Drone exposure as evidenced in annual reports — manufacturers and operators first, aspirational mentions labelled as exactly that.
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.”
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.”
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”
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 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.”
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.”
“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 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.”
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”.
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