Best Drone Stocks in India 2024 to keep an eye on! Trade Brains Trade Brains

Drones are transforming India’s defense landscape, offering innovative solutions for surveillance and logistics. Drones are becoming essential tools in various industries, especially in defense, agriculture, and security. As the Indian government invests in drone technology, the sector is poised for significant growth. This evolution reflects a broader shift towards modernisation in defense strategies. The future of drone stocks appears bright, making them an attractive consideration for investors seeking opportunities in a rapidly expanding market. In this article, we are highlighting the best drone stocks in India 2024, showcasing companies poised for growth in the drone sector.

Drone Industry in India

India’s drone industry is experiencing rapid growth, with annual sales turnover projected to surge from Rs 60 crore in 2020-21 to Rs 900 crore by 2024-25. The government’s Production-Linked Incentive (PLI) scheme was launched in 2021. The Indian government has increased the PLI allocation for drones to Rs 57 crore for FY 2024-25, up from Rs 33 crore in FY 2023-24. These initiatives aim to position India as a global drone hub by 2030, potentially boosting GDP by 1-1.5% and creating 500,000 jobs.

The future of India’s drone industry looks promising, with the global market expected to reach $54 billion by 2025. India aims to capture a $4.2 billion share, expanding to $23 billion by 2030. The government is actively promoting drone adoption across sectors, including agriculture, defense, and logistics.

Key initiatives include providing drones to 15,000 women-led self-help groups and offering incentives for farmers to purchase agricultural drones. With the establishment of drone training schools and simplified export policies, the government aims to foster a robust domestic market of drones.

5 Best Drone Stocks in India

IdeaForge Technology

IdeaForge Technology was established in 2007 and was founded by IIT Bombay graduates Ankit Mehta, Ashish Bhat, and Rahul Singh. The company is headquartered in Navi Mumbai, Maharashtra. IdeaForge Technology Limited has specialized in developing and manufacturing unmanned aerial vehicles (UAVs).

The company is a leading player in India’s UAV sector, known for its innovative deep-tech solutions. IdeaForge has pioneered advancements in drone technology, establishing itself as a key contributor to India’s defense, civil, and enterprise drone applications.

IdeaForge Technology Limited is a leader in India’s UAV market with a 50% market share. The company specializes in developing high-performance drones modified for defense and civil use, including applications in surveillance, mapping, and logistics. The company offers a full-stack UAV platform and recently introduced Drone as a Service (DaaS), providing flexibility to users.

IdeaForge has completed over 450,000 customer flights and is constantly innovating its platforms. The company is expanding its global presence, targeting markets like the US, Middle East, and Africa, while fostering key industry partnerships.

Revenue: IdeaForge Technology Limited’s revenue has increased from 186.01 crore in FY23 to 314 crore in FY24, which has grown by 67.72%. The company’s revenue has mainly come from UAVs by 93.07%, spare parts of UAVs by 1.25%, services by 1.34%, and others by 4.34%. The revenue of the company has grown at a CAGR of 118.14% over the last four years.

Net Profit: IdeaForge Technology Limited’s net profit improved from 31.99 crore in FY23 to 45.27 crore in FY24, which was by 41.51%. The net profit of the company has grown at a CAGR of 4.45% over the last two years.

Future Outlooks

IdeaForge aims to develop larger UAV platforms like Tactical and Middle-Mile logistics drones with operational ranges of more than 100 km. It plans to enhance AI-driven drone autonomy and integrate third-party software solutions. The company is also investing in geographic expansion, particularly in North America, and scaling its DaaS model to offer a flexible, on-demand drone service.

Key Financial Metrics

Zen Technologies

Zen Technologies was founded in 1993 by Mr. Ashok Atluri. The company is headquartered in Hyderabad, India. The company specializes in developing advanced defence training simulators and anti-drone systems, catering to both domestic and international markets. With over 30 years of experience, Zen has shipped more than 1,000 training systems worldwide and holds an order book of ₹1,402 crores as of March 2024.

