumman's design and advanced ADI (Austempered Ductile Iron) manufacturing technology with Niewiadów's elaboration, assembly, and final integration capabilities. Main operational partners: Elaboracja Niewiadów and Northrop Grumman, with NPGM and ZSP as supporting entities. Forms part of Poland's broader defence production expansion supported by the 2024 law allocating up to PLN 3 billion (EUR 712 million) for ammunition manufacturing.
• UHY ECA Audyt Sp. z o.o.coreImplementation/ SI/ Consulting Partner · 22 January 2026Statutory auditor (listed on Polish Audit Agency list under No. 3886). Engaged on 22 January 2026 to audit the Company's annual individual and consolidated financial statements for fiscal years ending 31 December 2025 and 31 December 2026.
• Wojskowy Instytut Techniki Inżynieryjnej (WITI)coreTechnology or Integration · 1 January 2026Strategic cooperation with Polish military research institute for development of anti-personnel mine designs - together developed imitators of anti-personnel mines in pull-action and pressure-action variants as the construction base for new combat products.
• Polish military research institutes (WITU, WITI, ITWL, WAT)coreTechnology or Integration · 1 January 2026Strategic cooperation with leading Polish military research institutes for technology development, qualification, and R&D supporting defense production capabilities. Includes Wojskowy Instytut Techniki Uzbrojenia (WITU), Wojskowy Instytut Techniki Inżynieryjnej (WITI), Instytut Techniczny Wojsk Lotniczych (ITWL), and Wojskowa Akademia Techniczna (WAT).
• ST Engineering (Singapore Technologies Engineering)flagshipOEM/ Whitelabel/ Licensing Partner · 1 January 202430-year exclusive license from ST Engineering for production of 40mm ammunition. Makes NPGM a key European production center for 40mm ammunition. Serial production targeted to start mid-2027 with target capacity of 480,000 units per year. Part of the strategy to build Poland's factory for 40mm ammunition.
• Explosia (Czech Republic)minorStrategic or Co-development PartnerListed among key international defense sector partners of NPGM Group.
• Junghans DefenceminorStrategic or Co-development PartnerListed among key international defense sector partners of NPGM Group.
• MSM GroupminorStrategic or Co-development PartnerListed among key international defense sector partners of NPGM Group.
• Myers ScepterminorStrategic or Co-development PartnerListed among key international defense sector partners of NPGM Group.
• Dom Maklerski BDM S.A.minorOthersAppointed market maker for NPGM shares on the WSE - ensures liquidity in trading of NPGM equity.
• ABISTEMA Kancelaria Doradcza Sp. z o.o.minorImplementation/ SI/ Consulting PartnerAuthorized advisor (Autoryzowany doradca) for NPGM on the NewConnect alternative trading system prior to Main Market listing.

Scale indicators12 records

Recent moves7 records

Expansion highlights7 records

Broad incumbents

• Rheinmetall AG: Germany-based tier-1 European defense OEM with leading positions in 155mm artillery ammunition (smArt, Assegai families) and active framework cooperation with NPGM. Comparable as a European large-caliber ammunition producer and the explicit benchmark NPGM cites for WSE Main Market positioning.
• BAE Systems plc: Global defense prime with broad artillery, munitions, and combat-vehicle portfolio. Management of NPGM explicitly positions itself alongside BAE Systems as a benchmark for European publicly-listed defense peers on the WSE Main Market.
• Polska Grupa Zbrojeniowa (PGZ): Polish state-owned defense conglomerate encompassing MESKO, PIT-RADWAR and other ammunition/weapons producers. Direct domestic competitor for Polish MoD contracts and the alternative supplier against which NPGM positions its private-sector speed and partner-driven model.
• Northrop Grumman Corporation: US defense prime and framework partner licensing ADI casting technology for 155mm projectile bodies to NPGM (10 Feb 2026). A peer in 155mm ammunition production while also acting as NPGM's principal Western OEM partner.

Direct peers

• KNDS (KMW + Nexter): Franco-German artillery and ammunition group whose Ammo France subsidiary licenses LU211P, MCS modular charges, and CCC technology to NPGM. Direct peer in 155mm ammunition and a strategic partner-cum-competitor for European MoD contracts including Polish KRAB and K9 platforms.
• Czechoslovak Group (CSG) / Explosia a.s. Czech defense industrial conglomerate that owns Explosia (propellants/explosives) and ammunition producers. Explicitly named by NPGM management as a same-tier peer on European defense stock exchanges; both pursue CEE-led NATO ammunition capacity expansion.
• Nammo AS: Nordic-headquartered ammunition manufacturer producing large- and medium-caliber rounds (155mm, 40mm) for NATO. Closely comparable product portfolio (especially medium-caliber) and similar defense-OEM partnership model.
• MESKO S.A. Polish state-controlled producer of small-, medium-, and large-caliber ammunition under PGZ. Most direct domestic competitor to ZSP Niewiadów for 155mm and medium-caliber rounds in Polish MoD procurement.
• ST Engineering (Singapore Technologies Engineering): Singapore-based defense engineering group licensing 40mm ammunition to NPGM under a 30-year exclusive European license. Comparable as a medium-caliber ammunition producer and direct partner-cum-competitor in the NATO 40mm market.

Emerging players

• WB Group / Warmate producer cluster: Polish private defense group specializing in loitering munitions and unmanned systems (Warmate). Comparable emerging private-sector Polish defense peer pursuing NATO drone/warhead opportunities analogous to NPGM's Warhead Systems JV.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries6 records

Funding overview

Funding rounds2 records

Investors1 record

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

M&A

Investments

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

Frequently asked questions about Polska Grupa Militarna