India's maritime sector doesn't always make headlines, but it quietly powers the entire economy, moving over 90% of the country's trade by volume.
Stretch that 7,500-km coastline across a map, add 12 major ports and 200+ smaller ones, and you start to appreciate just how much of India's growth story begins and ends at sea.
The Maritime India Vision 2030 outlines over 150 initiatives with projected investments of ₹3–3.5 trillion, supported by a recent ₹69,725 crore package for shipbuilding, according to a PIB report.
In FY24–25, major ports handled around 855 million (m) tonnes of cargo, reflecting strong growth in maritime trade and improved port efficiency.
What’s interesting is the momentum building beneath the surface.
Around 51 large ships are currently under construction in India, with a total value of nearly ₹90,000 crore, according to PIB report dated 3 December 2025.
Since 2014, Indian shipyards have delivered more than 40 warships and submarines, and in the past year alone, a new vessel has been added roughly every 40 days. All of this is turning the maritime space into a buzzing investment theme.
Here are five stocks from across the maritime space that are worth keeping on your radar.
#1 Tata Steel – Shipbuilding Steel Supplier
Established in 1907, Tata Steel is Asia’s first integrated private steel company and also played a key role in developing India’s first industrial city, Jamshedpur. Today, the company stands among the leading global steel producers.
In India, Tata Steel operates major facilities in Jamshedpur and Gamharia (Jharkhand), along with Kalinganagar and Meramandali (Odisha), taking its total domestic capacity to 26.6 mtpa.
As part of its expansion into value-added segments, the company has entered the shipbuilding space by supplying specialised hot-rolled plates to some of India’s largest shipbuilders.
Over the past three years, the company’s revenue and profit has seen a decline. The company’s three-year average ROE and ROCE stand at 3.8% and 10.1%.
#2 Bharat Electronics – Naval Defence Systems
The company is a leading aerospace and defence electronics player for the Indian armed forces, with the government holding a 51.14% stake. It is a market leader in domestic defence electronics, supporting the Army, Navy, and Air Force with advanced, state-of-the-art systems.
Bharat Electronics provides a wide range of equipment and platforms across land, air, and naval segments. Its offerings include electronic warfare and avionics systems such as airborne EW systems, avionics products, and land and naval-based EW solutions.
The company is also actively involved in naval systems, including naval air and surface surveillance radars.
During FY25, the company received the ‘Outstanding Contribution to Naval Systems Award,’ highlighting its strong role in the maritime defence ecosystem.
BEL is also working on critical surface and underwater applications.
It is developing lithium iron phosphate (LFP) cells in capacities of 10Ah, 25Ah, and 50Ah, which are used to build battery systems for niche defence applications such as high-endurance autonomous underwater vehicles and practice torpedoes, further strengthening its presence in advanced naval technologies.
On the financial front, over the past three years the company’s revenue has seen a growth of 15.6%, while net profit grew at a CAGR of 31%.
The company’s three-year average ROE and ROCE stand at 23.9% and 32.1%.
#3 BHEL – Marine Engineering Solutions
Bharat Heavy Electricals Ltd (BHEL) is a leading player in the capital goods sector, with a strong presence across power and industrial segments, offering end-to-end solutions including equipment, systems, and services.
The company is steadily expanding its footprint in the defence and maritime space, particularly by supporting the indigenisation and modernisation of equipment for the Indian Armed Forces. It has upgraded its manufacturing capabilities to cater to the Indian Navy’s increasing requirements, especially for Super Rapid Gun Mounts.
BHEL has been supplying these gun mounts to the Indian Navy for over three decades, with 48 units delivered as per its FY25 annual report. Its marine portfolio also includes 15,000 HP turbines for propulsion, steam turbines for mechanical drives such as compressors and pumps, as well as specialised electrical machines like 200 kW HTSC motors for marine applications. Additionally, it manufactures surface condensers used in naval systems.
Beyond manufacturing, the company provides overhauling and life extension services for critical naval equipment, strengthening its role as a long-term partner in India’s maritime defence ecosystem.
Over the past three years the company’s revenue has seen a growth of 9.3%, meanwhile, net profit grew at a CAGR of 6.3%.
The company’s three-year average ROE and ROCE stand at 2% and 5.5%.
#4 Gujarat Pipavav Port – Port Operator
Incorporated in August 1992, the company was established to develop, operate, and maintain an all-weather port at Pipavav in Gujarat’s Amreli district.
It holds the distinction of being India’s first private sector port and is strategically located on the country’s south-west coast near Bhavnagar.
The port enjoys a strong geographic advantage, positioned along key international maritime trade routes connecting India with the US, Europe, Africa, and the Middle East on one side, and the Far East on the other.
Gujarat Pipavav Port is a multi-cargo port, handling containers, bulk, liquid cargo, and RoRo (roll-on/roll-off) shipments. It also offers a wide range of port services, including marine operations, cargo handling, and storage.
The company operates under a 30-year concession agreement with the Government of Gujarat and the Gujarat Maritime Board on a BOOT (Build, Own, Operate, Transfer) basis.
Additionally, it has exclusive rights to develop and operate APM Terminals’ facilities at Pipavav until September 2028.
In terms of capacity, the port can handle around 1.35 m TEUs of containers, 4–5 m metric tonnes of bulk cargo (depending on the mix), and approximately 2 m metric tonnes of liquid cargo. It also facilitates RoRo operations, particularly for automobile exports through its container berth.
Over the past three years the company’s revenue has seen a growth of 10%, meanwhile, net profit grew at a CAGR of 26.2%.
The company’s three-year average ROE and ROCE stand at 15.1% and 21.1%.
#5 Mazagon Dock Shipbuilders – Shipbuilding
Known as the “Ship & Submarine Builders to the Nation,” MDL is one of India’s premier defence shipyards operating under the ministry of defence.
The company specialises in the construction, repair, and refit of warships and submarines, with key facilities located in Mumbai and Nhava.
Established in 1934, MDL has evolved into a critical pillar of India’s naval defence ecosystem. It is the lead shipyard for major surface combatants such as destroyers and frigates, and notably, the only Indian shipyard with two independent submarine assembly and launch lines.
It also holds the distinction of being the only domestic shipyard to have built both destroyers and conventional submarines for the Indian Navy, along with pioneering projects like the Veer and Khukri class corvettes.
The company has been accorded “Navratna” status, making it the 21st PSU to achieve this recognition, the first among government-owned shipyards, and the third among defence PSUs.
As of FY25, MDL has delivered over 805 vessels since inception, including 30 warships and 8 submarines. It has a total shipbuilding capacity of around 4,17,600 DWT, highlighting its strong execution capabilities in large-scale defence projects.
Over the past three years, the company’s revenue has seen a growth of 10%; meanwhile, net profit grew at a CAGR of 26.2%.
The company’s three-year average ROE and ROCE stand at 15.1% and 21.1%.
Conclusion
With big plans under Maritime India Vision 2030 and the Maritime Amrit Kaal Vision 2047, the country is steadily unlocking the true potential of its coastline. From greener ports and smarter logistics to stronger shipbuilding capabilities, the focus is shifting towards building a modern, efficient, and globally competitive maritime ecosystem.
As trade volumes rise and India deepens its role in global supply chains, companies across ports, shipbuilding, defence, and marine engineering are likely to see strong tailwinds. Simply put, this is a long-term structural story—and maritime companies are right at the centre of it.
However, investors should carefully evaluate these companies' fundamentals, corporate governance, and valuations as key factors when conducting due diligence before making investment decisions.
Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such.
This article is syndicated from Equitymaster.com