Sector: Defence & Aerospace / UAV & Drone Technology
Status: Unlisted Public Company
Former Name: Gamma Rotors Private Limited
CIN: U35999DL2018PLC332296
ISIN: INE1VD201014
Face Value: ₹2 per share
Incorporated: 10 April 2018
Registered / Operating Location: Delhi / Noida, Uttar Pradesh
Current Indicative OTC Price: ₹123–₹128/share
FY26 Revenue: ₹28.86 Cr
FY26 PAT: ₹3.39 Cr
Research Date: September 2026

1. Executive Summary

Gamma Rotors Limited is an Indian defence-drone and UAV company focused on designing, manufacturing, assembling and servicing unmanned aerial systems.

The company’s stated focus includes surveillance, inspection, logistics drones, customised UAVs and air remote-controlled weapon systems (ARCWS/RCWS). Its technology stack includes high-resolution imaging, long-range communication, lightweight composite materials, AI-enabled automation, advanced manufacturing and flight-control systems.

The company operates from Noida and describes itself as a DPIIT and GeM-certified OEM. Its official website reports more than 500 drones sold, 2,000+ soldiers trained and 2,500+ hours in air.

The financial trajectory has accelerated sharply:

FY23 revenue: ₹4.15 Cr
FY24 revenue: ₹11.18 Cr
FY25 revenue: ₹12.20 Cr
FY26 revenue: ₹28.86 Cr

FY26 PAT increased to approximately ₹3.39 Cr, up around 125% from FY25.

At an indicative price around ₹123–₹128, the company has an estimated market capitalisation of approximately ₹159–₹165 Cr and trades at roughly 47–48× FY26 earnings, using FY26 PAT and the current share count.

The key investment debate is therefore:

Rapid revenue growth + defence-drone opportunity + improving profitability

versus

small absolute scale + very long working-capital cycle + customer/order concentration + high earnings multiple + unlisted liquidity.

2. Company Overview

Gamma Rotors was incorporated in 2018 and has developed into an indigenous UAV manufacturer.

The company’s official website describes its mission as:

“Protecting Those Who Protect Us.”

Its focus is primarily on mission-oriented UAVs for defence, paramilitary, homeland security and industrial applications.

Official company resources

Official Gamma Rotors website:
Gamma Rotors Official Website

Official product portfolio:
Gamma Rotors Products

Official annual returns / financial filings:
Gamma Rotors Annual Returns

The company has published FY2024-25 and FY2025-26 annual-return documents on its official website.

3. Business Model

Gamma Rotors operates as an integrated UAV OEM.

Its business broadly covers:

Design → Engineering → Prototyping → Assembly → Integration → Testing → Deployment → Maintenance

The company uses in-house manufacturing techniques including:

• 3D printing
• Precision machining
• Composite materials
• Electronics integration
• Flight-control systems
• AI-enabled systems
• Imaging and sensing technology

This allows the company to customise UAV platforms according to customer requirements rather than operating purely as a drone reseller.

4. Core Business Areas

A. Surveillance & Inspection

The company develops drones for:

• Border surveillance
• Security
• Infrastructure inspection
• Mapping
• Industrial inspection
• Intelligence gathering

The official website specifically identifies surveillance and inspection as one of its principal application areas.

B. Air Remote-Controlled Weapon Systems

Gamma Rotors also lists air remote-controlled weapon systems among its core areas.

This positions the company in the specialised defence-UAV segment rather than solely in civilian photography or mapping drones.

C. Customised Drones

The company designs platforms according to:

• Payload requirements
• Endurance
• Range
• Sensors
• Communications
• Operating environment
• Mission requirements

This customisation can create higher-value engineering opportunities but can also increase project complexity.

D. Logistics Drones

The company also develops UAV platforms capable of carrying payloads for logistics and other specialised applications.

5. Technology Platform

Gamma Rotors identifies several technology areas as its competitive capabilities.

High-resolution imaging

Advanced cameras and sensors support aerial surveillance, inspection and data collection.

