About Garuda Aerospace IPO
Garuda Aerospace IPO Details
Garuda Aerospace IPO is a 100% book-built issue of ₹1,000 crore, comprising a fresh issue of ₹750 crore and an offer for sale (OFS) of ₹250 crore. The company pre-filed its confidential DRHP with SEBI on March 31, 2026, and officially filed its DRHP on April 7, 2026.
The price band and official dates of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the NSE and BSE platforms. The book-running lead managers of the issue are SBI Capital Markets Ltd., Axis Capital Ltd., ICICI Securities Ltd., and IIFL Capital Services Ltd., while the registrar to the issue has not been declared yet.
Garuda Aerospace IPO Date & Timeline
Garuda Aerospace Ltd. officially pre-filed its confidential Draft Red Herring Prospectus (DRHP) on March 31, 2026, and filed its public DRHP on April 7, 2026. However, the specific Garuda Aerospace IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalise the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding and the final listing on the exchange will be formally disclosed, with a target listing by late 2026.
Garuda Aerospace IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Basis of Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Garuda Aerospace IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 10 Per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| IPO Type | - |
| Total Issue Size | - |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | - |
| Offer for Sale | - |
| Net Offered to Public | - |
| Issue Type | Book Built Issue |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | - |
| Share Holding Post Issue | - |
Garuda Aerospace IPO GMP (Grey Market Premium)
"Grey Market Premium" or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Garuda Aerospace IPO GMP is currently not available, as the company has only filed its DRHP and the price band has not been announced. Grey market activity will begin once the IPO opening date is confirmed. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
Garuda Aerospace Ltd. is a Chennai-based drone technology company, founded in 2015. The company manufactures drones and provides drone-as-a-service (DaaS) solutions catering to defence, agriculture, surveillance, logistics and industrial applications. Mainly, MS Dhoni is an investor and brand ambassador for Garuda Aerospace. In 2025, the company converted into a public limited company to proceed with its public listing debut.
Currently, the company operates one of India's largest drone fleets and has trained over 1 lakh drone pilots, positioning itself as a key player in India's growing unmanned aerial vehicle ecosystem. The company has gained recognition for its 30% market share in India's agricultural drone segment and has served 100+ government agencies.
Operations & Product Range
Garuda Aerospace Ltd. provides drone solutions across four key segments, including Agriculture, Defence, Surveillance & Mapping and Logistics. The company offers both drone manufacturing and drone-enabled service contracts, as its business model combines product sales with service-led deployment, allowing clients to access drone operations without owning the infrastructure; it also provides pilot training and related support services.
Facilities & Capacity
Garuda Aerospace Ltd. is developing a 76-acre dedicated defence drone facility at Cheyyur, Tamil Nadu, for research and testing of swarm drones and battlefield systems. The company aims to double its production capacity to 25,000 units by the end of FY26, up from 12,000 in FY25. Garuda operates through manufacturing facilities, testing capabilities and a deployment network across multiple states and sectors in India.
Brands & Market Presence
Garuda Aerospace operates under the "Garuda Aerospace" brand and has built visibility in India's emerging drone industry. The company has gained recognition through its 30% market share in agriculture drones and through participation in the broader push for indigenous drone adoption.
Garuda holds approximately 55% market share in agri-drones and has served 100+ government agencies. Its market presence is supported by increasing use of drones in precision farming, defence applications, infrastructure monitoring and public-sector projects.
Revenue Streams & Business Model
The main sources of income for Garuda Aerospace Ltd are through the sale of drones and the provision of services via drones. In the financial year 2025, Garuda Aerospace Ltd earned ₹123.5 crores of operating revenue, representing an increase of 12% year-over-year (YoY), while net profit stood at ₹18.4 crores (up 41% YoY).
The business model combines product-led revenue from drone manufacturing with solution-led revenue from service deployment in agriculture, defence and industrial use cases. Additional revenue streams include pilot training, maintenance contracts and software-linked services.
Management & Shareholding
The promoter of Garuda Aerospace Ltd. is Agnishwar Jayaprakash. Before the IPO, the promoters held a major stake in the company, but after the IPO, the promoters’ shareholding will be diluted as the offering includes OFS by existing promoters and early-stage investors.
Board & Key Management
The leadership of Garuda Aerospace Ltd. is led by Agnishwar Jayaprakash, Founder, who provides strategic direction to the firm. The company's management team oversees manufacturing, technology, operations and business development across defence, agriculture and industrial segments. Full board composition, independent directors and other key management personnel details are not yet available in public disclosures.
Garuda Aerospace IPO Financial Information
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2024 | — | — | — | — | — | — | |||
| 31 Mar 2023 | — | — | — | — | — | — | |||
| 31 Mar 2022 | — | — | — | — | — | — | |||
| Amount in ₹ Crore | |||||||||
Garuda Aerospace Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | - |
| ROCE | - |
| Debt/Equity | - |
| RoNW | - |
| PAT Margin | - |
| EBITDA Margin | - |
| Price to Book Value | - |
Garuda Aerospace IPO Objectives
The company intends to utilise the Garuda Aerospace IPO proceeds for strategic purposes:
- • Funding the expenses of R&D, scaling manufacturing and development of a new "Defence Drone Park"
- • Capital expenditure for the 76-acre defence drone facility at Cheyyur, Tamil Nadu
- • Investment in research and development for swarm drones and military hardware
- • General corporate purposes
Garuda Aerospace IPO Review
Garuda Aerospace Ltd. operates in a high-potential segment linked to India's growing drone ecosystem, where policy support, localisation incentives and rising adoption across agriculture and defence are creating long-term opportunities. Its positioning in drone manufacturing and service deployment gives it exposure to both product-led and solution-led growth.
Financially, the company has shown profitable and growing financial statements; for FY25, the PAT was reported at ₹18.4 crore, while the profit was reported at ₹17.26 crore.
However, investors must also be aware of the risks carefully, including dependence on policy execution, evolving defence and drone regulations, technology obsolescence, customer concentration, execution challenges in scaling manufacturing and competition in the domestic drone industry. Overall, the IPO is showing growth and profitability to its potential investors, but investors are supposed to be updated about the IPO details and listing.
Conclusion
Garuda Aerospace IPO is an opportunity for investors to invest in a growing company that marks the listing debut of India's leading drone manufacturer, with strengths in agriculture and defence drone applications. Garuda's profitability, 30% agri-drone market share and inventory-led manufacturing model are advantages and position it as a key player in India's emerging dronetech ecosystem. With this issue, the company aims to fund its R&D, expand manufacturing capacity and strengthen its defence drone facility.
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Competitive Strengths
A strong founding team with deep expertise in drone technology and ten years of operational experience
30% market share in India's agricultural drone segment, with approximately 55% share in agri-drones
Proprietary 76-acre defence drone facility under development at Cheyyur for swarm drones and military hardware
Strategic partnership with Airbus Helicopters to integrate "Flexrotor" unmanned systems into its fleet
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 07/04/2026 | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 0 | 0 | 0 |
| Individual investors (Retail) (Max) | 0 | 0 | 0 |
| S-HNI (Min) | 0 | 0 | 0 |
| S-HNI (Max) | 0 | 0 | 0 |
| B-HNI (Min) | 0 | 0 | 0 |