Top Drone Stocks in India


Last updated on June 8, 2024

Drones, also known as Unmanned Aerial Vehicles (UAVs), are airborne vehicles that can operate autonomously or be guided remotely. In addition to their application in defense, drones find utility in diverse industries, including delivery services, agriculture, and more. In this article, we will delve into the top drone stocks in India.

Incidentally, biggest drone companies in India are not listed and the drone companies listed in the stock market are not necessarily directly playing in the industry.

Drone Industry in India

The drone industry in India is currently in the developmental phase. The Indian government has approved using drones in various sectors, including agriculture and healthcare. In May 2022, during the inauguration of the drone festival in New Delhi, Prime Minister Narendra Modi referred to drones as a ‘game-changer’ in agriculture. He also recognized their crucial role in delivering vaccines to remote areas of the country during the COVID-19 pandemic.

In December 2022, the Ministry of Civil Aviation (MoCA) released guidelines for the Production-Linked Incentive (PLI) scheme, which was introduced in September 2021 for companies involved in the production of drones and their components. The MoCA earmarked a fund of INR 120 crore for companies engaged in the manufacturing of drones and drone components between the fiscal years 2023-2025.

Drone Stocks in India

The drone services market is divided into three categories – drone maintenance, repair and overhaul (MRO), drone platform services, and drone training and education services. The India drone market size at USD 1.20 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India drone market size to expand at a CAGR of 22.15% reaching a value of USD 4.87 billion by 2030.

The annual sales turnover of the Indian drone manufacturing industry may grow from approximately INR 60 crore in 2020-21 to approximately INR 900 crore by 2024-25, said Minister of State of Civil Aviation Gen. VK Singh (Retd.). The industry also received a boost when Finance Minister Nirmala Sitharaman, while presenting the interim budget on 1 February 2024, raised the allocation for the PLI scheme for drone and drone components to INR 57 crore for the fiscal year 2024-25, up from INR 33 crore in FY 2023. (Source: Economictimes)

With the global drone market projected to reach USD 54 billion by 2025, India stands to capture a substantial share, potentially reaching USD 4.2 billion and expanding to USD 23 billion by 2030, as per the EY-FICCI report ‘Making India the drone hub of the world.’

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Common uses of Drones in India

Drones have become a transformative force across various industries in India, showcasing their versatility and efficiency. From agriculture to surveillance, their applications are reshaping the way tasks are accomplished. Let’s delve into the multifaceted use of drones in the diverse landscape of India.

  • Aerial Photography and Videography: Drones, equipped with high-quality cameras, capture aerial photos and videos for purposes like journalism, filmmaking, real estate, surveying, and more.
  • Mapping and Surveying: Drones can generate highly accurate 3D maps and models of terrain and structures for purposes like land surveying, urban planning, and more.
  • Agriculture: In agriculture, drones are utilized for crop surveys, plant health monitoring, and even the application of pesticides and fertilizers over fields.
  • Delivery and Logistics: Companies are investigating the use of drones to deliver packages to customers in remote or hard-to-reach areas.
  • Search and Rescue: Drones equipped with thermal cameras and other sensors aid search and rescue teams in locating missing persons in remote or hazardous areas.
  • Construction and Infrastructure Inspection: Drones play a crucial role in inspecting structures such as bridges, pipelines, and buildings for damage, defects, and maintenance requirements.
  • Security and Surveillance: Drones serve surveillance and security purposes, including monitoring crowds at events, border surveillance, and tracking criminal activity.
  • Wildlife Conservation: Equipped with cameras and sensors, drones contribute to monitoring and tracking wildlife populations, including endangered species.

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Best Drone Stocks in India

NameCurrent PriceP/EROCE (%)1Yr return (%)Profit (%)
DCM Shriram Industries217.5115.916.20Loading…46.3
Hindustan Aeronautics5,488.6541.838.90Loading…154.8
Zen Technologies1,296.1064.446.30Loading…69.2
RattanIndia Enterprises78.8022.436.00Loading…20.1
Bharat Forge1,619.9080.313.30Loading…51.0
Paras Defence and Space Technologies1,459.65117.09.80Loading…105.2
Info Edge India6,850.00125.04.36Loading…43.4
Ideaforge Technology826.0061.812.40Loading…4.3
Dronacharya Aerial Innovations144.5055.40.00Loading…-19.9

Profits are calculated based on the current price and as of 22 Nov 2023
Let’s take a closer look at the leading drone stocks in India.

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#1 DCM Shriram Industries

DCM Shriram Industries

DCM Shriram Industries is a notable Indian conglomerate with involvement in sectors like sugar, chemicals, textiles, and caustic soda production. Notably, in August 2021, the company acquired a 30% ownership stake in Zyrone Dynamics, a Turkish drone manufacturer. This collaboration goes beyond a mere investment; it aims at establishing a global UAV company.

The company is eyeing domestic production of drones and plans to develop versatile UAVs that will be used not just in the defense sector but across several industries.

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#2 Hindustan Aeronautics

Hindustan Aeronautics

As a state-owned entity with a well-established reputation in the country’s air security, the company is at the forefront of drone technology development in India. It is actively engaged in the creation of multiple drones, primarily to meet defense requirements. Additionally, the company is involved in the conversion of the Kiran range of aircraft into UAVs. HAL is anticipated to be a significant beneficiary of the Indian government’s initiative to promote the development of local drone technology.

