Garuda Aerospace has received SEBI's final observation for its proposed IPO, clearing a key regulatory hurdle and bringing the Chennai-based drone company closer to a public listing.
The IPO comprises a fresh issue of up to ₹750 crore, along with an OFS component that could reportedly be around ₹250 crore. The company had confidentially pre-filed its DRHP with SEBI in April.
Garuda operates across drone manufacturing, Drone-as-a-Service (DaaS) and remote pilot training, serving defence, agriculture, surveillance and logistics markets. It claims to have trained 1 lakh+ drone pilots, serve 100+ government agencies and 500+ private enterprises, and manufacture 30+ drone models.
Financially, Garuda reported ₹123.5 crore operating revenue and ₹18.4 crore net profit in FY25, up 12% and 41% YoY respectively. In the first six months of FY26, it reported ₹41.2 crore revenue and ₹11 crore net profit.
The IPO comes as India's drone ecosystem gains momentum, with Garuda expanding beyond agriculture into defence and industrial applications, while the company has also undertaken a pre-IPO stock split, reducing face value from ₹10 to ₹2.
