Garuda Aerospace Limited Unlisted Share
About The Company
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Market Position
Consistent
YoY Growth
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Management
Key Indicators
A snapshot of Garuda Aerospace Limited Unlisted Share's financial health, valuation multiples and capital efficiency at a glance.
Pricing Trends
Financial Performance
| Indicators | 2025 | 2024 | 2023 |
|---|---|---|---|
| Revenue | 124.8 | 110.8 | 47.1 |
| Expense | 96.6 | 85.5 | 36.2 |
| EBITDA | 28.2 | 25.2 | 10.9 |
| Other Cost | 4.3 | 3.9 | 2.5 |
| PBT | 23.9 | 21.3 | 8.4 |
| Tax Expense | 6.7 | 5.5 | 2.2 |
| PAT | 17.3 | 15.8 | 6.2 |
| Other Inc./Exp. | 0.0 | 0.0 | 0.0 |
| Net Income | 17.3 | 15.8 | 6.2 |
| Shares O/S | 1.08 | 1.07 | 1.08 |
| EPS (₹) | 1,485.47 | 1,383.50 | 611.43 |
| Rev. Growth % | 12.6% | 135.2% | — |
| EBITDA Mgn % | 22.6% | 22.7% | 23.1% |
| Net Mgn % | 13.9% | 14.3% | 13.2% |
| EPS Growth | 7.4% | 126.3% | — |
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Garuda Aerospace Limited Unlisted Share Unlisted Shares
Garuda Aerospace Limited is an Indian drone company founded in 2015. The company started with the aim of using drones to make different jobs faster, safer, and more efficient.
Over the years, Garuda Aerospace has moved beyond simply providing drone services. It now makes drones, provides drone-based services and trains drone pilots. The company works across areas such as agriculture, defence, infrastructure, mining, surveillance and disaster management. Also, the company has attracted backing from investors, including former Indian cricketer Mahendra Singh Dhoni, who is associated with Garuda as an investor and brand ambassador.
Garuda Aerospace: Key Milestones
Year | What happened? |
2015 | Garuda Aerospace was founded in Chennai. |
2021 | The company used drones during rescue operations in Uttarakhand. |
2022 | Garuda became the first drone company to receive a loan under the Agriculture Infrastructure Fund. |
2025 | The company opened a new 35,000 sq. ft. facility for making agricultural drones. |
2025 | Garuda announced plans for 300 Centres of Excellence across India. |
2026 | The company moved closer to an IPO by filing its pre-filed DRHP. |
Who Owns Garuda Aerospace?
Garuda Aerospace is primarily owned by its founder, Agnishwar Jayaprakash, together with other promoters and investors. The company has also raised money from several investors over the years. Some of the names associated with its funding include Ocgrow Ventures, Venture Catalysts, We Founder Circle and Claris Capital. Since Garuda Aerospace is still unlisted, its ownership can change when the company raises new funding or issues new shares.
Garuda Aerospace Subsidiaries
Garuda Aerospace does not have a large subsidiary structure. Its main business is carried out through the parent company, which focuses on drone manufacturing, drone services and pilot training. Investors would check the company's most recent financial and IPO documents for the latest subsidiary information
What Does Garuda Aerospace Do?
Garuda Aerospace is a company creating drones and along with drone-relatedservices. Their business mainly covers the following: .
1. Drone Manufacturing
Garuda designs and manufactures drones for different applications. These include agriculture, defence, surveillance, mapping and industrial work. The company develops drones according to the specific requirements of its customers.
2. Drone-as-a-Service (DaaS)
Under this model, Garuda gives the drone, trained pilot, and related services for things like agricultural spraying, surveying, mapping, inspection, and surveillance.
3. Drone Pilot Training
Garuda runs a DGCA-approved Remote Pilot Training Organisation (RPTO), training people how to fly small and medium-category drones.
4. Drone Solutions for Different Industries
The company customises its drones and services according to the customer's needs.
Industry | Key applications |
Agriculture | Crop monitoring, mapping, precision spraying |
Defence & Security | Surveillance, reconnaissance, security |
Infrastructure | Inspection, surveying and mapping |
Industrial | Monitoring, inspection and data collection |
Emergency & Rescue | Search, surveillance and emergency operations |
Funding & Backing
Garuda Aerospace has received investments from several backers as it grows its drone manufacturing and services business. According to Tracxn, the company has raised about $49.5 million over nine funding rounds, although the exact amount can differ depending on how each database counts the rounds.
Some of the investors associated with Garuda Aerospace include Venture Catalysts, We Founder Circle, Blume Ventures and other early-stage investors. Mahendra Singh Dhoni has also invested in the company and serves as its brand ambassador.
In 2025, Garuda raised $1 million from the Narotam Sekhsaria Family Office, with participation from existing investor We Founder Circle. The company said it would use the funds to increase manufacturing capacity, strengthen R&D, and support international expansion.
Recent Developments
Garuda Aerospace received an export licence in July 2025, opening the way for exports to the US, Australia and Middle Eastern markets. The company planned to initially focus on its Garuda Kisan Drone for precision agriculture and on surveillance and security applications in the Middle East.
The company has also announced or entered into strategic collaborations with organisations including Elbit Systems, Lockheed Martin, Cognizant, Thales and SAS Greece.
