Bharat Electronics Ltd, a key public sector undertaking in India's defence sector, anticipates a robust surge in orders during the January-March quarter of FY26. This optimism stems primarily from an impending decision on a major missile air defence program, alongside several contracts in electronic warfare and aircraft systems.

The company's Chairman and Managing Director, Manoj Jain, expressed over 90% confidence in securing the Quick Reaction Surface-to-Air Missile (QRSAM) order before the financial year ends. He noted only a slim chance of slippage into the next quarter, underscoring the advanced stage of negotiations.

Even without the QRSAM deal, Bharat Electronics remains assured of surpassing its FY26 order inflow target of ₹27,000 crore. Management highlighted multiple other programs nearing closure, which could materialise within weeks and bolster the order book significantly.

At the heart of this anticipated influx lies the QRSAM program, a substantial contract poised to unfold over multiple years. Bharat Electronics will serve as the system integrator, handling the bulk of the execution, while Bharat Dynamics supplies the missile component, comprising roughly 30% of the total value.

Margins from QRSAM are expected to align with those of the company's prior large air defence systems. This multi-partner domestic collaboration reinforces India's push towards indigenous defence manufacturing.

In electronic warfare, two major programs stand out. The Shatrughat system could receive approval in the current quarter post-trials and cost audits, with the second program likely in the first half of FY27.

Bharat Electronics also anticipates an imminent order for line-replaceable units (LRUs) for the Light Combat Aircraft (LCA) from Hindustan Aeronautics Ltd (HAL). Valued at approximately ₹2,400 crore, this deal awaits final price negotiations, expected to conclude shortly.

For the Indian Navy, a portion of the Next Generation Corvettes package—around 20% to 25%—may be awarded before March. The remainder is slated for the first two quarters of FY27, providing steady visibility.

Collectively, these Q4 awards, coupled with recurring smaller contracts, position Bharat Electronics to exceed its annual guidance. Management foresees sustained growth, with a committed year-on-year increase of over 15% secured for the next three to four years.

Looking further ahead into FY27, visibility remains strong. The Akash Next Generation program, with Bharat Electronics as lead integrator for the Air Force variant, is probable post-approvals.

Additionally, the company, in partnership with Larsen & Toubro, expects a Request for Proposals (RFP) for the Advanced Medium Combat Aircraft by mid-February, following its expression of interest submission.

The immediate priority for Bharat Electronics lies in converting its Q4 pipeline into firm orders. Trials, audits, and negotiations for these marquee programs have largely concluded, minimising delays.

This order push aligns with broader trends in India's defence modernisation, emphasising self-reliance through public-private partnerships and accelerated procurement.

Agencies