Archive · 16 Aug 2026
Submarine, missile and corvette deals worth Rs 1.53 lakh crore
India wants to buy new submarines, missiles, and small navy ships for its defence.
These three big purchases together could cost about Rs 1.53 lakh crore, which is an enormous amount of money.
The most expensive part is a plan to build new submarines called P-75I.
There is also a plan to build a fast missile defence system called QRSAM that can shoot down enemy aircraft.
The third plan is to build new navy ships called Next-Generation Corvettes.
A stock market research company called Antique Stock Broking thinks Indian companies like Mazagon Dock Shipbuilders, Bharat Electronics, Bharat Dynamics Limited, and Garden Reach Shipbuilders & Engineers will get these big orders.
The orders still need the final yes from a top government committee called the Cabinet Committee on Security.
In the past year, orders for defence companies went down by about 17 percent, partly because big deals were delayed.
These new orders could help Indian companies grow a lot and help India build more of its own defence equipment.
Brokerage Antique Stock Broking expects three Indian defence programmes worth an estimated Rs 1.53 lakh crore: the P-75I submarine programme (~Rs 90,000 crore), the QRSAM missile system (Rs 30,000 crore) and the Next-Generation Corvette programme (over Rs 33,000 crore).
The P-75I conventional submarine programme is expected to be awarded to Mazagon Dock Shipbuilders, which awaits final Cabinet Committee on Security approval that could come within weeks.
The report values the P-75I programme at around Rs 90,000 crore, though its naval shipbuilding market table lists the cost at Rs 70,000 crore.
Bharat Electronics is expected to receive the main QRSAM order possibly by Q2FY27, while Bharat Dynamics Ltd could gain around Rs 12,000 crore in direct component revenue.
Garden Reach Shipbuilders & Engineers is the L1 bidder for the Next-Generation Corvette programme, which is also awaiting final CCS clearance.
- Who
- India's defence companies — Mazagon Dock Shipbuilders, Bharat Electronics, Bharat Dynamics Ltd and Garden Reach Shipbuilders & Engineers — as well as brokerage firm Antique Stock Broking, which issued the report.
- What
- Three major defence procurement programmes worth an estimated Rs 1.53 lakh crore — the P-75I submarine programme, the QRSAM missile system and the Next-Generation Corvette programme — expected to be ordered pending Cabinet Committee on Security clearance.
- When
- In the near term; P-75I approval could come within weeks, while QRSAM could be finalised by Q2FY27.
- Where
- India.
- Why
- To revive India's defence ordering cycle after order inflows for listed defence companies fell around 17% in FY26, partly due to delays in finalising large programmes.
- Total programme value
- Rs 1.53 lakh crore (estimated)
- P-75I submarine programme
- Around Rs 90,000 crore (Rs 70,000 crore per the report's naval shipbuilding table)
- QRSAM missile system
- Around Rs 30,000 crore
- Next-Generation Corvette programme
- More than Rs 33,000 crore
- Expected P-75I contractor
- Mazagon Dock Shipbuilders (MDL)
- Expected QRSAM main contractor
- Bharat Electronics (BEL), possible finalisation by Q2FY27
- NGC L1 bidder
- Garden Reach Shipbuilders & Engineers (GRSE)
- FY26 order inflows
- Fell around 17% for listed defence companies