Drone Technology • AgriTech • Skill Development
1. Company Overview
AVPL International, the brand name of AITMC Ventures Limited, is an Indian drone technology and skill-development company headquartered in Gurugram, Haryana.
Founded in 2016, the company operates across drone manufacturing, agriculture solutions, Drone-as-a-Service (DaaS), drone training, skill development, geospatial applications and emerging defence/security applications.
The company describes its objective as developing and operating indigenous unmanned aerial systems across sectors including agriculture, defence, logistics, land & mining, power, forestry, infrastructure and education.
Legal Name: AITMC Ventures Limited
Brand: AVPL International
CIN: U01611HR2016PLC066758
Sector: Drone Technology / AgriTech / Skill Development
Industry: Unmanned Aerial Systems, Agricultural Technology & Training
Founded: 2016
Headquarters: Gurugram, Haryana
Status: Public Unlisted Company
ISIN: INE0QWL01025
Face Value: ₹2 per share
Business Model: B2B + B2G + B2C + DaaS + Skill Development
AVPL currently reports a presence across 16 states and Union Territories, more than 100,000 certified youth, and 70+ drone training centres.
2. Founders & Management
AVPL was founded by:
- Deep Sihag Sisai – Founder & Chairman
- Dr. Preet Sandhu – Founder & Managing Director
- N.K. Mohapatra – Group CEO
- Lt. General R.K. Anand – associated with the company’s leadership team
The company identifies Deep Sihag Sisai and Dr. Preet Sandhu as its founders.
3. What Does AVPL International Do?
AVPL is building an ecosystem around drones rather than focusing only on selling hardware.
Its major business verticals include:
A. Drone Manufacturing
AVPL manufactures drones for multiple applications under different product families.
Its portfolio includes:
Agriculture Drones – Viraj Series
- Viraj 1.0
- Viraj Delta 1.1V
- Viraj 10L
- Viraj 16L
- Viraj 30/40L
Logistics / Payload Drones
- Vahak
- Saarthi
- Vajra
- Balwaan
Surveillance Drones
- Drishti
- Saksham
- Nirikshak
- Garuda
Defence Drones
- ARGUS
- Kamikaze series
The company positions these products for agriculture, logistics, surveillance, industrial inspection and defence-related applications.
4. Agriculture Drone Business
Agriculture is one of AVPL’s core focus areas.
The company provides:
- Precision spraying
- Crop monitoring
- Field mapping
- Seeding
- Soil and field analysis
- Crop-health monitoring
- Drone-based agricultural services
Its Viraj agricultural drones range from approximately 10-litre to 40-litre payload configurations, depending on the model.
AVPL’s agricultural proposition is based on reducing labour dependency, improving spraying efficiency and enabling precision agriculture.
5. Drone-as-a-Service (DaaS)
Instead of requiring customers to purchase drones, AVPL also provides drone services.
Applications include:
- Oil & gas inspection
- Power-line inspection
- Pipeline inspection
- Infrastructure surveillance
- GIS and mapping
- Mining
- Logistics
- Delivery
- Healthcare
- Oilfield monitoring
- Offshore wind-turbine maintenance
This creates a potentially recurring/service-oriented revenue opportunity alongside hardware sales.
6. Drone Training & Skill Development
A major differentiator of AVPL is its skill-development ecosystem.
The company operates drone-training programmes and DGCA-oriented remote pilot courses.
Its training portfolio includes:
- Remote Pilot Certificate programmes
- Agriculture drone training
- Surveillance drone training
- Small drone training
- Medium drone training
- Drone technology education
AVPL’s education business also works across sectors such as telecom, electronics, automobile, retail and drones.
The company currently reports 100K+ certified youth and 70+ drone training centres.
7. Government & Institutional Opportunity
AVPL has positioned itself within India’s broader push toward:
- Drone adoption
- Skill development
- Precision agriculture
- Rural entrepreneurship
- Make-in-India manufacturing
- Defence technology
- Geospatial intelligence
In July 2026, AVPL announced a collaboration with NSDC to establish 350 advanced skill centres for drones across India, according to the company’s website.
The company’s business also has exposure to government-supported skill-development programmes, which can provide access to large-scale training opportunities.
