BA
BharatRohan Airborne Innovations
Book Building issueSMEBSE₹45.04 Cr issue
+5.88%
Listing gain over issue price
Issue size
₹45.04 Cr
1 lot at cut-off
₹1,36,000
Lot size
1,600shares
Open
23 Sept 2025
Close
25 Sept 2025
Allotment
26 Sept 2025
Listing
30 Sept 2025
Listing performance
Issue price
₹85
Listed at
₹90
Listing-day close
₹91.99
Latest price
₹125.45
Listing gain
+5.88%
Return since listing
+47.59%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹5
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Sept 2025 | ₹5 | +5.88% | ₹6,100 | ₹90 | ₹8,000 |
| 29 Sept 2025 | ₹5 | +5.88% | ₹6,100 | ₹90 | ₹8,000 |
| 28 Sept 2025 | ₹5 | +5.88% | ₹6,100 | ₹90 | ₹8,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 23 Sept 2025 – 25 Sept 2025
- Listing date
- 30 Sept 2025
- Face value
- ₹1 per share
- Issue price
- ₹85 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹45.04 Cr
- Market cap at offer price
- ₹169 Cr
- Promoter holding
- 54.86% → 40.27% pre-issue → post-issue
- ISIN
- INE0QMV01017
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- Fourth Floor B-117, DDA Sheds, Okhla Industrial Area Phase-I, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 14,75,200 | — | — |
| Market maker | 2,68,800 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹85
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,36,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,72,000 |
| S-HNI (max) | 7 | 11,200 | ₹9,52,000 |
| B-HNI (min) | 8 | 12,800 | ₹10,88,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
14,75,200
Anchor portion
₹12.54 Cr
at ₹85 per share
Valuation and performance
Valuation at offer price
₹85 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.19 | 3.81 |
| P/E (×) | 16.38 | 22.31 |
| Price to book (×) | 3.32 | — |
| Market cap | — | ₹169 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 20.38%
- ROCE
- 19.69%
- Debt / equity
- 0.04
- PAT margin
- 26.93%
- EBITDA margin
- 28.12%
- NAV per share
- ₹25.61
- Price to book
- 3.32
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About BharatRohan Airborne Innovations
BharatRohan Airborne Innovations Limited, incorporated in June 2016 and converted to a public company in November 2024, operates as a vertically integrated agritech company. The company provides crop monitoring services via drone/UAV platforms using hyperspectral imaging technology, advisory on integrated crop management practices, and sells branded agri-inputs under the 'Pravir' brand as well as agri-output products procured from associated farmers. The company has expanded its portfolio to include multiple agri-output products such as cumin, soybean, rice, jowar, and mustard. As of March 31, 2025, the company serves 12,729 associated farmers across Rajasthan, Gujarat, Uttar Pradesh and other states through a diversified portfolio combining technology-driven advisory services with agricultural product trading.
Company Analysis
from RHPBharatRohan is an agritech and agri value chain solutions provider leveraging drone-based hyperspectral imaging technology to deliver crop monitoring services, agri-input sales, and agri-output product trading to farmers across India.
BharatRohan Airborne Innovations Limited, incorporated in June 2016 and converted to a public company in November 2024, operates as a vertically integrated agritech company. The company provides crop monitoring services via drone/UAV platforms using hyperspectral imaging technology, advisory on integrated crop management practices, and sells branded agri-inputs under the 'Pravir' brand as well as agri-output products procured from associated farmers. The company has expanded its portfolio to include multiple agri-output products such as cumin, soybean, rice, jowar, and mustard. As of March 31, 2025, the company serves 12,729 associated farmers across Rajasthan, Gujarat, Uttar Pradesh and other states through a diversified portfolio combining technology-driven advisory services with agricultural product trading.
