Russian fighters are too dated electronically. Su-35 purchase instead of Rafale is sure to be a dud unless it receives some modernisation. Su-57 is about as expensive and why they don't practically see the Su-57 as a better fighter for IAF is unknown. Maybe it's as simple as they've dropped out of FGFA long ago and buying Su-57 is sort of like trying to get back together with a girl you jilted at the alter.
Lets assume India's highest-level geopolitical leaders (above the military command) are rational actors. Not a far-fetched assumption given that its a huge nation that hasn't disintegrated yet, even if they usually only have an array of bad and worse options to pick from due to systemic political issues.
In that case, India probably knows that the greatest geopolitical threat is China, a massive nation it shares a long land border with it. Pakistan is supported by China. Therefore, at the current state of the IAF and wider Indian MIC, the objective is to keep China uninvolved and deter Pakistan from offensive military operations. This buys time for India to (try to) industrialise and Pakistan's economic woes to bite. Countering China directly is only possible if India fully industrialises.
China has never suggested the sale of J-35AE to Pakistan. Even the J-10CEs sold were on loans so favourable they were purely geopolitical rather than profit-driven. The May 2025 skirmish proved that J-10CEs are sufficient to deter Indian offensive military operations. Therefore, there's no need for Pakistan to get J-35AE unless its to counter overmatch by India getting Su-57E. After May 2025, India is afraid that the current IAF can't even win vs PAF in a total war, which means they lack escalation dominance and consequently leaves them vulnerable to Pakistani offensive operations including skirmishes. If they aren't able to deter this, any random Pakistani attack (for whatever reason: Nationalism? Religious terrorism? Chinese proxy attack?) would severely interrupt their peacetime industrialisation.
By buying a large amount of Rafales, India ensures it has escalation dominance to win a total war (sans MAD) vs Pakistan while not attaining overmatch in skirmishes (May 2025 was a skirmish), which prevents China from selling J-35AE to Pakistan and thereby establishing deterrence across the board. This way, neither Pakistan nor India would be able to entertain offensive military operations. China wants a stable local environment, and for that it needs Pakistan to be strong enough to deter Indian offensive operations while being unable to conduct offense on its own. Altogether, this means buying Rafales could be an overture to China, signalling that India doesn't want war but also won't tolerate war. This is a marked improvement over the pre-2025 era where India was willing to go on the offensive against Pakistan.
In that sense, its actually safer and more logical to buy lots of Rafales than buy Su-57E and risk China selling J-35AE to Pakistan (or directly intervening with PLAAF).
Rafale still easily is better than everything in PAF except J-10CE and PAF only has a handful of J-10CE. With over 100 Rafales, IAF absolutely has superiority. What is Pakistan going to do? Ask China for more J-10CE based on soft loans? China can't quite afford this because it's actually quite a significant force. 24 units sure but spare 100? China has much more need for J-10C production line unless Pakistan can pay handsomely like India does for France, but it does not.
I don't see why the PLAAF needs newbuild J-10C(/E) anymore. It already has a sizeable extant fleet for its cheapest mission needs, and furthermore has the premier J-20 + second-line J-35A/J-16 (and even legacy J-11s) for the Hi/Lo mix. The real cost of J-10C production line is that its holding factory space and resources that could instead go into a new CAC production line for J-20A/S or J-36. I can even see China selling used PLAAF J-10C to Pakistan at a further discount and favourable loans if they're concerned 114 Rafales gives India significant overmatch against just 36 J-10CE.