Garuda Aerospace: Growth in Drone Technology

Garuda Aerospace, a startup focusing on drone technology, has reported moderate growth during the last financial year ending March 31, 2025. Based in Bengaluru, the company has achieved profitability, driven by consistent revenue growth and prudent cost management.

During FY25, Garuda’s operational revenue rose by 7.3%, reaching Rs 118 crore compared to Rs 110 crore in FY24, as indicated by its unaudited financial statements submitted to the Registrar of Companies (RoC). Garuda Aerospace specializes in the design, manufacturing, and customization of Unmanned Aerial Vehicles (UAVs or drones) for diverse applications such as deliveries, agricultural use, and disaster response.

Additionally, Garuda garnered Rs 7 crore from other income, bringing the total income to Rs 125 crore in FY25, a rise from Rs 111 crore in the previous financial year.

Expenses Overview

Examining the expenses, it was noted that the cost of materials, which constituted the largest portion of expenditure, increased by 14% to Rs 56 crore in FY25 from Rs 49 crore in FY24. Employee benefit expenses saw a decline of 12%, amounting to Rs 9.23 crore, while finance costs were cut in half to Rs 1 crore during the same period. Depreciation costs, however, rose to Rs 3 crore in FY25 from Rs 2 crore in FY24.

In total, Garuda’s expenses experienced a growth of 13%, reaching Rs 100.5 crore in FY25, compared to Rs 89 crore in FY24. Despite the heightened expenditure, the firm was successful in expanding its net income, with profit after tax (PAT) increasing by 9.4% to Rs 17.5 crore in FY25, up from Rs 16 crore in FY24.

Performance Metrics

The company’s return on capital employed (ROCE) and EBITDA margin stood at 14.37% and 22.4%, respectively. On a unit level, Garuda expended Rs 0.85 to generate each rupee of revenue during the fiscal year. The organization reported current assets totalling Rs 179 crore, which included Rs 4.6 crore in FY25.

Funding and Operations

According to various sources from a startup data intelligence platform, Garuda Aerospace has successfully raised an estimated $44 million from a range of investors, including Nagarajan Seyyadurai, Ocgrow Ventures, and cricketer MS Dhoni, among others. The company operates a fleet comprising 400 drones and 500 pilots across 84 cities.

Recently, Garuda secured funding from the Narotam Sekhsaria Family Office to enhance its manufacturing capability, aiming to increase production from the current rate of 8,000 drones per year to between 12,000 and 15,000 units. The company also plans to expand its export activities to 50 countries by the end of the year.