agritechagricultureprecision agricultureagricultural value chain solutionsdrone servicesagricultural inputs distributionagricultural commodity trading
Objects of the Issue
- Capital expenditure requirements for purchase of new Equipment by our Company ₹1,420.62 lakhs p.29
- Purchase of Commercial Vehicle ₹229.19 lakhs p.29
- Working Capital Requirement of our Company ₹1,668.00 lakhs p.29
- General Corporate Purpose p.29
- Funding Capital Expenditure requirements for purchase of new Equipment for Crop Monitoring Services (assembling Drones with Hyperspectral Imaging technology) ₹1,420.62 Lakhs p.71
- Purchase of Commercial Vehicle for transportation of Drones ₹229.19 Lakhs p.71
- Working Capital Requirement p.87
- General Corporate Purposes p.87
- Funding of Capital Expenditure requirements for purchase of new Equipment ₹1,420.62 Lakhs p.145
- Purchase of Commercial Vehicle ₹229.19 Lakhs p.145
- Funding Working Capital Requirement of our Company ₹1,668.00 Lakhs p.145
- General corporate purposes [●] p.145
Issue Structure
- Total Issue
- Up to 52,99,200 Equity Shares of face value of ₹10/- each aggregating to ₹[●] Lakhs
- Fresh Issue
- Up to 52,99,200 Equity Shares of face value of ₹10/- each for cash at a price of ₹[●] per Equity Share aggregating to ₹[●] Lakhs
- Offer for Sale
- Not Applicable as the entire issue constitutes fresh issue of equity shares
- Price Band
- [●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10/- each
Business Model
The company earns revenue through three main streams: (1) Crop Monitoring Services via drone-based hyperspectral imaging with tiered service packages (Basic, Standard, Premium), which generated ₹1,405.83 lakhs (49.90% of revenue) in FY2025; (2) Sale of agri-inputs under the proprietary brand 'Pravir', which generated ₹51.28 lakhs (1.82%) in FY2025; and (3) Sale of agri-output products procured from associated farmers, which generated ₹1,316.80 lakhs (46.74%) in FY2025. The company sources products from domestic suppliers (98.72% in FY2025) and does not manufacture its own agri-input or agri-output products.
Business Segments
Provides crop monitoring services via drones using hyperspectral imaging technology, including integrated crop management practices and advisory services to farmers through tiered service packages (Basic, Standard, Premium)
Sale of branded agri-inputs under the proprietary brand 'Pravir', including pesticides, fertilizers, seeds, and crop protection products
Sale of agri-output products such as cumin, soybean, rice, jowar, mustard, and other agricultural commodities procured from associated farmers who received crop monitoring services
Providing crop monitoring services using drones with hyperspectral imaging (HSI) technology to monitor fields and provide hyperspectral imagery to farmers
Trading and selling of agricultural input products including fertilizers, seeds, and related agricultural commodities
Trading and selling of agricultural output products including spices (chilli, ginger, turmeric, cumin, fennel, fenugreek, mustard, coriander) and grains
Drone-based analysis of farm areas and crops to provide information regarding crop health, nutrition status, water level, and pest infestation. 180-day credit period typically provided to farmers.
Purchase and sale of agricultural products including cumin, soybean, jowar, chilli, rice, maize, ginger, and other commodities. Company maintains inventory throughout the year to meet seasonal demand.
Sale of agricultural input products
Provides drone-based crop monitoring through hyperspectral imaging technology, Integrated Crop Management practices, early detection of pests and diseases, nutrient management advisory, and guidance on crop cultivation methods delivered via CropAssure platform and WhatsApp chatbot in vernacular languages.
Procures residue-free agricultural produce from farmers and Farmer Producer Companies who follow company's ICM practices and recommendations, ensures traceability from farm to consumer, provides premium market linkage for sustainably grown crops, stores produce in warehousing facilities, and sells through SourceAssure initiative.
Sells agricultural inputs including fertilizers, pesticides, seeds, and other products driven by drone-based crop monitoring recommendations; maintains proprietary brand 'Pravir' with products like HumeShakti, JadShakti, and others; distributes through BharatRohan Pragati Kendras (facilitation centers) and online channels; also trades hyperspectral cameras from international manufacturers.
Provides crop advisory, alerts, prescriptions, suggestions, GIS maps, modern farm practices, technical know-how, high-yielding crop varieties, crop protection services, and organic and sustainable farming guidance through digital platforms
Sale and distribution of agricultural inputs including fertilizers, seeds, agro-chemicals, and other agri-products through farmer success executives and online platforms
Processing, preserving, packaging and trading of agricultural commodities including spices, pulses, grains, oilseeds, and essential oils; commenced sale of agri output products in 2020
Manufacturing, development, operation and commercialization of unmanned aerial vehicles and hyperspectral/multispectral imaging systems; research and development on plant phenotyping
Provides crop monitoring services via drones using hyperspectral imaging technology, including Integrated Crop Management (ICM) practices
Sale of agricultural inputs under the proprietary brand 'Pravir'
