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9 Drone Stocks in India in 2024 To Know

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Taking the world by storm, drones or Unmanned Aerial Vehicles (UAVs) are no longer a matter of science fiction. These aerial marvels are revolutionizing diverse industries, from delivering medicines to inspecting remote infrastructure. As the adoption of drones continues to soar, investors are eyeing drone stocks as potential opportunities for growth and diversification.

By 2030, India is poised to emerge as a leading global drone center. The Indian government is developing infrastructure to boost manufacturing capacity to reach US $23 billion soon. With multiple players vying for dominance, which drone stocks hold the most promise?

The Drone Industry: A Synopsis

The drone industry in India has evolved significantly and is not limited to defense applications. Supported by government policies and technology advancements, drones are now used in agriculture, logistics, infrastructure, disaster management, and the media and entertainment industry. This diversification highlights drones’ potential for efficiency and innovation in various sectors. 

With rapid technological advancements, drones are finding applications in:

  • Agriculture – Drones are used for crop monitoring, pesticide spraying, and precision farming, positively affecting drone stock investments.
  • Logistics and e-commerce – Drones for delivery and warehouse management influence drone stock performance.
  • Infrastructure and construction – Drones inspect pipelines, bridges, and dams, improve safety standards and project efficiency, and positively impact drone stock valuation.
  • Disaster management – Drones assist in search and rescue operations and aerial mapping, offering support during emergencies, highlighting their versatility and value proposition for drone stock investors.
  • Media and entertainment  – These industries use drones for aerial photography, filming, and live event coverage, enhancing production quality and expanding market opportunities for drone stocks.

This diversification of drone applications signifies the transformative impact of drones across various sectors, promising innovation and efficiency in diverse fields. Investors can explore many opportunities offered by drone companies’ stocks, reflecting the sector’s profitability. Investing in drone stocks presents an avenue for substantial growth and diversification within investment portfolios.

Best Drone Stocks in India 2024

Here is a list of the top ten drone stocks in India listed in the share market:

Drone StocksMarket Cap in Crores (as of 1.02.24)
Adani Enterprises₹358,085.75 
Bharat Electronics₹136,765.96
Bharat Forge₹57671.22
Zen Technologies Ltd.₹6728
Hindustan Aeronautics₹200,635.84 
IdeaForge Technology₹ 3088.35
Droneacharya Aerial Innovations Ltd.₹432
Paras Defense & Space Technologies Ltd.₹2839
Source: NSE

Let’s delve into the details of some of the emerging drone stocks:

1. Bharat Electronics Limited: Bharat Electronics Limited is a leading Indian aerospace and defense company specializing in designing, manufacturing, and supplying advanced electronics equipment and systems. 

In the quarter ending December 31, 2023, the company exhibited a stable financial performance with notable indicators. It achieved a revenue of ₹4136 crores, slightly surpassing the ₹4131 crores from the corresponding quarter last year. 

However, the company’s net profit for the recent quarter surged to ₹893 crores compared to ₹598 crores in the same quarter last year, marking a substantial growth of nearly 50% in profits. Despite modest revenue growth, the company’s efficient management of resources and favorable earnings trajectory position it well for continued success and resilience in the market.

2. Hindustan Aeronautics Ltd.

Hindustan Aeronautics Limited (HAL) is a premier aerospace company in India, renowned for its expertise in aircraft manufacturing and related services. Established in 1940, HAL has been instrumental in shaping India’s aviation industry and is crucial to the nation’s defense capabilities. 

For the quarter concluding on December 31, 2023, the company reported revenues of ₹6060 crores, compared to ₹5665 crores for the corresponding period last year, marking a modest growth of 6.5% in operational revenue. The net profit for the quarter reached ₹1253 crores, reflecting an 8% increase from the previous year’s ₹1153 crores.

3. Zen Technologies Limited (Zentech): A leading manufacturer of drone simulators and defense and security forces training solutions. Zentech also develops commercial drones for agriculture, infrastructure inspection, and disaster management. In addition, it provides various UAVs, including rotary-wing and fixed-wing drones, and offers services such as aerial mapping, surveillance, and surveying. Over the past year, the company has experienced significant growth. 

In the quarter ending on December 31, 2023, the company recorded revenue of ₹102.26 crores from its operations, showing a remarkable 194% growth compared to ₹34.84  crores in the corresponding quarter of the previous year. Profits for the recent quarter reached ₹31.66 crores, marking a whopping 316% increase from the ₹7.6 crores reported for the same quarter last year.

In FY24, the company has secured 15 new patent grants in India. It is actively pursuing inorganic expansion through acquisitions, aiming to raise funds to ₹1000 crores.

4. Droneacharya Aerial Innovations Limited: Pioneers manufacture fixed-wing and rotary-wing drones for agricultural spraying, aerial photography, and mapping. Droneacharya also offers drone training and pilot certification programs. The company recorded exponential earnings growth in the fiscal year 2023. 

