Rafale: India Sends Formal Request for 114 Jets Worth 33 Billion Euros
On Wednesday, New Delhi submitted an official request letter for the purchase of 114 Rafale jets, as reported by Les Échos. Paris has two to three months to respond, with a potential final agreement expected in 2027.
India has sent France a formal request letter for the acquisition of 114 Rafale jets. This move marks an official advancement in the negotiations between New Delhi and Paris, though it does not yet signify the signing of a definitive contract. The French government will have two to three months to formulate its response, with a final agreement anticipated next year. This potential order would amount to 33 billion euros, making it one of the largest Rafale armament acquisitions ever concluded. The timing coincides with the expected visit of Indian Prime Minister Narendra Modi to France in mid-June for the G7.
Renewal of the Indian Air Fleet
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The Indian Air Force currently has fewer than 30 squadrons, compared to a target of more than 40. The phasing out of the MiG-21 and the scheduled retirements of some MiG-29, Jaguar, and Mirage 2000 aircraft underscore the need for fleet renewal. The Indian Air Force and Navy have already ordered 62 Rafales. With the additional 114 jets under consideration, the total would reach 176 aircraft. The Indian Navy is also contemplating the acquisition of up to 31 additional jets, potentially pushing the total beyond 200 aircraft.
Assembly in India at the Heart of Negotiations
New Delhi is requesting that over 90 Rafales be assembled or manufactured in India, as part of its 'Atmanirbhar Bharat' self-reliance industrial strategy. Dassault has already established local partnerships, including with Tata in Hyderabad and Hical for precision parts. This acquisition would strengthen France's position as a major armament supplier to India, in a context where Russian influence is declining in this market. It would also consolidate the strategic position of Dassault and the French defense industry in South Asia.
SectorAéronautique et Défense›Aéronautique / spatiale
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 4 157 millions d'euros
Quarterly revenue: 4 157 millions d'euros
Revenue growth: 45,7 %
Net income: 361,6 millions d'euros
-10 099 millions d'euros
Guidance from the release
La guidance 2026 est inchangée : chiffre d'affaires 2026 en hausse
Risks mentioned
Carnet de commandes en léger repli (45,4 Md€ vs 46,6 Md€) malgré la livraison de 23 Falcon au S1 2026
Arrêt du programme SCAF/NGF en coopération franco-allemande, avec alternative à définir
Réduction des prises de commandes Défense (1 024 M€ vs 7 172 M€) liée à l'absence de nouvelle grande commande Rafale
Opportunities identified
Accélération de la livraison de Rafale Export : 12 Rafale livrées au S1 2026 (10 Export + 2 France) vs 7 au S1 2025
Négociation pour contrat de 114 Rafale avec l'Inde (Decision d'entrer en négociation gré à gré)
Programme Falcon 10X en phase d'essais en vol depuis juin 2026, entrée en service prévue 2029
Outlook / guidance
Expected revenue: 8 500 millions d'euros
Management commentary: chiffre d'affaires 2026 en hausse par rapport à celui de 2025, classe 8,5 milliards d'euros (dont la livraison de 40 Falcon et 28 Rafale)
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