Garuda Aerospace, the Chennai drone company founded in 2015 by Agnishwar Jayaprakash, is one of the clearest "IPO-soon" stories in India's unlisted market in 2026.
The business
Garuda designs and manufactures UAVs and runs a Drone-as-a-Service (DaaS) model across agriculture, defence, surveillance and enterprise. It operates thousands of drones across dozens of cities, with roughly 70% of revenue from agriculture, and counts backers such as Venture Catalysts and the Narotam Sekhsaria Family Office.
SEBI nod and IPO plan
In August 2026, SEBI issued its final observation on Garuda's draft IPO papers (confidentially pre-filed in April 2026). The proposed issue is around Rs 1,000 crore — a Rs 750 crore fresh issue plus a roughly Rs 250 crore offer-for-sale — with a listing reportedly targeted for late 2026 on the NSE and BSE. As part of pre-IPO housekeeping, Garuda cut its face value from Rs 10 to Rs 2 (a stock split).
Financials
Garuda reported FY25 revenue of roughly Rs 118–124 crore and net profit around Rs 17–18 crore, with a healthy EBITDA margin — small but profitable and growing.
Unlisted price and mechanics
See the live Garuda Aerospace unlisted share price. Do not confuse Garuda with Gamma Rotors — a separate unlisted drone OEM. Buying is an off-market demat transfer against ISIN INE0REL01021 after KYC, with the usual six-month post-listing lock-in.
Risks
A SEBI nod is not an allotment or a guaranteed gain; drone revenue depends on defence-procurement cycles and agri adoption; and the unlisted book is thin, so spreads are wide.
Disclaimer: Unlisted shares are illiquid and prices are indicative, not exchange-quoted. A listing is never guaranteed. ShareSaathi settles confirmed lots off-market to your demat; this is information, not investment advice.
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