Garuda Aerospace files DRHP with SEBI ahead of ₹750 crore IPO push
Garuda Aerospace has taken a major step towards going public by filing its draft red herring prospectus (DRHP) with SEBI. The drone manufacturer also reported strong financial growth in the first half of FY26, with a net profit of ₹11 crore on revenue of ₹41.2 crore.
The company's board recently approved an initial public offering (IPO) that includes a fresh issue of up to ₹750 crore and an offer for sale (OFS) component. Garuda Aerospace has expanded rapidly in recent years. In FY25, its operating revenue grew by 12% year-on-year to ₹123.5 crore, while net profit surged 41% to ₹18.4 crore. The first six months of FY26 continued this trend, with revenue of ₹41.2 crore and a net profit of ₹11 crore.
The company designs and manufactures over 30 types of drones, serving sectors like defence, agriculture, surveillance, and logistics. It also provides drone-as-a-service (DaaS) solutions and has trained more than 1 lakh drone pilots. Garuda Aerospace claims to work with over 100 government agencies and 500 private enterprises.
Regulatory approvals from the Directorate General of Civil Aviation (DGCA) allow the company to operate a remote pilot training organisation (RPTO) for small and medium drones. It also holds type certification for its drone models. In July 2024, Garuda Aerospace signed a memorandum of understanding (MoU) with Thales, a global defence and technology firm.
To prepare for its IPO, the company's board approved a stock split, reducing the face value of its shares from ₹10 to ₹2. So far, Garuda Aerospace has raised $37.1 million in funding, including an $11 million Series B round led by Venture Catalysts at a $250 million valuation. The IPO plans follow a period of steady financial growth and expansion into new markets. With regulatory approvals in place and a broad range of drone services, the company is positioning itself for further scaling. The SEBI filing marks the next phase in its journey toward becoming a publicly listed firm.
