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New Delhi: India's defence exports reached a record ₹38,424 crore in FY2025-26, marking another major milestone in the country's transition from a predominantly defence-importing nation to an increasingly important supplier of military equipment and technology.
Defence Public Sector Undertakings (DPSUs) accounted for approximately ₹21,071 crore, or more than half of the total exports.
But the headline number hides an important reality: India's defence-export story is currently less about exporting complete fighter jets and destroyers—and more about exporting the weapons, electronics, ammunition, platforms and components that form modern military systems.
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Bharat Dynamics Limited (BDL) has emerged as one of India's most export-oriented DPSUs.
Its portfolio includes systems such as the Akash surface-to-air missile, anti-tank guided missiles including Konkurs-M, Invar and Milan 2T, and the Astra air-to-air missile, alongside underwater weapons and missile subsystems.
Bharat Electronics Limited (BEL) operates in a different but equally important segment.
Its exports include radars, electronic warfare systems, tactical communications, fire-control systems, electro-optics, anti-drone systems, avionics and naval electronics.
This reflects an important feature of modern warfare: a military system is increasingly defined not only by its missile or aircraft, but by the sensors, communications and command-and-control network connecting them.
Hindustan Aeronautics Limited (HAL) remains India's most prominent DPSU for exporting complete manned platforms.
Its overseas portfolio includes the Advanced Light Helicopter (Dhruv/ALH), Chetak/Cheetal helicopters and the Dornier 228, alongside spares, maintenance, training and technical support.
However, exports still form only a small portion of HAL's overall business, which remains heavily focused on India's armed forces.
The Tejas fighter also represents India's larger ambition—but sustained fighter exports have yet to become a major part of India's export numbers.
Indian shipyards such as Goa Shipyard, GRSE, MDL and Cochin Shipyard have contributed to exports, particularly through patrol vessels, fast patrol craft, interceptor boats and support ships.
Meanwhile, companies such as Munitions India Limited, AWEIL, BEML and MIDHANI add ammunition, weapons, vehicles, specialised materials and industrial capabilities to the export basket.
This means India's defence exports extend deep into the supply chain—from missiles and radars to explosives, alloys, components and spares.
The ₹38,424-crore figure should not be interpreted as a purely DPSU-driven achievement.
Private Indian companies are increasingly active in artillery, ammunition, drones, components and missile-related systems, while major programmes often combine capabilities from DRDO, DPSUs and private manufacturers.
The BrahMos programme, for example, operates through a joint-venture structure rather than as a conventional DPSU product.
This ecosystem approach could become increasingly important as India attempts to compete in international markets.
India's strongest export footholds today appear to be in missiles, ammunition, electronics, radars, patrol vessels, helicopters, components and support systems.
The bigger challenge is moving further into highly competitive categories such as advanced fighter aircraft, major warships and complex integrated air-defence systems.
These markets require long-term customer relationships, certification, financing, technology credibility and sustained after-sales support—not simply a competitive price.
India's ₹38,424-crore export milestone therefore tells a more nuanced story.
India is no longer exporting only individual defence products—it is increasingly exporting parts of complete military capability.
With DPSUs generating more than half of the export value while private companies expand their role, the next phase will be about turning this growing industrial base into globally competitive products, reliable supply chains and long-term defence partnerships.
The ultimate goal is not simply “Made in India”. It is building a defence ecosystem capable of designing, manufacturing and supporting military systems for India—and for the world.
(Defence Watch– India’s Defence News centre that places the spotlight on Defence Manufacturing, Defence Technology, Strategy and Military affairs is on Twitter. Follow us here and stay updated.)
