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14x returns, 30% ROCE & near-zero debt: Meet 2 defence Smallcaps quietly standing out

Posted on June 29, 2026
By Financial Express
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1 min read

14x returns, 30% ROCE & near-zero debt: Meet 2 defence Smallcaps quietly standing out

While the market is busy catching up to the defence sector giants like Hindustan Aeronautics and Bharat Electronics, two small defence supply companies are quietly running a tight ship with virtually zero debt and a return on capital employed (ROCE) close to double the industry median. Why is the market missing out on these stocks?