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● IPO Update — August 2026
Garuda Aerospace Unlisted Shares: Price, Financials & IPO Update 2026
Everything investors need on Garuda Aerospace’s unlisted share price outlook, FY25 financials, and DRHP progress — updated for SEBI’s latest observation.
Pre IPO Investment Research TeamUpdated August 10, 20269 min read
🚨 Breaking: SEBI issued its final observation on Garuda Aerospace’s DRHP on August 5, 2026 — clearing the way for the ₹1,000 Crore IPO to move toward a price band announcement.
On this page
- What is Garuda Aerospace?
- Business model
- FY25 financials
- IPO details
- Unlisted share price
- Risk factors
- Should you invest?
- FAQs
₹118 Cr
FY25 Revenue
₹17.5 Cr
FY25 PAT
22.4%
EBITDA Margin
₹1,000 Cr
IPO Size
| 📌 Quick Summary | |
|---|---|
| Company | Garuda Aerospace Limited |
| Sector | Drone Technology / Aerospace & Defence |
| Founded | 2015, Chennai |
| FY25 Revenue | ₹118 Crore |
| FY25 Net Profit (PAT) | ₹17.5 Crore |
| IPO Size | ₹1,000 Crore (Fresh: ₹750 Cr + OFS: ₹250 Cr) |
| DRHP Status | Filed April 7, 2026 — SEBI final observation received Aug 5, 2026 |
| Expected Listing | December 2026 (NSE + BSE) |
Garuda Aerospace has rapidly become one of the most watched names in India’s pre-IPO market. With SEBI’s final observation now in hand and a ₹1,000 Crore IPO in motion, interest in Garuda Aerospace unlisted shares has reached a new high among retail and HNI investors. This page covers the share price outlook, financials, IPO progress, business model, and an honest risk assessment — based on the latest available data.
Garuda Aerospace’s road to listing
Mar 19
Board approves IPO
Mar 31
Confidential pre-filing
Apr 7
DRHP filed with SEBI
Aug 5
SEBI final observation
Dec 2026
Expected listing
What is Garuda Aerospace?
Garuda Aerospace Limited is an Indian drone technology company founded in 2015 by Agnishwar Jayaprakash and Rithika Mohan, headquartered in Chennai, Tamil Nadu. The company manufactures drones and provides Drone-as-a-Service (DaaS) solutions across agriculture, defence, infrastructure inspection, logistics, and surveillance.
It is one of India’s largest drone ecosystems by operational scale — backed by investors including Venture Catalysts, We Founder Circle, and cricketer MS Dhoni. The company has raised approximately $44 million in total funding to date.
| Company Overview | |
|---|---|
| Industry | Drone Technology |
| Headquarters | Chennai, Tamil Nadu |
| Notable Investors | Venture Catalysts, We Founder Circle, MS Dhoni |
| Total Funding Raised | ~$44 Million |
| Listing Status | Unlisted — DRHP cleared by SEBI (Aug 2026) |
Garuda Aerospace business model
Garuda Aerospace generates revenue across six core segments, giving it diversification most early-stage drone companies lack.
1. Drone Manufacturing
Designs and manufactures 30+ types of drones for agriculture, defence, logistics, and surveillance. Production capacity has been doubled to 25,000 units/year in FY26, aligned with Make in India priorities.
2. Drone-as-a-Service (DaaS)
Rather than only selling drones, Garuda provides drone services to enterprises and government bodies on a project basis — an asset-light model that creates recurring revenue.
3. Precision Agriculture
Garuda’s largest revenue segment, with an estimated 30–55% share of India’s agricultural drone market, supporting pesticide spraying, fertilizer distribution, and crop monitoring.
4. Defence & Surveillance
Solutions for border surveillance, reconnaissance, and disaster response. A partnership with Airbus Helicopters and plans to acquire Flexrotor systems signal a push into advanced defence capabilities.
