Yantra India Limited, one of seven new defense public sector undertakings established under India’s 2021 defense sector corporatization, illustrates how structural reform can revive a struggling state enterprise. Formerly part of the Ordnance Factory Board and burdened by inefficiencies, Yantra India was transformed into an independent company with greater managerial autonomy, accountability, and flexibility to pursue commercial opportunities. The reform enabled operational restructuring, improved financial performance, and a shift toward innovation and market responsiveness. The case highlights the challenges and successes of transitioning from a bureaucratic entity to a competitive enterprise, offering valuable lessons for broader public sector modernization.