IBOV 173,371.35 ▼ 0.20% IPSA 10,896.87 ▲ 0.10% IPC MEX 66,615.43 ▲ 0.39% MERVAL 3,223,652 ▲ 0.74% COLCAP 2,298.34 — 0.00% BVL PERÚ 55,645.90 — — USD/BRL5.09▼ 0.38% USD/MXN17.42▼ 0.68% USD/CLP933.60▼ 0.15% USD/COP3,255▼ 0.07% USD/PEN3.39▼ 0.07% USD/ARS1,481▲ 0.17% USD/UYU40.19▼ 0.10% USD/PYG6,031▼ 0.03% USD/BOB10.75▲ 0.94% USD/DOP58.25▲ 0.02% USD/CRC447.35▲ 0.28% USD/GTQ7.62▼ 0.05% USD/HNL26.74— 0.00% USD/NIO 36.62 — 0.00% USD/VES735.09▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.79▲ 0.13% USD/TTD6.73▼ 0.21% EUR/BRL5.81▼ 0.51% BRENT 89.00 ▲ 1.02% WTI 82.54 ▲ 0.06% IRON ORE 161.91 — — COPPER 6.34 ▲ 1.91% GOLD 4,013 — 0.00% SILVER 56.58 ▲ 0.97% SOY 1,225 ▲ 1.70% CORN 472.50 ▲ 6.24% WHEAT 672.75 ▼ 1.46% COFFEE 323.50 ▼ 1.51% SUGAR 14.81 ▼ 0.13% ORANGE JUICE 146.90 ▲ 6.30% COTTON 78.88 ▲ 2.35% COCOA 5,507 ▼ 0.47% BEEF 223.30 ▼ 0.50% CATTLE 346.78 ▲ 0.24% LITHIUM 66.92 ▼ 2.14% PETR4 41.15 ▲ 0.61% VALE3 71.93 ▼ 1.38% ITUB4 42.30 ▲ 0.81% BBDC4 18.41 ▲ 0.66% ABEV3 15.79 ▲ 1.02% 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0.49% CEMEX 21.81 ▼ 4.05% GFNORTE 180.00 ▼ 0.74% BIMBO 59.31 ▲ 2.26% TELEVISA 9.71 ▲ 1.46% AMX 22.74 ▼ 1.13% GAP 378.19 ▼ 2.02% ASUR 274.37 ▼ 1.91% OMA 226.42 ▼ 1.82% KOF 180.95 ▲ 0.11% GRUMA 287.60 ▲ 0.39% KIMBER 38.39 ▼ 0.72% SQM-B 63,400 ▼ 3.13% COPEC 6,345 ▲ 1.53% BSANTANDER 78.90 ▲ 2.47% FALABELLA 5,850 ▲ 0.26% ENELAM 84.67 ▲ 0.75% CENCOSUD 2,005 ▲ 0.50% CMPC 1,088 ▲ 1.68% BANCO CHILE 189.95 ▲ 0.77% LATAM AIR 24.36 ▼ 1.62% YPF 79,200 ▲ 1.67% GGAL 7,845 ▼ 0.19% PAMPA 5,270 ▲ 1.93% TXAR 670.50 ▲ 0.98% ALUAR 959.50 ▲ 1.05% TGS 9,500 ▲ 1.39% CEPU 2,289 ▲ 1.10% MIRGOR 17,125 ▲ 1.48% COME 42.95 ▼ 2.03% LOMA NEGRA 3,558 ▲ 0.99% BYMA 293.75 ▼ 1.34% TELECOM ARG 4,145 ▼ 0.12% ECOPETROL 16.04 ▼ 0.34% BANCOLOMBIA 80.82 ▲ 0.51% GRUPO AVAL 4.95 ▲ 0.61% CREDICORP 386.85 ▼ 0.96% SOUTHERN COPPER 175.07 ▲ 1.50% BUENAVENTURA 30.06 ▼ 0.60% MERCADOLIBRE 1,832 ▲ 1.02% NUBANK 13.99 ▲ 2.94% XP 16.80 ▲ 0.78% PAGSEGURO 9.29 ▲ 2.77% STONE 11.12 ▼ 0.27% GLOBANT 32.29 ▲ 0.19% TECNOGLASS 46.11 ▼ 0.80% GAP 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0.75% RDOR3 35.45 ▼ 0.92% HAPV3 11.55 ▲ 1.49% FLRY3 16.56 ▼ 0.18% SMTO3 15.41 ▼ 0.26% UGPA3 31.70 ▼ 1.15% VBBR3 34.11 ▼ 2.32% BBSE3 41.05 ▼ 0.17% BPAC11 55.84 ▼ 0.61% CURY3 30.19 ▼ 1.57% AERI3 2.07 ▲ 2.48% VIVARA 21.96 ▼ 2.14% COMPASS 24.60 ▼ 1.13% VAMOS 3.09 ▼ 2.52% SANB11 27.01 ▲ 1.35% ASAI3 8.14 ▼ 4.24% SBSP3 28.98 ▼ 0.82% WALMEX 49.38 ▼ 0.22% GMEXICO 