Rafale India Deal: Vikrant Landing Lifts 114-Jet Hopes

The Rafale India deal story just got a big new chapter. On October 29, 2026, a Rafale Marine jet landed on India’s home-built aircraft carrier INS Vikrant for the first time. It got it right on the very first try. Meanwhile, talks on a much bigger order for 114 Rafale jets are moving ahead. So what happened at sea, where does the big deal stand, and why should investors care? We break it all down below.

Rafale India Deal: A First Landing on INS Vikrant

The Indian Navy shared the news on X on October 30. Its post said a Rafale Marine “successfully landed onboard Indian Navy’s indigenous aircraft carrier INS Vikrant on its maiden attempt.” The Navy added that the trials “mark the first steps towards operationalisation of the aircraft in the Indian Navy,” as PTI reported.

The jet did more than land. According to the Hindustan Times, it also took off from the carrier on the same day. In France, Paris Match called it a historic first for the French fighter.

Why This Carrier Test Was Tricky

The Rafale Marine was built for French carriers like the Charles de Gaulle. Those ships use catapults to fling jets into the air. INS Vikrant works differently. Jets take off from a curved ski-jump ramp at the front of the deck. Then they land by catching steel arrestor wires with a hook.

So the Navy had to prove the jet fits this setup. First, pilots tested it on a land copy of the deck at INS Hansa in Goa, per CNBC-TV18. After that, they moved to the real ship. A clean first landing is a strong sign for the program.

The 26-Jet Navy Order Behind the Trials

These tests support a deal India already signed. In April 2025, India ordered 26 Rafale Marine jets for about ₹63,000 crore. That order includes 22 single-seat jets and 4 two-seat trainers. Paris Match put the value at roughly €7 billion.

The package also covers training, weapons, simulators and long-term support, per The Times of India. The jets will fly from INS Vikrant and INS Vikramaditya. Reports differ on timing. Most expect first deliveries around 2028 to 2029.

India’s Air Force already flies 36 Rafale jets, in service since 2020 to 2022. So the Navy order adds a second Rafale fleet in the same country.

The 114-Jet Plan: Where the Bigger Rafale Deal Stands

The real prize is a much larger order for India’s Air Force. This is the Multi-Role Fighter Aircraft plan, often called MRFA. It covers 114 fighter jets. India first raised this need nearly two decades ago.

Here is how things have moved in 2026:

• February 12: India’s Defence Acquisition Council gave initial approval. Local media said the Rafale part was worth about 3.25 trillion rupees, as Reuters reported.
• August: France sent a technical and commercial offer under a government-to-government deal, per L’Essentiel de l’Éco.
• October 3: Air Chief Marshal A.P. Singh said the deal was at the price talks stage, according to The Hindu.
• October 8: Dassault reportedly agreed to fit Indian missiles, like Astra and Rudram, on the jet, per India Today.

When Could India Sign the Rafale India Deal?

India’s defence secretary, Rajesh Kumar Singh, expects a deal by the end of India’s financial year. That year ends in March 2027. He told ANI, “We should be able to reach some conclusion in that procurement cycle before the end of this year.” The Times of India carried the remarks.

Some voices are more upbeat. French site Avions Légendaires says Indian media now expect a signing in 2026, likely in December. It also says the long fight over source code access may be settled. However, neither government has confirmed this. We covered that sticking point earlier in India’s 114 Rafale deal stalls over source code access.

How Much Is the 114-Jet Order Worth?

Nobody has confirmed an official price. Indian press estimates run to about €33 billion, according to L’Essentiel de l’Éco. India Today cited a lower figure of more than ₹2 lakh crore, or over $25 billion. Either way, it would be the Indian Air Force’s largest fighter deal ever.

A big share of the work would happen in India. A Jefferies note says 94 of the 114 jets could be built locally. India calls this push Make in India. Dassault has already signed deals with Tata Advanced Systems to build Rafale body sections in Hyderabad. For more background, see our look at the hurdles facing India’s 114-fighter plan.

What It Means for Dassault Aviation

For Dassault Aviation, India is now the top goal. In its half-year results, the company called the 114-jet sale and its Make in India push its “major strategic objective.” The numbers explain why.

Business looks strong on the surface. First-half 2026 sales rose 46% to €4.2 billion, per the company’s release. Operating income jumped 83% to €330 million. Yet new orders fell to €2.88 billion, down from €8.08 billion a year earlier, Reuters reported.

That matters for the order book. Dassault’s backlog, or work already sold but not yet delivered, slipped to €45.4 billion by June 30. It was €46.6 billion at the end of 2025. The backlog still holds 208 Rafale jets. Still, Dassault keeps speeding up deliveries, from 21 jets in 2024 to 28 planned in 2026. As a result, it needs fresh orders to refill the pipeline.

A Deal That Could Reshape the Order Book

Simply put, 114 jets would add more than half of today’s Rafale backlog. If the €33 billion estimate holds, it would nearly match three-quarters of the whole order book in euros. India could shape Dassault’s size for the next decade. We saw how order news moved the stock before in Dassault Aviation gains on Rafale orders.

What Investors Should Watch Next

The Rafale story touches more than one company. Engine maker Safran (SAF.PA) supplies the Rafale’s two M88 engines. So a large Indian order could also matter to its defence business. Here are the key things to track:

• Price talks: Any official cost or signing date would be the biggest signal.
• Local production terms: How much work moves to India affects Dassault’s margins and its French factory.
• Supply chain: Dassault has flagged ongoing supplier problems that slow output.
• Political risk: Serbia’s new government may review its 12-jet Rafale deal, per L’Essentiel de l’Éco. Deals between governments can be reopened.
• Future fighter costs: France and Germany dropped their joint jet project in June 2026. Now France funds the next fighter alone. We explained this in Airbus and Dassault abandon the €100B fighter jet project. That project involved Airbus (AIR.PA).

Conclusion: Why the Rafale India Deal Matters

The first landing on INS Vikrant shows the Rafale can work on India’s carriers. That supports the 26-jet Navy order already in place. At the same time, the Rafale India deal for 114 Air Force jets is in its final talks. India aims to wrap it up by March 2027. For Dassault Aviation, the outcome could set its course for years. Still, nothing is signed yet, and timelines can slip.

FAQs

What happened with the Rafale on INS Vikrant?

On October 29, 2026, a Rafale Marine jet landed on INS Vikrant on its first attempt. It also took off from the carrier. The Indian Navy called it the first step toward putting the jet into service.

What is the Rafale India deal for 114 jets?

The Rafale India deal is a plan for India’s Air Force to buy 114 Rafale fighters. India gave initial approval in February 2026. Price talks are ongoing, and no contract has been signed yet.

When will India sign the 114 Rafale deal?

India’s defence secretary expects a deal by the end of March 2027. Some reports suggest it could come sooner, possibly in December 2026. Neither government has confirmed a date.

How many Rafale jets has India already ordered?

India’s Air Force flies 36 Rafale jets. In April 2025, India also ordered 26 Rafale Marine jets for its Navy for about ₹63,000 crore.

Why does the Rafale India deal matter for Dassault Aviation?

Dassault’s new orders fell in early 2026, and its backlog slipped to €45.4 billion. A 114-jet order would refill that backlog. The company calls the deal its major strategic goal.

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