India's aerospace exports experienced remarkable growth, jumping to ₹588.38 billion in FY25 from ₹269.03 billion in FY24 and ₹119.37 billion in FY19, according to Ministry of Commerce data cited in industry reports. This indicates fast expansion of India's participation in global aerospace supply chains. The commercial-aircraft manufacturing market is projected to grow from ₹130.51 billion in 2024 to ₹257.09 billion by 2030, representing an 11.96% Compound Annual Growth Rate (CAGR) during 2024–2030, as estimated by Frost & Sullivan. The export opportunity is even larger, with Frost & Sullivan now estimating India's commercial-aircraft manufacturing market at ₹164.21 billion in 2026, up from ₹130.51 billion in 2024. The next aerospace opportunity may not sit inside the aircraft or the missile, but in the supply chain that builds them, with commercial aircraft backlogs crossing $1 trillion covering around 15,000 aircraft.
Dynamatic Technologies reported consolidated revenue of ₹424.81 crore in Q1 FY27, up 14.5% year-on-year but down 1.9% quarter-on-quarter. The company's EBITDA rose 45.9% YoY to ₹55.11 crore, taking the margin to 13%, while Profit After Tax increased 92.9% YoY to ₹20.79 crore. Aerospace revenue increased 17% YoY to ₹202.25 crore, representing 48% of Q1 FY27 consolidated revenue, with aerospace EBITDA rising 20.5% to ₹48.19 crore and margin improving to 23.8%. The company's aerospace infrastructure delivers more than 800 aircraft shipsets annually and has manufactured more than 10,000 detail parts. Its customer base includes Airbus, Boeing, Hindustan Aeronautics Limited (HAL), Dassault Aviation, and global OEMs across the UK and US markets.
Aequs achieved significant growth with its aerospace order book increasing 13% QoQ from $889 million to $1.004 billion in Q1 FY27. During the quarter, the company signed long-term agreements with two new aerostructures Tier-1 customers and secured its first contract to manufacture fully assembled Airbus A320 wheels for Safran Landing Systems under a 15-year agreement. The company generated 88% of consolidated Q1 FY27 revenue from exports and is expanding its aerospace manufacturing capacity with annualised machining capacity at 2.02 million hours supported by 220 CNC machines. Aerospace revenue increased 40% YoY and 6% QoQ to ₹322.2 crore, accounting for roughly 81% of consolidated revenue, with aerospace capacity utilisation at 70% globally and 78% in India.
India enters a cycle with two sources of demand as global Original Equipment Manufacturers (OEMs) look at multiple manufacturing locations, creating a gradual China+1 shift. Airbus now sources more than $1.5 billion annually from India and has 100+ Indian companies supplying components for its global programmes, with the company expecting sourcing from India to cross $2 billion well before the end of the decade. India's aerospace and defence market was worth around $30.72 billion in 2025 and is expected to grow at a 7.1% CAGR through 2035. Defence production has already reached ₹1.78 lakh crore in FY26, while Defence exports have also reached a record ₹38,424 crore. The opportunity extends beyond aircraft assembly, with Indian companies supplying aerostructures, forgings, electronics and other components to global aerospace companies.
Dynamatic Technologies delivered more than 47% returns over six months and more than 98% over 52 weeks, with the stock's price-to-earnings ratio at 159.45x. ICICI Securities reiterated a Buy rating with a target price of ₹15,340. Aequs gained more than 129% over six months and more than 96% since listing on December 10, 2025, trading at 12.4 times book value. JM Financial downgraded Aequs to Reduce with a target price of ₹210, while the stock closed at ₹275.05 on October 1, 2026. The diversification across aerospace, hydraulics, metallurgy, and security applications changes how investors should view Dynamatic Technologies, as aerospace provides the strongest margin profile while improvement in hydraulics and metallurgy supports consolidated earnings.