201.45 ▲ 0.42% FEMSA 226.85 ▲ 0.49% CEMEX 21.81 ▼ 4.05% GFNORTE 180.00 ▼ 0.74% BIMBO 59.31 ▲ 2.26% TELEVISA 9.71 ▲ 1.46% AMX 22.74 ▼ 1.13% GAP 378.19 ▼ 2.02% ASUR 274.37 ▼ 1.91% OMA 226.42 ▼ 1.82% KOF 180.95 ▲ 0.11% GRUMA 287.60 ▲ 0.39% KIMBER 38.39 ▼ 0.72% SQM-B 63,400 ▼ 3.13% COPEC 6,345 ▲ 1.53% BSANTANDER 78.90 ▲ 2.47% FALABELLA 5,850 ▲ 0.26% ENELAM 84.67 ▲ 0.75% CENCOSUD 2,005 ▲ 0.50% CMPC 1,088 ▲ 1.68% BANCO CHILE 189.95 ▲ 0.77% LATAM AIR 24.36 ▼ 1.62% YPF 79,200 ▲ 1.67% GGAL 7,845 ▼ 0.19% PAMPA 5,270 ▲ 1.93% TXAR 670.50 ▲ 0.98% ALUAR 959.50 ▲ 1.05% TGS 9,500 ▲ 1.39% CEPU 2,289 ▲ 1.10% MIRGOR 17,125 ▲ 1.48% COME 42.95 ▼ 2.03% LOMA NEGRA 3,558 ▲ 0.99% BYMA 293.75 ▼ 1.34% TELECOM ARG 4,145 ▼ 0.12% ECOPETROL 16.04 ▼ 0.34% BANCOLOMBIA 80.82 ▲ 0.51% GRUPO AVAL 4.95 ▲ 0.61% CREDICORP 386.85 ▼ 0.96% SOUTHERN COPPER 175.07 ▲ 1.50% BUENAVENTURA 30.06 ▼ 0.60% MERCADOLIBRE 1,832 ▲ 1.02% NUBANK 13.99 ▲ 2.94% XP 16.80 ▲ 0.78% PAGSEGURO 9.29 ▲ 2.77% STONE 11.12 ▼ 0.27% GLOBANT 32.29 ▲ 0.19% TECNOGLASS 46.11 ▼ 0.80% GAP AIRPORT 217.12 ▼ 1.72% ASUR 274.37 ▼ 1.91% OMA AIRPORT 104.01 ▼ 1.23% AMX ADR 26.10 ▼ 0.65% FEMSA ADR 130.01 ▲ 0.77% CEMEX ADR 12.49 ▼ 3.70% PETROBRAS ADR 18.19 ▲ 1.22% VALE ADR 14.10 ▼ 0.63% ITAU ADR 8.32 ▲ 1.46% SANTANDER BR 5.38 ▲ 2.67% AMBEV ADR 3.08 ▲ 1.65% CSN 1.01 ▲ 2.02% GERDAU 4.68 ▼ 0.85% LATAM ADR 51.74 ▼ 1.56% BTC 65,196 ▲ 0.78% ETH 1,903 ▲ 1.69% SOL 77.85 ▲ 1.96% XRP 1.11 ▲ 1.51% BNB 570.72 ▲ 0.06% ADA 0.17 ▲ 2.48% DOGE 0.07 ▼ 0.32% AVAX 6.58 ▲ 1.92% LINK 8.58 ▲ 2.51% DOT 0.83 ▲ 0.95% LTC 47.35 ▲ 0.65% BCH 219.73 ▲ 2.26% TRX 0.33 ▼ 0.15% XLM 0.19 ▲ 0.04% HBAR 0.07 ▲ 0.34% NEAR 1.98 ▲ 3.47% ATOM 1.50 ▲ 1.36% AAVE 89.86 ▲ 0.59% SELIC 14.25% EMBRAER 83.29 ▲ 1.88% EMBRAER ADR 65.93 ▲ 2.87% JBS 12.03 ▲ 1.01% JBS BDR 60.79 ▲ 0.98% MBRF3 14.52 ▼ 3.39% MBRFY 2.91 — 0.00% INTER 5.62 ▲ 4.66% EGX 53,126 ▲ 1.08% USD/ZAR 16.50 ▲ 0.05% USD/NGN 1,376 — 0.00% NIKKEI 64,141 ▼ 4.03% CSI300 4,598 ▲ 1.53% HSI 25,143 ▲ 2.36% NIFTY 24,239 ▼ 0.39% KOSPI 6,516 ▼ 4.46% JCI 6,232 ▲ 0.91% USD/JPY 162.48 ▲ 0.01% USD/CNY 6.7574 — 0.00% DAX 24,847 ▲ 0.06% CAC 8,340 ▲ 0.02% FTSE 10,525 ▼ 0.71% MIB 51,863 ▼ 0.04% IBEX 19,207 ▼ 0.05% STOXX 639.60 ▼ 0.30% EUR/USD 1.1418 ▲ 0.04% GBP/USD 1.3431 ▲ 0.04% SPX 7,443 ▼ 0.19% DJI 51,839 ▼ 0.59% NDX 28,604 ▲ 0.04% RUT 2,942 ▼ 0.67% TSX 34,960 ▼ 0.86% VIX 18.65 ▼ 0.64% USD/CAD 1.4071 ▼ 0.05% US10Y 4.5980 ▲ 1.26%
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Tuesday, July 21, 2026

