Of course, there are opportunities. But you shouldn't be mixing civil and military aviation.
On military only real opportunity is KC390. It fits the MTA but the IAF is not eager to pursue at this time of cash crunch (Remember C295 and Il-76 MUL are a current priority for transport fleet). KC390 cannot replace A330 for DRDO AWACS or MMRT. Netra is already done why do we need to modify another platform if there is no client. Major projects like AMCA, MWF will never be a partnership effort. On IMRH, what can they offer? HAL is far more experienced here.
In civil aviation, only imagination is your limitation. If you can set up a new SPV with significant private participation and serious tax breaks then
E-Jet E2 will get sold like hot bread on the first days of lockdown. On the Brazilian side, its a win-win opens up the second-biggest market and gives liquidity. We can even dream of a narrow-body jet-airliner by early 2030. But to pull off something like this will need serious political will.
People keep forgetting HAL is an MoD company. They should be separated from the civil side. HAL will never be efficient and profitable in a cut-through global civil aviation market. We have nothing on the civil side (NAL is a CSIR lab). We need significant private investment with astute government leadership here. Because its a different kind of market. Its totally globalized, technology is hard to master and its capital intensive. You can't just open up the market for all and hope some will come out winning like that of telecom or IT. I mean its already open and main industrialists are making biplanes and wings for some swiss company.
On the downside, Is it worth the effort from the government's point of view? Embraer at its peak had only ~20,000 employees. Can't you just put the same money to an employment generation industry like textiles? Competition in the civil avaition is so bad that do you expect them to be profitable in 10-15 years? Are you gonna give these tax breaks indefinitely? Is there really a value in having a civil aviation company (backed by the public money) other than the national pride?. Remember in ten years we will pretty much have all the critical tech homegrown to serve the military.