Garuda Aerospace Files DRHP for ₹750 Crore IPO Amid Rapid Growth

Garuda Aerospace has taken a major step towards going public by filing its draft red herring prospectus (DRHP) with SEBI. The drone manufacturer, which serves both government and private sectors, also reported strong financial growth in recent months.

The company's board recently approved an initial public offering (IPO) that includes a fresh issue of ₹750 Crore alongside an offer for sale (OFS). Garuda Aerospace has expanded rapidly in the drone industry. It manufactures over 30 drone models and provides more than 50 services, including precision agriculture, defence, surveillance, and logistics. The company also offers drone-as-a-service (DaaS) solutions to clients.

In FY25, its operating revenue climbed 12% year-on-year to ₹123.5 Crore, while net profit surged 41% to ₹18.4 Crore. The upward trend continued in the first half of FY26, with revenue reaching ₹41.2 Crore and net profit hitting ₹11 Crore.

The company holds key approvals from India's Directorate General of Civil Aviation (DGCA), including type certification and a licence to operate a remote pilot training organisation (RPTO). It claims to have trained over 100,000 drone pilots and worked with more than 100 government agencies and 500 private enterprises.

To prepare for its IPO, Garuda Aerospace restructured its equity shares, reducing the face value from ₹10 to ₹2. The firm has raised $37.1 million to date, with its latest funding round—a $11 million Series B led by Venture Catalysts—valuing the company at $250 million post-money. The IPO plans come as Garuda Aerospace strengthens its market position with rising revenues and regulatory approvals. The company's focus on defence, agriculture, and drone services has driven its growth, with further expansion expected after the public listing.

Once approved, the IPO will provide fresh capital for scaling operations and meeting demand across sectors.