Krishna defence and allied services: Powering indigenisation

Disclaimer: Nothing is a buy or sell recommendation, it is all purely with the purpose to educate. I have no holdings here.

In this blog, we will analyze Krishna Defence & Allied Services (KDAIL), an Indian listed company that has emerged as a key player in the country’s defense manufacturing realm. We’ll delve into its evolution from dairy equipment to defense hardware, its management history, product offerings, and the growth avenues shaping its future trajectory. Let's begin!

Business History

Krishna Defence & Allied Services (officially Krishna Defence & Allied Industries Ltd, KDAIL) has a unique origin story. It began in 1997 as Krishna Industries, founded by Mr. Ashwin Shah (a double graduate in electrical and mechanical engineering) and partners . For nearly a decade, the company built expertise in stainless steel fabrication for milk and food processing. A pivotal shift came in 2006, when founder Mr. Ankur Ashwin Shah leveraged the firm’s engineering skills to enter the defence sector​. KDAIL indigenously developed shipbuilding steel sections (bulb bars) for the Indian Navy – critical components for warship hulls that were previously imported​. This successful import substitution marked the company’s foray into defense manufacturing.

Over the years, Krishna Defence expanded its defense product portfolio (discussed below) while continuing its legacy business in dairy and kitchen equipment. The firm gained recognition for its contributions: by 2008, it received a DRDO appreciation for the indigenous bulb bars project of “national importance”​. By consistently introducing new products that replaced imports, KDAIL transformed itself into a niche defense supplier. Corporate restructuring accompanied this growth. The name changed to“Krishna Defence and Allied Industries Ltd”in December 2021​ , and got listed by April 2022​.

About the management

KDAIL is led by its promoter and Managing Director, Mr. Ankur Ashwin Shah, who has ~22 years of industry experience​ . Ankur Shah has been the driving force since inception – founding the dairy equipment business and then spearheading its diversification into defense manufacturing. Under his leadership, the company cultivated strong engineering capabilities that enabled it to take on complex indigenization projects. He remains the largest shareholder (around 38% stake) and is deeply involved in strategic R&D initiatives.

Assisting him is Mr. Sandeep Ramrao Kadam, the Whole-Time Director since 2014​. Mr. Kadam brings technical and operational expertise; he oversees production and has helped ramp up the defense production at the Halol plant. The board also includes Mrs. Preyal Shah and independent directors like Mr. Divyakant Zaveri and Mr. Jaykumar Toshniwal who bring governance and industry insights​ .

KDAIL’s management prides itself on a strong R&D orientation and engineering focus. The company has an in-house research team and even a NABL-certified lab for testing​ . They also enlist retired defense officers as consultants, leveraging their domain knowledge to identify upcoming needs of the armed forces​.

This blend of seasoned leadership and technical advisors has enabled Krishna Defence to develop products ahead of demand. A key example is how the management pursued a“no cost, no commitment” (NCNC) approach to product development – building prototypes at its own cost to prove capability, thereby winning the trust of defense authorities​. Such proactive development, championed by Mr. Shah and team, led to KDAIL becoming an approved vendor to the Navy as early as 2011​ and a go-to partner for DRDO collaborations. In summary, the leadership’s deep industry experience, combined with a culture of innovation, has been instrumental in KDAIL’s evolution from a small workshop to a listed defense engineering company.

Industry analysis

The business operates in two sectors: Defence and diary. However, Diary is about 6% in revenue share and 1% or less in its order book share, and hence, the primary focus will be defence.

Over the last decade, India’s domestic defense production value swelled to ₹1.23–1.27 lakh crore annually by FY24, thanks to policies like Make in India, Atmanirbhar Bharat, and the Defence Production & Export Promotion Policy (DPEPP)​. This reflects a ~174% increase from 2014-15 levels​ . Such growth signals abundant opportunities for local suppliers like KDAIL. Defense capital spending is on the rise, and the private sector now contributes about 21% of India’s defense output​ – a share expected to grow further.

