Sagar Defence Engineering Pvt Ltd
Deep-tech maker of unmanned surface vessels, drones and swarm systems for the Navy and Coast Guard — revenue up 145% to ₹255 Cr in FY26 and a confidential DRHP filed in August 2026.
Market cap
₹2,475 Cr
22.00 Cr shares
P/E ratio
28.13
Sector average 60
Book value
₹16.00
P/B 7.03
1-year return
+0.00%
52w ₹113 – ₹135
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹113 → ₹113
52-week band in this window: ₹112.50 – ₹112.50. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Founded 2015; unmanned surface vessels, drones and swarm autonomy for the Navy, Army, Coast Guard and DRDO.
- Revenue ₹39 Cr (FY24) → ₹104 Cr (FY25) → ₹254.59 Cr (FY26, +145%) at a 47.5% EBITDA margin.
- Confidential DRHP filed 5 August 2026 for a ₹2,000–3,000 Cr IPO; Altius quote ₹90 bid / ₹135 ask.
About Sagar Defence
Sagar Defence Engineering was incorporated on 16 May 2015 in Maharashtra by Capt. Nikunj Parashar and Mridul Babbar. It designs and builds uncrewed systems across maritime, aerial, underwater and land domains — unmanned surface vessels, autonomous weaponised boat swarms, spotter and logistics drones — on its proprietary Genesis control system, which adds AI-driven swarm missions and collision avoidance. Customers include the Indian Navy, Army, Coast Guard, DRDO and the oil-and-gas sector.
Growth has been steep: revenue rose from ₹39 Cr in FY24 (PAT ₹3.5 Cr) to about ₹101–108 Cr in FY25 (PAT ₹33.3 Cr) and to ₹254.59 Cr in FY26, up 145%, at a 47.5% EBITDA margin. The signed order book is reported near ₹3,000 Cr. In March 2026 it broke ground on India's first autonomous maritime shipbuilding and systems centre at Juvvaladinne fishing harbour in Andhra Pradesh.
The company has raised about $48 Mn over eight rounds from 28 investors including ONGC, Dare To Dream and Zone Startups; the latest $18.1 Mn round on 30 March 2026 valued it near $373 Mn (about ₹3,100 Cr). It converted to a public limited company and pre-filed a confidential DRHP with SEBI on 5 August 2026 for an IPO reported at ₹2,000–3,000 Cr with DAM Capital as lead manager. The share count below is inferred from that valuation and the ₹135 dealer price.
Figures preliminary; verify from MCA filings. FY26 profit, net worth and the share count are estimates; the CIN shown is the pre-conversion private-company record.
Where the revenue comes from
- Unmanned surface & underwater vessels60%
USVs, weaponised boat swarms and autonomous marine platforms for Navy and Coast Guard
- Aerial systems25%
Spotter, logistics and tethered drones for Army, Navy and oil-and-gas
- Autonomy software & services15%
Genesis control system, integration and lifecycle support
Products & services
Unmanned surface vessels
Autonomous and weaponised USVs, including swarm-capable boats for the Navy and Coast Guard.
Aerial & underwater drones
Spotter, logistics and tethered UAVs plus autonomous underwater platforms.
Genesis control system
Platform-agnostic autonomy software with AI swarm missions and collision avoidance.
What works
- • Revenue up more than six times in two years with a 47.5% EBITDA margin — rare for a defence hardware start-up.
- • Proprietary Genesis autonomy stack and a first-mover position in Indian naval unmanned surface vessels, backed by a reported ₹3,000 Cr order book.
- • Institutional cap table (ONGC, venture funds) and a live IPO process with DAM Capital give a visible path to liquidity.
What to watch
- • Confidential pre-filing means no public DRHP yet; IPO size, price and timing can change, and the offer may be delayed or withdrawn.
- • Government defence procurement is lumpy — revenue recognition depends on trials, acceptance and budget cycles.
- • Dealer quotes carry a very wide spread (₹90 bid / ₹135 ask) and the share count is uncertain, so valuation multiples on this page are approximate.
- • Rapid capacity build-out (new shipyard in Andhra Pradesh) raises execution and working-capital risk.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Sagar DefenceThis page | ₹112.50 | ₹2,475 Cr | 28.13 | 7.03 | +155.50% |
| Krasny Defence | ₹120.00 | ₹1,382 Cr | 95.24 | 15.44 | +31.37% |
| 63SATS | ₹27.00 | ₹2,730 Cr | — | 13.04 | +751.47% |
Latest reported year: FY26 ending 31 Mar 2026.