Goa-based defence manufacturer Hughes Precision Manufacturing has raised more than Rs 250 crore to grow its ammunition business.
The round combined primary and secondary investment from a group of ultra-high-net-worth individuals, called UHNIs. Hughes Precision did not name the investors. It also did not split the primary and secondary amounts.
The company will use the money to expand its small-calibre ammunition capacity. That capacity will rise from about 80 million rounds a year to 220 million rounds. STEER Advisors was the sole advisor on the deal.
Hughes Precision also plans a separate plant for medium-calibre ammunition. This is a new segment for the company. The plant will serve the Indian Armed Forces and overseas defence buyers.
How big is the order book?
Hughes Precision has an order book of more than Rs 1,000 crore. About 60% of those orders come from India. The other 40% come from exports.
Domestic orders include the Indian Army, police and paramilitary forces, according to the company. Export orders span more than 20 countries. Hughes Precision expects to deliver the current order book over about two years.
Sanjay Soni, Managing Director of Hughes Precision, said the capital marks the next phase of the company’s growth. He said the plan is to expand small-calibre output, enter medium-calibre ammunition and keep investing in technology and people.
What does Hughes Precision make?
Hughes Precision makes and supplies ammunition for defence, law-enforcement and export markets. Its plant sits at the Verna Industrial Estate in Goa. Sources differ on the founding year. Indian Startup News reports it was set up in 2016, while the company’s own July statement says 2020.
The company has two recent milestones. In March 2026, its in-house R&D unit won formal recognition from the Department of Scientific and Industrial Research, part of the central government. R&D means research and development.
Hughes Precision was also honoured at the SIDM Champion Awards in 2025 for defence exports. Defence Minister Rajnath Singh presented that award. The push fits India’s goal of self-reliance in defence manufacturing.
What this means for you: Private defence manufacturing is now drawing large domestic capital, so founders and investors in the sector should watch UHNI money as a live funding route.
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