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₹17,327 CrP/E 100.0 vs 60.3ROCE 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.”
Adani EnterprisesTrading - MineralsGrowing₹3.87 L CrP/E 33.3ROCE 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.”
GMR AirportsAirport & Airport servicesGrowing₹1.05 L CrP/E 203.3ROCE 0.8%
Through subsidiary Raxa Security Services, GMR offers counter-drone/anti-drone solutions and drone piloting training as part of its integrated physical security services portfolio.
“These include AI-enabled CCTV surveillance systems, access control solutions, perimeter intrusion detection systems, anti-drone solutions, and integrated command and control centres.”
Bharat ForgeAuto Components & EquipmentsGrowing₹98,639 CrP/E 93.0 vs 26.9ROCE 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”
Syrma SGS TechnologyIndustrial ProductsGrowing₹27,775 CrP/E 67.9 vs 23.8ROCE 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₹26,892 CrP/E 68.3 vs 60.3ROCE 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.”
Avalon TechnologiesOther Electrical EquipmentGrowing₹14,548 CrP/E 110.7 vs 25.2ROCE 20.0%
Supplying drone-specific subsystems (motors, drives, controllers, power solutions) via the Zepco Technologies partnership.
“Strategic partnership with Zepco Technologies to strengthen offerings in motors, drives, controllers, and power solutions for drones, EVs, and defence.”
Axiscades TechAerospace & DefenseGrowing₹6,770 CrP/E 120.2 vs 60.3ROCE 12.3%
Indigenous drone and counter-UAV development is an explicit focus within Defence, supported by dedicated hangars at the Electronic City facility and 'Leadership position in Unmanned Warfare' called out in the Power 930 strategy.
“Drones (UAVs): We build indigenous drones and C-UAVs for surveillance, missions, logistics etc.”
C.E. Info SystemsSoftware ProductsGrowing₹5,420 CrP/E 39.0 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”
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.”
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₹34,845 CrP/E 60.6 vs 12.6ROCE 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.”
Astra MicrowaveAerospace & DefenseAnnounced₹15,780 CrP/E 51.6 vs 60.3ROCE 17.2%
AMPL cites counter-drone / C-UAV detection as one of its FY25 strategic initiatives through start-up collaborations, but no dedicated revenue or product orders are disclosed yet.
“The Company also engaged with innovation-driven start-ups to accelerate the adoption of future-ready technologies like Ground Penetrating Radar (GPR), Counter Drone, Jammers, Electronic Warfare (EW) Systems, C-UAV Detection and Response (C-DWR), and Electro-Optical (EO).”
+1 more quote from the report
“Anti-drone system”
Blue Dart ExpressLogistics Solution ProviderAnnounced₹12,102 CrP/E 51.6 vs 16.2ROCE 13.4%
Blue Dart has launched a drone delivery initiative for time-critical shipments and last-mile connectivity, described as a pioneering initiative within its logistics business with no revenue scale disclosed.
“Blue Dart is pioneering the future of logistics with its drone delivery initiative, bringing speed, precision, and innovation to new heights. Designed for time-critical shipments and remote reach, this tech-first solution enhances last-mile connectivity while aligning with our commitment to sustainability and operational excellence.”
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”
Rose Merc.ltd.Trading & DistributorsAnnounced₹38 CrP/E 6.4 vs 13.8ROCE 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₹3.30 L CrP/E 10.3 vs 22.3ROCE 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.”
Kaynes Technology IndIndustrial ProductsMention-only₹26,077 CrP/E 71.3 vs 23.8ROCE 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.”
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.
