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Panji: Goa-based defence manufacturer Hughes Precision Manufacturing has raised more than ₹250 crore in a fresh investment round to expand ammunition production, including a planned entry into medium-calibre ammunition manufacturing. The company said on September 23 that the capital, raised through a combination of primary and secondary investment from ultra-high-net-worth investors, will support its next phase of expansion.
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A major part of the investment will be used to increase Hughes Precision’s existing small-calibre ammunition manufacturing capacity from around 80 million rounds to 220 million rounds. The company is also establishing a dedicated facility for medium-calibre ammunition, expanding its portfolio beyond its established small-calibre business.
The expansion comes with the company’s order book having crossed ₹1,000 crore. Hughes Precision said around 60% of the orders are from Indian government agencies, including the Army, police and paramilitary forces, while 40% are export orders. The current order book is expected to be executed over approximately two years.
The company said its move into medium-calibre ammunition will allow it to address a wider range of requirements from the Indian Armed Forces and international defence customers. It is positioning the investment around two parallel markets: meeting domestic ammunition requirements while building products for global customers.
Founded in 2016, Hughes Precision has developed into an integrated ammunition manufacturer serving defence, law-enforcement and approved international customers. According to the company, it currently supplies customers in more than 20 countries across North America, Europe, the Middle East, Africa and Asia. Its R&D unit has also received recognition from the Department of Scientific and Industrial Research.
The company’s expansion is significant for India’s evolving private-sector ammunition ecosystem. While state-owned defence manufacturers remain major suppliers, private companies are increasingly adding production capacity and competing for both domestic and overseas orders. Hughes Precision has previously reported strong export growth and received an award for defence export performance in 2025.
The investment therefore represents more than a capacity expansion for one manufacturer. It reflects the growing role of private industry in building scalable ammunition production in India, supporting the country’s objectives of reducing import dependence, strengthening supply-chain resilience and expanding defence exports.
With its planned jump to 220 million small-calibre rounds and entry into medium-calibre ammunition, Hughes Precision is seeking to evolve from a specialised small-calibre manufacturer into a broader ammunition supplier serving both Indian and international markets.
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