8. Financial Performance
Standalone Financials
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ~₹46.8 Cr | ₹84.5 Cr | ₹106.8 Cr |
| Other Income | — | ₹2.1 Cr | ₹0.5 Cr |
| Total Income | — | ₹86.6 Cr | ₹107.3 Cr |
| EBITDA/Operating profitability | — | — | — |
| Profit Before Tax | — | ₹21.0 Cr | ₹19.0 Cr |
| PAT | ~₹8.8 Cr | ₹14.1 Cr | ₹14.2 Cr |
| EPS | — | ₹1.69 | ₹1.59 |
FY2026 operating revenue increased approximately 26.3% YoY, from ₹84.5 crore to ₹106.8 crore.
However, PAT increased only marginally from approximately ₹14.05 crore to ₹14.24 crore, indicating that revenue growth did not translate into equivalent profit growth.
Key observation
Revenue growth: Strong
Profit growth: Relatively flat
Operating cash flow: Improved in FY26
Debt: Increased
Working capital: Requires monitoring
The company generated approximately ₹3.79 crore of operating cash flow in FY2026, compared with a negative operating cash flow in the previous year.
9. Balance Sheet
As of March 2026:
- Total assets: approximately ₹162.55 Cr
- Equity share capital: approximately ₹17.95 Cr
- Other equity: approximately ₹50.79 Cr
- Non-current borrowings: approximately ₹22.36 Cr
- Current borrowings: approximately ₹19.81 Cr
- Trade receivables: approximately ₹61.87 Cr
- Cash & cash equivalents: approximately ₹11.93 Cr
Total borrowings, excluding lease liabilities, were therefore approximately ₹42.17 Cr.
The increase in receivables is an important area for investors to monitor because working-capital intensity can affect cash generation even when accounting profits are positive.
10. Shareholding
As of 31 March 2026, the company had approximately 8.98 crore equity shares outstanding.
| Category | Shares | Holding |
|---|---|---|
| Promoters | 5.20 Cr | 57.89% |
| Public | 3.78 Cr | 42.11% |
| Total | 8.98 Cr | 100% |
The promoter holding provides a majority stake, while the remaining shares are held outside the promoter category.
11. Major Growth Drivers
1. Indian Drone Adoption
India’s drone ecosystem is expanding across agriculture, infrastructure, defence, logistics and surveillance.
AVPL has exposure to several of these segments rather than depending on one application.
2. Agriculture Technology
Precision agriculture provides a large potential market for:
- Crop spraying
- Monitoring
- Mapping
- Yield optimisation
- Farm mechanisation
AVPL’s agricultural drone portfolio directly targets this opportunity.
3. Drone-as-a-Service
DaaS can potentially create a more asset-light revenue model compared with pure drone manufacturing.
Industrial customers can use drone capabilities without necessarily owning and operating the complete drone fleet.
4. Skill Development
The company’s training ecosystem provides another revenue stream while simultaneously expanding the available pool of trained drone operators.
5. Defence & Surveillance
The company is expanding into surveillance and defence-oriented drone applications, which could open larger institutional opportunities.
6. Large Training Network
AVPL’s reported 100K+ certified youth and 70+ training centres create an ecosystem around its drone business.
12. Recent Developments
350 Advanced Drone Skill Centres
In July 2026, AVPL announced a collaboration with NSDC aimed at establishing 350 advanced drone skill centres across India.
Drone City Project
AVPL has also been developing its Drone City initiative in Haryana, with company communications reporting an approximately ₹80 crore project.
International & Technology Partnerships
The company has highlighted collaborations with institutions including IIT Kanpur and IIT Ropar for UAV-related technology development.
13. IPO Status
AVPL has made multiple attempts to access the public markets.
First IPO Attempt
In 2023, AITMC Ventures filed a DRHP proposing a fresh issue of up to 2.0732 crore equity shares for a proposed NSE Emerge listing. The IPO did not materialise.
Second IPO Attempt
In 2025, the company restarted the IPO process and proposed a fresh issue of approximately ₹200 crore.
The company filed its draft papers through the confidential pre-filing route in October 2025.
SEBI granted observations/approval for the proposed IPO in January 2026.
However, as of 23 September 2026, the updated IPO papers have not yet been filed and the IPO dates, price band and listing date have not been announced. Therefore, the company remains unlisted.
14. Potential IPO Catalyst
If the IPO proceeds, a public listing could provide:
- Greater liquidity
- Better price discovery
- Increased institutional visibility
- Additional capital for expansion
- Increased visibility for the drone business
However, investors should not assume that SEBI approval automatically means that the IPO will launch on a specific date.
The final IPO structure, valuation, price band, dilution and use of proceeds should be evaluated only after the updated offer documents are available.