Sale of agricultural output products for which Integrated Crop Management practices were provided by the company
Income from drone pilot training services
Provision of agricultural drone services including crop monitoring and aerial pesticide application
Distribution of seeds, fertilizers, and insecticides to farmers
Sourcing, processing and trading of agricultural commodities including spices and grains
SWOT Analysis
Strengths
- • Diversified portfolio addressing full agricultural value chain(p.28)
- • Vertically integrated agri-tech model using advanced drone/hyperspectral imaging technology(p.41)
- • Strong farmer network providing recurring revenue base(p.55)
- • Demonstrated revenue growth over three fiscal years(p.31)
- • 100% underwriting by qualified lead manager(p.111)
- • Experienced management with track record of financial performance(p.172)
- • Diversified product and service portfolio(p.172)
- • Strong relationships with diverse customer base(p.172)
- • Growth in revenue and profitability over three years(p.174)
- • Advanced Hyperspectral Imaging (HSI) technology for early crop stress detection(p.199)
- • End-to-end integrated business model covering monitoring, inputs, and outputs(p.204)
- • Focus on residue-free and sustainable farming practices(p.204)
- • Dedicated in-house R&D team developing spectral libraries and drone technology(p.205)
- • Experienced promoters with aeronautical engineering background(p.205)
- • Diverse intellectual property portfolio with multiple registered trademarks across product categories(p.245)
- • Established collaboration agreements supporting farmer engagement and value chain development(p.243)
- • Strategic digital partnerships for customer acquisition and financial services(p.243)
- • Early adopter of HSI technology in Indian agritech with vertically integrated model(p.308)
- • Proprietary hyperspectral imaging technology enabling early detection of crop health issues(p.308)
- • Vertically integrated model covering data analysis, advisory, input supply and output procurement(p.308)
- • DPIIT recognized startup with income tax benefits under Section 80-IAC(p.308)
- • Significant revenue growth from crop monitoring services and agricultural outputs(p.356)
Weaknesses
- • Extreme customer concentration with top 5 customers accounting for 31.37% of revenue(p.44)
- • Heavy dependence on single agri-output product (Cumin at 65.27% of agri-output revenue in FY2025)(p.50)
- • Consistent negative operating cash flows from current and prior years(p.50)
- • Entire business dependent on leased premises with no owned infrastructure(p.50)
- • High supplier concentration with top 5 suppliers accounting for 78.62% of purchases(p.46)
- • FSSAI license compliance issue with pending modification application(p.49)
- • No long-term supply agreements with key suppliers exposing operations to disruption risk(p.46)
- • Significant geographical concentration in few regions increases exposure to regional adverse developments(p.57)
- • Delayed filing of tax and statutory returns, resulting in penalties and interest payments(p.57)
- • Working capital intensive business model with increasing inventory and receivables blocking cash(p.64)
- • Persistent delays in filing corporate returns and forms with Registrar of Companies(p.64)
- • Incurred net losses in past fiscals with uncertain profitability(p.81)
- • High attrition rate among employees (36.36% in FY2024), requiring continuous hiring and training(p.74)
- • All trademark applications are still pending with no registrations completed(p.80)
- • Dependency on global vendors for critical drone components with high import volatility(p.72)
- • High inventory holding days increasing working capital needs(p.168)
- • Significant trade receivables outstanding due to 180-day credit to farmers(p.163)
- • High concentration of trade receivables from crop monitoring services(p.166)
- • Dependence on limited number of farmers for revenue(p.168)
- • Orders for equipment and vehicles not yet placed(p.149)
- • High initial investment barrier for farmer adoption of drone-based services(p.208)
- • Dependence on technology and connectivity infrastructure in remote areas(p.208)
- • Scalability challenges across India's diverse farmer base(p.208)
- • Dependence on limited number of top suppliers for products(p.232)
- • Dependence on key managerial personnel with limited succession planning(p.274)
- • Significant financial dependence on a small group of individuals controlling majority shareholding(p.281)
- • Recently established subsidiary with minimal financial performance(p.300)
- • High working capital requirements due to inventory buildup(p.351)
- • Dependence on a few key customers as evidenced by material litigation over significant outstanding amounts(p.327)
- • Pending GST and income tax disputes creating contingent liabilities(p.332)
- • Significant intangible assets under development with uncertain realization(p.324)
Opportunities
- • Significant growth potential in agritech sector with high GDP contribution opportunity(p.28)
- • Expansion of agri-output product portfolio beyond Cumin(p.42)
- • Geographic expansion strategy to diversify customer base and reduce concentration(p.45)
- • Capital expenditure investments for drone equipment and commercial vehicles(p.29)
- • Planned expansion through setting up multiple Facilitation Centers (BharatRohan Pragati Kendra) in new states(p.70)
- • Capital expenditure for drone assembly expansion using IPO proceeds(p.71)