The drone ecosystem startup, listed on the BSE SME platform, achieved a net profit of ₹3.96 crore for the half year ended on September 30, 2023, marking a remarkable growth of about  3000% compared to ₹0.13 crore recorded in the previous year. Revenue from operations also experienced a substantial surge, increasing by almost 1000%, reaching ₹20.89. crores as compared to ₹1.9 crores recorded for the same period last year. 

5. Paras Defence & Space Technologies Limited: Renowned for its defense equipment manufacturing, Paras Defence has ventured into the drone space with advanced surveillance and reconnaissance UAVs. 

In the December 31, 2023 quarter, the company accrued revenue of ₹62.79 crores, marking a 5% increase from the previous quarter ending September 30, 2023, where revenue stood at ₹59.8 crores. The Profit after Tax (PAT) amounted to ₹7.6 crores, reflecting a decline of nearly 24% compared to the preceding quarter’s figure of ₹10.1. crores.

Furthermore, the company secured a significant order valued at ₹53 crore from the Ministry of Defence. The order pertains to the supply of Optronic Periscopes, with partial delivery expected in FY24 and the remaining balance to be fulfilled by FY25.

Factors to Consider Before Investing in Drone Stocks in India

While drone stocks hold immense potential, investing in these stocks requires careful consideration. Understanding the market dynamics of drone stocks is essential for informed decision-making.

  • Company financial performance: Analyze the company’s revenue growth, profitability, and debt levels to gauge its financial stability, which directly influences the performance of drone stocks in the market.
  • Technology and innovation: Assess the company’s technological expertise, R&D investments, and competitive edge to determine its ability to stay ahead in the drone industry, reflecting positively on drone-related stocks.
  • Regulatory landscape: Keep track of evolving government regulations and policies impacting the drone market, as changes in laws can significantly affect the operational capabilities and market opportunities for drone companies’ stock.
  • Market demand: Evaluate the potential demand for the company’s drones in specific sectors to understand drone stocks’ growth potential and industry demand.
  • Management expertise: Consider the experience and capabilities of the company’s leadership team to assess execution capabilities, influencing investor sentiment towards drone stocks.


Investing in drone companies’ stocks is akin to buying a ticket to the future of technology. You can make informed investment decisions by analyzing individual companies, understanding the drone industry’s dynamics, and staying informed about regulatory changes. Remember, thorough research, careful analysis, and a diversified portfolio are vital to navigating this exciting yet nascent sector.

As the drone industry continues to evolve, investing in drone stocks offers investors a gateway to participate in the transformative potential of this emerging technology. With diligent research, drone stocks can become integral components of a well-rounded investment portfolio.


  1. What is a Drone Company?

    A drone company specializes in designing, manufacturing, and deploying unmanned aerial vehicles (UAVs) for diverse applications. These companies develop a range of UAVs, including fixed-wing and rotary-wing models, equipped with advanced technology for tasks such as aerial mapping, surveillance, surveying, and more. 
    As the demand for UAVs continues to expand across various industries, drone stocks remain an attractive option for investors seeking exposure to this rapidly evolving sector.

  2.  Which is the Leading Drone Technology?

    Several technologies power drones, with autonomous flight, artificial intelligence (AI), machine learning, and advanced battery technology being the most prominent. Autonomous flight integrates sensors and algorithms and helps drones navigate accurately, while AI helps them recognize objects and avoid obstacles. Machine learning allows drones to fly better and analyze data. Improved batteries make drones fly longer. These technologies make drones better, more reliable, and more useful across many industries as technology keeps improving.
    As advancements continue to shape the drone sector stocks, investors must monitor developments closely to identify growth opportunities. Understanding these technologies within the drone industry can provide insights into the potential growth of drone stocks in the market. 

  3.  Which drone company did Tata acquire recently?

    On July 22, 2022, Tata Steel entered into a MOU with Aarav Unmanned Systems (AUS), a startup based in Bengaluru specializing in comprehensive drone solutions to enhance mine management effectiveness.
    The core objective of this partnership is to collaboratively develop and deliver sustainable, end-to-end integrated solutions designed to enhance the efficiency, safety, and productivity of open-cast mining operations. Additionally, Tata Steel will partner with AUS to offer exclusive drone-based solutions to Tata Steel group companies across various stocks and mining locations in India, including mine analytics and geotechnical mapping.
    Tata Advanced Systems Limited (TASL), a Tata Group subsidiary, recently acquired a majority stake in Tata Aerospace and Defence Systems (TADS). This strategic move positions the Tata Group as a significant player in the Indian drone sector stocks market, leveraging TADS' expertise in military drones and unmanned aerial surveillance.

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I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.

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