Indra Sistemas, S.A. Due Diligence

Run due diligence on Indra Sistemas, S.A.: check compliance and get alerts when suppliers or ownership change.

Spain · owned by Independent (Spain) · www.indra.es · 16 vendors

Indra Sistemas is one of Spain's leading global technology and defence companies, providing IT solutions, simulation systems, air traffic management, defence electronics, and digital transformation services across more than 140 countries. The company operates through two main divisions: Minsait (IT and digital transformation) and Indra (transport, defence, and security). It is listed on the Madrid Stock Exchange (IBEX 35).

Resilience scores

Technology vendors

Services catalogue

4 services in catalogue across 3 categories; runs on 16 sub-vendors.

Insights

Last updated 2026-08-11 · revision 3

16 direct vendors, 196 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Financials

Three-year financials

Financial Resilience Score: 7/10

Indra Sistemas demonstrates solid financial resilience underpinned by consistent double-digit revenue growth over FY2021-FY2023, expanding EBIT margins, and a strategic anchor shareholder in SEPI (the Spanish state holding company) with approximately 28% ownership. The company benefits from a diversified business model spanning high-margin Transport & Defence operations and the larger Minsait IT services segment, providing both stability and growth optionality. A large multi-year order backlog offers revenue visibility, particularly in defence and Air Traffic Management systems. The post-2022 European rearmament trend following the Ukraine invasion has provided a structural tailwind for Indra's Defence & Space segment, which carries disproportionately higher margins than the IT services business. The company has also been active in defence consolidation through stakes in Escribano/EM&E and interest in Hispasat and ITP Aero, positioning it as a national champion in Spanish defence technology. However, resilience is tempered by significant public-sector customer concentration, political exposure (evidenced by governance controversies and board reshuffles in 2022), and lower-margin competitive pressures in the Minsait IT services business. Latin American exposure adds currency and country risk, while M&A execution risk is elevated given active consolidation activity. The score of 7 reflects a fundamentally strong business with structural tailwinds, offset by governance and concentration risks.

Key strengths: Strategic Spanish state shareholder (SEPI ~28%) providing stability and political backing, Strong positioning in European defence with structural tailwinds from post-2022 rearmament, Global leadership in Air Traffic Management (ATM) systems, Diversified portfolio between high-margin Defence and larger Minsait IT services, Consistent double-digit revenue growth (12-14% YoY in FY22 and FY23), Large multi-year order backlog providing revenue visibility, IBEX 35 constituent with established capital markets access

Risk factors: Political exposure and governance controversies (2022 board reshuffle), Public-sector customer concentration exposing company to budget cycles, Minsait IT services segment is competitive and lower-margin, Currency and country risk from Latin America exposure, M&A execution risk from active defence consolidation activity, Historical profitability crisis (2015) requiring restructuring

Revenue by geography

Revenue by product/service

Signed-in users can see whether their own company is exposed to this vendor's disruption, plus the full sub-vendor list and country breakdowns, every in-scope compliance framework plus gaps and next steps, and alerts when any of it changes.

View the full interactive report