Make in India Gets a Defence Boost: Private Sector Order Book to Hit ₹55,000 Crore by FY26

Welcome Back Investor!

The Indian rupee has tumbled to a record low of 88.62 per U.S. dollar, with fresh pressure from Washington’s hike in H-1B visa fees. Analysts warn this could pinch India’s IT exports and slow remittances, a one-two punch that risks denting foreign inflows further. With U.S. tariffs already squeezing trade, the question now is whether the RBI can keep the slide “orderly” without rattling investor confidence.

Let’s dive in!

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IMPACT NEWS

Make in India Defence Boom: Crisil Sees Private Sector Orders Touch ₹55,000 Crore by FY26

India’s ambitious Make in India program is rapidly reshaping the defence sector, with private players emerging as major beneficiaries. According to a recent report by Crisil, the private sector defence order book is projected to reach ₹55,000 crore by FY26, a significant leap from ₹40,000 crore in FY24. This surge is being driven by a mix of policy support, growing domestic demand, and increasing government emphasis on self-reliance in defence manufacturing.

What’s particularly exciting is the shift in momentum toward private defence companies, which are now expanding their capabilities beyond traditional manufacturing. From aerospace systems to cutting-edge electronic warfare and intelligence technologies, the sector is witnessing a wave of innovation. This not only reduces dependence on imports but also strengthens India’s positioning as a global defence exporter.

As the industry gears up for large-scale R&D investments, defence-tech ventures and deep-tech innovators are finding themselves at the forefront of collaborations with established players. The ecosystem is becoming fertile ground for venture capital and private equity investments, signaling that India’s defence sector is on the cusp of a transformation - one that blends national security with entrepreneurial growth.

MARKETS

Markets closed mixed as Sensex (82,102, -0.07%) and Nifty 50 (25,169, -0.13%) slipped on IT/FMCG drag after the rupee hit a record low and U.S. visa fee hike spooked tech stocks. Bank Nifty (+0.41%) and autos like Maruti cushioned losses, highlighting classic sector rotation.
_{Closing figures as on 23.09.25 (3.30pm IST)}

🔎 In Focus

Stock Performance:

Top Gainers

✅ Vodafone Idea (+3.9%): Stock gained on heavy volumes as traders positioned ahead of the Supreme Court’s AGR hearing, with sentiment improving after reports that the Centre won’t oppose parts of VI’s plea.

✅ AU Small Finance Bank (+3.6%): Rallied after Motilal Oswal reiterated a “Buy” rating, citing strong growth visibility in deposits and stable asset quality, fueling investor confidence.

✅ Ashok Leyland (+3.3%): Jumped on robust volumes as autos stayed in demand amid festive season expectations and optimism around the commercial vehicle upcycle.

✅ PNB Housing Finance (+3.8%): Rose sharply after brokerage mentions (Morgan Stanley, others) highlighted housing financiers as top picks; loan growth momentum kept the stock buzzing.

Top Losers

🔻 Sammaan Capital (-4.4%): Corrected after a recent run-up, with no fresh negative triggers; stock simply underperformed peers as profit-taking set in.

🔻 Godrej Consumer (-3.3%): Dropped as FMCG stocks faced profit booking, with HUL and peers also weak; sector sentiment stayed muted despite festive demand hopes.

🔻 Mphasis (-3.0%): Slid with IT pack as the US H-1B visa fee hike continued to weigh on outsourcing sentiment, sparking selling in mid-cap IT.

🔻 Coforge (-2.9%): Extended weakness in line with mid-cap IT pressure, with visa-fee overhang and cautious sector outlook keeping buyers away.

INDIA FRONTIER

Everything else you need to know today

🌍 Alliance: The EU and India have launched a new tech agenda spanning AI, Aadhaar interoperability, supercomputing, and space. The move could open fresh opportunities for startups while setting global benchmarks in digital trust.

🚨 Breach: Jaguar Land Rover has extended its production halt after a cyberattack crippled key UK plants. The disruption highlights rising cyber risks in auto manufacturing - and a booming need for cybersecurity solutions.

💹 Relief: SEBI and RBI plan to ease rules for foreign investors to revive weak capital inflows. A friendlier regime could unlock fresh funds for India’s markets, startups, and private equity ecosystem.

🌊 Deluge: Kolkata is underwater after record rainfall submerged streets and Durga Puja pandals. With lives lost and businesses hit, the floods spotlight India’s urgent need for climate-resilient urban planning.

SPECIAL

Malladi Drugs Plans ₹1,200 Crore IPO Backed by InvAscent

Chennai-based Malladi Drugs & Pharmaceuticals, backed by private equity firm InvAscent, is gearing up for a ₹1,200 crore IPO, with talks currently underway with leading investment banks. If finalized, this listing could be among the most significant public offerings in the Indian pharmaceutical space in recent years.

Malladi Drugs has built a strong reputation as a manufacturer of active pharmaceutical ingredients (APIs), particularly in therapeutic areas like neuroscience, respiratory health, and cough medications. The planned IPO is expected to serve a dual purpose: raising growth capital to expand its product portfolio and manufacturing capabilities, while also helping the company reduce its existing debt load.

The timing couldn’t be better. With global demand for affordable and high-quality generics on the rise, investors are increasingly bullish on Indian pharma firms that can supply essential APIs at scale. Malladi’s long-standing expertise, combined with the credibility of InvAscent’s backing, positions it as an attractive prospect for institutional and retail investors alike.

For the broader market, the offering signals renewed momentum in India’s pharma IPO pipeline, highlighting how homegrown companies are looking to tap capital markets to fuel global ambitions. All eyes will now be on regulatory approvals and investor appetite as the company moves closer to its market debut.

THE HANOOMAAN INSTITUTE

How to Build Wealth on a Small Salary

Many believe wealth requires a high-paying job or lucky breaks. The truth? Wealth is more about discipline than income. Even with a modest salary, the right strategy can set you up for long-term financial freedom.

The first step is controlling lifestyle creep. Most middle-class earners inflate expenses the moment income rises. The wealthy play it differently - they lock in savings first and let lifestyle grow later. Think of it like a startup reinvesting profits before celebrating success.

Next is automatic investing. Just as founders automate customer onboarding, you can automate wealth creation by setting up SIPs or direct index fund contributions. The key is consistency, not timing the market.

A third principle is debt avoidance. Consumer debt may feel small, but it compounds against you just as investments compound for you. Eliminating high-interest loans is equivalent to a guaranteed return.

Finally, skill stacking quietly accelerates income potential. Learning adjacent skills - like a marketer adding analytics or a designer picking up no-code tools-compounds earning power without needing an immediate raise.

Wealth doesn’t demand noise, it demands systems. Build those early, and your “small salary” can quietly become your biggest wealth engine.

SUPERCHARGE YOUR INVESTING SKILLS

STOCK SCREENER TO UP YOUR GAME

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Thanks for reading.

Until tomorrow!

Hanoomaan India Business team

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