Garuda Aerospace Limited- FY26 Results

01 September 2026

Garuda Aerospace Limited is an integrated drone technology company engaged in the design, development, manufacturing and deployment of unmanned aerial systems and technology-enabled drone services. Founded in 2015 and headquartered in Chennai. Its product portfolio spans agricultural drones, survey and mapping platforms, inspection systems, surveillance drones, logistics platforms and specialised defence solutions, delivered through an integrated value chain covering drone design and indigenous R&D, manufacturing and assembly, Drone-as-a-Service operations, AI and data analytics, maintenance and after-sales support, mission planning and fleet-management software, and specialised defence and strategic systems.

Revenue, EBITDA, Net Profit & EPS Summary (₹ in Cr)

Particulars	FY26	FY25	YoY change
Revenue	206	125	+65.2%
EBITDA	39	30	+29.6%
EBITDA Margin	19.0%	24.2%
Net Profit (PAT)	26	18	+41.1%
NP Margin (NPM)	12.6%	14.7%
EPS (Basic & Diluted)	4.99	3.67	+36.0%

Revenue grew a strong 65.2%, reflecting scale-up across Garuda's agriculture, industrial, and Drone-as-a-Service verticals. However, profit growth (+41.1%) lagged revenue growth, as costs, notably impairment losses and cost of materials, rose faster than income, compressing both EBITDA margin and net margin. The company remains solidly profitable, but FY26's growth came with a modest trade-off in margin efficiency

Common-Size Statement

Particulars	FY25	FY25 (% of revenue)	FY26	FY26 (% of revenue)
Revenue (Total Income)	125	100.0%	206	100.0%
Cost of materials consumed	72	57.9%	117	56.6%
Employee benefit expense	9.55	7.7%	8.02	3.9%
Finance costs	1.23	1.0%	1.04	0.5%
Depreciation & amortisation	3.60	2.9%	4.08	2.0%

Key Balance Sheet Items (₹ in Cr)

Particulars	FY26	FY25
Property, plant and equipment	18	15
Inventories	34	25
Trade receivables	234	112
Cash and cash equivalents	2.39	0.95
Current borrowings	22	6.25
Non-current borrowings	-	0.46
Trade payables	65	26

Trade receivables more than doubled, far outpacing revenue growth; this is the standout working-capital trend and the main driver of the overall balance sheet expansion. Borrowings remain very small relative to the balance sheet (non-current borrowings fell to nil), suggesting this receivables build-up was funded largely through equity and internal accruals rather than debt.

Key Ratio Analysis

Particulars	FY26	FY25
Net Profit Margin	12.6%	14.7%
Return on Equity	10.8%	11.1%
Fixed Asset Turnover Ratio	11.47x	8.23x
Debt-to-Equity Ratio	0.09x	0.04x

ROE held broadly steady (~11%), as strong equity growth roughly kept pace with profit growth. Fixed asset turnover improved noticeably (8.23x to 11.47x), indicating the company is generating meaningfully more revenue per unit of fixed assets, a sign of efficient scaling rather than capacity-led growth. Leverage remains very low in absolute terms (D/E of just 0.09x), even though it roughly doubled YoY off a tiny base, so the balance sheet stays conservatively funded overall.

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