Hughes Precision Announces ₹250+ Crore Capital Raise to Accelerate Ammunition Manufacturing Expansion
On 23 September 2026, Hughes Precision Manufacturing Pvt. Ltd., a Goa‑based private‑sector defence ammunition manufacturer, disclosed the completion of an investment round that raised more than ₹250 crore. The round comprised both primary and secondary investments sourced from a group of marquee ultra‑high‑net‑worth individuals (UHNIs).
The capital infusion is earmarked for the company’s next growth phase. It will enable Hughes Precision to increase its existing small‑caliber ammunition production capacity from approximately 80 million rounds per year to 220 million rounds per year. In addition, the funds will support the establishment of a dedicated medium‑caliber ammunition manufacturing facility, expanding the product portfolio beyond the current small‑caliber focus to meet broader requirements of the Indian Armed Forces and international defence customers.
The expansion is underpinned by a robust order book that has recently crossed the ₹1,000‑crore threshold. About 60% of the orders originate from domestic sources—including the Indian Army, police and paramilitary forces—while the remaining 40% are export orders to customers in more than 20 countries across North America, Europe, the Middle East, Africa and Asia. The current order backlog is scheduled for execution over roughly the next two years.
Hughes Precision is the only Indian manufacturer and exporter of critical high‑precision sniper ammunition used by Special Forces, and it holds the widest range of calibers in the small‑caliber segment. The company’s R&D division is recognised by the Department of Scientific and Industrial Research (DSIR), Government of India, as an R&D centre of excellence in ammunition. It received the Highest Export Performance award in the Defence MSME sector from the Honourable Minister of Defence, Shri Rajnath Singh, in the previous year.
Managing Director Sanjay Soni stated that the new capital marks a milestone that will allow the firm to significantly expand its small‑caliber capacity, enter the medium‑caliber market, and continue investing in manufacturing quality, technology and talent, thereby contributing to India’s objective of greater self‑reliance in defence manufacturing.
STEER Advisors acted as the sole transaction advisor to Hughes Precision on this financing. STEER Advisors is an investment banking and corporate advisory firm operating across India and international markets, with a focus on consumer, industrials and sustainability sectors, and has been active in the aerospace & defence space since 2014.
For further information, visit www.hughesprecisionm.com.