Specifically, India’s naval shipbuilding program is booming: as of 2024, around 64 naval vessels are under construction and the Navy plans to induct ~40 new warships over the next 5 years​ . This fuels demand for ship components (Bulb bars, steel sections, doors, etc.) that KDAIL supplies. Similarly, heightened border tensions and extreme climate deployments (e.g. in the Himalayas) drive demand for specialized soldier equipment like high-altitude heating and cooling devices. The homeland security segment is also expanding as agencies modernize bomb disposal and safety gear, creating a market for products such as IED containment vessels.

The Indian defence sector is projected to grow ~15-20% CAGR in the coming years, backed by rising budgets and a push for self-reliance​.

Segments like shipbuilding, defense electronics, and soldier systems (where KDAIL is active) are poised for even faster growth as India replaces imports. The government’s positive indigenization lists (banning import of certain defense items) serve as a tailwind, effectively creating a captive market for domestic suppliers. For instance, items like special steel sections, naval doors, etc., may be on those lists, benefiting KDAIL. Additionally, defense exports have jumped 30x in a decade​, indicating future potential if KDAIL starts exporting its products. In short, the industry environment is favorable:robust domestic demand, policy support for local sourcing, and expanding use-cases (modernization needs) all point toward sustained growth for companies like Krishna Defence.

Business segments

As we already know, the companies operates in two segments and has products that are operating in multiple niches in these two segments. However, we will be discussing three segments here, which is defence, emerging R&D products and Dairy. Lets first understand the defence segment first, owing to its importance in the business growth.

Defence

Naval Shipbuilding Components

This is a flagship segment for KDAIL. The company primarily manufactures shipbuilding steel bulb bars (long steel profiles with a “bulb” ) used as structural stiffeners in warship hulls​ .

Whats a bulb bar?

• Bulb bars (also called bulb flats) are specialized structural steel sections used primarily in shipbuilding and offshore construction. They have a unique “bulb” shape at one end and a flat section at the other, forming an asymmetrical profile. This design provides high strength-to-weight efficiency, making them ideal for reinforcing ship hulls, decks, and bulkheads.

These bulb bars are critical for ship integrity; KDAIL became the first Indian supplier of bulb bars, which were earlier imported from abroad​. Bulb bars can account for 10–15% of a warship’s steel weight​ , significantly reducing overall ship weight (the unique bulb-flat shape offers ~3x strength-to-weight ratio vs. regular steel, enabling lighter ships with higher payload or speed)​. Krishna’s bulb bars are used in frigates, destroyers, aircraft carriers – any naval ship under construction at Indian shipyards. It supplies them to all major Indian shipyards – e.g. Mazagon Dock, Garden Reach Shipbuilders, Goa Shipyard, Hindustan Shipyard, as well as private builders like L&T​ . The TAM for bulb bars aligns with India’s naval expansion: with ~40-60 new ships planned in 5 years (not including replacing old ships)​ and each warship requiring tons of bulb steel, the opportunity runs into several hundred crores of rupees. Realization per unit for bulb bars is about ₹5–6 lakh per ton on average.

KDAIL also produces steel ballast bricksThese are dense ballast blocks used in naval vessels (particularly submarines and certain surface ships) for stability and weight balancing​ . Krishna’s ballast bricks are made from a special alloy with near-zero magnetic permeability, which means they do not interfere with a vessel’s magnetic signature – a crucial stealth requirement for naval platforms​ . Applications: Placed in submarine hulls or as counterweights in warships, they lower the center of gravity and keep the vessel balanced (especially to offset weight of propulsion machinery at the rear)​ . Each submarine can use 2,000–3,000 tons of such ballast material in total​ , though it’s unclear what portion is of the specialized non-magnetic type. The technology for low-magnetic ballast came via DRDO, and Krishna was an early indigenization partner. There are likely no direct private competitors in India known for this specific product – the company may effectively be a sole supplier to the Navy for specialized ballast bricks. (Traditional ballast could be supplied by steel companies, but the low-magnetic alloy bricks are niche.) India’s ongoing and future submarine programs (Scorpene-class, upcoming Project-75I, etc.) define TAM. With each sub needing substantial tonnage of ballast, the market for specialized ballast bricks could be on the order of dozens of crores of rupees per submarine. If India builds say 6-8 new submarines in coming years, plus refits, TAM might be in the ₹200–300 Cr range. Additionally, future stealth surface ships could also adopt such ballast for signature reduction, expanding the market modestly.

