Top Indian Military Services co.s See 8.2 PC Growth in Revenues to $7.5 Bn
Chennai: The total revenue of the three Indian companies in the top 100 list of global companies providing weapons and military services increased by 8.2 percent to $7.5 billion in 2024 from domestic orders. The total revenues of the 100 largest companies providing global arms and military services reached $679 billion in 2024, with ongoing geopolitical tensions in Gaza and Ukraine.
Among the top 100 global companies, Hindustan Aeronautics is ranked 44th, Bharat Electronics is ranked 58th and Mazagon Dock Shipbuilders is ranked 91st. Total revenues increased by 8.2 percent to $7.5 billion. According to the findings of the Stockholm International Peace Research Institute (SIPRI), Hindustan Aeronautics saw a 0.3 percent decline in its income from military service, while Bharat Electronics achieved 23.5 percent growth and Mazagon Dock Shipbuilders reported 9.8 percent growth compared to the previous calendar year.
The top three companies on the global list are US-based Lockheed Martin Corp, RTX and Northrop Grumman Corp. These are followed by UK-based Bae Systems and American General Dynamics Corp. All five largest arms companies increased their arms revenues for the first time since 2018. In 2024, the total arms revenues of the top 100 US arms companies increased by 3.8 percent, reaching 334 billion dollars; 30 of the 39 U.S. companies in the ranking increased their arms revenues.
The global increase in revenues was driven mainly by companies based in Europe and the US. However, most regions outside Asia and Oceania saw revenues increase. In Asia and Oceania, problems with the Chinese arms industry have lowered regional totals.
The increase in revenues and new orders led many arms companies to expand their production lines, enlarge their facilities, establish new subsidiaries or make acquisitions.
An increase was recorded in the arms revenues of 23 of 26 arms companies based in Europe outside Russia. Total arms revenues increased by 13 percent to 151 billion dollars. This increase was due to demand resulting from the war in Ukraine and the perceived threat from Russia.
Rostec and United Shipbuilding Corporation, the two Russian arms companies in the top 100, increased their total arms revenues by 23 percent to 31.2 billion dollars, despite international sanctions.
For the first time, nine of the 100 largest arms companies were based in the Middle East, and total arms revenues increased by 14 percent to $31.0 billion. The total arms revenues of the three Israeli arms companies in the ranking increased by 16 percent to 16.2 billion dollars.