- • Commercial vehicle acquisition to reduce dependency on third-party logistics(p.71)
- • Growing demand for agri-tech solutions and crop monitoring services(p.70)
- • Expansion of drone operations and technology capabilities(p.147)
- • Growth in agricultural drone services market(p.147)
- • Diversification of agri-output product portfolio(p.165)
- • Scaling operations through fleet expansion of commercial vehicles(p.161)
- • Tax benefits as startup under Section 80-IAC(p.180)
- • Expansion into new crops and geographical regions across India(p.209)
- • Growing consumer demand for traceable and residue-free agricultural products(p.209)
- • Direct-to-consumer model expansion through quick commerce platforms(p.205)
- • International market expansion through Netherlands subsidiary(p.207)
- • Increasing farmer digital literacy and technology adoption in rural areas(p.209)
- • Expansion of agri-tech platform services through remote sensing and drone technology for crop monitoring(p.269)
- • International expansion through wholly-owned subsidiary in Netherlands(p.269)
- • Development and commercialization of advanced agricultural technology including drones and sensor systems(p.269)
- • Access to government support schemes for agri-tech startups(p.256)
- • Expansion of crop monitoring services to new farmers and geographies(p.357)
- • Diversification into new agri-output products and geographic markets(p.357)
- • Development of new revenue streams through drone sales and pilot training services(p.329)
- • Development of software platforms for farmer management and carbon credit monetization(p.325)
- • International expansion through subsidiary GroeiGids B.V. established in Netherlands(p.308)
Threats
- • Agricultural business sensitive to weather patterns and seasonal factors(p.49)
- • Regulatory risk from multiple authorities requiring ongoing compliance(p.55)
- • Significant geographical concentration in procurement from Gujarat (70.16% of domestic purchases in FY2025)(p.51)
- • Heavy regional concentration of sales from three states (83.61% of FY2025 revenue from Rajasthan, Gujarat, UP)(p.56)
- • Outstanding tax litigations and regulatory compliance matters(p.32)
- • Customer renewal challenges with declining farmer retention(p.44)
- • Risk of disruption from farmer contractual obligations enforcement challenges(p.55)
- • Competition from larger unorganized local dealers with established market presence(p.85)
- • Dependence on farmer and customer operations which are subject to industry fluctuations(p.70)
- • Regulatory approval requirements for fertilizer and agri-input product sales(p.81)
- • Vulnerability to changes in government policies towards agriculture sector(p.71)
- • Conflict escalation impact on drone crop monitoring in border regions(p.88)
- • Third-party transportation disruptions could adversely affect product supply(p.86)
- • Volatility in component pricing and foreign exchange rates affecting import costs(p.72)
- • Demand and price volatility in fragmented agricultural commodity markets(p.85)
- • Potential cost escalation in equipment and vehicle purchases(p.146)
- • Quotations expiry and vendor availability risk(p.147)
- • Exchange rate fluctuation affecting import costs(p.160)
- • Dependence on seasonal agricultural cycles and weather(p.168)
- • Regulatory approval requirements for drone deployment(p.149)
- • Intense competition in growing agritech market(p.209)
- • Farmer income fluctuations and economic downturns affecting technology adoption(p.209)
- • Infrastructure limitations in rural areas hindering service delivery(p.209)
- • Risk of rapid technology obsolescence requiring continuous innovation(p.209)
- • Cybersecurity risks from collection of sensitive farm-level data(p.209)
- • Regulatory requirements and compliance burden for agricultural, food safety, and drone operations(p.257)
- • Complex regulatory framework governing fertilizer trade and agricultural inputs(p.258)
- • Government control over agricultural commodity pricing and distribution(p.258)
- • Data protection and privacy obligations under newly implemented legislation(p.259)
- • Inherent seasonality in agricultural business affecting revenue and margins(p.363)
- • Dependence on monsoon and weather patterns for crop quality and yield(p.355)
- • Rapid technological change requiring continuous innovation and investment(p.355)
- • Regulatory and policy changes affecting agricultural practices and input regulations(p.355)
- • High competitive intensity in agritech and commodity markets(p.363)
- • Exposure to input price volatility and FX fluctuations(p.355)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Amandeep Panwar | Promoter | 29.78% | 21.86% |
| Mr. Rishabh Choudhary | Promoter | 25.08% | 18.41% |
| Mr. Amandeep Panwar | Promoter | 43,54,800 shares | — |
| Mr. Rishabh Choudhary | Promoter | 36,67,200 shares | — |
| Mr. Amandeep Panwar | Promoter | 29.78% | 21.86% |
| Mr. Rishabh Choudhary | Promoter | 25.08% | 18.41% |
| Amandeep Panwar | Promoter | — | — |
| Rishabh Choudhary | Promoter | — | — |
| Mr. Amandeep Panwar | Promoter | 29.78% | 21.86% |
| Mr. Rishabh Choudhary | Promoter | 25.08% | 18.41% |
| Amandeep Panwar | Promoter | 29.78% | — |
| Rishabh Choudhary | Promoter | 25.08% | — |
Leadership
Mr. Amandeep Panwar · Chairman and Managing Director
Mr. Rishabh Choudhary · Whole Time Director
Mr. Ved Prakash Goel · Chief Financial Officer
Ms. Aakansha Singh · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.