Additionally, the company makes special alloy welding consumables (welding wires, flux, electrodes) for naval applications​ . These are used in ship hull fabrication and repair, requiring high tensile strength welds​. These consumables are made of complex alloys (containing nickel, titanium, etc.) to achieve high tensile strength and toughness in welds​. They are used for critical welding jobs on naval platforms – for example, welding submarine hull sections or warship grade steel plates (including under-waterline welding where high integrity is needed). These products were also largely imported (reportedly from Russia) until Krishna developed indigenous equivalents​. In this segment, Krishna faces competition from one other approved supplier, which the company indicated is a defense PSU​. Although not named, this could be Mishra Dhatu Nigam (MIDHANI) or similar, as DPSUs with metallurgy expertise. The market is essentially a duopoly – only two qualified vendors for the Navy’s special welding consumables, with Krishna estimating about a 50% win-rate in tenders for itself​ . The average realization for these welding consumables is ₹20 lakhs up to ₹1 crore per ton, depending on the grade and alloy composition​. This extremely high per-ton price (relative to normal welding wire) reflects the specialized nature. Each grade has a different price; some exotic alloy electrodes are at the upper end of that range. These realizations have likely been stable or rising, as advanced grades are introduced. Recently in October, they bagged an order with 88 crores!

Competition

In this naval components niche, KDAIL faces limited to no domestic competition. A competitor mentioned by the management was Star Wires which competes against them in Bulb bars. They also compete against a Bangalore based company in weld consumerables in which they have a win ratio of 50%. Overall in the tenders they participate in, they probably do enjoy a high win ratio because of the fact that there are barely and competitor and buyers like Mazagon and Gardenreach diversify their supply by giving parts of orders to companies. Bulb bars and naval-grade welding alloys were largely an import domain; by indigenizing them, KDAIL enjoys a first-mover advantage​.

Extreme Climate Soldier Gear

KDAIL, via DRDO collaborations, manufactures equipment to support troops in harsh environments. One key product is the “Improved Bukhari” space-heating device, branded Himtapak. It’s a modern take on the traditional kerosene stove used by soldiers in high-altitude cold areas. Developed with DRDO’s DIPAS lab, the Himtapak Bukhari uses a solar-powered fan for better heating and emits almost zero carbon monoxide, improving safety​. The device prevents the toxic fume buildup that caused many casualties with old heaters​ . KDAIL has started supplying small quantities of these to the Army as of 2023. In August 2024, Krishna Defence bagged an order of ₹65 crore for these heating devices​.

The TAM here includes thousands of army bunkers and outposts in the Himalayas (Siachen, Ladakh, etc.) that need safe heating – a potential market of several thousand units. KDAIL also has ToT for a Man-Mounted Cooling System for soldiers in extreme heat (e.g. deserts) and a Solar Snow Melter for high altitudes​ . These products are in nascent stages; if approved and adopted widely, each could see orders in the magnitude of hundreds of units for specialized divisions.

