The overall markets are under pressure but there are some pockets with steady rally. While fighter jets and missiles have long dominated the narrative of border clashes, it is India’s drone fleet that is now garnering attention of both the battlefield and the stock market. As military tensions with Pakistan escalated this week, shares of India’s drone companies surged.
On Friday, shares of companies like ideaForge, Zen Technologies, Paras Defence, HAL, and Bharat Electronics saw strong buying interest. This surge in the drone stocks came after reports of India’s use of suicide drones in precision strikes across the border as part of ‘Operation Sindoor’.
Here’s how the key players are performing:
ideaForge Technology
Leading the pack was ideaForge, whose shares soared over 17% in intraday trade on Friday. Over the past week, the company has gained more than 21%. The rally comes on the back of investor optimism over the increasing role of surveillance and combat drones in India’s military operations. While the stock has been under pressure in the last six months with a 26% dip and a 27% year-to-date decline.
Zen Technologies
Zen Technologies share price also found itself in the green, hitting a 5% upper circuit in intraday trading. The company, known for its combat training solutions and defence simulators, has had a mixed run in recent times. While its shares rose modestly by 2.5% in the past week, they remain down 43% for the year so far. However, its impressive 52% gain over the last year.
Paras Defence
Paras Defence & Space Technologies has emerged as another major gainer in the defence rally. On Friday, its shares price of Paras Defence jumped nearly 6% in intraday trade, continuing a strong upward trend. The stock is up 7% over the past week and a stunning 54% in the last month alone. Over a six-month period, it has surged 43%, and its performance so far in 2025 has also been strong.
Hindustan Aeronautics (HAL)
HAL, one of India’s oldest defence PSU giants, saw a moderate but notable 1.5% intraday rise. It may not have jumped as sharply as the smaller players, but the long-term trend shows HAL is quietly gaining altitude. The stock has risen over 11% in the last month and nearly 17% in the past year.
Bharat Electronics (BEL)
BEL also attracted investor attention with a 2.5% uptick on Friday. Over the last month, its shares are up more than 12%, and its yearly performance shows a robust gain of nearly 39%. The stock has been relatively flat over a six-month and YTD basis.
Drone warfare changes the game
India’s precision strikes earlier this week reportedly used Harop suicide drones to disable Pakistani air defence systems near Lahore and Multan.