The top five stocks likely to benefit most from the ongoing Make in India and Atmanirbhar Bharat initiatives are Hindustan Aeronautics Ltd (HAL), Bharat Electronics Ltd (BEL), Adani Enterprises Ltd, Mahindra & Mahindra Ltd (M&M), and Paras Defence and Space Technologies Ltd.
These companies are strategically positioned within defence, electronics, infrastructure, and advanced manufacturing, all sectors prioritised by government policy, budget allocation, and multi-year growth incentives.
Both the Make in India and Atmanirbhar Bharat initiatives are designed to boost domestic manufacturing capacity, indigenize key industry segments, and reduce reliance on imports across defence, electronics, automobiles, and infrastructure. The government’s Production Linked Incentive (PLI) schemes, increased budget allocation (₹6.81 lakh crore for defence in FY25-26), and recent procurement requirements ensure that large projects and contracts increasingly favour Indian manufacturers and solution providers.
Here is the list of stocks to benefit from ‘Make in India’ and Atmanirbhar Bharat:
HAL is India’s preeminent aerospace and defence company, leading in indigenous aircraft, helicopters, and R&D for defence equipment. HAL has benefited from major policy shifts like the Defence Acquisition Procedure (DAP) 2020, which prioritises domestic procurement of defence equipment and places restrictions on imports through Positive Indigenisation Lists.
The company actively supports a growing base of over 2,000 SMEs and private vendors, fostering the expansion of the domestic aerospace ecosystem through initiatives like the Srijan Portal. The initiative has opened the defence sector to FDI, allowing up to 74% automatically and 100% with government approval in specific cases.
BEL is a leader in domestic defence electronics, radar, communication, and surveillance systems. BEL embodies the Make in India approach to technological indigenisation. Contracts for electronic warfare suites, missile systems, and surveillance devices—part of the Atmanirbhar Bharat focus—have contributed substantially to BEL’s revenues and growth, reinforcing its role in India’s self-reliance push.
BEL’s strong emphasis on R&D, innovation centres, and partnerships with government agencies like DRDO means it produces a wide array of critical systems ‘in-house’, reducing import dependence. The Make in India program, coupled with technology transfers and licensed manufacturing of advanced defence tech, brings further opportunities for BEL to expand product offerings and production scale.
Adani Enterprises is a key player in large-scale infrastructure (airports, expressways, copper and material projects) and mining, benefiting from government incentives and policy support for Make in India. The company is investing heavily in infrastructure projects, including airports (with ₹20,000 crore planned investment), power plants (like a $3 billion ultra-supercritical plant in Bihar), ports, and manufacturing facilities, directly advancing India's self-reliance goals.
By incubating sectors aligned with national priorities, Adani Enterprises acts as a multiplier for job creation, local value addition, and technology development. Its commitment to self-reliance and innovation makes it a flagship company benefitting from and advancing India’s Make in India and Atmanirbhar Bharat visions, positioning it for growth alongside India’s expanding industrial base.
M&M stands out in the automotive and tractor segments, crucial for India’s manufacturing push and rural empowerment under Atmanirbhar Bharat. By aligning its products and investments in next-generation EVs and rural-urban mobility solutions with Make in India objectives, M&M can leverage government production-linked incentives (PLI), infrastructure support, and regulatory simplification to boost domestic manufacturing, scale production, create jobs, and explore export opportunities.
Atmanirbhar Bharat promotes self-reliance in key sectors, including manufacturing, financial inclusion, and MSME reforms. M&M’s auto, defence, and agriculture equipment businesses can gain from these policies. The company benefits from increased government spending and a preference for domestic suppliers. Its diverse operations in manufacturing, financial services, and infrastructure match the government’s push for infrastructure growth and employment. Incentives like collateral-free loans, PLI schemes, and labour law reforms further enhance M&M’s growth and cost competitiveness.
Paras Defence and Space Technologies Ltd is set to benefit from the Make in India and Atmanirbhar Bharat initiatives due to its focus on self-reliant defence and space manufacturing. The company emphasises being an Indigenously Designed, Developed, and Manufactured (IDDM) company, aligning with Atmanirbhar Bharat goals. Paras Defence produces critical defence optics and electronics and is the sole Indian supplier of imaging components for space applications and large-sized optics.
The company formed a joint venture with Israel-based HevenDrones to design and manufacture next-generation hydrogen-powered drones in India, supporting Make in India through local production and technology transfer. Paras Defence also manufactures magnets for India’s first locally developed MRI machine, reducing import dependence. It received technology transfer from DRDO for Optronic Submarine Periscope manufacturing, a critical naval technology.
The Make in India and Atmanirbhar Bharat initiatives mark a transformative era for India's economy and equity markets. These policies and strategic frameworks are driving deep structural reforms that enhance domestic manufacturing, innovation, and self-reliance across critical sectors like defence, electronics, infrastructure, and automobiles.
The consistent increase in budget allocations, incentivisation through Production Linked Incentives (PLI), and push for technology indigenisation have laid a strong foundation for sustained growth.
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