From Farms to Fighter Tech — Inside Garuda Aerospace’s High-Flying Ambitions

What started as a ₹50 lakh college experiment in Chennai is now a ₹2,100 crore drone powerhouse preparing for liftoff into public markets.

Garuda Aerospace isn’t just building drones — it’s building an ecosystem.

With over 4,000 drones, 4,000+ trained pilots, and operations across 80+ cities, the company has quietly become one of India’s largest drone players.

And now, it’s eyeing the next big milestone: an IPO.

Garuda doesn’t rely on a single revenue stream — it runs a hybrid model:

30+ drone models for:

• Agriculture spraying

• Surveillance & defense

• Mapping & inspection

Think of it like Uber for drones:

• Crop spraying

• Solar & infra inspection

• Disaster management

DGCA-approved training programs — creating supply for its own ecosystem.

Recurring revenue through service contracts (₹10,000 to premium tiers).

Custom drone solutions and anti-drone tech.

Translation: One-time sales + recurring revenue + ecosystem lock-in.

• FY23: ₹47 Cr

• FY24: ₹110 Cr

• FY25: ₹117.7 Cr

 ~2.5x growth in one year, but growth is slowing slightly.

• EBITDA: ₹10.9 Cr → ₹24.6 Cr → ₹21 Cr

• PAT: ₹6.2 Cr → ₹15.8 Cr → ₹17.3 Cr

Profitable, but margins are compressing.

• OPM: 23.1% → 22.3% → 17.8%

• Gross Margin: 79.7% → 55.6% → 52.5%

Rising costs are kicking in.

• Assets: ₹57 Cr → ₹149 Cr → ₹211.5 Cr

• Reserves: ₹29.8 Cr → ₹104.7 Cr → ₹168 Cr

• Debt: ₹14.7 Cr → ₹19.7 Cr → ₹6.7 Cr

Strong balance sheet with falling debt.

But here’s the catch 

• Receivables: ₹37.7 Cr → ₹73.8 Cr → ₹114.8 Cr

 Cash is stuck with customers — classic scaling problem.

Despite profits, operating cash flow is negative:

• CFO: -₹24.7 Cr → -₹41.3 Cr → -₹33.6 Cr

Why?

• Receivables increasing

• Working capital stress

Growth is eating cash.

Agnishwar Jayaprakash started Garuda at 22.

From swimmer to Harvard alumnus to drone entrepreneur — and now leading a company backed by global giants.

Add to that:

• MS Dhoni as investor + brand ambassador

• India’s first woman drone pilot as co-founder

Strong brand + narrative advantage.

~70% of revenue comes from agriculture.

And India’s drone story is heavily tied to farming:

• Precision agriculture is booming

• Government subsidies are pushing adoption

Tailwind = strong.  Risk = concentration.

• FY26 revenue: ₹365 Cr

• 8,000+ drones annually

• Global expansion

• Defense contracts

And yes — IPO preparation is underway.

Highly concentrated ownership with strong promoter control.

Garuda Aerospace is not just a drone company — it’s trying to become India’s DJI.

The growth is real. The demand is strong. The story is compelling.

But the financials reveal a classic startup dilemma:

👉 Profits on paper, cash under pressure.

If it fixes working capital and diversifies beyond agriculture, this could be one of India’s most interesting IPO stories in the making.