Best Drone Stocks in India- check details 2023

Best Drone Stocks in India- Drones, also referred to as Unmanned Aerial Vehicles (UAVs), are aerial vehicles capable of autonomous flight or remote guidance. Beyond their traditional application in defense, drones have found utility across diverse industries, such as agriculture and delivery services. This article explores the leading drone stocks in India and provides insights into the dynamic landscape of the country’s drone industry.

Interestingly, the most significant drone companies in India may not be publicly listed, and those listed on the stock market might not directly represent the drone industry.


Drone Industry in India:

The drone industry in India is currently undergoing a phase of development. The Indian government has given its approval for drone usage in various sectors, including agriculture and healthcare. Prime Minister Narendra Modi, during the inauguration of a drone festival in New Delhi in May 2022, highlighted the transformative role of drones in agriculture, describing them as a ‘game-changer.’ Drones have also played a crucial role in delivering vaccines to remote areas during the COVID-19 pandemic.

In December 2022, the Ministry of Civil Aviation (MoCA) released guidelines for the Production-Linked Incentive (PLI) scheme, allocating a fund of INR 120 crores for companies engaged in drone and drone component production between 2023-2025.

The drone services market in India encompasses drone maintenance, repair and overhaul (MRO), drone platform services, and drone training and education services. Valued at USD 130.4 million in 2020, this market is projected to reach USD 4,918.9 million by 2030, growing at a CAGR of 44.4%. Notably, drone MRO services and drone training and education services are expected to exhibit CAGR rates of 46.8% and 45.2%, respectively, by 2030, constituting a combined share of 25%, according to a KPMG report.


Common Uses of Drones in India:


  • Drones have become indispensable across various industries in India, showcasing adaptability and efficiency. Their applications span a diverse range of sectors:
  • Aerial Photography and Videography: Equipped with high-quality cameras, drones capture aerial photos and videos for journalism, filmmaking, real estate, surveying, and more.
  • Mapping and Surveying: Drones generate highly accurate 3D maps and models for applications such as land surveying and urban planning.
  • Agriculture: Drones facilitate crop surveys, monitor plant health, and apply pesticides and fertilizers over fields.
  • Delivery and Logistics: Companies are exploring the use of drones for delivering packages to remote or inaccessible areas.
  • Search and Rescue: Drones equipped with thermal cameras assist search and rescue teams in locating missing persons in remote or hazardous locations.
  • Construction and Infrastructure Inspection: Drones play a crucial role in inspecting structures like bridges, pipelines, and buildings for damage, defects, and maintenance requirements.
  • Security and Surveillance: Drones are employed for surveillance 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


Name Current Price Market Cap (INR Crore) P/E ROCE (%) 1Yr return (%)
Info Edge India 4740.00 61252.72 125.0 2.76 22.9
Paras Defence and Space Technologies 707.40 2759.83 78.0 13.20 18.5
Zen Technologies 784.80 6548.76 75.8 17.30 289
RattanIndia Enterprises 76.05 10495.09 49.2 3.12 35.1
DCM Shriram Industries 144.50 1255.71 13.9 10.00 106
Dronacharya Aerial Innovations 179.60 430.84 61.9 11.60
Hindustan Aeronautics 2145.00 143375.32 23.9 30.60 61.7




1. Zen Technologies – Among the Top Drone Stocks in India


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 stock market in India.


2. Paras Defence and Space Technologies


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.


3. Info Edge 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 with a view to strengthen its product offerings and fuel international expansion. Drone-based delivery services is an area which makes immediate sense for Zomato – one of Info Edge’s portfolio companies.


4. RattanIndia Enterprises – Mobility Services


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 drone industry.

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


5. 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 defence sector but across several industries.

6. Dronacharya Aerial Innovations


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 pureplay drone companies listed in stock market.


7. 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.


2023-10-13 (4)


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