Garuda Aerospace Limited Unlisted Share Price Today

Current Indicative Share Price

₹423 per share — indicative price as of 10 October 2026

Minimum investment: ₹10,000. Confirm the available quantity, final quote, security and settlement terms before placing an order. The indicative quote is a private-market reference and may differ from the final buying or selling price.

Source: Unlisted Valley first-party market/transaction data, 10 October 2026.

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Garuda Aerospace Limited is a Chennai-based drone company operating across manufacturing, drone services and remote-pilot training. Its unlisted shares provide exposure to this business before a potential stock-exchange listing. Investors should assess its revenue growth alongside cash collection, funding needs and the agreed settlement terms.

Source: Garuda Aerospace company overview.

Garuda Aerospace at a Glance

Sources: Garuda Aerospace corporate information and Annual Report 2025–26. Security description, ISIN and registrar details: owner-supplied security record reviewed on 10 October 2026. Match the offered security before settlement; the record’s verification limits are noted in Sources. Transfer status: Unlisted Valley first-party transaction confirmation, 10 October 2026.

Business and Revenue Model

The business combines the sale of drones and parts with services delivered using drones. Drone-as-a-Service allows customers to use drone capabilities without purchasing the equipment themselves. Applications disclosed by the company include agriculture, defence, infrastructure, mining, disaster management and enterprise operations. Remote-pilot training is another part of its operating model.

In FY26, disclosed drone and parts sales were ₹99.36 crore, while service sales were ₹106.46 crore. The audited statements do not provide separate profit figures for agriculture, defence or training. The disclosed service total does not distinguish training, defence work or recurring subscriptions.

The FY26 accounts also disclose ₹51.87 crore of outsourced contract costs. This makes supplier and partner execution relevant alongside the company’s own operations. Source: Annual Report 2025–26 — Note 20.

FY25 operating revenue included ₹5.78 crore of production-linked incentive income; FY26 reported no income under that line. The annual comparison includes this difference and does not establish that all forms of public support have ended.

Sources: Company overview and Annual Report 2025–26, revenue and segment disclosures.

Financial Performance

Garuda’s operating revenue and profit grew in FY26, while operating cash flow remained negative and trade receivables—amounts owed by customers—increased sharply. Both profitability and cash conversion matter when assessing the company’s funding requirements.

Audited Annual Financials

Figures in ₹ crore, except earnings per share. FY26 and FY25 are years ended 31 March 2026 and 31 March 2025 respectively. Both columns use Indian Accounting Standards (Ind AS) figures from the FY26 annual report. These are standalone accounts, covering Garuda Aerospace itself rather than combining it with subsidiaries.

Impairment losses reflect reductions in the expected recoverable value of financial assets, after reversals. The impairment expense differs from the closing receivable loss allowance and need not represent a cash loss during the year.

Source: Garuda Aerospace Annual Report 2025–26 — audited standalone financial statements, signed 17 August 2026. Source amounts in ₹ million are converted to ₹ crore. Earnings per share (EPS) follows the report’s adjusted ₹2 face-value basis. FY25 is the comparative Ind AS period in this report, rather than figures copied from an earlier accounting basis.

Operating revenue grew 66.82% and profit after tax grew 41.10%. Net profit as a share of operating revenue declined from 14.88% to 12.58%, so earnings grew more slowly than sales. These percentages are Unlisted Valley calculations from the unrounded audited figures.

Year-end net receivables exceeded the full year’s operating revenue. Alongside the operating cash outflow and higher impairment expense, this makes customer collections a central issue for shareholders. Accounting profit has not yet translated into positive operating cash generation. Receivables alone do not prove non-collection or misconduct; subsequent collections and the next audited cash-flow statement will help assess whether the position improves.

FY26 was the company’s first annual Ind AS reporting period. The financial table is standalone; it should not be read as a current consolidated account of all later group activities.

Shareholding and Corporate Actions

Promoter Ownership at 31 March 2026

Source: Annual Report 2025–26 — equity shareholding disclosure. Percentages are the reported rounded figures on an equity-only denominator of 4,82,46,430 shares at 31 March 2026. They do not represent current post-funding or fully diluted ownership, which assumes conversion of relevant securities into equity. The combined row includes the preceding two categories and is not an additional holding.