5. Infrastructure Inspection
Aerial inspection of power lines, solar farms, telecom towers, railways, and pipelines — reducing cost and improving safety for industrial clients.
6. Drone Pilot Training
DGCA-approved training programs have certified 4,000+ pilots, creating a secondary revenue stream that also feeds Garuda’s own DaaS operations.
FY25 financial performance
| Metric | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue from Operations | ₹118 Cr | ₹110 Cr | +7.3% |
| Total Income | ₹125 Cr | — | — |
| Total Expenses | ₹100.5 Cr | ₹88.9 Cr | +13% |
| Profit After Tax (PAT) | ₹17.5 Cr | ₹16 Cr | +9.4% |
| EBITDA Margin | 22.4% | — | — |
| ROCE | 14.37% | — | — |
Key observation: Garuda cut finance costs sharply YoY and moderated employee expense growth — early signs of operating leverage. PAT grew 9.4% despite scale-up costs, underscoring profitability heading into the IPO.
IPO details — updated August 2026
| Board Approval | March 19, 2026 |
| Confidential Pre-Filing | March 31, 2026 |
| Official DRHP Filed | April 7, 2026 |
| SEBI Final Observation | August 5, 2026 ✅ |
| Total IPO Size | ₹1,000 Crore |
| Fresh Issue | ₹750 Crore |
| Offer for Sale (OFS) | ₹250 Crore |
| Lead Managers | SBI Capital, Axis Capital, ICICI Securities, IIFL Capital Services |
| Stock Split | Approved — Face value ₹10 → ₹2 (1:5 ratio) |
| Price Band | Not announced yet |
| Expected Listing | December 2026, NSE + BSE |
With SEBI’s final observation received, Garuda Aerospace moves a step closer to becoming the third pure-play drone company to list on Indian exchanges, following DroneAcharya (2022) and IdeaForge (2023).
Garuda Aerospace unlisted share price
Since Garuda Aerospace is not yet listed on NSE or BSE, its shares trade through the unlisted / grey market (OTC market). There is no official exchange-quoted price. The price is influenced by private market demand, the company’s post-Series B valuation (~$250 Million), the ₹1,000 Crore IPO size, and overall sentiment toward drone and defence-tech stocks.
Important: No official GMP is available yet since the price band hasn’t been announced. Unlisted share prices vary across intermediaries — always verify from a trusted source before investing.
Operational footprint
- 2,500+ drones deployed across India
- 4,000+ DGCA-certified pilots trained
- 84 cities covered
- 30+ drone models in portfolio
- Production capacity expanded to 25,000 units/year in FY26
- Export plans confirmed for 50+ countries — US, Australia, Middle East already commenced
Client base
- Corporate: Tata, Adani, L&T, Flipkart, Swiggy
- Government: Multiple state government departments
- Defence: Indian defence agencies and security organisations
- Strategic: Airbus Helicopters partnership
Growth drivers
DRHP cleared — IPO visibility now sharper
With SEBI’s final observation received, there’s now a concrete path to listing, meaningfully reducing timeline uncertainty for pre-IPO investors.
Government support & PLI scheme
India’s PLI scheme for drones and Make in India directly benefit Garuda’s manufacturing expansion to 25,000 units/year.
MS Dhoni & brand value
The Dhoni association adds retail visibility, particularly relevant as the company approaches its retail subscription phase.
Airbus partnership
The Airbus Helicopters tie-up opens doors to global defence and premium infrastructure markets — a potential valuation re-rating trigger.
Risk factors — honest assessment
- Liquidity Risk: Unlisted shares can’t be sold on exchanges before listing; exit depends on secondary buyers.
- Valuation Risk: Prices may move on sentiment post-SEBI-clearance, not fundamentals alone.
- Timeline Risk: December 2026 listing target can shift with market conditions.
- Execution Risk: Scaling production to 25,000 units/year is a real manufacturing challenge.
- Competition: DJI, Skydio globally, and domestic players target the same market.
