{"id":24828,"date":"2026-04-22T15:34:01","date_gmt":"2026-04-22T10:04:01","guid":{"rendered":"https:\/\/trending.niftytrader.in\/?p=24828"},"modified":"2026-04-22T16:06:55","modified_gmt":"2026-04-22T10:36:55","slug":"pahalgam-defence-index-up-30pct-stocks","status":"publish","type":"post","link":"https:\/\/www.niftytrader.in\/markets\/pahalgam-defence-index-up-30pct-stocks\/","title":{"rendered":"Pahalgam impact: Defence index up 30.6% led by Paras, BEL, Data Patterns"},"content":{"rendered":"

The Nifty India Defence Index has returned 30.6% in the 12 months since the April 22, 2025, Pahalgam terror attack nearly three times the Nifty 50’s 10.8% gain over the same period, according to NSE index data. The index’s top performer is Data Patterns (India) Ltd<\/a>, whose stock has risen approximately 76%, from around \u20b92,000 in April 2025 to \u20b93,526 as of April 21, 2026 (NSE closing price), driven by a record order book of \u20b91,868 crore as of December 31, 2025, as disclosed in the company’s Q3 FY26 earnings filing dated February 6, 2026.<\/p>\n

One-Year Scorecard (Apr 22, 2025 \u2192 Apr 22, 2026)<\/h2>\n
\n\n\n\n\n\n\n\n\n\n
Stock \/ Index<\/th>\n1-Year Return<\/th>\nKey Data Point<\/th>\n<\/tr>\n<\/thead>\n
Data Patterns<\/td>\n+76%<\/td>\nOrder book \u20b91,868 Cr \u2014 all-time high (Dec 2025)<\/td>\n<\/tr>\n
Paras Defence<\/td>\n+46%<\/td>\n10-yr exclusive aerospace support agreement<\/td>\n<\/tr>\n
BEL<\/td>\n+11%<\/td>\nFY26 turnover \u20b926,750 Cr (+16.2% YoY)<\/td>\n<\/tr>\n
HAL<\/td>\n+4%<\/td>\nFY26 revenue \u20b932,250 Cr (+4.1% YoY only)<\/td>\n<\/tr>\n
Nifty India Defence Index<\/td>\n+30.6%<\/td>\nvs Nifty 50 at +10.8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

What Drove the Rally: Budget Numbers, Not Just Sentiment<\/h2>\n

The Pahalgam attack accelerated a spending shift already underway. In the Union Budget announced February 1, 2026, the Ministry of Defence received its highest-ever allocation of \u20b97.85 lakh crore for FY2026-27, a 15.2% increase over the previous year’s estimate of \u20b96.81 lakh crore, according to official Union Budget 2026-27 documents. Capital outlay, the portion that directly funds procurement of new platforms and weapons, rose 21.8% to \u20b92.19 lakh crore from \u20b91.80 lakh crore in FY26, per the same documents.<\/p>\n

Of that \u20b92.19 lakh crore capital budget, \u20b91.39 lakh crore (75%) is reserved for domestic defense manufacturers, up from 40% a decade ago, according to the Ministry of Defence and analysis by the Manohar Parrikar Institute for Defence Studies and Analyses (MP-IDSA). That structural shift in procurement policy \u2014 domestic share nearly doubling in ten years \u2014 is what has sustained the sector’s re-rating beyond the initial Pahalgam shock.<\/p>\n

FY27 Budget at a Glance\u00a0<\/strong><\/h2>\n