Krishna Defence

What Krishna Defence does

Krishna Defence and Allied Industries Limited is an Indian aerospace and defence manufacturer, founded in 1996 and listed on Indian exchanges, headquartered in Vadodara, Gujarat. The company designs, develops, manufactures, and supplies precision defence components — most notably indigenized steel bulb bars for naval shipbuilding (developed in collaboration with DRDO's Defence Metallurgical Research Laboratory, replacing previously Russian-sourced material), 26 variants of armoured steel, special steel products for shipbuilding programs, and aircraft arresting gear systems developed under a DRDO developmental order. It holds AS9100D aerospace quality certification and Indian Register of Shipping certification, and is constructing the Jalkapi Extra-Large Autonomous Underwater Vehicle (AUV) — described as India's largest — in partnership with Rekise Marine and Steel Authority of India Limited. It additionally operates a joint venture with Vabo for composite marine products and holds a Production Linked Incentive (PLI) MoU with the Ministry of Steel committing over ₹400 crore for specialty steel capacity expansion.

The company operates a contract-based B2B revenue model, selling directly to the Indian Ministry of Defence, the Indian Navy, Army and Air Force, defence public sector undertakings, and major Indian shipyards through formal procurement and tender processes. Revenue is generated primarily through one-time large orders tied to specific shipbuilding and defence platforms. Q4 FY26 consolidated net sales reached ₹64.85 crore (up 42.18% year-over-year) and net profit reached ₹12.81 crore (up 72.87% year-over-year), with full FY26 net profit of ₹3,812.12 lakh (up ~73% year-over-year). The order book stood at ₹1,034 million with a tender pipeline of ₹2,210 million as of Q4 FY26, and the company is guiding to 30–40% annual revenue growth. Manufacturing is concentrated at Vadodara, supplemented by a newly acquired 50,000 sq. ft. adjoining plot at Halol for capacity expansion.

Customer concentration is structurally high: with primary customers being the Indian Ministry of Defence, the three armed services, and major Indian shipyards, the company's revenue base is essentially a single-ecosystem exposure to Indian government defence procurement. Distribution is direct, via enterprise field sales into government procurement bodies and DRDO programs; no consumer or SMB channels exist. Leadership is provided by Managing Director Ankur Shah, under whose tenure the company has transitioned from industrial engineering to defence manufacturing. The investment thesis leans heavily on India's indigenization agenda (Atmanirbhar Bharat / Make in India), the Indian Navy's 175–200 warship expansion program, and the company's qualified-supplier status with DRDO and the Ministry of Steel.

Name

Krishna Defence

Legal name

Krishna Defence and Allied Industries Limited

Website

https://krishnaallied.com

Company type

Public

Founded year

1996

Operating status

Operating

Short description

Krishna Defence and Allied Industries is an Indian defence manufacturer supplying indigenized specialty steel, armoured steel, composite marine products, and an extra-large AUV to the Indian armed forces and Ministry of Defence via a B2B contract-based model.

Ownership category

akta.pro rank

Product category

Defence Component Manufacturing

NAICS

Small Arms, Ordnance, and Ordnance Accessories Manufacturing (332994), Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing (334511), Military Armored Vehicle, Tank, and Tank Component Manufacturing (336992)

SIC

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

akta.pro primary industry

Military Aircraft Structures, Airframes & Composites (IMABAMAH)

akta.pro secondary industries

Submarine Systems & Components (Pressure Hull, Ballast, Life Support) (IMABAKAL), Surface Combatants (Destroyers, Frigates, Corvettes) (IMAJABAA)

Keywords

• Defence component manufacturing
• Specialty steel products
• Naval shipbuilding components
• Armoured steel variants
• Aerospace defence subsystems

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Defence Component Manufacturing & Supply: Revenue is generated through the manufacture and supply of precision defence components including special steel products, bulb bars, and armoured steel to the Indian Navy, Army, Air Force, and major Indian shipyards. Contracts are typically one-time large orders from the Ministry of Defence and defence public sector undertakings. Q4 FY26 net sales stood at ₹64.85 crore (consolidated), representing 42.18% YoY growth.

Go-to-market motion1 record

Distribution channels2 records

Core offering

Krishna Defence manufactures and supplies precision defence components and specialty steel products to the Indian defence forces, the Ministry of Defence, major Indian shipyards, and Defence Public Sector Undertakings. Its portfolio includes indigenised steel bulb bars for naval shipbuilding (developed with DRDO-DMRL), 26 armoured steel variants, aircraft arresting gear systems, composite marine solutions via a Vabo joint venture, and the Jalkapi Extra-Large Autonomous Underwater Vehicle under construction with Rekise Marine and SAIL.

Product overview

Krishna Defence and Allied Industries operates as a defence manufacturing company supplying precision components and specialty steel products to India's naval and defence sector. The company's product portfolio includes indigenized steel bulb bars for naval shipbuilding (developed with DRDO), aircraft arresting gear systems, special steel products for shipbuilding projects, 26 armoured steel variants, and composite marine products through its Vabo joint venture. The company is also developing India's largest Autonomous Underwater Vehicle (AUV) called Jalkapi in partnership with Rekise Marine and SAIL. Krishna Defence serves the Indian Navy, Army, and Air Force with an order book of INR 1,034 million and a tender pipeline of INR 2,210 million.