Long-range communication

Communication systems are designed to maintain connectivity over extended distances.

Lightweight composites

The company uses materials such as carbon fibre and titanium to reduce weight while maintaining strength.

Artificial intelligence

AI is used for applications including:

• Autonomous flight
• Obstacle avoidance
• Route planning
• Object recognition
• Automated decision support

Advanced manufacturing

The company uses:

• Additive manufacturing
• Precision machining
• Rapid prototyping

Advanced flight controls

Algorithms are used for navigation, stability and operation in difficult environments.

6. Product Portfolio

Gamma Rotors currently lists multiple UAV platforms.

MiniBot

The company describes MiniBot as a compact surveillance platform.

Reported specifications include:

• Maximum flight time: 35 minutes
• Maximum range: 5 km
• Service ceiling: 3,500 m
• Payload capacity: 30 kg
• Operating temperature: -20°C to 50°C

NightHawk

NightHawk is positioned as a high-endurance surveillance UAV.

Company-stated specifications include:

• Flight time: 50 minutes
• Service ceiling: 6,000 m
• Range: 5 km
• Operating temperature: -20°C to 50°C

The company highlights day-vision and infrared capabilities for surveillance applications.

Griffon

Griffon is positioned as a high-altitude surveillance platform.

Company-stated specifications include:

• Flight time: 45 minutes
• Range: 10 km
• Service ceiling: 4,000 m
• Payload capacity: 30 kg
• Operating temperature: -20°C to 50°C

Powersorous

Powersorous is designed around heavy-payload applications.

Company-stated specifications include:

• Flight time: 45 minutes
• Range: 10 km
• Service ceiling: 6,000 m
• Payload capacity: 30 kg

The company positions it for applications including heavy-payload operations, surveys and emergency logistics.

7. Customers & Government Exposure

Gamma Rotors’ official website displays organisations including:

• Indian Army
• CISF
• Delhi Police
• Andhra Pradesh Police
• Mumbai Traffic Police
• BSF
• NSG
• RPF
• ITBP

These displayed logos indicate the company’s stated clientele/engagement ecosystem, although the website alone does not provide contract values or revenue contribution by individual customer.

For an investor, the more important issue is to determine:

Which customers have recurring orders versus one-time deployments?

This distinction is particularly important for a small defence company.

8. Government & Defence Opportunity

The Indian UAV industry is benefiting from increasing demand for:

• Border surveillance
• Counter-infiltration
• Intelligence
• Reconnaissance
• Disaster management
• Logistics
• Infrastructure inspection
• Police and homeland security

Gamma Rotors’ DPIIT and GeM certification supports its ability to participate in government procurement channels.

However, government procurement can involve:

• Long tender cycles
• Qualification requirements
• Delayed orders
• Payment cycles
• Working-capital pressure

This is directly relevant to Gamma Rotors’ balance-sheet profile.

9. Industry Opportunity

India’s drone industry is expanding across defence and civilian applications.

For defence-focused companies, the addressable opportunity extends beyond the drone itself into:

Sensors + communication + software + payload + ground control + maintenance + training

This can increase revenue per deployed system.

Gamma Rotors’ integrated model gives it the opportunity to participate in multiple layers of the UAV ecosystem.

However, the industry is competitive and includes both established defence companies and numerous specialised drone startups.

10. Financial Performance

Consolidated/Standalone financial summary

₹ Crore

Particulars	FY23	FY24	FY25	FY26
Revenue	₹4.15	₹11.18	₹12.20	₹28.86
EBITDA	₹1.10	₹2.07	₹2.68	₹4.20
PBT	₹0.22	₹1.22	₹2.21	₹3.96
PAT	₹0.15	₹0.86	₹1.51	₹3.39
EBITDA Margin	~26.5%	~18.5%	~22.0%	~14.6%
PAT Margin	~3.6%	~7.7%	~12.4%	~11.7%

FY26 revenue increased approximately 136%, while PAT increased approximately 125%.

