Garuda Aerospace posts Rs 17.5 Cr profit in FY25, revenue at Rs 118 Cr

Drone technology startup Garuda Aerospace, reported a modest growth in the last financial year ending March 31, 2025. The Bengaluru-based firm maintained profitability, supported by steady revenue growth and cost discipline.

Garuda’s revenue from operations increased 7.3% to Rs 118 crore in FY25 from Rs 110 crore in FY24, as per its unaudited financial statements filed with the Registrar of Companies (RoC).

Garuda Aerospace designs, manufactures and customizes Unmanned Aerial Vehicle (UAVs or drones) for various use cases such as deliveries, disaster management and agriculture. The company made additional Rs 7 crore from other income which increased its total income to Rs 125 crore in FY25, from Rs 111 crore in FY24.

Looking at the expenses, the cost of materials, which formed the largest expense, rose 14% to Rs 56 crore in FY25 from Rs 49 crore a year ago. Employee benefit expenses declined 12% to Rs 9.23 crore, while finance costs halved to Rs 1 crore during the same period. Depreciation, however, increased to Rs 3 crore in FY25 from Rs 2 crore in FY24.

Overall, Garuda’s total expenses grew 13% to Rs 100.5 crore in FY25 as against Rs 89 crore in FY24.

Despite higher spending, the company managed to expand its bottom line, with profit after tax (PAT) rising 9.4% to Rs 17.5 crore in FY25, from Rs 16 crore in FY24. Its ROCE and EBITDA margin stood at 14.37% and 22.4% respectively.

On a unit level, Garuda spent Rs 0.85 to earn a rupee of revenue during the fiscal year. The company recorded current assets worth Rs 179 crore including Rs 4.6 crore in FY25.

According to startup data intelligence platform TheKredible, Garuda Aerospace has raised approximately $44 million to date from investors such as Nagarajan Seyyadurai, Ocgrow Ventures, cricketer MS Dhoni and others.

Garuda operates a fleet of 400 drones and 500 pilots across 84 cities. The company recently raised funds from Narotam Sekhsaria Family Office to scale up manufacturing capacity from the current 8,000 drones annually to between 12,000 and 15,000 units. It will also expand its export presence to 50 countries by the year-end.