In a significant development for India’s rapidly expanding drone ecosystem, AVPL International, operating under the brand AITMC Ventures, has pre-filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a proposed INR 200 crore Initial Public Offering (IPO). This marks the company’s second attempt at a public listing, after an earlier DRHP submission in December 2023 for an NSE Emerge debut that did not materialise.
The company’s board had, on 17 July 2025, passed resolutions approving a fresh issue increase from INR 125 crore to INR 200 crore, along with a hike in its authorised share capital from INR 22 crore to INR 25 crore. The resolutions were formalised during an Extraordinary General Meeting (EGM) held through video conferencing, as detailed in the company’s notice and explanatory statement filed in June 2025.
AVPL International IPO: Use of Proceeds and Strategic Objectives
According to board documents, the proceeds from the IPO will be utilised for:
- Business expansion across drone manufacturing, training, and agri-tech services
- Working capital requirements to support scaling operations
- General corporate purposes, including infrastructure and technology upgrades
AITMC Ventures aims to capitalise on growing national demand for drone-based agricultural and industrial solutions, positioning itself as a major force in India’s drone-as-a-service (DaaS) and agri-drone sectors.
Financial Performance: A Year of Strong Growth
The company’s consolidated financials for FY25 underline a robust growth trajectory:
- Operating revenue surged 87% to INR 87.47 crore from INR 41.87 crore in FY24.
- Net profit rose 59% to INR 14.02 crore from INR 8.84 crore the previous year.
- Total income stood at INR 88.78 crore, including other income of INR 1.32 crore.
- Earnings per share (adjusted) remained at INR 1.66, reflecting increased equity base post expansion.
Key ratios reveal both opportunity and recalibration during a scale-up phase:
| Metric | FY25 | FY24 | Change | Commentary |
|---|---|---|---|---|
| Current Ratio | 1.72 | 2.09 | ↓21% | Working capital pressure due to growth investments |
| Debt-Equity Ratio | 0.48 | 0.08 | ↑528% | Increased borrowings for expansion |
| Return on Capital Employed | 31.29% | 44.83% | ↓30% | Capital base expansion reduced ratio temporarily |
| Net Profit Margin | 16.03% | 21.11% | ↓24% | Margins moderated due to higher financing and scaling costs |
Despite margin dilution, profitability and operational efficiency continue to strengthen, indicating a stable financial foundation heading into the IPO.
The Aborted Merger and Market Context
Earlier in January 2025, AITMC had signed a term sheet to merge with DroneAcharya Aerial Innovations, a BSE SME-listed entity. The strategic plan aimed to create a powerhouse integrating drone training, hardware, software, and automation. However, the merger was eventually rescinded by DroneAcharya’s board.
Despite the setback, AITMC’s co-founder Preet Sandhuu highlighted strong momentum in valuation and investor interest following national security initiatives like Operation Sindoor. As per her statement, the company’s valuation currently ranges between INR 1,400 to 1,500 crore — a substantial leap reflecting investor confidence in the drone industry’s trajectory.
Industry Positioning and Outlook
Founded in 2016 by Preet Sandhuu and Deep Sisai, AITMC Ventures operates over 70 drone training centres across 16 Indian states, offering a suite of services that include:
- Drone pilot training and certification
- Drone leasing and as-a-service models
- Agri-tech solutions integrating drone-based crop monitoring and spraying
The company’s aggressive scale-up mirrors India’s broader drone policy push and growing emphasis on indigenisation under the Make in India framework.
Conclusion
With a stronger balance sheet, refined governance, and renewed IPO strategy, AVPL International (AITMC Ventures) is poised for a pivotal market debut. The INR 200 crore offering, if cleared by SEBI, could not only mark AITMC’s transition into the listed space but also signal a new chapter for India’s homegrown drone enterprises aiming for global relevance.
As AITMC embarks on this journey, all eyes will be on SEBI’s review and the subsequent market response — a defining test for both the company’s operational maturity and India’s confidence in drone-driven innovation. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.