Funding · Government, Defense & Space

Hughes precision raises over ₹250 crore for capacity expansion

By Startup Enthusiast · 23 September 2026

What they do

Hughes Precision makes ammunition for defence, law enforcement, and international customers across more than 20 countries

The company raised over ₹250 crore in a primary and secondary funding round from ultra-high-net-worth individuals and family offices

The fresh capital will scale annual small-calibre capacity to 220 million rounds and build a medium-calibre facility

Goa-based defence manufacturer Hughes Precision secured over ₹250 crore in a closed investment round made public on September 23, 2026.
The transaction blended primary capital (money going straight into company operations) with secondary proceeds (ownership stakes transferred from old holders to incoming backers) sourced from confidential high-worth private investors.
Leadership intends to channel the funds into pushing yearly small-calibre output from roughly 80 million rounds up to 220 million rounds.
Part of the incoming cash will finance a specialized production plant for medium-calibre ammunition spanning sizes from 20mm to 40mm across standard international and Russian patterns.
Executives highlighted that these medium-calibre rounds will feature fragmentation payloads engineered to neutralize aerial drones affordably.
STEER Advisors functioned as the exclusive financial adviser guiding the transaction process.

The funding arrives as India places increasing emphasis on indigenous defence manufacturing under the Make in India initiative and expands defence exports.
The company recently reported that its order book has crossed ₹1,000 crore, scheduled for execution over approximately two years, with 60% domestic and 40% export split.

Hughes Precision Manufacturing is an integrated private-sector manufacturer of small-calibre and precision ammunition.
The company supplies domestic clients including the Indian Army, police, and paramilitary forces.
It exports to customers across more than 20 countries spanning North America, Europe, the Middle East, Africa, and Asia.
It offers a wide range of small-calibre calibres and is an exporter of sniper ammunition used by special forces.
The company operates a research and development division recognized as a center of excellence by the Department of Scientific and Industrial Research.

Scale annual small-calibre production capacity to 220 million rounds.
Establish a dedicated medium-calibre ammunition manufacturing facility for drone defense.

Ultra-high-net-worth individuals and family offices (participated) — Unnamed private investors providing primary and secondary capital.