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#3 Zen Technologies – Among the Top Drone Stocks in India

Zen Technologies

Zen Technologies, headquartered in Hyderabad, is a company that specializes in offering combat training solutions for security and defense personnel. Its product range includes virtual reality equipment, training simulators, and simulation software. Notably, the company has recently made investments in the production of Unmanned Aerial Vehicles (UAVs) for the Indian Air Force.

The company provides services such as aerial surveillance, mapping, and surveying. Additionally, it has designed a range of UAVs, including both fixed-wing and rotary-wing drones. It is probably the most direct play among the drone companies listed in the stock market in India.

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#4 RattanIndia Enterprises – Mobility Services

RattanIndia Enterprises

RattanIndia Enterprises is a diversified business conglomerate in India, involved in various sectors, including electric mobility and e-commerce. The company acquired full control of Revolt electric motorcycles in January 2023 and has now set its eyes on the drone industry.

The company acquired a 60% equity stake in Throttle Aerospace Systems which specializes in manufacturing civil and military-grade drones. RattanIndia Enterprises’ subsidiary NeoSky India also received a drone pilot training license from DGCA in May 2023. The company intends to offer both standardized and customized courses for specific industries at the Bengaluru training center.

#5 Bharat Forge

Bharat Forge

Bharat Forge, a globally recognized manufacturing company, is highly regarded for its proficiency in forging and metalworking. In recent years, the company has expanded its business portfolio by entering the aerospace and defense industry, and actively engaging in the manufacturing of drones making it one of the best drone based stocks in India.

Bharat Forge has successfully secured contracts with leading companies worldwide, showcasing its commitment to the field. The company has ambitious plans for substantial drone production in the future. Earlier in 2023, Bharat Forge partnered with General Atomics for the production of aero components and assembly of UAVs.

#6 Paras Defence and Space Technologies

Paras Defence Listing Estimate

Paras Defence and Space Technologies is a private domestic company that provides an extensive array of defense and space engineering products and solutions. The company has already created a diverse range of UAVs and offers related services, including aerial mapping and surveillance. The company operates in five main business segments, which encompass Defence and Space Optics, Defence Electronics, Heavy Engineering, Electromagnetic Pulse Protection Solutions, and Niche Technologies.

In the drone market, Paras Defence & Space Technologies caters to both commercial and military purposes.

#7 Info Edge India – A VC Model for Drone Stocks

InfoEdge India

Info Edge India – the company behind – is a surprise entry in the list of drone based stocks in India. Established in 1995, the company provides a range of internet-based services through web portals and smartphone apps, and its stock is listed and traded on both BSE and NSE.

Info Edge has a track record of investing in emerging technologies and has made investments in expanding companies such as Zomato, Shopkirana, and Policy Bazaar. Through its venture arm InfoEdge Ventures, the company has invested in Skylark Drones intending to strengthen its product offerings and fuel international expansion. Drone-based delivery services are an area that makes immediate sense for Zomato – one of Info Edge’s portfolio companies.

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#8 Ideaforge Technology

IdeaForge IPO GMP

IdeaForge, backed by industry leaders Infosys and Qualcomm, stands out as a prominent drone technology firm in India. Providing an extensive array of drone solutions, including surveillance, mapping, and inspection, the company has secured a remarkable 50% market share in the Indian unmanned aircraft systems (UAS) market for the fiscal year 2022. IdeaForge continues to uphold its status as the unquestionable leader in the industry.

The drones from IdeaForge cater to various applications, ranging from border security to disaster management. Additionally, IdeaForge goes beyond hardware and offers software solutions like a drone data management system, empowering clients to streamline their data management processes efficiently, and thus, makes it to this list of best drone stocks in India.

#9 Dronacharya Aerial Innovations – One of the pure-play Drone Stocks in India

Droneacharya Aerial IPO GMP

Droneacharya Aerial Innovations is an Indian company specializing in delivering drone-based solutions and training for various industries, including agriculture, infrastructure, mining, and surveying. The company is known for providing customized drone services and solutions to meet specific client requirements.

The company is a recognized start-up under the Government of India’s Start-Up India program and thus, makes it to this list of best drone stocks in India. Notably, it is one of the few pure-play drone companies listed in stock market.

As seen in this list of drone companies listed in the stock market, the majority have UAVs as one of the several businesses they operate, and just a handful are completely focused on drones as the primary business. Nevertheless, this situation is likely to change as more and more drone based stocks in India find their way on stock exchanges.

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FAQs on Best Drone Based Stocks in India

Which are the Best Drone Stocks in India?

Top drone stocks in India include DCM Shriram Industries, Hindustan Aeronautics, Zen Technologies, RattanIndia Enterprises, and InfoEdge India.

What is the future of drones in India?

In December 2022, the Ministry of Civil Aviation (MoCA) released guidelines for the Production-Linked Incentive (PLI) scheme, which was introduced in September 2021 for companies involved in the production of drones and their components. The MoCA earmarked a fund of INR 120 crore for companies engaged in the manufacturing of drones and drone components between the fiscal years 2023-2025.

What is the global market for drones?

With the global drone market projected to reach USD 54 billion by 2025, India stands to capture a substantial share, potentially reaching USD 4.2 billion and expanding to USD 23 billion by 2030


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