India Eyes More S-400 Batches; Procurement on Agenda for Putin’s December Visit

India is looking into procuring additional batches of the highly effective S-400 surface-to-air missile systems from Russia, after the weapons proved to be "very effective" during a recent military exercise, "Operation Sindoor," according to people familiar with the matter.

This proposed military acquisition is expected to be a key agenda item during Russian President Vladimir Putin's visit to New Delhi in December.

The initial $5 billion deal for five units of the S-400 Triumf air defense systems was signed in October 2018, despite warnings from the U.S. regarding potential sanctions under the Countering America's Adversaries Through Sanctions Act or the CAATSA.

So far, three squadrons have been delivered and integrated into India's air defense architecture. Chief of Air Staff Air Chief Marshal A.P. Singh publicly hinted at the system's success, stating that the weapon "has done good" and acknowledged there is "a requirement to have more such systems." While he declined to confirm specific procurement plans.

He affirmed the system’s effectiveness, noting, "It has proved to be a good weapon system."

Sources indicate that beyond additional S-400 batches, India may also consider procuring the S-500 missile system, signaling a deeper commitment to integrating advanced Russian air defense technology.

Earlier this week, Goldman Sachs had initiated coverage on eight Indian defence stocks, placing bullish share price targets on all but one.

In the report, analysts Amit Dixit and Kumari Rishika, have said that their picks are beneficiaries of three key themes: increase in the estimated domestic defence market share potential by more than sixfold to Rs 10 lakh crore over the next 20 years, scope for indigenisation at the bottom of the technology pyramid like in components and processed materials where local players have been under-represented, and higher defence exports.

Out of the eight, PTC Industries Ltd. and Astra Microwave Products Ltd. are seen to have the most upside potential.

(With inputs from PTI)