11. Revenue Growth

Gamma Rotors has grown from a very small base.

Revenue trajectory

FY21: ₹1.63 Cr
FY22: ₹3.38 Cr
FY23: ₹4.15 Cr
FY24: ₹11.18 Cr
FY25: ₹12.20 Cr
FY26: ₹28.86 Cr

From FY21 to FY26, this represents an approximate revenue CAGR of more than 75%, although the calculation is heavily influenced by the very small FY21 base.

The most important recent development is FY26:

₹12.20 Cr → ₹28.86 Cr

or approximately:

136% growth.

12. EBITDA Analysis

EBITDA increased from:

₹2.68 Cr in FY25

to approximately:

₹4.20 Cr in FY26.

However, EBITDA margin declined from approximately:

22.0% → 14.6%.

This is important.

The company achieved very strong revenue growth, but the incremental revenue came at a lower operating margin.

Therefore, future earnings growth will depend not only on revenue growth but also on whether Gamma Rotors can recover operating margins as it scales.

13. PAT Analysis

PAT increased:

₹1.51 Cr → ₹3.39 Cr

between FY25 and FY26.

That represents approximately:

125% growth.

PAT margin remained around:

11.7%.

This is a significant improvement compared with the company’s earlier years, although absolute profit remains small in comparison with listed defence companies.

14. Balance Sheet

FY25 balance-sheet figures provide an important insight into Gamma Rotors’ growth strategy.

Particular	FY24	FY25
Total Equity	₹8.26 Cr	₹36.88 Cr
Total Debt	₹1.21 Cr	₹1.03 Cr
Total Assets	₹16.29 Cr	₹41.83 Cr
Inventory	₹0.35 Cr	₹15.19 Cr
Trade Receivables	₹9.81 Cr	₹1.53 Cr
Cash & Equivalents	₹0.89 Cr	₹13.21 Cr

The sharp increase in equity was associated with a major capital raise, while debt remained relatively low.

15. Capital Raise & Balance-Sheet Transformation

One of the biggest changes occurred in FY25.

Gamma Rotors raised substantial equity capital, which increased total equity from approximately:

₹8.26 Cr → ₹36.88 Cr

while debt declined slightly.

Cash increased to approximately:

₹13.21 Cr

at FY25 year-end.

This gave the company a stronger balance sheet to support:

• Inventory procurement
• Product development
• Manufacturing
• Order execution
• Working capital
• Capacity expansion

16. Inventory Build-Up

One of the biggest FY25 changes was inventory.

Inventory increased from approximately:

₹0.35 Cr → ₹15.19 Cr

in one year.

This is significant because inventory represented a substantial proportion of FY25 revenue.

The increase can be consistent with building stock ahead of expected defence orders, but investors should monitor whether the inventory converts into:

Revenue → Receivables → Cash

within a reasonable period.

A large inventory balance can become a risk if orders are delayed or products become obsolete.

17. Working-Capital Cycle

Working capital is arguably one of the most important risk areas in Gamma Rotors.

Independent reconstruction from the company’s audited financial statements indicates a cash-conversion cycle of approximately:

FY24: ~181 days
FY25: ~550 days
FY26: ~348 days

The FY26 figure improved substantially from FY25 but remained very high.

Why this matters

A company can report:

₹28.86 Cr revenue

and:

₹3.39 Cr profit

but if cash conversion is slow, the company may still need significant working capital to fund growth.

This becomes particularly important when serving government/security customers where procurement and payment cycles can be lengthy.

18. Cash Flow

The working-capital issue means operating cash flow should be monitored carefully.

The company historically experienced negative operating cash flows, and its FY23 audit contained qualifications related to financial-obligation concerns and certain documentation/payment matters. The FY24, FY25 and FY26 audits were reported as clean by the research reviewed for this report.

This represents an important improvement in audit quality, but the cash-conversion cycle remains elevated.

For future quarters, investors should focus on:

PAT vs CFO

rather than PAT alone.

