Synopsis: Four aerospace and defence stocks, with Q3 FY26 order books between Rs 1,083 crore and Rs 21,200 crore, trade at a discount of up to 43 percent, offering 29–51percent upside potential.
These aerospace and defence companies have strong order books, steady government and defence contracts, and robust growth potential. Trading at significant discounts, they offer attractive upside for long-term investors.
The companies operate in critical sectors such as defence manufacturing and combat systems, ensuring consistent demand. Strong order backlogs, technological expertise, and strategic positioning position them well to benefit from rising defence expenditure. Here are the 4 stocks with a strong order book trading at a discount
Solar Industries India Ltd
Solar Industries is one of the largest domestic manufacturers of bulk and cartridge explosives, detonators, detonating cords and components, which find applications in the mining, infrastructure and construction industries. Company manufactures high-energy explosives, delivery systems, ammunition filling and pyros fuses for the defence sector.
With a market capitalization of Rs 1,17,087 crore, shares of this company closed today at Rs 12,939.30 per share trading at a discount of 27.3 percent from its 52-week high. The company, with a Rs 21,200 crore order book in Q3 FY26, trades at a discount to ICICI Direct’s Rs 16,700 target, offering 29 percent upside potential.
Astra Microwave Products Ltd
Astra Microwave Products is engaged in designing, developing, manufacturing and supplying high-value-added RF and microwave super components, sub-systems, and systems finding for Defense, Space, Telecom, Meteorology, and Civil communication applications.
With a market capitalization of Rs 8,461 crore, shares of this company closed today at Rs 891.15 per share trading at a discount of 25.5 percent from its 52-week high. The company, with a Rs 2,226 crore order book in Q3 FY26, trades at a discount to MOSL’s Rs 1,150 target, offering 29 percent upside potential.
Zen Technologies Ltd
Zen Technologies Limited was incorporated in 1996. The company designs develop and manufactures combat training solutions and Counter-drone solutions for defence and security forces. It is actively involved in the indigenisation of technologies, which are beneficial to Indian armed forces, state police forces, and paramilitary forces.
With a market capitalization of Rs 12,769 crore, shares of this company closed today at Rs 1,414.30 per share, trading at a discount of 37.8 percent from its 52-week high. The company, with a Rs 1,082.76 crore order book in Q3 FY26, trades at a discount to Choice institutional equities’ Rs 2,100 target, offering 48.48 percent upside potential.
Apollo Micro Systems Ltd
Apollo Micro Systems Ltd is a leading technology provider of high-performance, mission-critical solutions for the defence sector. The company specializes in electronic, electromechanical, and engineering design, along with the manufacturing and supply of advanced systems. It provides a wide range of strategic domains, including Missile Systems, Satellite and Space Systems, Naval Systems, Avionics, and Homeland Security.
With a market capitalization of Rs 7,106 crore, shares of this company closed today at Rs 198.90 per share, trading at a discount of 43.9 percent from its 52-week high. The company, with a Rs 252 crore order book in Q3 FY26, trades at a discount to Choice Broking’s Rs 300 target, offering 50.8 percent upside potential.
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