Annual rank41
Spain · Technology
Indra Sistemas
Develops defence technologies, optimises airspace management, provides space capabilities, digitalises roads, railways, ports and airports, and transforms organisations through platforms, analytics and AI.
FY2022–FY2025
FY2022–FY2025
FY2022–FY2025
current context only
Company profile
Mission systems from future combat aircraft to satellite control
Indra Sistemas is the listed company behind Indra Group. The group's current site separates Indra Defence, Indra Air Traffic, Indra Space, Indra Mobility, IndraMind and Minsait. This profile concentrates on mission-critical systems: radar and electronic warfare for armed forces, automation for air-traffic controllers, and satellite ground infrastructure. Minsait is the group's digital-transformation and IT-consulting business; IndraMind is its sovereign-AI and cyber-resilient intelligence initiative, rather than a synonym for the whole company.
Defence programmes
From FCAS sensors to transparent armour
Indra is Spain's national coordinator for NGWS/FCAS and leads the international Sensors pillar, working with FCMS and Thales on a networked sensor suite for future fighters and remote carriers. Its portfolio also spans Eurofighter radar, A400M avionics, CH-47F systems and F-18 IFF modernisation. In August, Indra added a land-vehicle example: transparent-armour goggles combine a 360-degree camera view with role-specific mission-system information. The release names no customer, contract value or deployment scale.
- See the transparent-armour system 360-degree augmented-reality view; no customer or rollout disclosed
- Follow Indra's FCAS responsibilities National coordination, the international Sensors pillar and Spain's Combat Cloud role
- Map the air-dominance portfolio Eurofighter, A400M, CH-47F, F-18 and the systems around them
- Inspect the Eurofighter radar update Processor and Antenna Power Supply & Control hardware developed with HENSOLDT
- ▶ VideoWatch Indra Defence systems Official language-neutral footage from the Defence homepage
Air-traffic deployment
Jakarta shows how controller automation and digital voice fit together
Indonesia's air navigation provider selected ManagAir to replace the Jakarta control-centre system, covering flights across more than half of the country's skies. GAREX IP voice communications connect controllers, pilots and other participants; three approach systems in Balikpapan, Medan and Pontianak are also being renewed. The deployment turns a broad air-traffic portfolio into a concrete operating chain from trajectory planning to controller-pilot communication.
- Read the Jakarta deployment ManagAir, GAREX and four Indonesian control-centre projects
- See what ManagAir automates 4D trajectories, flow management and control-centre operations
- Understand GAREX communications IP voice for area centres, approach centres, towers and backups
- ▶ VideoWatch air-traffic technology in operation Official language-neutral footage from the Air Traffic homepage
Space infrastructure
From Galileo ground stations to IRIS²
Indra Space says it designed, deployed and maintains Galileo mission and control infrastructure: 15 sensor stations, 20 uplink stations and seven telemetry, tracking and control stations. Its gs4EO suite supports more than 30 Earth-observation missions; at Puertollano, four antennas include a 10.2-metre S/X-band dish. In August, Hispasat, under Indra Space, was designated prime contractor for IRIS²'s antennas, control systems and ground-network links. Indra describes the ground segment as more than EUR 1.6 billion of programme investment, not disclosed company revenue or backlog.
- Open the IRIS² ground-segment agreement Hispasat's prime role, Low LEO layer and programme-scale boundaries
- Trace Indra's role in Galileo Sensor, uplink and TT&C stations plus secure mission systems
- Visit the ground segment gs4EO mission control and the Puertollano antenna park
- Explore Earth-observation programmes Copernicus, PAZ, MTG and Earth Explorer mission capabilities
- ▶ VideoWatch Indra Space systems Official language-neutral footage from the Space homepage
Group boundaries
Indra, Minsait and IndraMind do different jobs
The listed company presents Indra Group as a holding company whose businesses operate independently. Its group page describes Indra as the brand for Defence, Air Traffic and Mobility, and Minsait as the digital-transformation and IT-consulting company. The current navigation also presents Space and IndraMind separately; IndraMind is the group's cyber-resilient sovereign-AI initiative. The Leading the Future plan sets a focus on defence, aerospace and advanced digital technologies.
- See the current group structure The businesses, main brands and global footprint of Indra Group
- Explore Minsait Digital transformation, IT consulting and industry services
- Understand IndraMind The group's sovereign-AI and cyber-resilient intelligence initiative
- Read Leading the Future The strategic focus on defence, aerospace and advanced digital technologies
Official profile sources: Indra Group | Home · Aeronautical information | Indra Air Traffic
Current 2026 update
What is changing at Indra Sistemas in 2026?
