Both South Asian countries claim to have achieved their goals in their worst conflict since 1999, without admitting significant losses.

Four days of intense fighting began last Wednesday when India launched strikes against what it described as "terrorist infrastructure" in Pakistan.

India claims Pakistan backs the militants it says were behind an April attack in which 26 people were killed in Indian-administered Kashmir -- a charge Islamabad denies.

"If victory is defined by who lost the most manned aircraft, then India certainly lost this one," said Ashley Tellis of the Carnegie think tank.

"But India also succeeded in effectively interdicting a range of Pakistani surface targets and imposing significant costs on Pakistan," Tellis told AFP.

"Both sides continue to claim air-to-air kills, but clear evidence remains unavailable at the time of writing," said Fabian Hoffmann from the University of Oslo.

"What stands out is the extensive use of conventional long-range strike systems by both sides to target military infrastructure deep within enemy territory, including sites near their capitals," he added.