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Listed dronetech company DroneAcharya has bagged a contract worth INR 1.09 Cr (about $124K) from the Indian Army.
In an exchange filing today, the company informed that it has been awarded with a work order by the Indian Army (ministry of defence) for the supply of 180 first-person view drones.
The company plans to deliver the drones in three installments, within a period of one year. The first installment is scheduled for April 14, 2026.
Shares of the BSE SME listed company surged over 15% to INR 60.3 apiece during intraday trading today. At 13:56 IST, the company’s shares were trading at INR 58.00, marking a 10.96% from previous close.
The development comes almost a month after DroneAcharya disclosed its financial performance for the second half of the fiscal year FY25 (H2 FY25), after repeated delays.
The company swung to the red during the period, reporting a net loss of INR 15.1 Cr as against a profit of INR 2.2 Cr in the year-ago period. Meanwhile, in H2, its operating revenue shrunk 47% to INR 7.6 Cr from INR 14.3 Cr in H2 FY24.
For the full fiscal year, the company reported a net loss of INR 13.5 Cr as against a profit of INR 6.2 Cr in FY24. Meanwhile, its operating revenue for FY25 stood at INR 34.5 Cr, about 2% lower than INR 35.2 Cr in the previous year.
In its disclosures in September, the company informed that it had received a show cause notice from the markets regulator SEBI in May under Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995. As of now, there is no further clarity on what the SEBI inquiry pertains to.
Besides, DroneAcharya was also exploring a merger with competitor dronetech player AITMC Ventures (AVPL) in FY25. While the duo had signed in January, they decided to put the merger on hold in May. At the time, both the companies said that the merger had been put on hold due to a mismatch in the valuation of both the companies.
Subsequently, AITMC pre-filed its papers with the SEBI to raise INR 200 Cr in fresh issue, marking its second attempt at a public listing. It is pertinent to note that post the completion, the merged entity of DroneAcharya and AITMC were aiming for a mainboard listing.
The post DroneAcharya’s Shares Surges 15% After Bagging Order From The Indian Army appeared first on Inc42 Media.
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