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Space, defense and state enterprises · India

Data Patterns (India) Limited

datapatterns.co.in ↗

Indian designer of radar, electronic warfare, and test systems for defense and space.

Hard to displace
Assessed 31 July 2026 · Evidence as of 31 July 2026
Strong structural protection; the business model survives ai pressure.
On the recordSince 31 July 2026 · Checkable from within 12-18 months · Every call on the record Checkpoint: Super Sukhoi radar decision: HAWK-I 2700 vs DRDO's Virupaksha
The call

Data Patterns sits inside cleared, qualified defense supply chains that AI cannot enter, with its main test now a state radar rival, not a machine.

Data Patterns designs and makes radar systems, electronic warfare equipment, and testing machines for India's military and space programs. It is hard to replace because the Indian government requires security clearances and years of proven work with agencies like the defense research labs and space agency, which foreign companies cannot easily get and new competitors would take decades to build. The biggest near-term test is whether it wins two large military contracts in the next year or so (a radar system and an electronic warfare module for fighter jets), because a loss on either could shock investors even though the core business is sound; separately, the stock price has already soared 82% this year and trades at a very high multiple of earnings, so even solid performance might not push the stock higher.

Why
01
AI pressure: None apparent. This is hardware, GaN radar, EW modules, ATE. AI design tools may speed engineers but cannot qualify or clear MoD acceptance. Could AI do the core job? Unlikely.
02
Bigger players: Bharat Electronics (BEL) and DRDO in-house labs. DRDO's Virupaksha radar competes directly against Data Patterns' HAWK-I 2700 for the Super Sukhoi upgrade, a live program-level rival. Could a giant copy it? Probably.
03
What protects it. Security clearances, 25+ years of DRDO/ISRO/HAL qualification history, and Make in India rules that favor cleared domestic designers.
What would change this call
Super Sukhoi radar decision between HAWK-I 2700 and DRDO's Virupaksha within 12-18 months. A loss to DRDO's in-house design would show government can cap private-sector ceiling on key programs.
Finalization or collapse of the ₹1,300 crore HAL EW contract where Data Patterns holds L1 status. Confirms whether order-book growth to ~₹3,200 crore materializes or stalls at negotiation stage.
Q1 FY27 earnings release around August 2026 showing order-inflow trend versus FY26's 216% YoY jump. Tests whether rapid order growth is sustained or was a one-time lumpy-contract effect.
Key numbers
  • Order book ₹2,062 crore, record high (2026-05-18)
  • Revenue ₹952.73 crore FY2026, up 31% (2026-07-30)
  • PAT ₹271 crore FY2026, up 22% YoY (2026-05-14)
Named risks
  • Stock trades at 55 to 100x earnings near all-time highs as of July 2026, exposed to 30-40% correction on any miss. Severity: high
  • DRDO's Virupaksha radar could win the Super Sukhoi upgrade decision over Data Patterns' HAWK-I radar. Severity: medium
  • Fixed-price government contract model exposes margins to cost overruns on large programs. Severity: medium
  • Export order book remains small, roughly Rs 53 to 78 crore, leaving revenue concentrated in domestic government customers. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
Bharat Electronics (BEL)contestingBEL, Rs 24,511 crore FY2025 revenue PSU, dominates as systems integrator vs Data Patterns' specialist niche
DRDO (Virupaksha radar program)contestingDRDO's Virupaksha directly rivals Data Patterns' HAWK-I 2700 for IAF Super Sukhoi upgrade as of 2026
Astra Microwave, Paras Defence, Apollo Micro Systems, Avantel, Zen TechnologiescontestingNamed as closest listed Indian defense electronics peers as of July 15, 2026
Questions people ask
Is Data Patterns (India) profitable in 2026?
Yes. Data Patterns reported FY2026 profit after tax of Rupees 271 crore, up 22% year on year, disclosed in its Q4 FY26 press release dated May 14, 2026. Revenue for FY2026 was Rupees 952.73 crore per the Directors Report, continuing multi-year 20-30%+ annual growth.
Who owns Data Patterns (India) Limited?
Founder promoters Srinivasagopalan Rangarajan (Chairman and MD) and Rekha Murthy Rangarajan held about 45.6% post-IPO after the December 24, 2021 listing, down from roughly 57% pre-IPO. Early backer Florintree Capital Partners, founded by ex-Blackstone India head Matthew Cyriac, held about 12.8% at IPO.
Could AI replace Data Patterns' engineers or products?
Unlikely. Data Patterns' core business is designing and manufacturing security-cleared radar, EW, and RF hardware requiring physical fabrication and Ministry of Defence certification, not software. AI-assisted design tools may boost engineering productivity, but no evidence shows AI displacing its qualification-gated defense hardware revenue as of 2026.
Who is Data Patterns' biggest competitor?
State-owned BEL (Bharat Electronics), a Rs 24,511 crore FY2025-revenue PSU, and DRDO's in-house Virupaksha radar are the main rivals. DRDO's Virupaksha directly contests Data Patterns' HAWK-I 2700 AESA radar for the Indian Air Force's Super Sukhoi upgrade program as of mid-2026.
Is Data Patterns stock overvalued as of July 2026?
The stock was up 82% year to date as of July 22, 2026, trading near all-time highs around Rupees 4,955 with a price to earnings ratio of roughly 55 to 100 times depending on the period measured, per CNBC-TV18 reporting, raising risk of a sharp correction on any contract or earnings disappointment.
What is Data Patterns' order book size?
Data Patterns reported a record order book of Rupees 2,062 crore as of its Q4 FY26 results on May 18, 2026, with order inflows up 216% year on year to about Rupees 1,121 crore in FY26, roughly 2.2 times annual revenue.
Timeline
  • 2026-07-30Acquired ST Advanced Composites for Rs 10 crore cash to internalize composite manufacturing
  • 2026-07-22Secured L1 (lowest bidder) status on Rs 1,300 crore HAL electronic warfare contract
  • 2026-05-14Reported FY26 PAT of Rs 271 crore, up 22% YoY; Q4 revenue Rs 351 crore
  • 2026-03-15Received Rs 288 crore domestic order for 34 Doppler Weather Radar units
  • 2026-01-11Publicly displayed HAWK 900 AESA GaN radar at Aeronautics 2047 seminar, Bengaluru
  • 2025-12-24ICRA upgraded long-term credit rating to A+ Stable, citing 32% three-year revenue CAGR
  • 2025-02-01Unveiled HAWK-I 2700 and HAWK-I 900 AESA radars at Aero India 2025
  • 2021-12-24IPO listed on NSE and BSE after Rs 588.22 crore issue subscribed 119.62x
Revision history
31 July 2026
First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.
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