DEFENCE SECTOR | DRDO TECHNOLOGY TRANSFER TO INDUSTRY Regulatory… — Being Limitless — TG.ME

DEFENCE SECTOR | DRDO TECHNOLOGY TRANSFER TO INDUSTRY Regulatory Update - Raksha Mantri approves transfer of technology for DRDO-developed missile systems. - Move aimed at strengthening indigenous defence manufacturing. - Technology transfer could expand the domestic missile manufacturing ecosystem. - Increased participation from private players expected. Market Impact - Negative for BDL: Higher competition could put pressure on margins. - Positive for BEL: Opportunity to enter the missile domain through private-sector partnerships. - Positive for Apollo Micro Systems: Approved to manufacture 12.7mm+ calibre missiles, ATGMs, torpedoes and rockets. - Positive for Solar Industries, Adani Defence, Tata Advanced & Bharat Forge: Existing Rafael tie-ups provide exposure to missile subsystems. - Positive for L&T: Existing partnership with MBDA provides missile subsystem exposure. - Positive for NIBE: Exposure through rocket and missile launcher systems. Key Takeaway - DRDO technology transfer could materially broaden India's missile manufacturing base. - BDL may face increased competitive pressure as more private players gain access to technology. - Companies with existing missile/subsystem capabilities could benefit from the expanding ecosystem.