Putin’s India visit: Analyst sees HAL, BDL gaining from renewed India-Russia defence push

Russian President Vladimir Putin is scheduled to visit India on December 4-5, 2025, a trip expected to boost defence cooperation between the two countries and advance India’s strategic military capabilities. As both sides prepare for the 23rd annual India-Russia Summit, key areas of discussion are likely to include advanced missile defence systems and fighter jet acquisitions, brokerage firm Bonanza said in a note.

Amid renewed optimism over the India–Russia defence deal, the Nifty India Defence Index rose around 0.6% today, with 11 of its 18 constituents trading in the green. Index heavyweights Hindustan Aeronautics Ltd (HAL) , Bharat Dynamics Ltd (BDL) , and Bharat Electronics Ltd (BEL) gained over 1%.

Among others, Mishra Dhatu Nigam limited (Midhani) , Cochin Shipyard , Paras Defence & Space Technologies, Zen Technologies, Unimech Aerospace and Manufacturing, Data Patterns, and ideaForge Technology were notable gainers.

Nitin Jain, Sr. Research Analyst at Bonanza, said that homegrown defence companies such as state-owned HAL and BDL are expected to be key beneficiaries of defence deals expected during Putin’s India trip.

He said that one of the major item on the agenda is the possible procurement of additional S-400 air defence missile regiments. India earlier agreed to buy five S-400 units for $5.43 billion, of which three have been delivered, while the remaining two are due by 2026.

“Russia is offering to provide two to three additional regiments, reinforcing India's ongoing dependence on Russian military equipment, which still represents about 60-70% of its defense arsenal,” he said.

Notably, the S-400 has shown strong performance, including during India’s recent counter-drone Operation Sindoor.

“Additionally, the new proposal features an important technology transfer agreement, enabling Indian firms like Bharat Dynamics Limited (BDL) to participate in the local assembly and production of essential missile components, which could enhance indigenous manufacturing capabilities,” he said.

According to him, discussions are anticipated regarding the potential purchase of Sukhoi-57 fifth-generation stealth fighter jets. India is looking to enhance its air combat capabilities, and discussions may cover both acquisition and joint manufacturing under the Make-in-India framework. Advanced systems like the S-500 air defence platform are also likely to feature, reflecting India’s focus on boosting missile defence amid regional security challenges.

Jain said that state-owned Hindustan Aeronautics Limited (HAL) is expected to remain a central player, given its role in aircraft production and maintenance. The engagement aims not only at defence procurement but also at deepening strategic ties through joint ventures for manufacturing, repair, and technology sharing.

“These advancements underscore the significance of the Indo-Russian defence alliance, reflecting India's commitment to diversifying its sources while preserving robust relations with Russia,” he said.

Overall, Putin’s visit is expected to accelerate defence agreements involving air defence systems, fighter jets, and missile technologies—putting stocks such as HAL and BDL in focus. This summit is vital for India's strategic independence and highlights a plan for improved military self-reliance through partnership with Russia, he added.

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