AITMC Ventures IPO

Strengths · 6

• 01Revenue from operations grew from Rs 41.87 crore in Fiscal 2024 to Rs 87.47 crore in FY2025 and Rs 106.76 crore in FY2026.
• 02The company has trained over 1,00,000 candidates under central and state schemes and enrolled or trained 37,108 students in FY2026.
• 03Return on equity was 19.04% and return on capital employed 23.80% in FY2026, with net debt at 0.99 times EBITDA.
• 04Cash flow from operating activities turned positive at Rs 2.67 crore in FY2026 after negative Rs 6.59 crore in FY2025.
• 05Training runs on signed institutional tie-ups, including AICTE for the Global Incubation and Skill Hubs, the Uttar Pradesh government for 17 Industrial Training Institutes and 3 polytechnic colleges, and research labs with IIT Kanpur and IIT Ropar.
• 06Net worth rose from Rs 30.15 crore in Fiscal 2024 to Rs 70.31 crore in FY2026, and the issue is a fresh issue only, so the entire amount goes to the company.

Risks · 10

• 01Vocational education and skill development was 96.82% of FY2026 revenue from operations, so the drone manufacturing line, at 3.18%, does not yet balance the business.
• 02Delhi and Haryana gave 83.42% of FY2026 revenue from operations, and the document names adverse policy change or disruption in these geographies as a risk.
• 03The top 5 customers gave 71.13% of FY2026 revenue from operations, 76.81% in FY2025 and 70.31% in Fiscal 2024, and most are government or institutional buyers.
• 04Profit after tax fell from Rs 16.14 crore in FY2025 to Rs 13.38 crore in FY2026, and the EBITDA margin fell from 39.92% in Fiscal 2024 to 26.74% in FY2026.
• 05Total borrowing rose from Rs 2.37 crore in Fiscal 2024 to Rs 42.18 crore in FY2026 against a net worth of Rs 70.31 crore, and Rs 20.00 crore of the issue goes to repaying borrowings.
• 06Cash flow from operating activities was negative Rs 6.59 crore in FY2025 and negative Rs 5.90 crore in Fiscal 2024, and the document names delays in receivables from government authorities as a risk.
• 07The document states that in the past some promoters and directors were subject to disqualification and default.
• 08Training depends on recognition from NSDC, NCVT and DGCA, and the document says withdrawal, suspension or delay in such approvals may affect the ability to operate.
• 09The Future Tech Park is a new project with an estimated cost of Rs 71.24 crore of which only Rs 1.56 crore had been deployed, and the document says the net proceeds may not be enough to meet all funding needs.
• 10Drone-as-a-Service is still at pilot stage, and the company says it may face challenges in achieving economies of scale in drone manufacturing and assembling.

AITMC Ventures Limited, which trades under the AVPL International name, was incorporated in 2016 and is based in Gurugram, Haryana. It does two things. First, vocational education and skill development, where it has trained over 1,00,000 candidates under central and state schemes and runs DGCA certified remote pilot training, NSQF aligned and NCVT certified courses, and modules such as Kisan Drone Operator and Drone Technician. Second, it manufactures and assembles drones, including the agricultural drone VIRAJ, and runs a Drone-as-a-Service model at pilot stage. Almost all sales are business to business, to government agencies, educational and technical institutions, farmer producer organisations, corporates and cooperatives.

The training business carries the company. Vocational education and skill development was 96.82% of revenue from operations in FY2026, 88.11% in FY2025 and 99.15% in Fiscal 2024. Drone manufacturing and assembly brought Rs 3.40 crore, or 3.18%, in FY2026, down from Rs 10.40 crore and 11.89% in FY2025. As on the date of the document the company had manufactured and deployed 162 drone units and sold 28 other drones, covering first-person view, Hawk and custom multirotor types. It enrolled or trained 37,108 students in FY2026, 58,279 in FY2025 and 39,523 in Fiscal 2024.

The work is also concentrated by state. Delhi and Haryana together gave Rs 89.06 crore of FY2026 revenue from operations, or 83.42%, followed by Uttar Pradesh at Rs 9.86 crore or 9.23% and Maharashtra at Rs 2.04 crore or 1.91%. The programmes run through institutional tie-ups: Global Incubation and Skill Hubs with AICTE, World Incubation and Skill Hubs with the Uttar Pradesh government, and research collaborations with IIT Kanpur and IIT Ropar. The company has one manufacturing unit on lease at Udyog Vihar, Gurugram, and a proposed Future Tech Park on 11.5 acres at Sisai, Hansi, Haryana.

Revenue grew from Rs 41.87 crore in Fiscal 2024 to Rs 106.76 crore in FY2026, but profit did not follow. Profit after tax was Rs 13.38 crore in FY2026 against Rs 16.14 crore in FY2025, and the EBITDA margin fell from 39.92% in Fiscal 2024 to 33.85% and then 26.74%. Total borrowing rose from Rs 2.37 crore in Fiscal 2024 to Rs 42.18 crore in FY2026 against a net worth of Rs 70.31 crore. Cash flow from operating activities was Rs 2.67 crore in FY2026 after negative Rs 6.59 crore in FY2025 and negative Rs 5.90 crore in Fiscal 2024.

The issue is a fresh issue of up to 3,50,00,000 equity shares of face value Rs 2 each, with no offer for sale, so all the money goes to the company. The largest single use is Rs 69.67 crore towards the Future Tech Park at Sisai, and Rs 20.00 crore goes to repaying borrowings. Promoter Deep holds 48.85% of the pre-issue equity and Preet Sandhuu holds 9.04%.

The industry

The document describes two markets. In vocational education, demand for certified drone pilots, data analysts and maintenance technicians is rising with drone adoption in agriculture, defence, healthcare, infrastructure and media, and is supported by the Skill India Mission, Drone Shakti and the Namo Drone Didi scheme, with training delivered through Industrial Training Institutes, National Skill Training Institutes and DGCA-approved remote pilot training organisations. In drone manufacturing, the document says over 600 companies in India are engaged in manufacturing, research, services and training, and that restrictions on imports of fully built drones plus export promotion are expected to lift hardware indigenisation from 40% in FY25 to 60% by FY30.

Customer concentration: The top 5 customers gave Rs 75.93 crore, or 71.13%, of FY2026 revenue from operations, against 76.81% in FY2025 and 70.31% in Fiscal 2024.