Brazil Defense Monitor

India-Brazil Barter: Tejas Fighters for Embraer C-390 Jets

By · July 20, 2026 · 3 min read

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Brazil · Defense

Key Facts

The swap. India would give Brazil Tejas Mk1A fighters and Prachand attack helicopters; Brazil would give India Embraer C-390 transport jets.

The scale. India is looking to order between 40 and 80 C-390s, a large military-transport competition.

The logic. Two BRICS members trade the aircraft each needs, sidestepping tariffs, sanctions and Western political conditions.

For Brazil. The Tejas Mk1A could supplement its incoming Gripens and eventually replace ageing F-5 fighters.

The timeline. A formal selection is expected later in 2026, and barter deals are slow to convert into contracts.

Two of the world’s larger developing economies are exploring an unusual arms deal. The proposed India Brazil barter would see New Delhi hand over homegrown fighters and helicopters in exchange for Brazilian-built transport jets, with little cash changing hands.

India and Brazil Weigh a Jet-for-Jet Swap: Tejas Fighters for Embraer’s C-390. (Photo internet reproduction)
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Under the outline, India would supply Brazil with HAL’s Tejas Mk1A light fighter and Prachand attack helicopters, while Brazil would ship India fleets of Embraer’s C-390 Millennium, as Air Data News reported.

What each side gets

The C-390 is a jet-powered tactical transport that can carry up to 26 tonnes and operate from short, unpaved runways, features that suit India’s vast and often rugged geography. New Delhi is weighing an order of between 40 and 80 aircraft, a volume large enough to make the competition fierce.

For Brazil, the Tejas Mk1A is a single-engine multirole fighter with a modern AESA radar. It would sit below the Gripen in Brazil’s fleet and could help retire the decades-old F-5 Tiger IIs. The Prachand, a light combat helicopter built for high-altitude and attack roles, would add a capability Brazil does not currently field.

Why a barter, not a purchase

The appeal is strategic as much as commercial. By swapping the aircraft each other needs, the two countries avoid the tariffs, sanctions exposure and political strings that can accompany buying from Washington or Moscow. For Brazil, it also fits a broader push to reduce reliance on Western suppliers amid US trade tensions.

Embraer has separately signalled it is prepared to open a C-390 assembly line in India to support a sale, deepening the industrial dimension of any deal.

The catch

Barter arrangements of this scale are notoriously hard to close. Valuing dissimilar aircraft against each other, aligning delivery schedules and squaring two national procurement bureaucracies all take time. An official selection is expected later in 2026, but a signed contract may be a good deal further off.

If it lands, though, it would be a template: two emerging powers arming each other on their own terms.

Live Company IntelligenceEmbraer SA ADR — the full investor dossierInside: live share price, market cap, three-year financials, valuation, ESG and peer benchmarks — plus the latest Rio Times coverage.
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◆ Live Company Intelligence
Embraer
NYSE: ERJEMBJ3IndustrialsAerospace & Defense20,923 employees
$12.33B
Market cap
Analyst target $68.50

Wall Street view

3.9Moderate Buy/ 5
10 Buy3 Hold1 Sell
Avg. price target $68.50  ·  +30% vs 200-day

Valuation & profitability

Market cap$12.33B
Revenue (TTM)$39.80B
P / E ratio37.7
Profit margin5.4%
Return on equity11.3%

Price & risk

52-wk low
$46.15
52-wk high
$66.87
Beta (volatility)0.92
200-day average$52.79

Revenue trend · 6y

20192024
Latest $6.39B

Ownership

Institutions46.0%
Shares outstanding183M
Top holderGQG Partners LLC
Institutional holders5+ funds

Dividend

Yield0.1%
Payout ratio31.0%
Fwd. annual$0.05
What Embraer does. Embraer S.A., together with its subsidiaries, designs, develops, manufactures, and sells aircraft and systems worldwide. It operates through Commercial Aviation; Defense & Security; Executive Aviation; Services & Support; and Other segments. The Commercial Aviation segment develops, produces, and sells commercial jets. Its Defense & Security segment develops and produces military aircraft and…
Data: EODHD fundamentals (ERJ.US) · figures in USD · as of 20 Jul 2026More company intelligence →

Frequently Asked Questions

What would India and Brazil swap?

India would provide Brazil with Tejas Mk1A fighters and Prachand attack helicopters, and Brazil would provide India with Embraer C-390 Millennium transport aircraft, in a barter rather than a cash purchase.

How many C-390s does India want?

India is weighing an order of between 40 and 80 C-390 transports. Embraer has indicated it could open an assembly line in India to support the deal.

When could a deal be signed?

An official selection is expected later in 2026, but barter deals of this size are slow to move from intent to a signed contract.

Connected Coverage

Embraer Targets a 500-Aircraft Market in India

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