Garuda Aerospace Teams Up With BSNL on Connected Drones. What It Means Before the IPO

Garuda Aerospace, one of India's largest drone companies, has announced a collaboration with state-run telecom operator BSNL to build network-connected drone solutions. The deal comes a week after Garuda raised pre-IPO money at a $320 million valuation. Here is what was announced, what was not, and why it matters for the unlisted share.

On October 13, 2026, Garuda Aerospace posted a short video on its official X and Facebook accounts announcing "Garuda Aerospace × BSNL". In the company's words, the collaboration "brings together aerial technology and connectivity to develop smarter, secure drone solutions for agriculture, infrastructure, public safety and disaster management." The post opens with the line: "A drone is only as powerful as the network behind it."

Garuda is unlisted, and ShareSaathi quotes it at ₹428 a share.

What was announced, and what was not

This is an announcement of intent, not an order. There is no revenue figure attached to it, and we could not find a BSNL press release or a mainstream news report on it yet. Investors should treat it as a strategic signal and wait for the terms.

Why a drone maker needs a telecom partner

Most drones today talk to a pilot over a short-range radio link. That limits how far they can fly, usually to within the pilot's line of sight. A drone connected to a mobile network can, in principle, be flown, tracked and streamed from anywhere the network reaches. That is what makes long-range operations possible, such as inspecting a 50 km power line, monitoring a flood-hit district, or managing a fleet of spray drones across many villages from one control room.

BSNL brings two things Garuda cannot build itself:

• Reach in rural India. BSNL had installed 97,672 indigenous 4G sites by January 2026, with over 95,000 on air, and is still adding sites in FY27. Much of that footprint is in the rural and remote areas where agri drones work and where private operators have thinner coverage.
• A trusted, government-owned network. The 4G stack is built in India by TCS, Tejas Networks and C-DOT. For public safety, disaster response and government work, a secure Indian network is a selling point, and the Garuda post uses the word "secure" deliberately.

In return, BSNL gets a new use for its network beyond phone and broadband customers. Connected drones are one of the business cases telecom operators globally have been chasing for 4G and 5G.

How it fits Garuda's IPO story

The BSNL announcement lands in a busy month for Garuda:

Garuda's FY26 revenue from operations was ₹206 crore, up 67% from ₹123 crore, and net profit was ₹26 crore, up 41%, as reported in the pre-IPO coverage. Agriculture still makes up the bulk of revenue.

That is where the BSNL tie-up matters most. A company heading to the market wants to show it is more than an agri-spraying business. Partnerships with BEL on defence drones, Airbus on the Flexrotor, and now BSNL on connected services all push the same message: Garuda wants to be valued as a broad drone platform, not a farm-equipment supplier. Our earlier analysis of Garuda's growth targets covers the IPO plan in more detail.

What the unlisted price implies

At ₹428 a share and the 5,21,35,780 shares in our records, the unlisted price implies a value of about ₹2,230 crore. The pre-IPO round valued Garuda at $320 million before the new money, which is roughly ₹3,000 crore at about ₹96 to the dollar (our conversion). On FY26 profit of ₹26 crore, ₹2,230 crore is about 86 times earnings.

Treat this comparison with care. Garuda went through a bonus issue and a stock split earlier in 2026, and the share count used for the latest round may differ from ours. Check the live Garuda Aerospace unlisted share price before you act.

What to watch next

• A formal statement from BSNL or a filed agreement that names the scope, the regions and any commercial terms.
• A pilot. A named district, state or project using BSNL-connected Garuda drones would turn the announcement into something measurable.
• The updated draft IPO papers. If the BSNL deal is material, it should appear in the offer document's business section.
• Regulatory approvals. Long-range drone flights beyond the pilot's line of sight still need specific DGCA permissions, so the network alone does not unlock them.

The bottom line

The BSNL collaboration is a sensible strategic move. It pairs one of India's largest drone fleets with the government's own nationwide 4G network, and it supports Garuda's pitch as a full drone-services platform ahead of its Q1 2027 listing. But no money, timeline or contract has been disclosed, so it does not change Garuda's numbers today. Value the company on its ₹206 crore of revenue and ₹26 crore of profit, and treat the BSNL tie-up as upside that still has to show up in the accounts.

Disclaimer: This article is for information and education only and is not investment advice. The collaboration details are as announced by Garuda Aerospace on social media; terms have not been disclosed. Implied valuations and the dollar conversion are ShareSaathi's own calculations. Unlisted shares are illiquid, prices are indicative dealer quotes, and a listing is never guaranteed. Data as of October 15, 2026. Please consult a SEBI-registered investment adviser before investing.