AITMC Ventures Targets ₹150–200 Crore IPO
Gurugram-based drone technology and skilling company AITMC Ventures, operating under the AVPL International brand, has filed an updated draft red herring prospectus (UDRHP) with SEBI for its IPO. The issue comprises a fresh issue of up to 3.5 crore equity shares, with no offer-for-sale component, and is expected to raise between ₹150–200 crore.
The filing follows SEBI’s observation letter issued on January 23, 2026, on the company’s confidential draft papers submitted in October 2025. This marks AITMC’s second attempt at going public — it had earlier eyed an NSE Emerge SME listing in 2023 before shelving those plans.
Business and financials:
AITMC operates across drone manufacturing and assembly, R&D, drone-as-a-service (DaaS), and vocational/drone skill training — primarily serving government schemes and contracts, with Delhi and Haryana together accounting for over 83% of FY26 revenue.
For FY26, the company reported standalone revenue of ₹106.76 crore and net profit of ₹13.38 crore, down from ₹16.1 crore in FY25 despite the topline growth.
Use of proceeds:-
The company has earmarked ₹155.03 crore of net proceeds for five specified purposes to be deployed in FY27, with the remainder for general corporate purposes to be finalised post-pricing.
Risk factors to watch
The DRHP flags heavy dependence on government contracts, limited drone production capacity, and customer concentration — the single largest customer contributed ~18.7% of revenue. Receivables from government contracts stood at ₹28.8 crore (27% of operating revenue) in FY26. A director also received a police summons in March 2026 in connection with an ongoing investigation.
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