India’s space sector is no longer limited to ISRO alone. It has evolved into a full-fledged ecosystem where government and private companies together are driving the country’s “New Space Economy.” From satellite launches to rocket components, several Indian PSUs have now become the backbone of ISRO’s missions. This is why investors are increasingly focusing on giants like BHEL, HAL, and BEL. Are these three companies writing India’s next big space growth story?
BHEL
Bharat Heavy Electricals Limited (BHEL) began its partnership with ISRO in 1992 and has since been involved in every major Indian space mission. BHEL manufactures space-grade solar panels, Li-ion batteries, and power systems used in satellites and launch vehicles. The company played a crucial role in missions such as Chandrayaan-2 and GSAT-30.
Now, BHEL is developing a new generation of batteries for ISRO’s Gaganyaan Mission.
The company is setting up a dedicated facility to manufacture aluminium alloy tankages for ISRO’s launch vehicles. BHEL’s in-house expertise in thermal and fluid systems places it in a key position within India’s space power infrastructure. So far, the company has supplied 102 satellite batteries and is fully prepared for upcoming projects.
Details
| Detail | Data |
|---|---|
| Market Cap | ₹91,822 crore |
| Share Price (Nov 2025) | ₹263.70 |
| Sector Role | Solar panels, Li-ion batteries, launch vehicle systems |
HAL
Hindustan Aeronautics Limited (HAL), through its Aerospace Division in Bengaluru, operates one of India’s most advanced space manufacturing units. Here, aluminium alloy structures and cryogenic stage components for PSLV, GSLV Mk II, and GSLV Mk III launch vehicles are built. HAL has also integrated the L-40 strap-on stage and recently acquired full technology transfer for the Small Satellite Launch Vehicle (SSLV) — meaning HAL can now independently design and build small satellite launchers.
In 2024, HAL inaugurated a new propellant tank production and CNC machining unit, enabling India to build up to six LVM3 (GSLV Mk III) rockets per year. This will become the country’s largest rocket manufacturing capacity.
Details
| Detail | Data |
|---|---|
| Market Cap | ₹3,09,438 crore |
| Share Price (Nov 2025) | ₹4,626.95 |
| Sector Role | Cryogenic components, satellite launch vehicles, SSLV technology |
BEL
Bharat Electronics Limited (BEL) is ISRO’s most trusted partner for communication electronics. BEL manufactures satellite communication systems, ground terminals, navigation receivers, and “Satcom-on-the-Move” solutions. The company has completed Assembly, Integration, and Testing (AIT) for three RISAT satellites for ISRO. BEL’s clean-room and testing facilities are CMMI Level-5 and ISO certified.
The company is now working on LEO satellite constellations and next-generation communication systems for launch vehicles. BEL’s space-grade electronic systems are poised to become the backbone of future satellite networks.
Details
| Detail | Data |
|---|---|
| Market Cap | ₹3,02,807 crore |
| Share Price (Nov 2025) | ₹414.25 |
| Sector Role | Satellite communication, radar systems, space electronics |
India’s New Space Era
India’s space ecosystem is no longer purely ISRO-centric — it has transformed into a collaborative growth model where PSUs and private players work together. BHEL provides power systems, HAL builds launch vehicles, and BEL manages communication technologies. This synergy is positioning India strongly in the global space market.
As ISRO increasingly focuses on lunar missions, deep-space exploration, and human spaceflight, the role of these three PSUs will become even more significant. India is no longer just participating in the space race — it is beginning to lead it.
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