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HomeNewsBusinessMarketsQ2FY26 earnings: Defence players log strong quarter as BEL, HAL, GRSE lead growth
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Q2FY26 earnings: Defence players log strong quarter as BEL, HAL, GRSE lead growth

Anishaa Kumar   •

As the sector enters its seasonally stronger half, analysts expect Q3 and Q4 to see a clear acceleration in execution, supported by emergency procurement orders, back-ended deliveries and stable order-book visibility.

India’s defence sector delivered a strong Q2 FY26, with large public-sector companies reporting healthy execution and maintaining full-year guidance. Robust numbers from Bharat Electronics Ltd. (BEL), Hindustan Aeronautics Ltd. (HAL), Garden Reach Shipbuilders & Engineers (GRSE) and Mazagon Dock Shipbuilders (MDL) helped offset a weaker showing from players like Cochin Shipyard. Analysts said the quarter broadly met expectations, with the second half of the quarter poised to be significantly stronger on the back of a heavy delivery pipeline.

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