Drone exposure as evidenced in annual reports — manufacturers and operators first, aspirational mentions labelled as exactly that.
Core — the theme IS a principal business todayGrowing — real operations, not yet the main businessAnnounced — committed plans or orders, little revenue yetMention-only — appears only as outlook language
Zen TechnologiesAerospace & DefenseCore business₹13,684 CrP/E 75.6 vs 73.9ROCE 15.1%
Counter-drone detection and neutralisation is one of the three core offerings, reinforced by the FY26 acquisition of TISA Aerospace (loitering munitions, offensive UAV platforms, autonomous aerial systems).
“Its operations are driven by three offerings, namely training solutions including live ranges and virtual simulation, counter-drone detection and neutralisation technologies, and advanced military hardware including robotic surveillance systems and remote weapon stations.”
+1 more quote from the report
“We can today offer the armed forces five capabilities, namely training simulation and systems, counter-drone solutions, automated weapon stations, combat robotics and drones.”
BharatRohan designs, manufactures (indigenously developed Pravir X6), and operates UAVs/drones as its core business for precision agriculture spraying and aerial data collection.
“We also received the DGCA Type Certification for our Pravir X6 drone, an important milestone that validates the quality and safety of our engineering while enabling wider deployment of precision drone solutions across agriculture and other emerging applications.”
Adani EnterprisesTrading - MineralsGrowing₹3.38 L CrP/E 40.9ROCE 6.7%
AEL produced and supplied drones and counter-drone systems that supported Indian Armed Forces during Operation Sindoor.
“During Operation Sindoor, our drones, anti-drone systems, missiles and ammunitions supported our Armed Forces when it mattered most.”
Subsidiary Raxa runs DGCA-recognised drone training programmes at its Raxa Academy as part of ManTech capabilities.
“resumption of DGCA-recognized drone training programmes and strategic collaborations with organisations including Threat Studies Group (TSG) and the Department of Higher Education, Government of Andhra Pradesh.”
Bharat ForgeAuto Components & EquipmentsGrowing₹85,615 CrP/E 121.2 vs 26.7ROCE 13.2%
Bharat Forge has developed indigenous small jet engines specifically for UAVs, representing a drone-specific subsystem offering.
“Developed indigenous small jet engines for UAVs indigenizing marine gas turbines for ships”
Apar IndustriesOther Electrical EquipmentGrowing₹71,483 CrP/E 60.5 vs 24.6ROCE 21.9%
APAR Telecom has developed and manufactures a dedicated FPV drone fibre-optic connectivity cable (up to 30 km lengths, ultrathin/lightweight) as a drone-specific subsystem.
“APAR Telecom developed drone fibre optic solution delivering reliability of drones connectivity for mission critical projects.”
NMDCIndustrial MineralsGrowing₹62,149 CrP/E 8.3 vs 15.4ROCE 28.0%
NMDC uses drone-based magnetic surveys and UAS-equipped sensors for mineral exploration and mapping, as a supporting operation rather than a core business.
“Deployment of Unmanned Aerial Systems (UAS) equipped with hyperspectral and LiDAR sensors for advanced mineral mapping.”
Coromandel owns Dhaksha Unmanned Systems, a drone manufacturing subsidiary across agri, defence, enterprise and training, and also runs Gromor Drive drone-spraying services — a real but still nascent business relative to its core fertilisers.
“Dhaksha Unmanned Systems, a drone manufacturing company operating across the Agri, Defence, Enterprise and Training segments, continues to expand its capabilities to reinforce its position within the rapidly evolving drone ecosystem.”
Syrma SGS TechnologyIndustrial ProductsGrowing₹32,374 CrP/E 87.3 vs 28.5ROCE 13.4%
Syrma manufactures drone PCBAs as part of its industrial electronics product range, supplying drone-specific subsystems though not as a headline vertical.
“Drones and solar-tracker controller PCBAs”
Data Patterns IndiaAerospace & DefenseGrowing₹23,020 CrP/E 85.9 vs 73.9ROCE 20.3%
Data Patterns supplies drone-specific subsystems (Radio Relay for UAVs) and is expanding into counter-drone/drone detection systems, though this is part of a broader portfolio rather than a core business line.
“We are also expanding our portfolio in airborne surveillance radars, maritime applications, drone detection and counter-drone technologies, electronic support systems, and advanced surveillance solutions.”
