Lockheed Martin topped the list, followed by Boeing, Northrop Grumman, BAe Systems and Raytheon, Bangalore-based HAL said in a statement.
The ratings are given based on the company's sales and turnover and HAL's leap forward from the number 57 slot (last year) to 51 is being attributed to series of upgradation programmes and helicopter marketing missions, the statement said.
Defense News has also placed HAL at number fourth position in the Asia Pacific region, catching up with Japanese giants including Mitsubishi and Kawasaki.
Reacting to the rating, HAL chairman Ashok K Baweja said, "I am hopeful of breaking into the top 25 and the current rating will propel us to move ahead."
HAL has recorded sales of Rs 4,425 crore (Rs 44. 25 billion) during the financial year ending March 31, 2005.
The company recorded a growth of 16.4 per cent over its last year's sales and a profit of Rs 630 crore (before tax), an increase of 5.1 per cent over its last year's performance, it said.