- Sector Precedent: DroneAcharya (2022) faced SEBI action for financial misrepresentation — independent due diligence matters.
Should you invest in Garuda Aerospace unlisted shares?
✅ In favour
- Profitable — PAT ₹17.5 Cr in FY25
- SEBI final observation received, Aug 2026
- Top-tier bankers: SBI Capital, Axis, ICICI, IIFL
- Strong brand — Dhoni, Tata/Adani/L&T clients, Airbus tie-up
- Capacity doubled to 25,000 units/year
❌ Weigh carefully
- No price band announced — valuation is speculative
- Liquidity locked until listing
- Timeline can still shift
- Sector has governance precedent (DroneAcharya)
For investors with a higher risk appetite and a 6–12 month horizon aligned to the IPO timeline, Garuda Aerospace remains one of India’s most closely tracked pre-IPO drone opportunities.
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Frequently asked questions
What are Garuda Aerospace unlisted shares?
Garuda Aerospace unlisted shares are equity shares of Garuda Aerospace Limited traded in the private/OTC market before its NSE and BSE listing. The company filed its DRHP with SEBI in April 2026 and received SEBI’s final observation on August 5, 2026, moving it closer to its targeted IPO.
What is the current Garuda Aerospace share price?
The Garuda Aerospace unlisted share price is not officially fixed and changes based on private market demand. No official price band has been announced yet. Contact a trusted intermediary for the latest indicative price before investing.
Has Garuda Aerospace filed its DRHP, and what is the latest status?
Yes. Garuda Aerospace officially filed its DRHP with SEBI on April 7, 2026, after confidentially pre-filing on March 31, 2026. On August 5, 2026, SEBI issued its final observation on the filing, clearing the way for the company to proceed toward its public issue.
What is the Garuda Aerospace IPO size?
The Garuda Aerospace IPO is a ₹1,000 Crore issue comprising a fresh issue of ₹750 Crore and an offer for sale (OFS) of ₹250 Crore. The lead managers are SBI Capital, Axis Capital, ICICI Securities, and IIFL Capital Services.
Is Garuda Aerospace profitable?
Yes. Garuda Aerospace reported a PAT of ₹17.5 Crore in FY25, up from ₹16 Crore in FY24. Revenue from operations stood at ₹118 Crore with an EBITDA margin of 22.4%.
When is the Garuda Aerospace IPO date?
The DRHP was filed on April 7, 2026, and SEBI issued its final observation on August 5, 2026. The IPO listing is expected by December 2026. Exact subscription dates, price band, and lot size are still to be announced.
How can I buy Garuda Aerospace unlisted shares?
You can purchase Garuda Aerospace unlisted shares through authorised intermediaries in India’s private/OTC market. Always verify the intermediary’s credentials and insist on a proper share transfer agreement.
Who are the investors in Garuda Aerospace?
Garuda Aerospace is backed by Venture Catalysts, We Founder Circle, Nagarajan Seyyadurai, Ocgrow Ventures, and cricketer MS Dhoni. The company has raised approximately $44 million in total funding.
What’s the difference between unlisted shares and GMP?
Unlisted shares refer to actual equity ownership purchased through the OTC market. Grey market premium (GMP) is an informal indicator of expected listing price. No official GMP is available yet since the price band hasn’t been announced. GMP should never be the sole basis for an investment decision.
Conclusion
With SEBI’s final observation now received, Garuda Aerospace has crossed one of the most significant milestones on its path to going public. The ₹1,000 Crore IPO targeting a December 2026 listing, backed by top-tier investment banks and a profitable FY25, makes Garuda Aerospace unlisted shares one of the most closely tracked pre-IPO opportunities in India’s drone and defence-tech sector.
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This is not a buy or sell recommendation. Please conduct your own due diligence and consult a SEBI-registered investment advisor before investing. Investments in unlisted shares are subject to market risks and liquidity constraints. Information sourced from SEBI filings and publicly reported media coverage; last updated August 10, 2026.
