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.”
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”.
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