Competition

Historically, such niche gear was supplied by the government ordnance factories or not available at all (troops managed with suboptimal solutions). Now, KDAIL’s products are unique in the Indian market thanks to DRDO’s tech. There are few direct competitors domestically – for instance, the Himtapak Bukhari is likely exclusively made by KDAIL under the DRDO license. Legacy heaters from Ordnance Factory Medak or local fabricators exist, but they do not match the new specs. Thus, KDAIL holds an edge, though it must prove the product’s efficacy to secure bulk orders. Internationally, similar military heaters are made by a handful of companies in cold-climate countries, but imports would be costlier and against India’s indigenization policy. Overall, in this segment KDAIL enjoys a monopoly-like position domestically (as long as it executes well on quality and the Army adopts these improved devices).

Homeland Security & Ballistics

• Modular Vehicle Barriers and Automatic Tyre Killers: These are deployable road barriers used to stop unauthorized vehicles (anti-ramming devices). Applications: Perimeter security at high-value installations (military bases, airports) and for checkpoints. The modular vehicle barrier is likely a portable spike barrier or gate that can be quickly installed, and the automatic tyre killer is a spiked barrier that can rise to puncture tires. Competitors: Several Indian firms (Godrej Security, etc.) and imports provide similar barriers. In one case, Krishna developed an anti-ramming barrier for an overseas client, but it was not adopted (a past example of market acceptance challenge) . Nonetheless, domestically the company is marketing these to armed forces, police, and even private sector needing high security​.

• Multi-Purpose Launcher: This presumably refers to a device that can launch non-lethal munitions (tear gas, flares) or could be a modular weapon mount. The exact product isn’t detailed, but named in the IPO prospectus summary​

• Long-Range LED Searchlight: A high-power searchlight for security forces (border patrol, forest guards, etc.), mentioned as part of the homeland security range​. Many companies make these; Krishna’s offering would compete on robustness and range. Small ticket item.

R&D and new market entries

Research and development is a cornerstone of Krishna Defence’s strategy, as evidenced by its track record of indigenizing products via collaboration with DRDO labs and its ongoing efforts to enter new tech domains. Two notable R&D-driven forays are in radio frequency (RF) technology and new defense product lines:

Entry into Radio Frequency & Optical Communication Solutions: In 2023, Krishna Defence made a strategic move into the defense electronics arena by investing in a venture focusing on RF-to-optical signal conversion. The company acquired a 25% stake in Wave Optix Solution Pvt. Ltd. (with plans to increase to 51%)​. Wave Optix, founded by former Data Patterns executives, specializes in technology that converts radio frequencies to optical signals and back​ . This capability is critical for modern military communications and electronic warfare – for instance, RF-over-fiber systems can transmit radio signals over optical fiber links with minimal loss and high security. Wave Optix has already proven its product viability, having fulfilled an order of 40 units (priced around ₹9 lakh each, totaling ₹3.5 Cr)​ . By partnering with Wave Optix, Krishna is effectively entering the defence electronics market. They are setting up a dedicated new facility in Bengaluru to produce advanced RF and optical-fiber based communication solutions​ . This indicates a deliberate R&D expansion beyond mechanical products into electronics. The company believes that the order potential for them is about 200 crores.

Remotely Operated Vehicles (ROVs) and Autonomous Systems: As part of its diversification, Krishna Defence announced it is venturing into developing unmanned and autonomous vehicles​ . These could include remote-operated vehicles for surveillance, bomb disposal robots, or small unmanned ground vehicles for reconnaissance. ROVs are a natural adjacency given the company’s work on IED containment (an ROV could carry the containment vessel) and its focus on defence innovation. While details are sparse, it underscores an R&D direction towards robotics . The company’s mention of ROVs suggests they are in design/prototype phase, possibly leveraging in-house mechanical design skills and integrating third-party electronics. This is a new market where global companies exist, but domestic demand is largely unmet, so successful R&D here could open another revenue stream.

