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.”
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 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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