In the context of the changes brought about by geopolitics, national security, technological change, and the changing character of war, this report makes the case that investment in India’s A&D companies is indeed viable and, more importantly, necessary to make India’s defense establishment more effective and self-reliant.

Therefore, this report identifies trends in A&D technologies that will shape the future needs of the Indian defense market to help an Investment Fund make well-informed investment decisions. The report also provides a baseline index for each identified company to capture their competitiveness and fit in the market. The company index, which is represented in the Competitive Landscape Analysis, can inform the overall investment hypothesis for the IF. Finally, we identify the risks and challenges associated with investing in India’s A&D sector and provide recommendations on how the IF can play a role in mitigating these risks.