IPO · Government, Defense & Space

Garuda Aerospace files for ₹1,000 Cr IPO

By Startup Enthusiast · 2 April 2026

What they do

Garuda Aerospace, a drone maker for defence, agriculture, surveillance and logistics, has filed confidential IPO papers with SEBI

The IPO comprises a fresh issue of ₹750 Cr and an offer for sale of ₹250 Cr, totaling ₹1,000 Cr

The company reported ₹123.5 Cr revenue and ₹18.4 Cr profit in FY25

Garuda Aerospace has pre-filed a draft red herring prospectus (DRHP) with SEBI for an initial public offering (IPO).
The IPO includes a fresh issue of up to ₹750 Cr and an undisclosed offer-for-sale (OFS) component.
The company's board approved the IPO via an extraordinary general meeting (EGM) on 19 March 2026.
The board also approved a stock split, reducing the face value from ₹10 to ₹2 per share.
Garuda first signalled its IPO intent in 2023; the founder said in January 2023 the company would go public within two years.
In H1 FY26, the company posted a net profit of ₹11 Cr on operating revenue of ₹41.2 Cr.
For FY25, operating revenue was ₹123.5 Cr (up 12% YoY) and net profit was ₹18.4 Cr (up 41% YoY).

The company reported net profit of ₹11 Cr in H1 FY26 and a 41% YoY increase in net profit in FY25 to ₹18.4 Cr.
The company has been profitable and growing, which supports its public listing plans.

Garuda Aerospace manufactures drones for defence, agriculture, surveillance and logistics.
It also offers Drone-as-a-Service (DaaS) to clients.
The company claims to have trained over 1 lakh drone pilots.
It serves over 100 government agencies and over 500 private enterprises.
Garuda holds DGCA approvals for type certification and operates a Remote Pilot Training Organisation (RPTO) for small and medium-class drones.
It manufactures over 30 types of drones and offers over 50 services.
The company operates a fleet of over 400 drones and has a manufacturing capacity of up to 15,000 units annually.

Product: Manufacturing and development of autonomous drones for agriculture, defense, and material handling; proprietary drone OS and R&D capabilities
Customers: Government agencies, defense sector, agricultural stakeholders, logistics operators in India and international markets
How it makes money: Direct sales of drones, software licensing, and training services for government and enterprise customers
What sets it apart: Proprietary defense-grade drone technology with presence in 50 countries; demonstrated capabilities for flood relief and disaster management