Indra Sistemas

Indra Sistemas is Spain's largest technology and defense group, formed in 1992 from the merger of two state electronics firms, Ceselsa and Inisel, and it has grown into a company that straddles defense, air traffic management, transport, and digital services. Defense is now its biggest single segment by revenue, and it centers on radar, command and control, electronic warfare, and simulation systems built for land, sea, and air forces. The LANZA family of 3D air surveillance radars is the company's most exported defense product, deployed with the Spanish Air and Space Force and sold abroad, including a recent order from the Royal Thai Navy, and it plays a role in NATO's integrated air defense picture in Europe. Indra has pushed further into the counter-drone space with ARACNE, a counter-UAS system it developed together with the Escribano Mechanical & Engineering group, whose radar and optronics maker EM&E Indra took a majority stake in during 2024 to bring more of that capability in-house.

On the unmanned side, the company builds the Pelicano unmanned helicopter and smaller tactical drones for reconnaissance and target acquisition roles. Simulation and training is a long-standing Indra strength, supplying full-mission simulators for military aircraft, ships, and vehicle crews across NATO and Latin American customers, work that grew out of the company's original electronics and systems engineering base. The defense electronics side also covers electronic warfare suites, secure tactical communications, and naval combat management systems integrated onto Spanish Navy platforms including the frigates built by Navantia. Outside defense proper, Indra's air traffic management business is one of the largest in the world by country count, supplying communication, navigation, and surveillance systems and control center software to more than 160 countries, a scale that gives the company deep expertise in the same kind of surveillance and systems integration work its defense arm applies to military customers.

A separate mobility and transport unit builds ticketing and traffic management systems for railways and cities, and a digital transformation and consulting arm serves government and commercial clients across Europe and Latin America. The Spanish state, through its industrial holding company SEPI, owns close to a third of Indra's shares, making the company a partly state-backed national champion even as it trades publicly on the Madrid exchange as part of the IBEX 35 index. Indra has been positioning itself as a consolidator in Spain's rearmament push, acquiring smaller specialist firms in radar, cyber, and unmanned systems, and its 2025 order intake rose sharply as European governments increased defense spending in the wake of the war in Ukraine, with the defense and ATM segments driving most of that growth.