Tata Elxsi provides drone/UAV engineering services including programme wins for unmanned combat aerial vehicles and drone-based rail inspection systems, supporting eVTOL/UAV propulsion, flight control and avionics work.
“Emerging areas like Off-Highway and Aerospace & Defense delivered notable programme wins such as connected tractors, advanced operator systems, unmanned combat aerial vehicle and airport taxiing solutions.”
Apollo Micro SystemsAerospace & DefenseGrowing₹14,624 CrP/E 113.7 vs 73.9ROCE 10.4%
AMS holds a DPIIT licence to manufacture UAVs and is actively building counter-UAS / Directed Energy Weapons systems and drone-launched aerial bombs, treating unmanned systems as a new growth pillar within its defence portfolio.
“We are becoming a full-fledged Original Equipment Manufacturer of Unmanned Aerial Systems, and in the years ahead, of Unmanned Ground Vehicles, Counter-Drone Systems and the Autonomous Underwater Platforms that will define naval warfare in the decade to come.”
+1 more quote from the report
“VMCDS vehicle-mounted counter-drone systems are advancing, with field trials scheduled for FY 2026-27.”
C.E. Info SystemsSoftware ProductsGrowing₹4,785 CrP/E 34.8 vs 19.6ROCE 21.3%
The company has real drone exposure through its 40% JV PT Terra Link Technologies (with Hyundai AutoEver) which manufactures drones, plus a 20% stake in Prashanth Advanced Survey LLP for UAV/drone-based LiDAR surveying.
“PT Terra Link Technologies is engaged in the manufacture of drones, high-resolution data analytics, and development of end-to-end solutions leveraging drones, IoT, and other sensors to drive digitisation across sectors such as agriculture, mining, energy, telecom, infrastructure, construction, disaster management, defence and homeland security, surveillance, and monitoring.”
Unmanned Systems is listed as an active product category within Vinyas' defence and aerospace offerings, indicating electronics/sub-system supply into UAVs, though not a separately quantified segment.
“Radar and Surveillance Systems | Weapon and Launcher Systems | Airborne Sighting and Avionics | Armoured Vehicle Subsystems | Strategic Communications | Unmanned Systems”
Kothari Industrial CorpLeather And Leather ProductsGrowing₹1,655 CrP/E 47.3 vs 28.4ROCE -12.9%
Company operates a dedicated Drones & Geospatial Division offering surveying, mapping, agriculture and infrastructure solutions using drones, LiDAR, GIS, DGPS and remote sensing as one of several diversified business segments.
“Kothari Industrial Corporation Limited operates across diversified business segments including fertilizers, footwear, drones & geospatial services, food services, FMCG & vending, Facility Management services and other emerging business areas.”
DC&T Defence's product portfolio lists named unmanned aerial systems (Aerostrike, AeroEye, AeroIntel, AeroAttack) as part of its offering, indicating real drone/UAV exposure within the defence vertical.
“Its product portfolio includes unmanned aerial systems such as Aerostrike, AeroEye, AeroIntel and AeroAttack, mobile edge data centers, military-grade racks and BESS solutions, precision rack enclosures, heavy-duty mounts, military-grade containers and command and control consoles.”
HML uses drones operationally for 100% prophylactic spraying in rubber estates and for spraying/surveillance in tea estates, with pilots underway in drone-based leaf transport and haulage.
“HML has been a pioneer in deploying drones for various operations in Tea and Rubber estates. 100% of prophylactic spraying in Rubber is done using drones for the last 3 years.”
Subsidiary Alan Scott Bluverge operates 6 agri-drones deployed across sugarcane farms in Baramati and rubber plantations in Kerala, with reported revenue and plans to scale to a 25-drone fleet.
“Alan Scott Bluverge Private. Limited.: Focused on agri drone services, Bluverge supports precision farming, crop monitoring, and yield optimization through a spray-as-a-service model under which the farmer pays per acre with no capital outlay.”
Sona BLW Precision FRGSAuto Components & EquipmentsAnnounced₹49,327 CrP/E 70.8 vs 26.7ROCE 12.9%
MoU with ePlane Company to develop components/systems for eVTOLs; debuted a specialised eVTOL gearbox at CES 2026, but no revenue yet.
“In CY 2025, we signed an MOU with ePlane Company to develop components and systems for eVTOLs, marking our foray into air taxis and air ambulances for India and global markets.”