Zen Technologies is a leader in India’s counter-drone industry, offering cutting-edge anti-drone systems that detect, track, and neutralize aerial threats. The company’s early investment in this field, starting in 2018, has resulted in over 155 patents filed, with 75 granted globally.

Zen’s anti-drone systems integrate both soft-kill and hard-kill technologies, enhancing security for military and critical infrastructure. The company has a 35% export component in its order book and revenue growth of 167% year-on-year. Zen Technologies is expanding its presence in international markets like the Middle East, Africa, and CIS regions.

Revenue: Zen Technologies Limited’s revenue has increased from 218.85 crore in FY23 to 439.85 crore in FY24, which has grown by 100.98%. The company’s revenue has mainly come from the sale of products by 92.45% and the sale of services by 7.55% in FY24. Zen Technologies Limited has incurred revenue from India by 81.79% and abroad by 18.21%. The revenue of the company has grown at a CAGR of 31.09% over the last four years.

Net Profit: Zen Technologies Limited’s net profit improved from 49.97 crore in FY23 to 129.50 crore in FY24, which was by 159.16%. The net profit of the company has grown at a CAGR of 21.84% over the last four years.

Future Outlook

Zen Technologies plans to scale its anti-drone capabilities by incorporating AI-driven autonomy and enhancing drone operational ranges. The company wants to establish itself as the Indian Armed Forces’ preferred supplier by utilizing government initiatives like “Buy Indian IDDM.”

Zen Technologies aims to capture a significant share of the ₹15,000 crore domestic market for defense training simulators and counter-drone solutions globally. Additionally, the company is supported by its strong position in tactical training simulators and counter-drone systems.

Key Financial Metrics

Drone Destination

Drone Destination was established in 2019 and founded by Chirag Sharma. The company is headquartered in Gurgaon, India. Drone Destination is a leading player in India’s drone ecosystem. The company is providing training, services, and drone sales. It has developed a strong presence across the country, with 12 DGCA-certified training centers, certifying over 4,000 drone pilots to date. 

Drone Destination is heavily involved in India’s burgeoning drone industry, offering services such as drone training, mapping, and surveillance. The company commands a 30–35% market share in drone pilot training and plays a pivotal role in large government projects like the Svamitva Yojana for mapping villages. In 2022, the company expanded its service division, undertaking large-scale drone mapping projects and entering the agri-spray service market.

Revenue: Drone Destination Limited’s revenue has increased from 12.07 crore in FY23 to 31.82 crore in FY24, which has grown by 163.63%. The company’s revenue has mainly come from drone services (49.59%), training services (44.1%), and others (6.29%) in FY24. The revenue of the company has grown at a CAGR of 226.60% over the last two years.

Net Profit: Drone Destination Limited’s net profit improved from 2.44 crore in FY23 to 7.08 crore in FY24, which was by 190.16%. The net profit of the company has grown at a CAGR of 164.58% over the last two years.

Future Outlook

Drone Destination aims to scale rapidly across three key segments—training, services, and drone sales. The company plans to expand its training capacity from 6,000 to 10,000 students annually.

Additionally, Drone Destination is watching significant growth in agri-services, with a potential for 25,000 drone deployments in the agricultural sector. The company is planning to enhance its sales and after-sales service network across India to support its expansion strategy.

Key Financial Metrics

DroneAcharya Aerial Innovations

DroneAcharya Aerial Innovations was established on March 10, 2017, and founded by Prateek Srivastava. The company is headquartered in Pune, Maharashtra, India. The company aims to innovate and revolutionize the drone industry with a focus on providing drone-based solutions and services.

DroneAcharya has established a manufacturing unit in Pune to produce drones for agriculture and defense. The company’s portfolio includes FPV drones, night vision drones, and agricultural spraying drones, further expanding into defense contracts and GIS projects. DroneAcharya has trained over 391 DGCA-certified pilots and secured multiple international drone-based projects, marking significant growth in both national and global markets.