Composite Materials (Fire-Resistant Doors/Hatches): Another R&D initiative is in advanced materials for naval applications. Krishna is working on fire-resistant composite doors and hatches for ships​ . It has tied up with a Netherlands-based company and is planning to manufacture these composites via a joint venture​ . The aim is to replace existing heavy steel doors on naval ships with lightweight, non-corroding composite ones, improving ships’ longevity and reducing weight​ . This is a prime example of Krishna entering a new market through R&D – the company recognized a need (naval ships suffering from corrosion and weight issues on steel doors) and sought foreign partnership for technology. Specific product:Composite naval doors/hatches that are fire-resistant (meeting Navy safety specs) and significantly lighter. If this materializes, Krishna would become a supplier of high-end composite components – a new domain apart from metals. The development status (as of late 2023) was positive with plans moving forward​ . The company believes that they can clock in about 50 to 100 crores from this segment once they are in full steam.

Other R&D and Pipeline Products: In addition to the above, Krishna’s R&D pipeline (some already touched on earlier) includes the SRGM naval gun ammunition project​ – which, though slow, represents a bold attempt to enter the munitions space. The fact that it’s still in design means heavy R&D is ongoing with presumably support from Navy experts. The company is also continually improving existing products – e.g., tweaking alloy compositions for weld consumables or enhancing the Bukhari heater efficiency further. Its partnership approach with DRDO labs is essentially an R&D model: DRDO provides the base tech design and Krishna does the engineering and manufacturing development. This has worked well (as seen in multiple successfully indigenized products like the heater, cooling systems, IED container, etc., all outcomes of R&D collaborations since 2019).

Recent Market Entries: To summarize, the most recent new areas Krishna Defence has entered via R&D are:

• Radio Frequency & Optical Converters (Defense communications hardware) – via Wave Optix stake, new Bangalore unit​,

• Autonomous/Remotely Operated Vehicles – in development for defense/security use​,

• Composite Naval Components – fire-safe doors/hatches in JV with a Dutch firm​

• Ammunition – designing naval gun ammo (longer-term project)​.

Each of these moves is backed by either acquiring new technical know-how or partnering with technology specialists, indicating a strategic R&D-driven expansion. If successful, these will significantly widen Krishna’s market from primarily metal fabrication into high-tech electronics and materials – potentially increasing content per platform (e.g., not just supplying steel for a ship, but also the composite doors and some communication modules for that ship).

Dairy segment

Lets not bore you all, and get done with this fast.

This is KDAIL’s legacy segment – now a small part of business but worth noting. It includes stainless-steel dairy equipment like Bulk Milk Coolers, traditional Milk Cans, and the Robotic Milk Collection Unit (RMCU) (an automated milk testing and collection station KDAIL patented in 2015)​ . These products cater to dairies, milk cooperatives, and village milk collection centers. KDAIL also makes industrial kitchen equipment such as large cooking vessels, steam cookers, etc., which were used in Mid-Day Meal school kitchens and other catering projects​ . The TAM in dairy equipment is large (India’s organized dairy sector invests hundreds of crores in such equipment annually), but KDAIL holds a tiny market share. It faces intense competition from established dairy machinery companies (both domestic and MNCs). For instance, rivals include GEA Farm Technologies, DeLaval, Tetra Pak (for high-end milking solutions) and numerous local fabricators for milk cans and bulk coolers. Similarly, kitchen equipment sees competition from many small manufacturers across India. As a result, this segment’s growth and margins are limited for KDAIL. The company has de-emphasized it – management noted the dairy segment order book is now only 0.5% of total​ . Still, KDAIL maintains these operations (at its Kalol plant in Gujarat​) as an adjacent revenue stream and perhaps for legacy client relationships. Any growth here would be a bonus; the company’s real focus is firmly on the defense side of the business.

Thesis

• High growth guidance backed by order book+ expanding margins: The company is aiming for a revenue growth of 40%+.Historically, they have underpromised and overdelivered and with the continuing growth, it looks to be the same. In FY24, the revenue grew by 70% and for 9MFY25, the growth has been 180%!!! Moreover, the orderbook too is witnessing a strong growth, which is a good indicator of continuing growth in the future. The orderbook currently stands at 310 crores which is 2.7 times the FY24 reveneue and up 55% from H1FY24 orderbook which was 200 crores. The company also aims to increase their Operating margins to 20%, which is currently at 15%. However, the growth in margins has been lower compared to the revenue growth.

