Defence stocks fall on profit booking; Cochin Shipyard tanks 6%, Paras Defence down 5%, GRSE drops 2.6%, HAL tumbles 2%
India's defence stocks came under pressure in early trade on Tuesday as investors booked profits following a sharp rally seen over the last few weeks. Key stocks like Cochin Shipyard, HAL, and Paras Defence led the decline, with many counters falling over 2% to 6% on the BSE and NSE.
Cochin Shipyard dropped over 6% to ₹1,860.30 on the BSE, giving up some of its recent strong gains. The stock had surged nearly 40% over the past month.
Shares of Hindustan Aeronautics Ltd (HAL) were also down nearly 2% at ₹4,918.70 despite the company offering an optimistic FY26 outlook. HAL guided for 8–10% sales growth and maintained a strong EBITDA margin of 31%. Brokerage firm Nomura India upgraded HAL's target price by 30% to ₹6,100, citing better earnings visibility and robust order book.
Paras Defence and Space Technologies slumped over 5% to ₹1,617.55 amid news that three of its promoters — Sharad Virji Shah, Anish Mehta, and Kaajal Bhansali — offloaded a total of 13.34 lakh shares via bulk deals on Monday. The shares sold represent around 3.3% of the company's total equity and 5.8% of the promoter holding. This move is seen as a case of profit booking, with the stock having doubled from its March 6 closing level of ₹834.95.
Other defence counters also saw red: Garden Reach Shipbuilders fell 2.6%
Data Patterns slipped 2.5%
Mazagon Dock and Bharat Dynamics dropped over 2.4% each
IdeaForge Technology was down over 4%
The correction comes after a powerful run-up in defence stocks driven by strong quarterly results, record order books, and government emphasis on self-reliance in defence manufacturing.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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