IPO Guru
IPO Guru
Bajaj
Garuda Aerospace ₹432 ▼ 2.7% 1M
Buy Sell

Garuda Aerospace Unlisted Shares

Aerospace and Defence Drone manufacturing and Drone-as-a-Service IPO: SEBI review completed

Garuda Aerospace is a Chennai-based drone maker and Drone-as-a-Service provider serving agriculture, defence, infrastructure and training customers. It reported revenue from operations of ₹2,059.55 million in FY26.

Read the full company profile
Indicative price
As of 23 Oct 2026
₹432 ▼ 2.70% in 1 month
Dealer quotes: ₹420 – ₹432 across 2 dealers
Key facts

Garuda Aerospace share details

Lot size
100 shares
Min. investment
₹43,200
Face value
₹2
Implied market cap
₹2,252 Cr
Shares outstanding
52,135,780
Founded
2015
Headquarters
Chennai, Tamil Nadu
Website
garudaaerospace.com
ISIN
INE0REL01013
CIN
U74900TN2015PLC102474
Lock-in after IPO
6 months
Price history

Garuda Aerospace share price chart

1Y change
-12.73%
High
₹495
Low
₹425

Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.

IPO journey

Garuda Aerospace IPO status: SEBI review completed

Garuda Aerospace has completed SEBI's review of its draft offer document. The next step is a red herring prospectus with the issue dates.

  1. 7 Apr 2026
    Offer document filed with SEBI

Source: SEBI's weekly processing-status report (29 May 2026) lists GARUDA AEROSPACE LIMITED.

About

About Garuda Aerospace

Garuda Aerospace Limited designs and makes drones and also rents out drone services. The company was founded in 2015 and is headquartered in Chennai. Its annual report describes six business areas: agriculture, defence and homeland security, industrial and infrastructure work, Drone-as-a-Service, software and data intelligence, and training. After-sales support such as repairs and spare parts sits on top of these. In agriculture, the drones are used for precision spraying, crop monitoring and seed spreading. For industry, they do surveying, mapping and inspection. The company says it has 500+ enterprise and government clients, covers 28 Indian states and has trained 2,500+ pilots through its remote pilot training organisation. It also says it holds DGCA approvals for both drone manufacturing and pilot training. On the numbers, FY26 revenue from operations was ₹2,059.55 million against ₹1,234.63 million in FY25. Profit for the year was ₹259.15 million against ₹183.67 million. These are standalone Ind AS figures from the FY26 annual report. Net cash from operating activities was negative ₹415.45 million in FY26, because trade receivables rose to ₹2,343.97 million from ₹1,119.51 million. The company has 48,246,430 equity shares of face value ₹2 each as of 31 March 2026, plus several series of preference shares. Its backers over the years have included cricketer M.S. Dhoni, who the report says joined as brand ambassador and equity investor. The board is led by whole-time directors Agnishwar and Rithika Mohan, with independent directors added in 2026. Garuda Aerospace has no listed IPO yet. IPO Guru's data shows its status as SEBI review completed. Its shares trade off-market through unlisted dealers, and the price shown here, ₹428 for a lot of 100 shares, is indicative and not an exchange price.

Strengths

  • Revenue from operations grew from ₹1,234.63 million in FY25 to ₹2,059.55 million in FY26, according to the annual report.
  • Profit for the year rose from ₹183.67 million to ₹259.15 million over the same period, so the company stayed profitable while growing.
  • Net worth stood at ₹2,398.44 million on 31 March 2026, against ₹1,655.89 million a year earlier.
  • The company works across six areas, from agriculture to defence and training, which spreads its dependence across different customer groups.
  • It says it serves 500+ enterprise and government clients across 28 Indian states, and has trained 2,500+ pilots through its remote pilot training arm.
  • It reports DGCA approvals for both drone manufacturing and pilot training, which it says lets it bid for contracts that need both.

Risks

  • Operating cash flow was negative at ₹415.45 million in FY26 and ₹236.43 million in FY25, so growth is being funded by outside money rather than cash earned.
  • Trade receivables more than doubled to ₹2,343.97 million, which means a large part of the revenue growth has not yet turned into cash.
  • The company booked impairment losses of ₹111.32 million on financial assets in FY26, up from ₹0.65 million in FY25, which points to collection risk.
  • Current borrowings rose to ₹222.67 million from ₹62.53 million a year earlier, adding interest burden and repayment pressure.
  • A large share of business depends on government schemes and public sector customers, so policy changes or delayed payments can hurt sales.
  • Drone rules, DGCA approvals and defence procurement norms keep changing, and any adverse change can hit operations.
  • The company moved to a public limited company only recently and its new CFO and company secretary joined in February 2026, so listed-company reporting is still new.
  • Unlisted share prices are indicative, trading is thin, and there is no certainty on whether or when an IPO happens.
Financials

Garuda Aerospace financial performance

Revenue, profit and balance-sheet figures by fiscal year.

Revenue & PAT (₹ Cr)
Revenue PAT
Metric FY26Latest FY25
Revenue (₹ Cr) 206 123
PAT (₹ Cr) 25.92 18.37
PAT Margin (%) 12.58 14.88
RoNW (%) 10.81 11.09
EPS (₹) 4.99 3.67
Total Assets (₹ Cr) 360 209
Net Worth (₹ Cr) 240 166

Swipe the table sideways for earlier years →

Leadership

Management team

Agnishwar
Whole-time Director
Associated with the company since incorporation and a whole-time director from August 2022.
Rithika Mohan
Whole-time Director
With the company since January 2022 and a whole-time director from November 2025.
Sudharsan Ravichandran
Chief Financial Officer
Chartered accountant with over 26 years in finance and accounts, CFO since February 2026.
Ravichandran Harisha
Company Secretary and Compliance Officer
Associate member of the Institute of Company Secretaries of India, with the company since February 2026.
Vijayakumar Rajarathinam
Chief Operating Officer
Oversees operations, manufacturing and supply chain, with the company since April 2022.
Jayaprakash Vishnu
Non-Executive Director
Holds a PhD in Mechanical Engineering from MIT, on the board since November 2025.
Corporate events

Events & announcements

Event Date File
Offer document filed with SEBI SEBI
7 Apr 2026

SEBI's weekly processing-status report lists GARUDA AEROSPACE LIMITED (Pre-filing) as received on 7 Apr 2026.

7 Apr 2026
—
Ready to invest?
CDSL · NSDL T+1 SETTLEMENT NO FEE

Buy or sell Garuda Aerospace unlisted shares

Get a live quote on WhatsApp in under 60 seconds. Current price ₹432. Shares are delivered to your own demat in 24–48 hours, never to a custodian.

Indicative off-market price, not an exchange quote. Read the disclaimer.

Buy Garuda Aerospace Sell Garuda Aerospace
FAQs

Garuda Aerospace unlisted shares: common questions

Important disclaimer

Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.

Share