amit@unlistedkraft.in
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+91-9599071664
Garuda Aerospace Limited Unlisted Shares
DRHP Status : Not Filed
455
Fundamentals About Garuda Aerospace Limited
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Key Financials of Garuda Aerospace Limited
| P&L Statement | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 47 | 110 | 117.7 |
| Cost of Material Consumed | 10.8 | 50 | 72.5 |
| Change in Inventory | -1.3 | -1.2 | -16.6 |
| Gross Margins | 79.79 | 55.64 | 52.51 |
| Employee Benefit Expenses | 8.6 | 10.6 | 9.6 |
| Other Expenses | 18 | 26 | 31.2 |
| EBITDA | 10.9 | 24.6 | 21 |
| OPM | 23.19 | 22.36 | 17.84 |
| Other Income | 0 | 0.8 | 7.1 |
| Finance Cost | 0.9 | 1.92 | 1.2 |
| D&A | 1.5 | 1.98 | 3.1 |
| EBIT | 9.4 | 22.62 | 17.9 |
| EBIT Margins | 20 | 20.56 | 15.21 |
| PBT | 8.4 | 21.3 | 23.9 |
| PBT Margins | 17.87 | 19.36 | 20.31 |
| Tax | 2.2 | 5.5 | 6.6 |
| PAT | 6.2 | 15.8 | 17.3 |
| NPM | 13.19 | 14.36 | 14.7 |
| EPS | 579.44 | 1436.36 | 1572.73 |
Financial Ratios |
2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Profit Margin | 23.19 | 22.36 | 17.84 |
| Net Profit Margin | 13.19 | 14.36 | 14.7 |
| Earning Per Share (Diluted) | 579.44 | 1436.36 | 1572.73 |
| Assets | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fixed Assets | 6.8 | 13.7 | 15.3 |
| CWIP | 0 | 0 | 3.5 |
| Investments | 0 | 0 | 0.5 |
| Trade Receivables | 37.7 | 73.8 | 114.8 |
| Inventory | 1.35 | 26 | 24.6 |
| Other Assets | 11.15 | 35.5 | 52.8 |
| Total Assets | 57 | 149 | 211.5 |
| Liabilities | 2023 | 2024 | 2025 |
|---|---|---|---|
| Share Capital | 0.107 | 0.11 | 0.11 |
| FV | 10 | 10 | 10 |
| Reserves | 29.8 | 104.7 | 168 |
| Borrowings | 14.7 | 19.7 | 6.7 |
| Trade Payables | 1.6 | 15.7 | 25.8 |
| Other Liabilities | 10.79 | 8.79 | 10.39 |
| Total Liabilities | 57 | 149 | 211 |
About Company
Garuda Aerospace Limited is a leading Chennai-based drone-as-a-service (DaaS) startup founded in 2015 by Agnishwar Jayaprakash. The company specializes in manufacturing and custom-designing UAVs for agricultural, industrial, and defense applications, and is backed by prominent investors, including cricketer MS Dhoni
The following table shows a 10-point analysis of Garuda Aerospace Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | Founded in 2015 | One of India’s leading drone technology and Drone-as-a-Service companies. |
| Industry | Drone Tech · Aerospace · Agri-Tech | Operates in a high-growth emerging technology sector. |
| Core Business | Drone manufacturing · drone services · pilot training | Integrated drone ecosystem with manufacturing and service capabilities. |
| Drone Fleet | 400+ drones | Large operational fleet serving multiple industries. |
| Operational Reach | 84+ cities | Wide operational footprint across India. |
| Business Segments | Agriculture · surveillance · mapping · inspection | Diversified drone applications across industries. |
| Revenue | ₹110–130 Cr (FY25 est.) | Strong growth trajectory driven by rising drone adoption. |
| Employee Strength | 130+ employees | Growing workforce supporting business expansion. |
| Corporate Governance | Public Limited Company | Strengthened governance structure ahead of future listing plans. |
| Outlook | High growth potential | Strong long-term opportunity supported by favorable government drone policies. |
Company Overview
- Garuda Aerospace Limited is an Indian drone technology company engaged in drone manufacturing, Drone-as-a-Service (DaaS), pilot training, and aerial intelligence solutions.
- Founded in 2015 and headquartered in Chennai, the company has emerged as one of India’s prominent drone startups operating across agriculture, infrastructure, surveillance, mapping, industrial inspection, and defence-support applications.
- The company operates a diversified business model that includes manufacturing drones, offering drone-enabled services, and training certified drone pilots, creating multiple revenue streams.
- Garuda Aerospace has built a strong nationwide operational presence with deployments across 84+ cities and one of the country’s largest commercial drone fleets.
- The company benefits from India’s increasing focus on indigenous drone manufacturing, precision agriculture, and automation technologies, which support long-term sector growth.
Visit the official website of Garuda Aerospace Limited.
Challenges in Garuda Aerospace Limited’s Business
- Regulatory dependency: Drone operations remain highly dependent on government approvals and evolving regulations.
- Rapid technological evolution: Continuous innovation and R&D investments are necessary to remain competitive.
- Execution and scaling risks: Rapid business expansion requires operational efficiency and execution capabilities.
- Competitive industry environment: The Indian drone sector is attracting startups, global players, and defence-tech companies.
Financial Review of Garuda Aerospace Limited
Here are some key highlights of Garuda Aerospace Limited's financial performance over the past few years.
FY25 Performance
- Estimated revenue stood at ₹110–130 crore
- Growth supported by increasing commercial drone deployments
- Expansion across agriculture and industrial applications
- Continued strengthening of operational scale
FY24 Performance
- Revenue estimated in the range of ₹90–120 crore
- Strong growth in drone services and pilot training verticals
- Expansion in enterprise and government-linked projects
FY23 Performance
- Revenue estimated in the range of ₹40–50 crore
- Significant business scale-up phase
- Growth driven by increasing drone adoption in India
Quick Summary
Garuda Aerospace Limited is a fast-growing drone technology company operating in one of India’s most promising emerging sectors. The company benefits from strong industry tailwinds, government policy support, and increasing commercial drone adoption. However, it remains exposed to regulatory, execution, and technology-related risks, making it a high-growth but relatively high-risk investment opportunity.
Shareholding Pattern of Garuda Aerospace Limited
| Name | Holding |
|---|---|
| Agnishwar Jayprakash | 88.34% |
| Others | 11.66% |
Promoters of Garuda Aerospace Limited
| Name | Designation |
|---|---|
| Agnishwar Jayaprakash | Founder, CEO & Whole-time Director |
| Rithika Mohan | Whole-time Director |
| Vishnu Jayaprakash | Non-Executive Director |
| Asha Vijayaraghavan | Independent Director |
| Natarajan Tirupattur Srinivasan | Independent Director |
| Krishnasamy Rajagopalan Sathiyanarayanan | Independent Director |
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Frequently Asked Questions
These are equity shares of the company that are not listed on NSE or BSE and are traded privately.
Yes, these shares can be purchased through private market platforms, subject to availability.
Yes, a demat account is required to hold these unlisted shares.
The company operates in a high-growth industry with strong future potential, but it also carries execution and regulatory risks.
Yes, these shares can be sold in the secondary market depending on buyer availability.
Yes, as per SEBI regulations, pre-IPO investors are subject to a six-month lock-in period after listing.
If held for more than two years, gains are taxed at 20% with indexation; otherwise, taxed as per the income slab.
+91-9599071664
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