New DPSUs profit of Rs 2,801 crore was recorded in FY 2025-26, according to the Ministry of Defence's Annual Report 2025-26, against a loss of Rs 2,844 crore booked in FY 2019-20 when the same factories were still run as the Ordnance Factory Board.

Revenue over the same comparison roughly doubled, rising to Rs 26,496 crore from Rs 12,755 crore, the report said. Both the profit and revenue figures are provisional, and the FY 2019-20 baseline predates the restructuring by about eighteen months.

New DPSUs profit follows the 2021 ordnance factory conversion

The Ordnance Factory Board was wound up and its assets split into seven companies with effect from 1 October 2021, in a restructuring the government framed as a way to give the factories autonomy and commercial discipline. Those seven are Munitions India Limited, Yantra India Limited, Armoured Vehicles Nigam Limited, Advanced Weapons and Equipment India Limited, Troop Comforts Limited, India Optel Limited and Gliders India Limited. The Annual Report describes the autonomy granted to them as the reason they have been able to extend their business presence into the global market.

Four have been granted Mini Ratna Category-I status

Munitions India Limited, Armoured Vehicles Nigam Limited, India Optel Limited and Yantra India Limited now hold Mini Ratna Category-I status, which carries greater financial autonomy than the companies started with in 2021. India Optel has since taken its optics into the civilian market, launching the GARUD high resolution binocular as its first consumer product, built on the sighting and sensor work it supplies to the armed forces from its Dehradun facility.

Exports have gone from Rs 81 crore to Rs 4,561 crore

The export line has moved furthest. The seven companies together exported Rs 4,561 crore worth of equipment in FY 2025-26 on provisional figures, against Rs 81 crore in FY 2019-20. Cumulative exports since the companies were formed now stand at Rs 10,169 crore, meaning roughly 45 percent of everything they have sold abroad since 2021 was sold in the most recent year alone.

The new DPSUs profit and export numbers sit inside a wider national picture the same report sets out. India's defence exports touched an all-time high of Rs 38,424 crore in FY 2025-26, with the share held by defence public sector undertakings rising from 35.5 percent in FY 2024-25 to 54.5 percent in FY 2025-26, taking the state-owned share past half for the first time. Indian defence equipment has gone to more than 101 countries over the past five years, one more than the year before, and a High Level Committee under the Defence Minister has been constituted to speed clearance of major indigenous platform exports to friendly foreign countries.

Research spending and a long-term tie-up with HAL

Research and development spending across the seven companies came to Rs 213 crore in FY 2025-26, the report said, and it expects that figure to rise progressively in coming years. Product innovation is named alongside R&D as the focus area the companies have been directed toward.

Yantra India Limited has separately signed what the report calls a first-of-its-kind long-term memorandum with Hindustan Aeronautics Limited, under which HAL will provide an interest-free advance of Rs 435 crore against a quantity commitment of 17,420 tonnes over ten years. A second long-term memorandum covering quantity commitments has been signed between Yantra India and Bharat Dynamics Limited. The company is also building a 10,000 tonne aluminium extrusion press at its Ambajhari plant in Nagpur, funded in part through the HAL arrangement.

The seven sit inside a sixteen company portfolio

The Department of Defence Production now has sixteen central public sector undertakings under its administrative control, the seven new companies alongside established names such as Hindustan Aeronautics Limited, Bharat Electronics Limited and Mazagon Dock Shipbuilders Limited. Defence Minister Rajnath Singh chaired a comprehensive review of all of them on 10 November 2025, at which four were felicitated, and received dividend cheques worth Rs 3,951 crore at a later review this year.

A DPSU Bhawan has been established at the World Trade Centre in Naoroji Nagar, New Delhi, inaugurated by the Defence Minister as a shared space to present Indian defence manufacturing to international buyers and boost export. A revised Standard Operating Procedure for export authorisation was notified on 12 September 2025 and published on the Defence Exim Portal, and the full figures for all sixteen companies are set out in the Ministry of Defence's Annual Report archive.