India’s drone sector has been soaring, backed by strong government support through the Drone Rules 2021 and the PLI Scheme. Strategic import bans (particularly on Chinese drones) have fueled domestic growth by giving Indian homegrown firms room to innovate and compete.
While 50% US tariffs may threaten access to a key export market for Indian drones, it also marks a turning point where resilient, well-positioned drone companies could still emerge as global leaders.
In this context, we explore the best drone companies in India that are shaping the future of aerial technology successfully.
| Company Name | Ticker | Market Cap (₹ Cr) | 5Y CAGR (%) | 6M Return (%) | Debt to Equity Ratio |
| Larsen and Toubro Ltd | LT | 4,95,321.81 | 30.38 | 12.54 | 1.15 |
| Hindustan Aeronautics Ltd | HAL | 2,89,753.46 | 58.27 | 38.99 | 0.00 |
| DCM Shriram Ltd | DCMSHRIRAM | 19,208.03 | 27.49 | 32.42 | 0.36 |
| Zen Technologies Ltd | ZENTEC | 13,121.62 | 80.99 | 44.58 | 0.04 |
| Rattanindia Enterprises Ltd | RTNINDIA | 8,473.13 | 47.20 | 54.21 | 1.40 |
L&T share price showed a mixed trend over the past month. Opening at ₹3,631.10 on August 4, 2025, the stock reached a high of ₹3,727.90 on August 12 but gradually declined by nearly 1% in the past month.
Larsen & Toubro (L&T) has partnered with Hyderabad-based startup Green Aero to co-develop micro turbojet engines for military drones. This collaboration melds L&T’s manufacturing strength with Green Aero’s propulsion innovation to enable domestically produced, high‑performance engines for UAVs.
Key Metrics:
HAL share price witnessed some fluctuations in August 2025. The stock reached its highest intraday level of ₹4,619.00 on August 6. HAL’s CATS Warrior project aims to boost India’s air combat power by enabling a single fighter pilot to control two armed UCAVs. Using a modified Kiran jet for trials, the system involves manned-unmanned teaming. Co-developed with DRDO and NRT, it has attracted interest from the IAF, Navy, and Rolls-Royce.
Key Metrics:
DCM Shriram share price dropped about 8.4% from ₹1,377 on August 4 to ₹1,258 on September 2, 2025. The highest price during this period was ₹1,399. The stock showed ups and downs, with daily changes ranging from -3.76% to +2.89%, reflecting some volatility and mixed investor sentiment.
DCM Shriram has maintained a 5-year sales CAGR of 4% and a 3-year CAGR of 2%. Its net profit has grown at 21% over 3 years and 9% over 5 years. The company holds a 30% stake in Turkish UAV maker Zyrone Dynamics, collaborating to produce two UAV variants.
Additionally, DCM has partenered with Israeli firm Skylock to manufacture and market counter-drone systems exclusively in India. It is actively expanding sales of its defense products across three verticals, including UAVs and counter-drone technology, both domestically and internationally.
Key Metrics:
Zen Tech share price has fluctuated between ₹1,480 and ₹1,520, and reached a high of ₹1,561.20. Despite some dips, the stock has seen positive spikes, such as a 4.99% rise on August 22, indicating active investor interest.
In FY25, the company acquired a 54.7% stake in TISA Aerospace for ₹6.6 crore, entering the loitering munitions and UAV sector. The acquisition boosted Zen’s shares by 5%. Zen aims to enhance its defence drone portfolio, aligning with India’s push for self-reliance in advanced drone technologies.
Key Metrics:
RattanIndia share price has shown significant volatility, rising from a low of ₹49.53 to a high of ₹63.04 recently. The stock has gained over 15% with an average price of around ₹54.61.
RattanIndia’s subsidiary, NeoSky India, has partnered with the Karnataka Government to enhance security through drone technology. NeoSky supplied drones to Kalaburagi and will provide 60 Tavas drones to Karnataka Police.
The company also launched a skilling initiative to train 500 youth in drone piloting with DGCA-approved licenses. This collaboration supports local innovation, boosts law enforcement agility, and prepares youth for future tech jobs, reflecting NeoSky’s commitment to India’s security and self-reliance.
Key Metrics:
India’s drone sector is rising quickly, supported by strong companies like Zen Technologies (80.99% 5Y CAGR), RattanIndia (67.54% ROE), and HAL (58.27% 5Y CAGR, 26.09% ROE). L&T and DCM Shriram are also making steady progress through key partnerships.
These companies reflect a solid mix of growth, profitability, and innovation. While US tariffs may create export challenges, strong domestic demand and government support continue to fuel opportunities for well-positioned players in India’s growing drone ecosystem.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Sep 2, 2025, 5:18 PM IST
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