Garuda Aerospace Ltd
Chennai drone maker backed by MS Dhoni, SEBI-cleared in August 2026 for an IPO after a confidential DRHP in March 2026.
Market cap
₹2,106 Cr
4.70 Cr shares
P/E ratio
350.00
Sector average 80
Book value
₹51.06
P/B 8.77
1-year return
+29.96%
52w ₹300 – ₹460
Currently 93% of the way through its 52-week range.
Indicative price history
1Y change
+33.86% ₹335 → ₹448
52-week band in this window: ₹334.67 – ₹453.63. Weekly indicative marks, not exchange-traded prices.
Key highlights
- India's largest agricultural drone maker; DGCA-certified with defence expansion.
- SEBI approved the IPO in August 2026 after a confidential DRHP in March 2026.
- Series B in 2025 at ~$250 million valuation; M.S. Dhoni is an investor.
About Garuda Aerospace
Garuda Aerospace Ltd, founded in Chennai in 2015 by Agnishwar Jayaprakash, is one of India's largest drone companies. It makes agricultural spraying drones (the Kisan drone programme), surveillance and mapping UAVs, and, more recently, defence platforms including loitering munitions and payload drones, and runs drone-as-a-service operations, pilot training and a manufacturing facility with a target of several thousand units a year. The company holds DGCA type certifications and has partnerships with HAL's Naini Aerospace, state agriculture departments and, in 2026, an MoU with Micron Instruments for indigenous defence drones.
Cricketer M.S. Dhoni is an investor and brand ambassador. The company raised a Series A of about $22 million in 2023 led by SphitiCap, and a Series B in early 2025 led by Venture Catalysts that valued it at roughly $250 million. It converted from a private to a public company ahead of a confidential DRHP filed in March 2026; SEBI approved the IPO in early August 2026 alongside eight other issuers. The registry CIN on record (U35999TN2015PTC099951) predates the conversion, and dealers transfer the shares under ISIN INE00GA01022.
Revenue has grown quickly from a small base - estimated at roughly ₹65 Cr in FY24 and over ₹100 Cr in FY25 - with thin profits, as agricultural drone sales scale under government subsidy schemes. Dealer quotes rose to ₹444-448 in lots of 100 ahead of the IPO, implying a market value near ₹2,100 Cr on an estimated 4.7 Cr shares of ₹1.
Revenue, profit, the share count and face value are estimates built from funding-round disclosures and dealer quotes. Line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- Agricultural drones55%
Kisan drones sold to farmers, FPOs and state governments
- Defence and surveillance UAVs25%
Loitering munitions, payload and surveillance drones
- Drone services and training20%
Spraying, mapping, inspection and DGCA pilot training
Products & services
Kisan agricultural drones
Spraying drones for farms, sold with subsidies and financing.
Defence and surveillance drones
Loitering munitions, payload and ISR platforms.
Drone services and training
Spraying, mapping, inspection and DGCA-approved pilot training.
What works
- • Scale leader in agricultural drones with DGCA certification, subsidy-driven demand and a large pilot-training network.
- • Entering defence with loitering munitions and payload drones under the indigenisation push; MoU with Micron Instruments in July 2026.
- • SEBI-approved IPO gives a defined liquidity path for unlisted holders.
What to watch
- • Thin margins and dependence on government subsidies for agricultural drone purchases.
- • IPO pricing may be below the pre-IPO dealer level; pre-IPO shares are locked in for six months after listing.
- • Intense competition from ideaForge, IoTechWorld, Marut Drones and Chinese components; certification and regulatory changes can delay sales.