Top Indian Military Services co.s See 8.2 PC Growth in Revenues to $7.5 Bn
The surge in revenues and new orders prompted many arms companies to expand production lines, enlarge facilities, establish new subsidiaries or conduct acquisitions.
Chennai: The combined revenues of the three Indian companies included in the top 100 list of global companies providing arms and military services, increased 8.2 per cent to $7.5 billion in 2024 on domestic orders. The 100 largest arms and military services providing global companies saw their combined revenues touch a record $679 billion in 2024 with geopolitical tensions continuing in Gaza and Ukraine.
Among the top 100 global companies, Hindustan Aeronautics is ranked 44, Bharat Electronics 58 and Mazagon Dock Shipbuilders 91. Their combined revenue was up 8.2 per cent to $7.5 billion. While Hindustan Aeronautics saw a decline of 0.3 per cent in its revenues from military service, Bharat Electronics achieved 23.5 per cent growth and Mazagon Dock Shipbuilders reported 9.8 per cent growth over the previous calendar year, finds Stockholm International Peace Research Institute (SIPRI).
The top three companies in the global list are based in the US- Lockheed Martin Corp, RTX, and Northrop Grumman Corp. They are followed by UK-based Bae Systems and American General Dynamics Corp. For the first time since 2018, all of the five largest arms companies increased their arms revenues. In 2024 the combined arms revenues of US arms companies in the Top 100 grew by 3.8 per cent to reach $334 billion, with 30 out of the 39 US companies in the ranking increasing their arms revenues.
The global rise in revenues was mainly due to companies based in Europe and the United States. However, most of the regions, excluding Asia and Oceania, saw a rise in revenues. In Asia and Oceania issues within the Chinese arms industry drove down the regional total.
The surge in revenues and new orders prompted many arms companies to expand production lines, enlarge facilities, establish new subsidiaries or conduct acquisitions.
Of the 26 arms companies based in Europe, excluding Russia, 23 recorded increasing arms revenues. Their aggregate arms revenues grew by 13 per cent to $151 billion. This increase was tied to demand stemming from the war in Ukraine and the perceived threat from Russia.
The two Russian arms companies in the Top 100, Rostec and United Shipbuilding Corporation, increased their combined arms revenues by 23 per cent to $31.2 billion, despite international sanctions.
For the first time, nine of the Top 100 arms companies were based in the Middle East, with combined arms revenues of $31.0 billion, growing by 14 per cent. The three Israeli arms companies in the ranking increased their combined arms revenues by 16 per cent to $16.2 billion.
