Our analysis of defence sector for May’23 indicates: 1) RFI has been issued for procurement of 5,000 ATGMs and 8x8 HMVs; ii) second export order of Pinaka rocket launcher is likely to be finalised soon; 3) efforts afoot to export LCH- Prachand to Nigeria; 5) development trails of Pralay SRBM are complete while QRSAM is set to undergo its final trails next month.