Yantra India Limited

What Yantra India Limited does

Yantra India Limited (YIL) is a Defence Public Sector Undertaking (DPSU) wholly owned by the Government of India under the Ministry of Defence, incorporated on 1 October 2021 as one of seven successor entities to the historic Ordnance Factory Board. Headquartered in Nagpur, Maharashtra, YIL specialises in the design, development, and manufacture of weapons, ammunition, and associated equipment for the Indian Army, Navy, and Air Force, operating through eight ordnance factories (Ambajhari, Ambarnath, Bhusawal, Dum Dum, Jabalpur, Katni, Muradnagar, and Metal & Steel Factory Ishapore) plus the Yantra Institute of Technology and Management training facility. The company's core product portfolio centres on artillery shells (155mm variants including HE 77B, HEER, ERFB, HE 107), tank and mortar ammunition (130mm, 125mm, 105mm, 81mm, 120mm), naval ammunition (30mm GHASHA), tactical bridging systems (K M Bridge), and more recently precision-guided systems including Guided Pinaka Rockets co-developed with ARDE and 155mm/52 calibre barrels for the ATAGS artillery platform. The technology base is precision engineering and metallurgy, with increasing adoption of Industry 4.0 and QA 4.0 manufacturing standards and patented processes such as the steel cartridge case for Anti Material Rifle.

YIL's business model is government-to-government (G2G) hardware sales, with revenues generated through direct supply to the Indian Armed Forces, component supply to other DPSUs (AVNL, AWEIL, TCL, IOL, GIL), and a secondary rail-related line via Indian Railways. Pricing is not publicly disclosed and is negotiated through formal defence procurement procedures, including the Government e-Marketplace (GeM). International defence exports are a growing channel, reaching Rs. 324 crores in FY 2024-25 (50% YoY growth). The company reported an all-time high turnover of Rs. 3,108 crores in FY 2024-25 with PBT of Rs. 509 crores, and was granted Miniratna Category-I status in 2026, reflecting its operational maturation since corporatisation.

Name

Yantra India Limited

Legal name

Yantra India Limited

Website

https://yantraindia.co.in

Company type

Private

Founded year

2021

Operating status

Operating

Short description

Yantra India Limited is a Government of India Defence Public Sector Undertaking that designs, develops, and manufactures weapons, ammunition, and associated equipment for the Indian Armed Forces, other defence PSUs, and select export markets, operating across eight ordnance factories.

Ownership category

akta.pro rank

Product category

Defence Ammunition and Weapons Manufacturing

NAICS

Ammunition (except Small Arms) Manufacturing (332993), Small Arms, Ordnance, and Ordnance Accessories Manufacturing (332994)

SIC

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

akta.pro primary industry

Artillery, Mortar & Tank Munitions (IMABAHAH)

akta.pro secondary industries

Ammunition Manufacturing (Small-, Medium- & Large-Caliber) (IMABAHAG), Military Operations & Force Readiness (BPAIAHAA)

Keywords

• Defence ammunition manufacturing
• Ordnance factory operations
• Artillery shell production
• Military weapons systems
• Naval and mortar ammunition

Headquarters

HQ city

Nagpur

HQ country

India

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Defence Ammunition and Weapons Sales: Primary revenue from design, development, and manufacture of comprehensive range of weapons, ammunition, and associated equipment for Indian Armed Forces. Achieved all-time high turnover of Rs. 3,108 crores in FY 2024-25, a 10% growth over previous year.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Yantra India Limited designs, develops, and manufactures a comprehensive range of weapons, ammunition, and associated equipment for the Indian Armed Forces. The company operates eight production units across India producing artillery shells, tank and mortar ammunition, naval ammunition, tactical bridging systems, gun barrels, and steel cartridge cases. It also supplies components to other Defence PSUs and Indian Railways, and is expanding into international defence exports.

Product overview

Yantra India Limited is a Defence Public Sector Undertaking (DPSU) specializing in the design, development, and manufacture of weapons, ammunition, and associated equipment for the Indian Armed Forces. The company operates a multi-facility manufacturing structure with eight ordnance factories and one technical institute. Its core product portfolio centers on artillery ammunition including 155mm variants (HE 77B, HEER, ERFB, HE 107), tank ammunition (130mm HE, 125mm HE), mortar systems (81mm, 120mm), naval ammunition (30mm GHASHA), and tactical bridging equipment (K M Bridge). Recent developments include precision-guided systems such as the Guided Pinaka Rockets developed with ARDE, and 155mm/52 calibre barrels for the ATAGS artillery system. The company is expanding into aerospace components through aluminum extrusions and railway axles.