19. FY26 Latest Financial Picture

The latest available FY26 data indicates:

Revenue: ₹28.86 Cr
EBITDA: ₹4.20 Cr
PBT: ₹3.96 Cr
PAT: ₹3.39 Cr

This represents a substantial scale-up from FY25.

The challenge is to determine whether FY26 represents:

A new sustainable revenue run-rate

or:

a project/order-driven spike.

The answer will become clearer through FY27 order wins and quarterly revenue conversion.

20. Current Unlisted Share Price

Current secondary-market references show Gamma Rotors around:

₹123–₹128/share

Recent references include:

• Moneycontrol: approximately ₹123
• Priveq: ₹128
• ShareSaathi: ₹128
• UnlistedZone: current market reference around ₹125

These are indicative OTC prices and not NSE/BSE exchange-traded prices.

Current indicative valuation

At ₹123:

Estimated market capitalisation ≈ ₹158.5 Cr

At ₹128:

Estimated market capitalisation ≈ ₹165.0 Cr

using approximately 12.888 million shares outstanding.

21. Valuation

Using FY26 PAT of approximately:

₹3.39 Cr

and approximately:

1.289 Cr shares

FY26 EPS is approximately:

₹2.63/share

At ₹123

₹123 ÷ ₹2.63 ≈

46.8× FY26 earnings

At ₹128

₹128 ÷ ₹2.63 ≈

48.7× FY26 earnings

Therefore, the current OTC valuation is approximately:

47–49× FY26 earnings

This is materially higher than what the headline FY25 earnings would have suggested.

Some unlisted-market websites display inconsistent P/E figures because of changes in share capital and historical EPS data. For example, Moneycontrol currently displays P/E of 106.84 while not showing current EPS, whereas using the latest FY26 PAT and current share count gives a substantially different figure.

For valuation purposes, the FY26 audited earnings/share count should therefore be used rather than blindly copying a website’s displayed P/E.

22. Valuation Sensitivity

Using FY26 EPS of approximately ₹2.63:

P/E	Illustrative Value
20×	₹53
25×	₹66
30×	₹79
35×	₹92
40×	₹105
45×	₹118
50×	₹132
60×	₹158

At approximately ₹125–₹128, the market is effectively assigning around:

47–49× FY26 earnings.

Therefore, future earnings growth becomes extremely important to valuation.

23. Earnings Growth Scenario

Illustrative scenario analysis, not forecasts:

If FY27 EPS reaches ₹4

At 30× → ₹120

At 40× → ₹160

If FY27 EPS reaches ₹5

At 30× → ₹150

At 40× → ₹200

If FY27 EPS reaches ₹6

At 30× → ₹180

At 40× → ₹240

This demonstrates why the market valuation is effectively dependent on Gamma Rotors continuing to scale its revenue and converting that scale into higher sustainable earnings.

24. Primary Funding Reference

The company completed a funding round in January 2025 at approximately:

₹137.42/share

on a split/bonus-adjusted basis according to current secondary-market research.

The current OTC reference of approximately ₹123–₹128 is therefore below that historical funding-round price.

However, a previous funding-round price should not automatically be treated as fair value, because:

• Capital structure may have changed
• Business scale may have changed
• Investor rights may differ
• Liquidity differs
• Valuation expectations may have changed

25. Shareholding Pattern

Current FY26 references show:

Shareholder	Approx. Holding
Arpan Ghosh	43.26%
Ramchandra Leasing & Finance Ltd	16.83%
Sushmita Ghosh	6.57%
Others	33.34%

Total:

100%

The presence of Ramchandra Leasing & Finance as a significant shareholder is notable.

It reportedly acquired an additional 5.55% stake in Gamma Rotors for approximately ₹3.04 Cr in 2025, taking its total holding to around 16.83%.

26. Management

The company is led by:

Arpan Ghosh – CEO / Founder

The founder remains the largest individual shareholder at approximately 43.26%.

