Goa-based defence manufacturer to establish medium-caliber ammunition manufacturing capability
PANAJI, India, Sept. 23, 2026 /PRNewswire/ -- Hughes Precision Manufacturing Pvt. Ltd., one of India's growing private-sector ammunition manufacturers, has completed an investment round of ₹250+ crore through a combination of primary and secondary investment from a group of marquee ultra-high-net-worth individuals (UHNIs).


The investment will support the Company's next phase of growth, including the expansion of its existing small-caliber ammunition manufacturing capacity from approximately 80 million rounds to 220 million rounds and the establishment of a dedicated medium-caliber ammunition manufacturing facility.
Strategic entry into medium-caliber ammunition
A significant portion of the new capital will support Hughes Precision's entry into medium-caliber ammunition manufacturing, representing an important expansion of the Company's product portfolio beyond its established small-caliber business.
The Company plans to establish a dedicated manufacturing capability for medium-caliber ammunition, allowing it to address a broader range of requirements from the Indian Armed Forces and international defence customers.
The expansion represents a natural progression of Hughes Precision's strategy - building from a strong small-caliber manufacturing base into a broader ammunition platform capable of serving multiple segments of the defence market.
The investment comes at a time when India is placing increasing emphasis on indigenous defence manufacturing while simultaneously seeking to expand defence exports.
For Hughes Precision, the strategy is built around both opportunities: serving India's growing domestic defence requirements while developing internationally competitive products for global customers. The Company believes that increasing manufacturing scale, broadening its product portfolio and continuing to invest in quality and technology will position Hughes Precision for its next phase of growth.
Order book crosses ₹1,000 crore
The expansion is supported by strong demand visibility. Hughes Precision recently announced that its order book has crossed ₹1,000 crore, with approximately 60% of orders from the Indian market and 40% from exports.
Domestic orders include requirements from the Indian Army, Police and Paramilitary Forces, while the export order book reflects the Company's expanding international customer base. The current order book is scheduled for execution over approximately the next two years.
Hughes has the largest range of calibers in small caliber ammunition to offer to its customers. Hughes is India's only manufacturer and exporter of critical high precision sniper ammunition used by Special Forces.
Sanjay Soni, Managing Director of Hughes Precision, said:
"The next phase of our journey"
"This investment marks an important milestone in Hughes Precision's journey. We started with a clear objective - to build an Indian ammunition company capable of manufacturing products to the highest international standards.
Over the last decade, we have built our capabilities step by step, developed an international customer base and demonstrated that an Indian private-sector company can compete successfully in global ammunition markets.
The new capital allows us to move into the next phase of that journey - significantly expanding our small-caliber capacity, entering medium-caliber ammunition and continuing to invest in manufacturing, quality, technology and people.
Our ambition is to build Hughes Precision into one of the most respected ammunition manufacturers globally while contributing meaningfully to India's objective of becoming increasingly self-reliant in defence manufacturing."
Transaction advisor
STEER Advisors acted as the sole advisor to Hughes Precision on the transaction.
About STEER Advisors
STEER Advisors is an investment banking and corporate advisory firm with operations across India and international markets. With Consumer, Industrials and Sustainability as its core divisions, STEER provides equity and debt advisory solutions across eleven industry segments.
STEER has been active in India's Aerospace & Defence sector since 2014, advising on joint ventures, mergers & acquisitions, and growth capital transactions.
About Hughes Precision
Established in 2016, Hughes Precision has developed into an integrated ammunition manufacturer serving defence, law-enforcement and approved international customers. Hughes is a leading supplier to the Indian armed forces as well as Paramilitary forces.
Hughes Precision today supplies customers across more than 20 countries in North America, Europe, the Middle East, Africa and Asia, giving the Company an increasingly diversified domestic and international customer base. Hughes R&D division is recognized by the DSIR, Govt. of India as an R&D center for excellence in Ammunition.
Hughes Precision received the award for the Highest Export Performance in the Defence MSME sector last year from Shri Rajnath Singh, Honourable Minister of Defence.
The Company's growth has been built around a clear philosophy – "Always on Target". Ammunition is a mission-critical product where quality, reliability and consistency cannot be compromised.
For more information, visit: www.hughesprecisionm.com

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