Agnishwar held 76.97% of the equity on that dated basis, indicating concentrated promoter control. MS Dhoni’s relationship with the company includes an endorsement agreement and a separate right-to-subscribe agreement. The annual report records an allotment pursuant to that arrangement; it does not establish his current percentage holding or constitute an investment recommendation.

Compulsorily convertible preference shares (CCPS) are preference securities that convert into equity under their terms. The company allotted 85 bonus shares for each existing equity share or CCPS on 12 March 2026. Shareholders subsequently approved subdivision from ₹10 to ₹2 face value on 19 March. Historical prices and share counts need the appropriate corporate-action adjustments before comparison.

At 31 March, CCPS were separately outstanding from ordinary equity. The report also discloses a later conversion of 5,70,180 Series A CCPS pursuant to a 28 May notice, and an annual general meeting (AGM) proposal for another equity issue. These dated disclosures do not establish the latest completed capital structure. A current share count, market capitalisation or present ownership percentage should not be inferred by combining them.

Source: Annual Report 2025–26 — capital, corporate-action and subsequent-event disclosures.

IPO and Listing Status

Garuda Aerospace has announced confidential pre-filing for an initial public offering (IPO), a company’s first public share offering. Its public notice states that a pre-filed draft red herring prospectus dated 29 March 2026 was filed with SEBI, BSE and NSE. This is a preliminary offer document submitted for regulatory review through the confidential route; the public notice does not make the full draft publicly available. Filing does not guarantee that an IPO will open or that the shares will list.

Source: Issuer’s public pre-filing notice, published 31 March 2026, Garuda notice on the third PDF page.

Moneycontrol reported that SEBI observations were issued on 5 August 2026. An Economic Times report dated 7 October described a target debut in the first quarter of 2027. The target remains reported rather than a confirmed listing schedule. SEBI observations should not be read as an endorsement of the investment.

Sources: Moneycontrol, 7 August 2026 and Economic Times, 7 October 2026.

As of the research cutoff, a confirmed subscription timetable, price band and application lot were not established. An unlisted-market quote does not determine the eventual IPO offer price. For detailed milestones, see Garuda Aerospace IPO status, filing and listing timeline.

Recent Funding and Business Developments

Reported October Pre-IPO Funding

Economic Times reported approximately US$10 million in pre-IPO funding at a US$320 million pre-money valuation on 7 October 2026, with the Motherson family office and Aditum Investment Group reported as lead investors. Pre-money valuation refers to the value before the new investment. It does not establish the IPO valuation or the price of the equity security offered in the unlisted market.

The funding report adds context to the company’s financing and listing plans; final security terms and completed allotment details should be checked against issuer disclosures. Read the Garuda Aerospace pre-IPO funding news for the event summary.

Source: Economic Times funding report, 7 October 2026, opening and synopsis.

Airbus Flexrotor Leasing Expansion

Airbus Helicopters announced a contract with Garuda Technologies Inc. on 10 March 2026 for delivery of up to 18 Flexrotor unmanned aircraft systems for lease services. This involves procurement for a leasing portfolio; it is not an order for Airbus to purchase Garuda-manufactured drones. Completed deliveries and revenue contribution are not established by the announcement.

Airbus describes the contracting entity as wholly owned, while Garuda’s FY26 board report states that there were no subsidiaries at 31 March and describes a later US acquisition. The ownership chronology needs reconciliation before this development is treated as part of a current consolidated financial picture.

Sources: Airbus Helicopters contract announcement, 10 March 2026 and Garuda Annual Report 2025–26.

The board report also describes a memorandum of understanding with Bharat Electronics Limited. An MoU sets out a cooperation framework; it is not evidence of a firm sales order or booked defence revenue.

Source: Annual Report 2025–26 — board report.

Why Investors Are Tracking Garuda Aerospace

The combination of annual revenue growth, a manufacturing-and-services model, IPO progress and reported new funding gives investors several developments to monitor. Leasing expansion and defence cooperation add potential avenues beyond the existing product and service business, but commercial outcomes require delivery, utilisation and customer payments.

