Indian defence manufacturers are ramping up production of 155mm artillery shells in response to growing international demand, with exports and investment rising across the sector. India is a cost-efficient supplier in the global munitions market, producing 155mm shells at USD 300–400 each—less than one-tenth the cost of comparable Western-made munitions. The global market for 155mm ammunition is projected to reach USD 6.99 billion by 2032.
The increased activity is part of a broader government effort to double defence exports to USD 6 billion by 2029. Although India missed its USD 3.5 billion export target for the last fiscal year by approximately 30%, defence exports have risen sharply from USD 230 million a decade ago. Private companies such as SMPP, Adani Defence and Aerospace, and state-owned Munitions India are among those expanding production to meet international orders.
The 155mm artillery round, a NATO standard ammunition with a 6.1-inch diameter, is a widely used component of modern indirect fire support. Typically comprising a projectile (shell), fuse, propellant charge, and primer, this versatile munition is employed by howitzers globally.
India’s sustained production capacity is attributed to its long-standing regional tensions, which led to continued investment in high-calibre ammunition manufacturing even as Western nations downsized after the Cold War. When tensions between India and Pakistan escalated after the Pahalgam terror attack, reports indicated that the Indian government may temporarily halt the export of 155mm shells. However, a definitive ban on the export of these munitions has not been announced till date.
Bharat Forge, through Kalyani Strategic Systems, has supplied over two million 155mm shells to India’s Defence Research and Development Organisation (DRDO) and is currently conducting trials for the Bharat-52 howitzer in Saudi Arabia. The company’s stock has risen 25% year-to-date.
Premier Explosives has entered the terminally guided munition (TGM) segment under the Make-II category, collaborating with international OEMs. The company reported a 15% year-on-year revenue increase and is targeting the USD 6 billion export market for 155mm ammunition by 2029.
Solar Industries, through its subsidiary Economic Explosives, is developing 155mm TGMs with 50% indigenous technology. The company has confirmed export orders booked through 2026. Its stock has increased 40% over the past two years.
Adani Defence reports an annual production capacity of 150,000 shells, with five years of exports booked in advance. Approximately one-third of its output is allocated for international clients.
In a related development, Indian-manufactured howitzers are reportedly being offered at approximately USD 3 million per unit, around half the cost of similar systems made in Europe. The price differential is contributing to India’s expanding role in supplying heavy munitions to nonaligned nations and Indo-Pacific markets.