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Summary
Isro plans five SSLV commercial launches in FY27, following a failed trial four years ago. Small rockets are projected to drive India's space economy, potentially generating $3.5 billion by 2033. Two private startups, Skyroot and Agnikul, are also set to launch their first rockets this fiscal.
NEW DELHI: Four years after a failed first trial attempt, the Indian Space Research Organisation (Isro) is gearing up for a big-bang year for its small rocket.
Isro expects to hold five commercial launch missions of the Small Satellite Launch Vehicle (SSLV) in FY27, almost a decade since it started developing the rocket and over two years since its last trial mission, according to the central space agency’s latest annual report published on 29 April. Two private space startups are also expected to launch their first commercial small rocket missions this fiscal.
First demonstrated in August 2022, the SSLV – designed to place small satellites in low-earth orbit – is expected to be a key rocket for India’s space ambitions. Data from the Centre’s Department of Science and Technology in December said India’s space industry generated $8.4 billion in annual revenue, accounting for about 2% of the world’s space markets.
By 2033, the space industry – including the domestic space economy, communications and exports – could expand to $44 billion, roughly 8% of the global space economy, as per government estimates.
Small rockets are expected to be the way forward for the global space markets. Communications firms such as SpaceX and OneWeb, as well as surveillance firms such as Maxar, use small satellites in low orbits. These are seen as more cost-effective than the previous generation of large, multi-billion-dollar satellites that had greater chances of failures.
The SSLV is Isro’s smallest rocket, capable of carrying three small satellites cumulatively weighing 300 kg or a single satellite weighing up to 500 kg to low-earth orbits of up to 500 km.
Revenue projection
In a decadal vision document published in October 2023, Pawan Goenka-helmed space authorization body Indian National Space Promotion and Authorization Centre (In-Space) projected India would generate $3.5 billion in annual revenue from rocket launch missions by 2033, accounting for almost 20% of India’s domestic space economy of about $19 billion by then.
Small rockets are typically much less expensive to build and maintain. In October, Pawan Kumar Chandana, chief executive officer and cofounder of India’s most-funded private space startup Skyroot Aerospace, said it takes about $2 million to build and launch the average small rocket, which could potentially generate $4-5 million in revenue from corporate clients looking to launch satellites.
Isro has not officially disclosed how much it costs to build and operate its own small rocket.
In June 2025, the Centre-backed Hindustan Aeronautics Ltd won a contentious ₹511-crore bid from Isro to “privatize” the SSLV—a move that industry watchers questioned in its privatization intent. HAL outbid Adani Defence Systems and Bharat Dynamics Ltd to win the contract that will see the PSU build, maintain and operate the rocket—with Isro and its commercial counterpart, NewSpace India Ltd (NSIL), expected to play advisory and oversight roles in future missions.
Budgetary allocations
Isro’s annual spending has been less than the budgetary allocations since FY22. Budget allocations for Isro were revised lower to ₹12,642 crore in FY22 and ₹10,530 crore in FY23, when India made a successful moon landing. Last fiscal, Isro’s budget was revised to ₹12,449 crore from the allocated ₹13,416 crore. This year, the agency has been allotted ₹13,706 crore.
In comparison, the European Space Agency has a net budgetary outlay of ₹91,970 crore (€8.26 billion) for the current fiscal. US space agency National Aeronautics and Space Administration has a 2026 budget of ₹2.31 trillion ($24.4 billion).
Isro’s SSLV launch plans come as two of India’s first private space startups, Skyroot Aerospace and Agnikul Cosmos, are expected to launch their first commercial small rocket missions this fiscal. On 25 April, Skyroot Aerospace flagged off the transfer of its ‘Vikram’ rocket from its factory in Hyderabad to Isro’s Sriharikota rocket launch pad. The rocket is expected to launch in the coming weeks, with a date yet to be announced.
Agnikul, too, was expected to make a commercial launch of its first rocket this fiscal, CEO Srinath Ravichandran told Mint in an interview in December.
Emails sent to Isro, NSIL and HAL on timelines and revenue expectations for the small rocket, as well as names of their potential clients, did not immediately receive responses until press time.
About the Author
Shouvik Das
Shouvik has been tracking the rise and shifts of India’s technology ecosystem for over a decade, across print, broadcast and web-first platforms. He's been a tinkerer of machines and PCs since childhood, a habit he was thrilled to convert into his profession. This has led him to fascinating experiences of technologies around the world, which is what keeps him hooked to his job.<br><br>Shouvik likes to believe that he is one of the few technology journalists in India who can also code. He has also been writing about the rise of AI well before it became a household name, and has met some of the most fascinating people over the years through his work.<br><br>Shouvik writes about AI, Big Tech, data centres, electronics, semiconductors, cybersecurity, gaming, cryptocurrencies, and consumer technologies. He is most fond of the stories he has written during his time here at Mint, for which he also writes 'Transformer', a weekly technology newsletter, and hosts 'Techcetra', a weekly technology podcast.<br><br>Outside of work, Shouvik spends most of his time with Pixel, whom he believes is the world's best dog. He is also an avid reader, a toy collector, a gamer and a frequent traveller.
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