Bharat Electronics Eyes Rs 40,000 Crore Order From Indigenous S-400 Project

Bharat Electronics Ltd. expects a potential order of up to Rs 40,000 crore from Project Kusha, the indigenous alternative to the S-400 air defence system. The company said it is working as a development partner with the Defence Research and Development Organisation on the project.

“We are the development partner with DRDO and are developing jointly so many subsystems of Kusha, mainly different types of radars and control systems,” Chairman and Managing Director Manoj Jain said during the march quarter earnings call.

BEL said it is awaiting a decision on the system integrator for the programme. “If they decide to have two system integrators, then definitely we will be one of them,” Jain said. “If we are the system integrator, then around Rs 40,000 crore order will come to BEL.”

Jain said BEL is currently focused on product development and aims to speed up system readiness. Prototype development is expected in the next 12 to 18 months, followed by user trials that may take an additional 12 to 36 months.

The timeline for formal orders will depend on the progress of development and trial phases. Project Kusha is currently being led by DRDO.

Bharat Electronics also expects to receive an order worth approximately Rs 30,000 crore for the Quick Reaction Surface-to-Air Missile (QRSAM) system. The company is working with the user to finalise the contract and has dedicated a team for this purpose.

“QRSAM may be around roughly Rs 30,000 crore… we are the production agency for QRSAM. So order will come to BEL,” Jain said. He added the order covers combined requirements from the Indian Army and Air Force and may be finalised by the last quarter of the current financial year, though there is a possibility of it slipping into the first quarter of the next financial year.

Excluding QRSAM, BEL forecasts order inflows of Rs 27,000 crore for the ongoing financial year. Of this, the company has already received Rs 3,300 crore so far and expects the balance to be booked within the current financial year. If the QRSAM order comes in during FY26, the total order inflow would exceed Rs 50,000 crore.