Garuda has set a goal of expanding its presence to at least 50 countries, making international expansion an important part of its future growth plans. This is a target, not the number of countries it currently operates in.
Garuda Aerospace Financial Performance
Particulars ( in Rs. Cr) | FY23 | FY24 | FY25 | FY25 Growth |
Revenue | 47.1 | 110.8 | 124.8 | 12.6% |
Expenses | 36.2 | 85.5 | 96.6 | 13.0% |
EBITDA | 10.9 Cr | 25.2 | 28.2 | 11.9% |
PBT | 8.4 Cr | 21.3 | 23.9 | 12.2% |
PAT | 6.2 Cr | 15.8 | 17.3 | 9.5% |
EPS | 611.43 | 1,383.50 | 1,485.47 | 7.4% |
EBITDA Margin | 23.1% | 22.7% | 22.6% | - |
Net Profit Margin | 13.2% | 14.3% | 13.9% | - |
Revenue increased from Rs. 47.1 cr in FY23 to Rs. 110.8 cr in FY24, a 135.2% increase. In FY25, it rose to Rs. 124.8 cr, a 12.6% increase.
Expenses rose from Rs. 36.2 cr in FY23 to Rs. 85.5 cr in FY24, a 136.2% increase. In FY25, expenses rose again to Rs. 96.6 cr, a 13.0% jump.
EBITDA increased from Rs. 10.9 cr in FY23 to Rs. 25.2 cr in FY24, a 131.2% increase. It further rose to Rs. 28.2 cr in FY25, up 11.9%.
Profit After Tax (PAT) grew from Rs. 6.2 cr in FY23 to almost Rs. 16 cr in FY24, which is of 155%. jump. In FY25, PAT reached Rs. 17.3 cr, rising by 9.5%.
The net profit margin rose from 13.2% in FY23 to 14.3% in FY24, then dipped a bit to 13.9% in FY25.
Earnings per share went up from Rs. 611 in FY23 to Rs. 1,383 in FY24, which is a 126 % jump. In FY25, this jumped again to Rs. 1,485, an growing by 7.4%.
Garuda Aerospace Unlisted Share Price Overview
Garuda Aerospace is not yet a listed company. However its traded in the unlisted market among investors. On 17 September 2026, Garuda Aerospace share price was trading around Rs. 441 per share. Over the period shown in the chart, the price has moved between roughly Rs. 425 and Rs. 495. It climbed towards Rs. 495 earlier in the year but later came down and is now close to Rs. 441 per share.
This means the price has not delivered a very high return over the period shown in the chart. From around Rs. 425 at the lower end to Rs. 441 currently, the gain is only around 4%. At the same time, the price has corrected by around 11% from its Rs. 495 peak.
The movement could be a result of the company’s IPO plans and shifting investor sentiment about its valuation. Garuda Aerospace unlisted shares might have attracted more attention when the company filed a pre-filed DRHP in March 2026. The price later gave up some of its highs as investors continued to digest the company’s growth, valuation, and financial performance.
Also Read: Garuda Aerospace Files DRHP, Plans Rs.1000 cr. IPO
Recent Transactions / Order Book Snapshot
Garuda Aerospace has been getting projects from government agencies, mining companies and defence organisations. Some recent developments are:
Government and mining projects: In July 2025, Garuda won multiple contracts from government departments in Gujarat, Tamil Nadu and Jharkhand. The projects covered mine surveys, mapping, monitoring and data processing.
More defence enquiries: After Operation Sindoor, Garuda said it started receiving more enquiries for defence drones. The company said its FY25 order book was largely made up of agricultural drone orders at that time.
Indian Army project: Garuda became the L1 bidder for an Indian Army drone and OFC integration package through GeM, with a bid value of Rs. 9.86 lakh.
Garuda won a surveillance contract worth Rs 2.2 crores in 2025 for surveillance and tethered drones.
New defence wins in 2026: Garuda also won a July 2026 Ministry of Defence GeM reverse auction for a drone assembly kit and assembled drone, with the reported bid value around Rs. 8.57 lakh. In August 2026, it was also reported as the L1 bidder for a high-speed FPV drone for the Indian Army, at around Rs. 2.9 lakh.
In March 2026, the US subsidiary of Garuda, Garuda Technologies Inc., signed a contract with Airbus for up to 18 Flexrotor UAS. These will be added to Garuda's leasing portfolio for uses such as infrastructure inspection, law enforcement, search and rescue, wildfire monitoring and disaster relief.
Is Garuda Aerospace Unlisted Share Worth Considering?
1. More than just a drone maker
Garuda is building a broader drone ecosystem covering manufacturing, drone services, software/data applications and pilot training. This gives the company multiple ways to earn from the same industry.
2. More than just selling drones
Garuda doesn’t make money only by selling drones. It also offers drones and related services to customers through its Drone-as-a-Service (DaaS) model. This could create another avenue for the company to monetize its technology, rather than relying just on one-off drone sales.
3. Uses beyond agriculture
Agriculture is one of Garuda’s key areas, but its drones have other uses too. The company works on applications such as mapping, inspection, surveillance and defence. This gives Garuda the scope to work across different industries rather than depending on a single market.
4. Approvals required in a regulated industry
Garuda has received DGCA approvals for drone manufacturing and remote pilot training in the small and medium categories. These approvals are important because drone manufacturing and pilot training require companies to meet specific regulatory and safety requirements.
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