A light-weight composite material with enhanced structural characteristics includes, in one embodiment, a compositionally modulated nanolaminate coating electrically deposited into an open, accessible void structure of a porous substrate. As a result of including a nanolaminate within the void structure, the composite can include a greater amount of nanolaminate material per unit volume than can be achieved by depositing a nanolaminate material solely on a two-dimensional surface. In addition, the nanolaminate material as well as other material electrodeposited to form the composite is compositionally modulated so that discontinuities between layers are minimized and potentially eliminated. The light-weight but structurally enhanced composite material can be used in a number of different applications including, but not limited to, ballistic applications (e.g., armor panels or tank panels), automotive protection applications (e.g., car door panels, racing shells) and sporting equipment applications (e.g., golf club shafts and tennis racket frames).