The financial test is whether revenue growth produces stronger collections and operating cash flow. The execution test is whether announced arrangements generate demonstrable activity and earnings. The shareholder test is whether updated capital records clarify dilution and ownership. These are monitoring criteria drawn from the preceding disclosures, rather than a forecast of returns.

Risks of Investing in Garuda Aerospace Unlisted Shares

Sources: Annual Report 2025–26 and the dated IPO/funding and Airbus sources cited above. Liquidity and deal checks are Unlisted Valley transaction guidance.

Related-Party Advances

At 31 March 2026, Garuda reported ₹12.93 crore of capital advances to Agni Estates and Foundations Private Limited, compared with ₹6.49 crore a year earlier. It also reported ₹1.13 crore of other advances to that entity. The annual report identifies it as an entity over which key management personnel or their relatives exercise significant influence.

These balances make the use and recovery of funds advanced to related parties a capital-allocation issue to monitor. A related-party balance alone does not establish misconduct.

Source: Annual Report 2025–26 — Note 29, outstanding related-party balances, audited standalone figures at 31 March 2026 and 31 March 2025, converted from ₹ million to ₹ crore.

Audit and Policy Considerations

The FY26 audit records ₹318.64 lakh of advance tax relating to June and September 2025 as unpaid at the audit-report stage. Directors describe temporary operational difficulties and corrective measures. This is a dated audit finding; the report does not establish that the amount remains unpaid on 10 October 2026.

Drone products, services and training activities also depend on the permissions applicable to each activity. Certification for one product or training programme should not be treated as approval covering every operation.

Source: Annual Report 2025–26 — audit annexure, directors’ response and business disclosures.

How to Buy or Sell Garuda Aerospace Unlisted Shares

Unlisted Valley facilitates transactions in unlisted shares, including enquiries for Garuda Aerospace. Confirm availability and the terms for the specific holding before committing funds or initiating a transfer.

1. Share your buying requirement or selling holding. Buyers can enquire from the stated minimum investment; sellers should provide the security identity, quantity and demat details.
2. Confirm the quote, quantity and transaction terms. Review buyer or seller availability, payment arrangements and settlement documentation. Unlisted Valley confirms no transfer restriction for the Garuda Aerospace shares it offers, as of 10 October 2026.
3. Complete Know Your Customer (KYC) identity checks and verify the demat account. Match the account holder, the offered ₹2 equity ISIN and the applicable depository route.
4. Review the deal documentation and settlement instructions. Follow the agreed payment and off-market demat-transfer process. Off-market transfer means moving securities between demat accounts outside an exchange trade.
5. Verify settlement and retain the documents. The buyer should confirm demat credit; the seller should confirm settlement under the agreed terms.

Selling depends on finding a buyer willing to transact at an acceptable price and quantity. Buying and selling quotes may differ, and neither liquidity nor a fixed transfer time is assured. Documentation and depository processing can delay settlement.

Source: Unlisted Valley first-party market/transaction data and transaction guidance, 10 October 2026. The absence of transfer restrictions for shares offered through Unlisted Valley is owner-confirmed as of that date.

Final Thoughts

Garuda Aerospace offers exposure to a drone manufacturing-and-services business with growing audited revenue and profit. Its cash conversion, receivables and funding needs remain central to the assessment, alongside the execution of announced expansion.

For an unlisted-share transaction, confirm the offered security and settlement terms. IPO progress and reported funding provide context, but neither assures a listing date, liquidity or investment return.

Important Disclosure

Unlisted Valley facilitates the buying and selling of unlisted shares, including Garuda Aerospace Limited. As a platform with a commercial interest in these transactions, we aim to provide balanced, factually sourced information to help investors make independent decisions.

Indicative prices, share availability and transaction terms may change based on market conditions. Information presented on this page is for educational and informational purposes only and should not be considered investment advice, a guarantee of returns or a recommendation to buy or sell shares.

Investors should independently evaluate the company’s financial performance, valuation, business prospects, liquidity and associated risks before making an investment decision.