Revenue: DroneAcharya Aerial Innovations Limited’s revenue has increased from 18.57 crore in FY23 to 35.25 crore in FY24, which has grown by 89.82%. The company’s revenue has mainly come from the sale of products of drones by 6.8% and the sale of drone services by 93.2% in FY24. The revenue of the company has grown at a CAGR of 195.8% over the last two years.

Net Profit: DroneAcharya Aerial Innovations Limited’s net profit improved from 3.43 crore in FY23 to 6.08 crore in FY24, which was by 77.3%. The net profit of the company has grown at a CAGR of 144.95% over the last two years.

Future Outlook

DroneAcharya is gearing up for expansion by investing in the development of combat drones, make-in-India agricultural drones, and anti-drone solutions. The company has received an export order for a supply of drone components worth USD 2,40,000. The company is also planning to increase its drone pilot training centers by 600%, targeting a larger market for Drone-as-a-Service (DaaS).

These strategies, including launching new drone types for industrial, defense, and agricultural applications, are expected to propel the company’s long-term growth.

Key Financial Metrics

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RattanIndia Enterprises

RattanIndia Enterprises was established in 2010 by Rajiv Rattan. The company is headquartered in New Delhi, India. The company operates across various sectors, including e-mobility, fintech, and drone technology. RattanIndia has established itself as a key player in India’s technology-driven industries by leveraging cutting-edge technologies to enhance its business operations. Its significant presence in the Indian market reflects its commitment to innovation and growth.

RattanIndia Enterprises Limited, a subsidiary of NeoSky India Limited, has become a prominent player in the Indian drone industry. The company has offered both Drone-as-a-Service (DaaS) and Drone-as-a-Product (DaaP). It is involved in diverse applications such as agriculture, infrastructure inspection, logistics, and public safety. The company’s recent product innovations, like the L-15 cargo drone, cater to defense and commercial sectors.

Revenue: RattanIndia Enterprises Limited’s revenue has increased from 4123.79 crore in FY23 to 5609.64 crore in FY24, which has grown by 36.03%. The company’s revenue has mainly come from the sale of products by 98.26%, the sale of services by 0.2%, and others by 1.54% in FY24. RattanIndia Enterprises Limited has incurred most of its revenue from India by 99.99% and abroad by 0.01%. 

Net Profit: RattanIndia Enterprises Limited has converted its net loss in FY23 to net profit in FY24, which is from -286.14 crore in FY23 to 424.45 crore in FY24.

Future Outlook

RattanIndia Enterprises Limited plans to scale its drone segment by enhancing AI capabilities and autonomous solutions, especially in defense, agriculture, and logistics. The company is working on advanced drones like TACT and Nimble-I for high-precision surveillance, mapping, and delivery services. RattanIndia also aims to tap into global markets, foster R&D, and develop new technologies in drone segments.

Key Financial Metrics

Conclusion

We are at the end part of the article on drone stock in India, Drone stocks in India offer exciting investment opportunities. The market is growing rapidly, backed by government support and increasing demand across sectors. Companies like IdeaForge, Zen Technologies, Drone Destination Limited, DroneAcharya Aerial Innovations, and RattanIndia Enterprises are leading the charge.

These stocks show promise for long-term growth. Investors looking to capitalize on India’s technological advancements should consider adding drone stocks to their portfolios. As the industry expands, early investors may maximize significant rewards.

Which sectors are likely to drive the most demand for drone technology in the coming years? How do you think government policies will impact the drone industry’s development? Which drone companies do you believe will lead the market in the next five years? Let us know in the comments below.

Written By Nikhil Naik

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Drones are transforming India’s defense landscape, offering innovative solutions for surveillance and logistics. Drones are becoming essential tools in various industries, especially in defense, agriculture, and security. As the Indian government invests in drone technology, the sector is poised for significant growth. This evolution reflects a broader shift towards modernisation in defense strategies. The future
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