HFCLTelecom - InfrastructureAnnounced₹39,529 CrP/E 67.3 vs 12.3ROCE 7.8%
HFCL is developing a drone detection radar (with soft-kill capability) and is in advanced stages of securing DRDO technology transfer for UAV payloads — no drone product revenue yet.
“We are developing a drone detection radar with soft-kill capabilities, foliage penetration radar solutions that have attracted strong market interest.”
BEMLConstruction VehiclesAnnounced₹15,942 CrP/E 70.4 vs 29.9ROCE 4.8%
BEML is building UAS/UAV capabilities through strategic partnerships; no current drone-manufacturing revenue is reported.
“designs and supplies Ground Handling and Support Equipment for fighter aircraft, and is building capabilities in Unmanned Aerial Systems (UAS) and Unmanned Aerial Vehicles (UAV) through strategic partnerships.”
Strategic partnership with TSAW Drones to offer drone solutions across industries, but no reported revenue or product of its own yet.
“TSAW Drones is a leading drone technology company. Our partnership with the company has resulted in formidable drone solutions for various industries, including agriculture, infrastructure, and logistics”
Premier ExplosivesExplosivesAnnounced₹3,709 CrP/E 110.6 vs 49.7ROCE 18.5%
PEL has entered drone/UAV-adjacent work by designing explosive payloads and loitering munitions, though no drone-specific revenue is disclosed yet.
“PEL has entered the field of Loitering Munitions and designing & developing explosive Pay Loads for UAVs and Drones.”
Brightcom GroupIT Enabled ServicesAnnounced₹1,827 CrP/E 1.3 vs 18.5ROCE 13.5%
Brightcom Defence is developing a UAV portfolio (RAVEN, HELIX Series, THUNDERBOLT, TIBURON, MINI TIBURON) plus counter-UAS capabilities, but this sits within the newly announced and pre-revenue Brightcom Defence division.
“AI-Powered UAV Flight Systems: Developing intelligent navigation and mission execution capabilities for unmanned aerial vehicles.”
Proposed new object clause (subject to AGM approval) expands the company's business scope to include design, development and manufacturing of Drones and Counter UAVs as part of the Defence and Space sector.
“applications such as Rocket & Missile, Electronic warfare & surveillance, Battle tanks & armoured vehicles, other Land systems, Arms & ammunitions, Naval systems, Space Research & Exploration, Drones & Counter UAVs etc.”
Duke OffshoreOil Equipment & ServicesAnnounced₹95 CrROCE -14.8%
Company's proposed new main objects clause envisages undertaking aerial drone surveys as part of mineral exploration and reconnaissance activities.
“geological, geochemical, geophysical, seismic, hydrogeological, remote-sensing, satellite, aerial, drone and other surveys and investigations”
Proposed new objects clause expressly includes drone and Counter-UAV business alongside the proposed defence line, subject to shareholder approval at the upcoming AGM.
“and to act as drone specialists, counsellors, advisors, programmers and to do all other things required in connection relation to the above mentioned business.”
+1 more quote from the report
“The emerging ecosystem includes defence components, sub-assemblies, fabrication, engineering, electronics, drones and counter-drone systems, surveillance systems, communication equipment, defence logistics, testing facilities, maintenance and repair, industrial infrastructure”
Rose Merc.ltd.Trading & DistributorsAnnounced₹27 CrP/E 4.5 vs 15.8ROCE 20.2%
Rose Merc has signed an MoU with Thrust Aircraft Private Limited (an Indian UAV/aircraft manufacturer) for collaboration and potential equity investment of up to ₹20 Crore; Rose Merc itself does not design or operate UAVs.
“Rose Merc Limited ("the Company") has entered into a Memorandum of Understanding (MoU) with Thrust Aircraft Private Limited (TAPL) on 10 October, 2025, a pioneering Indian Company engaged in indigenous aircraft and UAV manufacturing.”
NTPCPower GenerationMention-only₹3.00 L CrP/E 10.8 vs 20.4ROCE 5.5%
Drones are referenced only as a tool used for internal inspections of NTPC's own power plants, not as a commercial drone business.
“Digital transformation, including remote monitoring centres, AI/ML-based diagnostics, drone-based inspections, and ERP-enabled workflows, is increasingly woven into day-to-day operations.”
