India’s defence exports have grown nearly 50-fold in a decade — from Rs 700 crore in FY2014 to Rs 38,400 crore in FY2026 — yet the country is still not among the world’s top 25 arms exporters. The next phase of growth could therefore depend less on expanding existing markets and more on where Indian weapons, ammunition, aerospace systems and defence electronics can find new buyers. According to Kotak Institutional Equities report identifies Europe, Armenia and Africa as three important avenues for India’s next defence-export push, as countries look to diversify suppliers, rebuild military inventories and seek more cost-effective alternatives to Western and Russian systems.