Indra is turning its defence-and-space reset into tangible products, a defined role in Europe's secure-connectivity programme and a narrower consulting perimeter.
The change in one sentence
The portfolio reset is becoming visible in products and programme roles.
Indra is demonstrating defence-AI use cases, Hispasat has a defined IRIS² role and a new leadership team is concentrating the group around defence, space and advanced technology.
Four lenses on 2026
The same four-quadrant format used in the Company profile.
01 · Defence AI
Defence AI moves into demonstrated use cases
On 18 August, Indra said its FaRADAI work had demonstrated AI that interprets ground scenes, identifies people, vehicles and infrastructure, assesses threats and recalculates safe routes with human oversight. Nine days later, it presented augmented-reality goggles that give vehicle crews a role-specific 360-degree view using camera and mission-system data. Neither release discloses a customer order, contract value, production volume or rollout timetable. H1 also shows the scale-up constraints: TESS added EUR 197 million of armoured-vehicle revenue, Defence EBIT margin was 17.0% versus 21.3% excluding TESS, and FCAS revenue fell 15%.
- Current signalFaRADAI pilot · 360° AR goggles · TESS adds scale while FCAS and margin remain constraints
- Why it mattersThe releases make Indra's defence-AI strategy tangible, while commercial adoption and efficient delivery remain unproven.
- FaRADAI defence-AI demonstration Indra Group · 2026-08-18
- Transparent-armour product update Indra Group · 2026-08-27
- H1 results and portfolio update Indra Group · 2026-07-23
02 · European space
Hispasat takes the ground role in IRIS²
The August agreement designates Hispasat, under Indra Space, prime contractor for the constellation's antenna infrastructure, control systems and links to terrestrial networks. It also gives Hispasat leadership of the very-low-Earth-orbit layer; Hispasat has committed up to EUR 600 million of investment in exchange for exploitation rights in selected regions. Initial service is scheduled for 2030. Indra says the ground-segment budget exceeds EUR 1.6 billion; that is programme budget, not disclosed current Indra revenue or backlog. H1 Space backlog reached EUR 2.873 billion after consolidating Hispasat and Hisdesat, while organic revenue fell 14%.
- Current signalGround-segment prime · >EUR 1.6bn programme budget · up to EUR 600m Hispasat commitment
- Why it mattersThe agreement gives Hispasat a defined ground-infrastructure role in Europe's secure-connectivity programme, but delivery and funding extend over several years.
- IRIS² ground-segment agreement Indra Group · 2026-08-07
- H1 results and portfolio update Indra Group · 2026-07-23
03 · Portfolio focus
The new leadership is narrowing the perimeter
Ángel Simón became non-executive chair in April and Josep Maria Recasens took over as CEO in June. Reuters reported that the leadership shake-up followed the collapse of a proposed EM&E transaction amid a conflict-of-interest dispute. In Q2 Indra completed the BPO sale and agreed to sell 100% of Minsait Business Consulting, including ALG, NAE and more than 1,700 professionals, while retaining the rest of Minsait. The MBC release targets Q4 completion subject to conditions. Management says it has begun a new strategic plan; no capital-markets-day date had been announced at the cutoff.
- Current signalNew chair and CEO · BPO sold · MBC sale targeted for Q4
- Why it mattersThe next plan will show how far Indra can focus on defence, space and advanced technology without weakening the retained Minsait platform.
- H1 results and portfolio update Indra Group · 2026-07-23
- MBC sale agreement and perimeter Indra Group · 2026-05-28
- Reuters leadership and strategy context Reuters via Euronext · 2026-07-23
04 · What to watch
Three questions for the next disclosures
The next disclosures should distinguish product demonstrations from orders, programme roles from recognised economics and agreed portfolio moves from completed ones.
- Defence AI adoptionDo FaRADAI or the transparent-armour system produce named customers, orders, production volumes or deployment timetables?
- IRIS² deliveryWhen do ground-segment milestones enter backlog or revenue, and how is Hispasat's up-to-EUR 600 million commitment funded?
- Portfolio and planDoes MBC close in Q4, and what scope, targets and timeline does the new strategic plan set for Defence, Space, IndraMind and retained Minsait?
Annual record
Ranking history
Future editions add rows; they do not rewrite the 2026 record.
| Edition | Measurement period | Rank | Revenue growth | Net-income growth | Stock return |
|---|---|---|---|---|---|
| 2026 | FY2022–FY2025 | 41 | +42% | +154% | +375% |