Differentiator

Problem solved

Functional benefit

Products and services

• Indigenised Steel Bulb Bars for Naval Shipbuilding Specialised indigenised steel bulb bars used in naval shipbuilding, developed domestically with DRDO-DMRL to substitute for previously imported (Russian-origin) inputs. Supplied for use in the Indian Navy's warship construction programmes.
• Aircraft Arresting Gear Systems Aircraft arresting gear systems developed under a DRDO developmental manufacturing order for Indian Air Force airbase safety infrastructure and aerospace-critical subsystems.
• Armoured Steel Variants Expanded portfolio of 26 armoured steel variants supplied for armoured vehicle and naval platform manufacturing across India's indigenous defence ecosystem.
• Special Steel Products for Shipbuilding Special steel products supplied to shipbuilding projects, including Ministry of Defence contracts such as the INR 45.64 crore shipbuilding steel order scheduled for execution within eight months.
• Composite Marine Products (Vabo Joint Venture) Composite ship doors, hatches, and related marine products designed, developed, manufactured, marketed, distributed, and serviced through the Vabo joint venture for maritime sector applications in India.
• Jalkapi Extra-Large Unmanned Underwater Vehicle (AUV) India's largest Autonomous Underwater Vehicle (AUV), under construction in partnership with Rekise Marine and Steel Authority of India Limited, marking the company's entry into autonomous underwater systems for defence and maritime applications.

Quantifiable outcome

• 73% rise in FY26 net profit to ₹3,812.12 lakh
• +4 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Ministry of Steel (PLI Scheme)coreStrategic or Co-development Partner · 10 February 2026Krishna Defence signed an MoU under the Production Linked Incentive (PLI) Scheme with the Ministry of Steel, involving investments of over ₹400 crore for capacity expansion in specialty steel production. This partnership supports domestic manufacturing and export objectives.
• VabocoreStrategic or Co-development Partner · 14 January 2026Krishna Defence & Allied Industries formed a strategic joint venture with Vabo to develop composite solutions for marine applications. The partnership leverages Vabo's technical expertise in composite materials alongside Krishna Defence's infrastructure and operational capabilities. The joint venture focuses on designing, developing, manufacturing, marketing, distributing, and servicing composite ship doors, hatches, and related marine products for the maritime sector.
• Rekise MarinecoreStrategic or Co-development Partner · 1 January 2025Krishna Defence and Allied Industries Ltd initiated construction of India's largest AUV, the Jalkapi Extra-Large Unmanned Underwater Vehicle, in partnership with Rekise Marine. The project represents the company's entry into autonomous underwater systems for defence applications.
• Steel Authority of India Limited (SAIL)coreStrategic or Co-development Partner · 1 January 2025Krishna Defence partnered with Steel Authority of India Limited (SAIL) for the Jalkapi Extra-Large AUV project, leveraging SAIL's steel manufacturing capabilities for the construction of India's largest autonomous underwater vehicle.
• DRDO (Defence Research and Development Organisation)coreStrategic or Co-development PartnerKrishna Defence secured a developmental manufacturing order with DRDO for aircraft arresting gear systems and collaborated with DRDO's Defence Metallurgical Research Laboratory (DMRL) to indigenise steel bulb bars for naval shipbuilding, previously sourced from Russia. The DRDO partnership is central to the company's technology indigenisation strategy.
• Dutch Partner (Unnamed)minorStrategic or Co-development PartnerKrishna Defence targets expansion through a joint venture with a Dutch partner for composite boats, as outlined by Managing Director Ankur Shah. This partnership aims to bring European composite boat technology to Indian defence and maritime markets.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Tata Advanced Systems: Defense and aerospace arm of the Tata Group with broad portfolio across aerospace structures, missiles, and land systems. Comparable as an Indian defense manufacturer operating across multiple domains with strong government relationships.
• Bharat Electronics (BEL): India's leading defense electronics PSU supplying radar, communication, and electronic warfare systems. Comparable as a large Indian defense PSU serving the same end customers across multiple defense domains with similar regulatory moats.
• Bharat Dynamics (BDL): Indian defense PSU manufacturing guided missiles, underwater weapons, and allied defense equipment. Comparable as a mid-cap Indian defense supplier with similar end customer overlap (Indian armed forces) and growth trajectory from indigenization.
• Hindustan Aeronautics (HAL): India's premier aerospace and defense manufacturer with broad aircraft, helicopter, and engine portfolio. Comparable in Indian defense aerospace ecosystem and as an indirect beneficiary of indigenization, with potential supplier relationship given Krishna's AS9100D certification.

Direct peers

• Solar Industries India: Indian defense explosives and industrial chemicals manufacturer with growing defense export business. Comparable as a growing Indian mid-cap defense supplier with similar growth trajectory, government customer base, and indigenization tailwinds.
• Bharat Forge: Large Indian forging and defense component manufacturer with significant defense vertical. Comparable as a precision defense components supplier serving Indian armed forces and global defense primes with similar metallurgical engineering capabilities.
• Garden Reach Shipbuilders & Engineers (GRSE): Indian warship builder specializing in frigates, corvettes, and naval vessels. Comparable as a customer of naval specialty components and participant in India's warship indigenization program with overlapping DPSU/government customer base.
• Mishra Dhatu Nigam (MIDHANI): Indian specialty steel manufacturer supplying high-grade steels for defense, aerospace, and nuclear applications. Closest comparable to Krishna Defence given overlapping product portfolio in defense-grade specialty steels, government customer base, and indigenization mandate.
• Cochin Shipyard: Largest shipbuilding and ship repair yard in India with significant defense and commercial vessel programs. Comparable as a customer of specialty steel and supplier of naval platforms within India's domestic shipbuilding ecosystem.
• Mazagon Dock Shipbuilders: India's leading naval shipbuilder manufacturing destroyers, frigates, and submarines. Comparable as an operating counterpart in the Indian naval defense ecosystem and a key customer for Krishna Defence's specialty steel bulb bars.

Market position

Weaknesses4 records

Competitive moat4 records

Key risks1 record

Key highlights6 records

Customer concentration

• Xx.com/KrishnaDefence
• Facebookfacebook.com/krishnadefence

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Krishna Defence