India’s defence stocks came under pressure in early trade on Tuesday as investors booked profits following a sharp rally seen over the last few weeks. Key stocks like Cochin Shipyard, HAL, and Paras Defence led the decline, with many counters falling over 2% to 6% on the BSE and NSE.
Cochin Shipyard dropped over 6% to ₹1,860.30 on the BSE, giving up some of its recent strong gains. The stock had surged nearly 40% over the past month.
Shares of Hindustan Aeronautics Ltd (HAL) were also down nearly 2% at ₹4,918.70 despite the company offering an optimistic FY26 outlook. HAL guided for 8–10% sales growth and maintained a strong EBITDA margin of 31%. Brokerage firm Nomura India upgraded HAL’s target price by 30% to ₹6,100, citing better earnings visibility and robust order book.
Paras Defence and Space Technologies slumped over 5% to ₹1,617.55 amid news that three of its promoters — Sharad Virji Shah, Anish Mehta, and Kaajal Bhansali — offloaded a total of 13.34 lakh shares via bulk deals on Monday. The shares sold represent around 3.3% of the company’s total equity and 5.8% of the promoter holding. This move is seen as a case of profit booking, with the stock having doubled from its March 6 closing level of ₹834.95.
Other defence counters also saw red:
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Garden Reach Shipbuilders fell 2.6%
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Data Patterns slipped 2.5%
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Mazagon Dock and Bharat Dynamics dropped over 2.4% each
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IdeaForge Technology was down over 4%
The correction comes after a powerful run-up in defence stocks driven by strong quarterly results, record order books, and government emphasis on self-reliance in defence manufacturing.
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