• Long term tailwinds: The main driver is the swelling demand for indigenous defense equipment in India. With local defense production hitting record highs​ and a policy mandate that prioritizes Indian suppliers, KDAIL sits in a sweet spot. The Indian armed forces are slated to spend billions on new ships, tanks, and gear in the coming years, and much of that will be sourced domestically. This rising tide lifts all boats – KDAIL included. The company’s targeted niches (naval hardware, soldier systems) are areas of active procurement, so it stands to receive a consistent flow of orders.

• New Product Launches Unlocking TAM: KDAIL’s foray into new product areas (Wave Optix systems, composite doors, IED vessels, etc.) serves as a growth catalyst by expanding its Total Addressable Market. Each new product adds a revenue stream that didn’t exist before. Notably, the Wave Optix communication system has an estimated TAM of 6000 units for India​, which could translate to hundreds of crores in orders – a huge opportunity that KDAIL is positioned to capture with its increased stake and early mover advantage. Likewise, if composite naval doors replace steel ones in all future Indian ships, that becomes a recurring revenue source across dozens of ships. In short, innovation is fueling growth – every successful R&D project opens up a new market for KDAIL.

• Experienced Management & R&D Culture: The leadership’s proven ability to identify opportunities and execute projects gives confidence that growth is in capable hands. Mr. Ankur Shah and team have navigated the firm through multiple business transitions successfully. Their close engagement with end-users (via retired officers) ensures KDAIL’s growth is aligned with actual defence needs​ . This reduces missteps and increases the hit-rate of new ventures. A strong R&D culture also means KDAIL can continuously add new growth vectors (so growth is not dependent on one-two products alone).

Anti Thesis

• Customer Concentration & Policy Dependency: The flip side of being in defense is heavy reliance on government orders. The Indian government (MoD and PSUs) is by far KDAIL’s largest customer. If for any reason the government’s procurement plans change (budget cuts, policy shifts, or delays), KDAIL’s revenues could be impacted. For instance, if a naval project is delayed or canceled, orders for bulb bars could get pushed out or scrapped. Similarly, the company’s fortunes are tied to the indigenization policy – a change in political leadership or priorities might slow the Make in India momentum (though this seems unlikely given bipartisan support for self-reliance). Nonetheless, the regulatory climate is a dependency; any adverse change (like a move back to imports for some reason or a new policy favoring DPSUs) is a key risk.

• Execution Risks: Rapid growth and a bulging order book bring execution challenges. KDAIL needs to deliver quality products on time for multiple large orders simultaneously. Scaling up production 3-4x in a short span can strain operations. There’s risk of execution slippages – e.g., delays in setting up the new bulb bar line could affect delivery schedules, or production bottlenecks could emerge for new products that haven’t been made in volume before (like the first large batch of IED containers). Failure to execute properly could lead to penalties, loss of goodwill, or even cancellation of orders. Moreover, new products undergoing user trials might face setbacks; if a product like the composite door fails tests or an expected order doesn’t materialize, that anticipated revenue won’t come. The management themselves cite technology failure or market acceptance failure of new products as risks​ – meaning not every R&D project will necessarily succeed commercially.

• Working Capital & Financial Risk: Defense contracts often involve long receivable cycles. Government clients can be slow in payments – there might be months of delay between delivery and final payment​. This can stretch KDAIL’s working capital. Already, being an SME, it likely has limited ability to fund huge work-in-progress inventories. As order sizes grow, the working capital requirement grows too, raising the risk of cash flow crunches. The company is trying to manage this (aiming to reduce working capital days below 100)​ , but the risk remains that if payments bunch up or if it has to invest a lot in raw materials up front, it may need more debt, which introduces interest cost and financial risk. Additionally, execution delays can lock up cash in inventory, exacerbating this issue.

