BSE: 543713
Droneacharya Aerial Innovation
Provides drone-based solutions spanning indigenous development of FPV and surveillance drones, defense drone deployments, and DGCA-approved pilot training. Sells drones, drone lab equipment, simulator systems, and associated training services to Indian defense establishments such as the Indian Army and Ministry of Defence. Runs eight Remote Pilot Training Organizations (RPTOs) across Maharashtra, Gujarat, Rajasthan, Punjab, Karnataka, Uttar Pradesh, Tamil Nadu, and Uttarakhand, offering certified drone pilot training plus specialised courses in drone building, drone data processing and GIS, aerial cinematography, agriculture, and disaster management. Revenue from operations fell sharply in FY26 from the prior year, but the company returned to a small profit from a much larger prior-year loss. The cost stack is dominated by depreciation (44.2% of revenue) and employee costs (33.5% of revenue), with materials at just 8.5%. Cash and cash equivalents dropped to ₹8.19 lakhs against trade receivables of ₹2,925.19 lakhs, pointing to working capital strain. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Defense drone solutions, Drone pilot training, Indigenous drone manufacturing, Strategic OEM partnerships. Asset-heavy, services-led drone technology, training and defence supply business
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 35 | 35 | 15 |
| EBITDA (ex other income) | 10 | (15) | 3 |
| margin % | 29.2 | (44.0) | 23.7 |
| Owners' profit | 0 | (13) | 0 |
| EPS, as reported (₹) | 2.59 | (5.61) | 0.16 |
| ROE % · ROCE % | 8.4 · 11.5 | (23.2) · (29.1) | 0.6 · 1.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.01 |
| Cash from operations | (0) | (7) | 0 |
| Capex | (2) | (7) | (1) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 8 | 10 | 5 |
| Profit before tax | 0 | 0 | (20) | 3 | (2) |
| Net profit | 0 | 0 | (15) | 2 | (2) |
| EPS (₹) | 0.00 | 0.00 | (6.22) | 0.81 | 0.65 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 17,213 | 28.2 | 11.57 | 16.5 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,821 | 101.2 | 29.48 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,059 | 16.9 | 2.36 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,677 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,439 | 195.1 | 10.25 | 4.6 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,838 | 19.1 | 4.14 | 14.5 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,250 | 34.0 | 2.48 | 25.3 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,731 | — | 7.25 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.2 | 1.3 | 44 of 95 | 54% |
| ROCE | 0.8 | 3.4 | 68 of 103 | 34% |
| ROE | 0.6 | 2.9 | 74 of 113 | 35% |
| Debt / Equity | 0.0 | 0.1 | 26 of 91 | 72% |
| EBITDA margin | 24.7 | 25.4 | 48 of 92 | 48% |
| Market cap | 70 | 47 | 45 of 108 | 59% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Independent Director Mangina Srinivas Rao resigns effective October 22, 2026 | management changes | medium | — | — |
| 19 Oct 2026 · RTA compliance certificate under SEBI Regulation 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 1 Oct 2026 · DroneAcharya 9th AGM: All 4 resolutions passed; voting results filed | compliance | minimal | — | — |
| 30 Sept 2026 · 9th AGM held via video conferencing, four resolutions transacted | board shareholder meetings | medium | — | — |
| 6 Sept 2026 · 9th AGM scheduled for Sep 30, 2026 via video conferencing; FY26 annual report filed | board shareholder meetings | low | — | — |
| 31 Jul 2026 · Company Secretary and Compliance Officer resigns | management changes | medium | — | — |
| 30 Jul 2026 · Company Secretary Jayesh Kulkarni resigns effective July 31, 2026 | management changes | high | — | — |
| 14 Jul 2026 · RTA compliance certificate filed for Q1 FY27 under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 1 Jul 2026 · Interim order on delayed AGM compounding application; about Rs 2.59 lakh fee levied | regulatory legal | high | — | — |
| 29 May 2026 · The Company has submitted Press Release regarding its Financial Results for period ended on 31.03.2026 | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.