India defence exports rose 63% to Rs 384 billion in fiscal 2026, surpassing the Rs 300 billion target
Indian defence exports surged by 63% year-on-year in fiscal 2026, reaching Rs 384 billion and exceeding government targets. Jefferies forecasts annual export growth of 11% through fiscal 2030, totaling Rs 584 billion.
India's defence industry is advancing as locally developed weapons enter combat deployment, strengthening credibility in international markets. Defence spending has increased from Rs 2.53 trillion in FY14 to Rs 6.81 trillion in FY26, reflecting the government's focus on modernisation. The Ministry of Defence promotes domestic manufacturers under the Atmanirbhar Bharat initiative across aircraft, naval platforms, and electronics. Exports grew 63% year-on-year to Rs 384 billion in fiscal 2026, surpassing the Rs 300 billion target set for that period. The Ministry indicated exports could exceed the FY29 target of Rs 50,000 crore. Jefferies expects defence exports to grow 11% annually through fiscal 2030, reaching Rs 584 billion. Operational deployment of indigenous systems has acted as a key catalyst for growth across aircraft and unmanned platforms.