Differentiator

Problem solved

Functional benefit

Products and services

• 155 mm Artillery Shells (HE 77B, HEER, ERFB, HE 107) Flagship artillery ammunition including 155mm HE 77B, 155mm HEER, 155mm ERFB, and 155mm HE 107 variants designed for Indian Armed Forces and international defence customers. Output enhanced by nearly 80% over previous year through strategic resource planning and technology upgrades.
• 130mm HE (Tank Ammunition) High explosive artillery ammunition for 130mm tank gun systems, supplied to the Indian Armed Forces.
• 125 mm HE (Tank Ammunition) High explosive tank ammunition for 125mm gun systems, supplied to the Indian Armed Forces.
• 105 mm IFG (Indirect Fire Grenade) Indirect fire grenade artillery ammunition for 105mm gun systems, supplied to the Indian Armed Forces.
• 81 mm Mortar Medium caliber mortar ammunition for infantry support operations, supplied to the Indian Armed Forces.
• 120mm Mortar Medium caliber mortar ammunition for enhanced indirect fire support, supplied to the Indian Armed Forces.
• 30 mm GHASHA (Naval Ammunition) Naval ammunition system for 30mm naval gun systems, supplied to the Indian Navy.
• K M Bridge (Modular Military Bridge) Modular military bridge systems for tactical river crossing and gap bridging operations, supplied to the Indian Armed Forces.
• Guided Pinaka Rockets Precision-guided rockets developed and test-fired in association with ARDE (Armament Research and Development Establishment), targeted for induction in the Indian Army as an advanced artillery/missile system.
• 155mm/52 Calibre Barrels for ATAGS Artillery gun barrels developed for the Indian Army's Advanced Towed Artillery Gun System (ATAGS), with enquiries received from domestic and foreign private parties.
• Steel Cartridge Case for Anti Material Rifle Patented steel cartridge case for Anti Material Rifle, developed by MSF Ishapore; supports self-reliance under Make in India initiative and enables import substitution.

Quantifiable outcome

• Revenue of Rs. 3,108 crores in FY 2024-25, 10% YoY growth
• +5 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature6 records

Partnerships

Four partnerships are on record, tiered minor and core.

• iDEX (Innovations for Defence Excellence)minorStrategic or Co-development Partner · 1 January 2025YIL participates in iDEX DRISHTI CHALLENGES, a platform for innovators to develop solutions for defence needs. Expression of Interest issued for identification and empanelment of potential technology partners for upgradation of conventional munitions.
• ARDE (Armament Research and Development Establishment)coreStrategic or Co-development Partner · 1 January 2024YIL successfully developed and test-fired Guided Pinaka Rockets in association with ARDE. These guided rockets are soon expected to be inducted in the Indian Army, representing a significant co-development partnership for advanced artillery systems.
• Munitions India Limited (MIL)coreStrategic or Co-development Partner · 1 January 2024MIL & YIL are staunch business partners driving India's Defence Sector forward post-corporatization. Synergy Conference hosted at OF Ambernath brought together GMs from both MIL & YIL OFs with BODs presence, chaired by CMDs of both companies.
• Other DPSUs (AVNL, AWEIL, TCL, IOL, GIL)minorChannel Partner/ Reseller/ DistributorYIL supplies components to other Defence Public Sector Undertakings including Armoured Vehicle Nigam Limited (AVNL), Advanced Weapons and Equipment India Limited (AWEIL), Troop Comforts Limited (TCL), India Optel Limited (IOL), and Gliders India Limited (GIL).

Scale indicators5 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Mazagon Dock Shipbuilders Limited: MDL is a DPSU building naval warships and submarines and a buyer of naval-grade ammunition such as YIL's 30mm GHASHA. Comparable as a sister DPSU serving naval customers with overlapping procurement cycles.
• Hindustan Aeronautics Limited: HAL is India's largest aerospace and defence PSU, manufacturing aircraft, helicopters and engines. It is a broad incumbent that consumes certain YIL components and competes for overall defence capex, making it comparable in scale and customer base if not in product line.
• Bharat Electronics Limited: BEL is a DPSU manufacturing defence electronics, radars and communication systems. While not a munitions peer, it serves the same Indian Armed Forces customer base and competes for the same modernization budget envelope.
• Armoured Vehicle Nigam Limited: AVNL is a DPSU producing armoured fighting vehicles and a documented YIL component customer. While not a direct ammunition peer, it operates in the same MoD-owned DPSU cluster and competes for parts of the same defence capex pool.

Emerging players

• Tata Advanced Systems Limited: Tata Advanced Systems is a private-sector defence manufacturer pursuing aerospace, missiles and military vehicles. It competes with DPSUs for indigenous defence contracts and represents a structural shift in the competitive landscape YIL operates in.
• Larsen & Toubro Defence: L&T's defence arm is a leading private-sector competitor pursuing artillery, missile systems and naval platforms. It represents the rising private competition that YIL must contend with under Make in India, especially in gun barrels and platform integration.
• Bharat Forge / Kalyani Group Defence: Kalyani Group and Bharat Forge's defence arms are emerging private players in artillery, armoured vehicles and high-strength components. They are credible private-sector entrants to segments historically dominated by DPSUs like YIL.

Direct peers

• Advanced Weapons and Equipment India Limited: AWEIL is a sister DPSU that manufactures small arms, optical sights and weapon systems, and is a customer of YIL components. The two operate within the same integrated defence ecosystem with directly overlapping end customers.
• Bharat Dynamics Limited: BDL is a DPSU focused on guided missiles, torpedoes, and underwater weapons for the Indian Armed Forces. It is directly comparable in the guided-munitions category where YIL is moving with the Guided Pinaka Rockets and ATAGS barrels.
• Munitions India Limited: MIL is a sister DPSU also created from the OFB restructuring, specializing in ammunition, explosives and propellants. It is YIL's closest direct peer, with overlapping product categories (artillery/mortar ammunition) and joint business forums such as the MIL-YIL Synergy Conference.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

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 Yantra India Limited