• Competitive Threat (Long-term): While KDAIL currently enjoys limited competition in many areas, success will inevitably attract attention. Larger companies or new startups may try to enter these niches. For example, seeing KDAIL’s success, a bigger player like L&T or a PSU might decide to manufacture bulb bars or heaters in-house or support an alternate supplier to avoid dependency on one vendor. Or global firms might partner with Indian companies to offer competing solutions (especially in high-tech areas like communications). If KDAIL’s margins are perceived as high, competitors will be incentivized to undercut. Thus, the company must keep innovating and stay cost-efficient to maintain its edge. The entry barriers (like complex know-how, approvals needed) are in KDAIL’s favor​ , but they are not insurmountable given enough time and capital from a determined competitor.

• Technological Change: Defense technology evolves rapidly. There’s a risk that some of KDAIL’s products could become obsolete or less relevant with new tech. For instance, if tomorrow a new material replaces steel in ship hulls entirely, bulb bars might no longer be needed. Or if a new kind of battery-powered heater comes that’s far superior to the Bukhari, the Army might skip to that. KDAIL has to ensure it stays updated and doesn’t get stuck with yesterday’s tech. Its move into composites and electronics is a hedge against being pigeonholed, but tech disruption is always a risk in a field driven by innovation.

Valuations and Technicals

Due to the recent SEBI regulations, I will refrain from sharing charts. However, if you were to open the daily chart of the company, you will notice that it was in a strong uptrend until it reached a climax like move and begun to consolidate. It looked like it was holding well but with the fierce market corrections, the company has fallen prey to it and has broken the support as well. I do not know if and when a bottom will be made.

With respect to valuations, it does look like the company will most likely should close around 200crores+ in revenues for the year. A 11% PAT margin (even though it did 11.5-12% in H1) shows that the company is most likely trading at around 36 times earnings. Assuming it does follow its guidance of 40% and a slight uptick in PAT margins to 12% , we can expect a FY26 PAT to be 30-33 crores and hence the company is most likely trading at FY26 basis of 24.

That marks the end of my blog, i hope it was helpful. I have been inactive for a long time, but that is going to change from now. I will be uploading two blogs a week! with the depth I have always delivered or even more.

Stay tuned.

Citations

• Bastion Research. "Krishna Defence & Allied Industries." Bastion Research, https://bastionresearch.in/krishna-defence-allied-industries/. Accessed 27 Feb. 2025.

• ValuePickr Forum. "Krishna Defence & Allied Industries Ltd - SME Play on Shipbuilding." ValuePickr Forum, https://forum.valuepickr.com/t/krishna-defence-allied-industries-ltd-sme-play-on-shipbuilding/146531. Accessed 27 Feb. 2025.

• GoodReturns. "Krishna Defence and Allied Industries - Company History." GoodReturns, https://www.goodreturns.in/company/krishna-defence-and-allied-industries/history.html. Accessed 27 Feb. 2025.

• Shipbuilding Steel. "Flatbulb Steel." Shipbuilding Steel, https://www.shipbuilding-steel.com/Products/flatbulb-steel.html. Accessed 27 Feb. 2025.

• Asia Pacific Defence Reporter. "Indian Defence Sector Is Set to Grow 20% During FY24-FY29." Asia Pacific Defence Reporter, https://asiapacificdefencereporter.com/indian-defence-sector-is-set-to-grow-20-during-fy24-fy29/. Accessed 27 Feb. 2025.

• Press Information Bureau (PIB). "India Has Achieved the Highest Ever Defence Exports of Approximately Rs 21,083 Crore in FY 2023-24." Press Information Bureau, Government of India, https://pib.gov.in/PressReleasePage.aspx?PRID=2069090. Accessed 27 Feb. 2025.