Defence is from “Made in India” to “Designed in India.”

Data Patterns is not just another defence manufacturer. It is a fully integrated defence & aerospace electronics player — designing and manufacturing radars, electronic warfare systems, communication systems, avionics, satellite systems and test equipment. The numbers already show the quality. FY26 revenue jumped 31% to ₹925 crore, while EBITDA grew 35% to ₹371 crore. More importantly, the company delivered 40.1% EBITDA margin, 20.8% ROCE and 16.7% ROE. Then comes the visibility. Order book stood at around ₹928 crore at March 2026 and remained around ₹928 crore in Q1 FY27 — roughly a year's worth of FY26 revenue already secured. But the bigger story is beyond today's order book. Radars → Electronic Warfare → Avionics → Space → Communication → Advanced defence systems. As modern warfare becomes increasingly electronics-driven, the value of indigenous sensors, radar, EW and mission-critical electronics keeps rising. And India is accelerating this transition. The Defence Acquisition Council approved ₹1.1 lakh crore of procurement on September 7, 2026, with around 98% targeted from Indian industry. Jefferies currently sees Data Patterns as a beneficiary and has a Buy rating with a ₹5,545 target. The company is also expanding its engineering base — reaching 1,112 engineers by June 2026, with 82 additions in Q1 alone. Management is targeting approximately 20–25% revenue growth while maintaining 35–40% EBITDA margins and a net-cash balance sheet. The thesis is simple: More defence spending → More indigenisation → More electronics content → More orders → More scale → More operating leverage. The risk? Valuation is demanding, defence order timing can be lumpy, and execution must keep pace with expectations. But structurally, the story is powerful. India is building its own defence technology stack. Data Patterns is building the electronics inside it.