15. Key Strengths
1. Exposure to India’s emerging drone ecosystem
AVPL operates in agriculture, logistics, surveillance, defence, infrastructure and training.
2. Multiple business verticals
The company combines manufacturing, DaaS and skill development.
3. Strong revenue growth
Operating revenue increased from approximately ₹46.8 crore in FY24 to ₹106.8 crore in FY26.
4. Profitable business
Unlike many early-stage technology companies, AVPL has reported positive PAT.
5. Large training ecosystem
The company reports more than 100,000 certified youth and 70+ training centres.
6. IPO visibility
SEBI’s observations for the proposed ₹200 crore IPO provide a potential future liquidity catalyst, although the timing remains uncertain.
16. Key Risks
1. Profit growth is slower than revenue growth
FY26 revenue increased approximately 26%, while PAT increased only around 1%.
2. Working-capital requirements
Trade receivables were approximately ₹61.9 crore at March 2026, making receivables and collections an important financial metric to monitor.
3. Debt increased
Borrowings increased materially in FY26, while the debt-equity ratio increased from approximately 0.47x to 0.61x.
4. Drone industry competition
The Indian drone ecosystem has numerous companies operating in agriculture, surveillance, defence and industrial applications.
5. Regulatory dependency
Drone operations remain closely linked to aviation regulations, certifications and government policies.
6. IPO uncertainty
Although SEBI observations have been received, there is currently no confirmed IPO date.
7. Unlisted-share liquidity
Until listing, investors in the unlisted shares may face limited liquidity, price discovery challenges and transfer restrictions.
17. Unlisted Investment Perspective
AVPL represents an interesting intersection of:
Drone Technology + Agriculture + Defence + Skill Development + Geospatial Intelligence + Government Spending
The investment thesis largely depends on whether the company can convert its growing ecosystem and revenue base into sustainable profit and cash-flow growth.
For an unlisted investor, the key factors to verify before purchasing shares should include:
- Latest secondary-market price
- Exact number of shares being acquired
- Fully diluted share capital
- Latest valuation
- IPO dilution
- Expected IPO price band
- Lock-in/transfer restrictions
- Promoter holding after IPO
- Use of proposed ₹200 crore IPO proceeds
- Latest FY26 annual report
- Any material changes after March 2026
Importantly, the unlisted-market price should not automatically be treated as the future IPO price.
18. Company Snapshot
| Particular | Details |
|---|---|
| Company | AITMC Ventures Limited |
| Brand | AVPL International |
| Sector | Drone Technology / AgriTech |
| Founded | 2016 |
| Headquarters | Gurugram, Haryana |
| Founders | Deep Sihag Sisai & Dr. Preet Sandhu |
| FY26 Revenue | ₹106.8 Cr |
| FY26 PAT | ₹14.2 Cr |
| FY26 EPS | ₹1.59 |
| FY26 Total Assets | ₹162.55 Cr |
| FY26 Borrowings | ~₹42.17 Cr |
| Promoter Holding | 57.89% |
| Total Shares | ~8.98 Cr |
| IPO Proposal | ~₹200 Cr Fresh Issue |
| SEBI Observation | Received Jan 2026 |
| IPO Date | Not announced |
| Current Status | Unlisted |
| ISIN | INE0QWL01025 |
19. Important Links
Official Company Website:
AVPL International
About AVPL International:
Company Profile & Management
Investor Relations / Annual Reports:
AVPL Investor Relations & Annual Reports
FY2025 Annual Report:
AITMC Ventures FY2024-25 Annual Report
2023 Draft Red Herring Prospectus:
AITMC Ventures DRHP
Agriculture Drone Solutions:
AVPL Agri Solutions
Drone Product Portfolio:
AVPL Drone Portfolio
Drone-as-a-Service:
AVPL Drone-as-a-Service
Drone Training:
AVPL Drone Training Programs
Disclaimer
This report is prepared strictly for informational and educational purposes and should not be considered an offer, solicitation or recommendation to buy or sell securities.
AVPL International / AITMC Ventures Limited is an unlisted company, and unlisted shares can involve significant liquidity, valuation, transfer, regulatory and market risks. Financial figures and corporate information are based on publicly available company documents and other secondary sources available at the time of preparation. Investors should independently verify the latest annual report, shareholding, valuation, transaction terms, IPO documents and regulatory filings before making any investment decision.
Past financial performance does not guarantee future results. The proposed IPO should not be considered confirmed until the company announces the final issue structure and dates through the applicable regulatory and exchange channels.
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