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  3. Garuda Aerospace – Gets SEBI Nod for ₹750 Cr IPO

Garuda Aerospace – Gets SEBI Nod for ₹750 Cr IPO

6 Aug 2026

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Key Takeaways

  • SEBI's approval marks a significant milestone for Garuda Aerospace, transforming its IPO from a planned transaction into a much more tangible listing opportunity. With improving profitability, a diversified drone business and growing exposure to defence and enterprise applications, the next key catalysts will be the updated DRHP, IPO valuation and issue pricing.

  • SEBI's approval marks a significant milestone for Garuda Aerospace, transforming its IPO from a planned transaction into a much more tangible listing opportunity. With improving profitability, a diversified drone business and growing exposure to defence and enterprise applications, the next key catalysts will be the updated DRHP, IPO valuation and issue pricing.

Garuda Aerospace Unlisted Shares

Garuda Aerospace

Confidential filing-2.25%

Expert Analysis

Expert Analysis:

  • 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.

Publisher:Inc42