Goa-based defence manufacturer Hughes Precision Manufacturing Pvt. Ltd. has completed an investment round of more than Rs 250 crore as it plans to expand its small-calibre ammunition capacity and enter the medium-calibre segment.
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The transaction involved a combination of primary and secondary investment from a group of ultra-high-net-worth individuals (UHNIs). The company did not disclose the investors or the split between the primary and secondary components.
Hughes Precision said the investment will support an expansion of its existing small-calibre ammunition manufacturing capacity from about 80 million rounds to 220 million rounds.
It also plans to establish a dedicated medium-calibre ammunition manufacturing facility, extending its operations beyond its existing small-calibre business.
The new facility will allow it to address a wider range of requirements from the Indian Armed Forces and overseas defence customers.
Order book crosses Rs 1,000 crore
The expansion comes as Hughes Precision reports a growing order book across its domestic and export businesses.
Its order book has crossed Rs 1,000 crore, with about 60% of orders coming from the Indian market and the remaining 40% from exports.
Domestic orders include requirements from the Indian Army, police and paramilitary forces, according to the company.
The existing order book is expected to be executed over approximately the next two years.
Sanjay Soni, Managing Director of Hughes Precision, said the investment will allow the company to expand its existing production capacity while moving into medium-calibre ammunition.
“The new capital allows us to move into the next phase of that journey – significantly expanding our small-caliber capacity, entering medium-caliber ammunition and continuing to invest in manufacturing, quality, technology and people. Our ambition is to build Hughes Precision into one of the most respected ammunition manufacturers globally while contributing meaningfully to India’s objective of becoming increasingly self-reliant in defence manufacturing,” Soni said.
Expanding ammunition manufacturing
Hughes Precision was incorporated in 2016 and manufactures and supplies ammunition for defence, law-enforcement and international markets.
Its manufacturing facility is located at the Verna Industrial Estate in Goa. The company supplies customers in India as well as overseas markets.
In March 2026, Hughes Precision’s in-house research and development unit was formally recognised by the Department of Scientific and Industrial Research (DSIR), Government of India.
The company was also recognised at the SIDM Champion Awards in 2025 for its defence export performance, with the award presented by Defence Minister Rajnath Singh.
STEER Advisors acted as the sole advisor to Hughes Precision on the investment transaction.