Founder ownership provides meaningful alignment, although investors should separately evaluate governance, related-party transactions and capital allocation.

27. IPO / Listing Status

Gamma Rotors is currently:

Unlisted

and there is currently:

No DRHP filed

and therefore:

No confirmed IPO date.

Current unlisted-market sources explicitly report that no DRHP has been found.

Therefore, Gamma Rotors should not be promoted as a confirmed pre-IPO opportunity.

It is better described as:

An unlisted defence-drone company with potential future listing optionality, but no confirmed IPO process.

28. Competitive Advantages

Indigenous UAV development

The company develops and integrates its own UAV platforms rather than simply distributing third-party drones.

Defence orientation

Its products are designed around surveillance, security and specialised defence requirements.

Government ecosystem

DPIIT and GeM certifications support participation in government procurement.

Product diversity

The company has multiple UAV platforms with different endurance, payload and range characteristics.

Engineering capability

3D printing, precision machining, AI, communications and flight-control capabilities provide an integrated technology base.

Small-cap scalability

Because the current revenue base remains only around ₹29 Cr, successful large contracts can materially change the company’s scale.

29. Growth Drivers

1. Defence drone adoption

Increasing use of UAVs for surveillance and reconnaissance can expand the addressable market.

2. Border security

Long-endurance surveillance platforms can support border-monitoring applications.

3. Police & homeland security

Police and paramilitary applications provide a domestic market beyond the armed forces.

4. Logistics drones

Heavy-payload platforms create opportunities in logistics and difficult-terrain applications.

5. AI integration

AI-based navigation, object recognition and autonomous functions can increase product sophistication.

6. Export opportunity

Once products achieve sufficient qualification and reliability, export markets can expand the addressable opportunity.

7. Large-contract scalability

A few meaningful government/OEM contracts could have a disproportionate impact because the existing revenue base remains small.

30. Key Risks

1. Very small revenue base

Even after FY26 growth, revenue is only approximately ₹29 Cr.

This makes the business more vulnerable to individual contract cycles.

2. Working-capital risk

The approximately 348-day FY26 cash-conversion cycle remains high.

3. Customer concentration

Large defence/security contracts can create dependence on a limited number of customers.

4. Order timing

Government procurement can be irregular, producing significant year-to-year volatility.

5. Margin compression

EBITDA margin declined from approximately 22% in FY25 to 14.6% in FY26 despite strong revenue growth.

6. Valuation

At approximately 47–49× FY26 earnings, the OTC price already reflects considerable expectations of future growth.

7. Unlisted liquidity

There is no continuous NSE/BSE market.

Exit depends on finding a willing buyer.

8. Technology competition

The Indian drone ecosystem includes numerous startups and established defence companies.

9. Execution risk

Rapid scaling requires:

• Manufacturing capability
• Procurement
• Working capital
• Quality control
• After-sales support
• Skilled engineering personnel

10. No confirmed IPO

There is no DRHP currently filed, so investors should not build the valuation around a near-term listing assumption.

31. What Investors Should Monitor

Revenue

The most important question:

Can Gamma Rotors sustain ₹25–30+ Cr annual revenue and grow beyond it?

EBITDA margin

Monitor whether margins recover from approximately 14.6%.

PAT

PAT needs to grow faster than revenue for the current valuation to become more supportable.

Cash flow

Compare:

PAT vs Operating Cash Flow

every year.

Inventory

Monitor whether the large inventory build-up converts into sales.

Receivables

Long receivable cycles can create financing pressure.

Order book

The company should ideally disclose more information about:

• Order value
• Order pipeline
• Customer
• Delivery timeline
• Revenue recognition

IPO

Any future DRHP would materially change the investment framework.

32. Research Perspective

Gamma Rotors is a very different proposition from large listed defence companies.

It is a small, specialised UAV company where a few successful programmes can materially change the financial profile.

The FY26 numbers demonstrate this potential:

Revenue +136%
PAT +125%

However, the business is still early in its scale-up phase.