DelhiveryLogistics Solution ProviderMention-only₹29,729 CrP/E 317.6 vs 15.7ROCE 1.2%
The FY26 journey timeline records a one-off pilot of a VTOL drone for medical delivery; not described as an active business or revenue line.
“Piloted VTOL Drone for medical delivery”
Kaynes Technology IndIndustrial ProductsMention-only₹21,672 CrP/E 62.6 vs 28.5ROCE 9.8%
Drones are listed only as a downstream application for Kaynes' HDI PCBs; Kaynes does not design, manufacture or operate UAVs.
“flexible PCBs for critical applications in aerospace, defence, AI, backplanes, drones, medical devices, telecom infrastructure, smartphones, wearables, and other advanced domains.”
National Fert.FertilizersMention-only₹3,007 CrP/E 8.3 vs 10.6ROCE 5.4%
NFL participates in the NaMo Drone Didi CSR initiative providing agricultural drones and training to women farmers, but does not design, manufacture or operate drones as a business.
“Your company is empowering rural women and promoting sustainable agriculture through the NaMo Drone Didi initiative in Punjab and Madhya Pradesh.”
Aries AgroFertilizersMention-only₹614 CrP/E 12.9 vs 10.6ROCE 15.4%
The company received a DGCA license for agriculture drone operations in 2021, cited as a historical achievement/accolade, with no indication of current drone-related revenue.
“Aries is also the first Indian Company to receive DGCA License for agriculture drone operations which was successfully exhibited in July 2021.”
Precision ElectronicsIndustrial ProductsMention-only₹253 CrP/E 405.6 vs 28.5ROCE 2.6%
Counter-UAS and surveillance applications are cited as future opportunities supported by the company's mast and tactical-infrastructure products, but no current counter-drone revenue is described.
“Management expects surveillance, communication and counter-UAS applications to remain an important source of opportunity for the Company.”
Royal India CorporationGems, Jewellery And WatchesMention-only₹67 CrP/E 1.4 vs 12.9ROCE 51.0%
Drone/UAV technology is listed only as an area of interest within the broader, not-yet-revenue-generating defence foray — no operations or commitments specific to drones.
“The interesting areas were electronic warfare, drone technology (UAVs), Robotics & ML besides innovation in conventional warfare weaponry.”
Drone-based surveys are mentioned only as an industry-wide technology trend in infrastructure consulting; Dhruv is not described as operating or supplying drone services.
“The adoption of technologies such as Geographic Information Systems (GIS), Building Information Modelling (BIM), drone-based surveys, LiDAR mapping, intelligent transport systems, and digital project monitoring is transforming the planning and execution of infrastructure projects.”
USG Tech SolutionsIT Enabled ServicesMention-only₹31 CrP/E 129.0 vs 18.5ROCE -0.9%
Drones are listed among the proposed new product areas under the 'Green Technology & Sustainable Development' vertical; no current operations or revenue.
“To manufacture, trade in, and deal with products and solutions related to Hydrogen Fuel, Drones, Electric Vehicles (EVs), and Waste-to-Energy technologies.”
Darjeeling IndustriiesOther Financial ServicesMention-only₹16 CrP/E 4.7 vs 21.0ROCE 15.5%
Drones are referenced only as a generic modern-technology opportunity within the agricultural industry outlook, not as any business the company develops, sells or operates.
“Use of New Technology: Modern technologies such as machinery, irrigation systems, drones and digital farming can help improve productivity and reduce costs.”
Drone-enabled agriculture is listed as a key opportunity area the company intends to continue evaluating; no drone design, manufacturing or operating activity or revenue exists.
“Key opportunity areas include precision and smart farming solutions, drone-enabled agricultural applications, remote sensing and GIS-based solutions, AI and data-driven agricultural applications, water resource management and conservation, soil moisture management technologies”
How this list is built
Definition used: Designs, manufactures or operates unmanned aerial vehicles, or supplies drone-specific subsystems, counter-drone systems or drone services. Membership is extracted from each company’s newest annual report; every quote is validated against the report page before publishing, and core/growing tiers are confirmed by a second independent read (marked ). Companies whose reports our corpus hasn’t read yet simply aren’t listed — absence means unread, not “no exposure”.
MarketPing publishes facts, filings and measured history only — nothing on this page is investment advice, a recommendation or a rating.