The most encouraging element is the combination of:

Revenue growth + improving profitability + low debt + stronger equity base + defence/UAV exposure.

The biggest concerns are:

Working capital + customer concentration + small scale + margin compression + high valuation.

At ₹123–₹128, the company is valued at approximately 47–49× FY26 earnings based on reconstructed FY26 EPS.

Therefore, the key investment question is not simply whether India’s drone industry will grow.

It is:

Can Gamma Rotors convert industry growth into a much larger and more profitable business while improving cash conversion?

33. Overall Assessment

Gamma Rotors represents an early-stage Indian defence-UAV company with exposure to a strategically important technology segment.

The company has several attributes that make it worth monitoring:

• Indigenous UAV technology
• Defence and security applications
• DPIIT and GeM certification
• Government/security customer ecosystem
• Multiple drone platforms
• AI and advanced manufacturing
• Strong FY26 revenue growth
• Improving profitability
• Relatively low debt
• Founder ownership

The financial trajectory is particularly noteworthy:

₹4.15 Cr revenue in FY23

→ ₹11.18 Cr in FY24

→ ₹12.20 Cr in FY25

→ ₹28.86 Cr in FY26.

At the same time, the business remains small and the cash-conversion cycle is unusually long.

The current valuation around ₹123–₹128 also implies approximately 47–49× FY26 earnings, meaning significant future growth is already reflected in the OTC valuation.

The company therefore needs to be evaluated through three lenses:

Business

Can Gamma Rotors win and execute larger defence/UAV programmes?

Financial

Can revenue growth translate into sustainable EBITDA, PAT and operating cash flow?

Valuation

Can future earnings growth justify the current ~47–49× FY26 earnings multiple?

The absence of a DRHP means there is currently no confirmed IPO catalyst. Any future listing should therefore be treated as optionality rather than the primary investment thesis.

34. Key Numbers at a Glance

Parameter	Gamma Rotors
FY23 Revenue	₹4.15 Cr
FY24 Revenue	₹11.18 Cr
FY25 Revenue	₹12.20 Cr
FY26 Revenue	₹28.86 Cr
FY26 EBITDA	₹4.20 Cr
FY26 EBITDA Margin	~14.6%
FY26 PBT	₹3.96 Cr
FY26 PAT	₹3.39 Cr
FY26 PAT Margin	~11.7%
FY26 EPS – reconstructed	~₹2.63
Current OTC Price	₹123–₹128
Implied Market Cap	~₹159–165 Cr
Implied FY26 P/E	~47–49×
FY26 Cash Conversion Cycle	~348 days
Founder Holding	43.26%
RLFL Holding	16.83%
DRHP	Not filed
ISIN	INE1VD201014
Face Value	₹2
Sector	Defence & Aerospace

35. Important Links

Official Gamma Rotors Website:
Gamma Rotors

Company Products:
Gamma Rotors Product Portfolio

Annual Returns / Company Filings:
Gamma Rotors Annual Returns

Current Unlisted Market Reference:
Gamma Rotors – UnlistedZone

Current Financial Reference:
Gamma Rotors – WWIPL Financials

Current Market Reference:
Gamma Rotors – Moneycontrol

Disclaimer

This report is prepared for research and informational purposes using Gamma Rotors’ official website, company-published annual-return material and publicly available unlisted-market/financial information.

Unlisted share prices are indicative OTC references and are not NSE/BSE exchange-traded prices. Actual transaction prices may differ depending on liquidity, lot size, buyer/seller availability and transaction terms.

Financial ratios have been independently calculated where secondary databases contain inconsistent EPS or P/E data. Investors should verify the latest audited financial statements, capital structure, shareholding, ISIN and transferability before entering into an unlisted-share transaction.

The absence of a DRHP means there is currently no confirmed IPO timetable. Any potential future listing should not be assumed.

Valuation scenarios are illustrative and are not price targets or guaranteed returns.

For more such unlisted stocks visit https://unlistedcart.com/unlisted-shares/