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BharatRohan Airborne Innovations IPO
BharatRohan Airborne Innovations Ltd
₹1,28,000 /1600 sharesMinimum Investment
BharatRohan Airborne Innovations IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 23 Sep ‘25 - 25 Sep ‘25 | ₹2,56,000 | 1,600 | ₹80 - ₹85 |
| Issue Size | IPO Doc |
|---|---|
| 45.04Cr | RHP PDF |
About BharatRohan Airborne Innovations
Founded in
2016
Managing director
Mr. Amandeep Panwar
Parent organisation
BharatRohan Airborne Innovations Ltd
Strengths & Financials of BharatRohan Airborne Innovations
Strengths
Risks
The company claims that it collects agricultural data using unmanned aerial vehicles (UAVs), i.e, drones, equipped with hyperspectral and other imaging tools. It further states that its Pravir X4 drone captures detailed images across a wide light spectrum for crop monitoring.
The company states that the hyperspectral imaging system provides a high spatial and spectral resolution of 155 bands, enabling analysis at the individual crop level and detecting subtle variations in crop health.
Using drone-based surveillance, the company claims to offer advisory services through its “CropAssure” platform. This includes guidance on crop cultivation, pest and disease detection, nutrient management, and recommendations for specific fertilisers or pesticides, which the company also supplies.
Through its “SourceAssure” program, the company states that it procures produce from a strong network of aggregators, who source directly from farmers and farmer-producer organisations.
The company claims that it ensures full traceability of agricultural products, providing details such as farm location and sowing and harvesting dates. It also assists in selling sustainably grown produce that earns a market premium.
The company states that the agri-inputs are sold directly to farmers based on recommendations generated from drone-based monitoring and Decision Support System (DSS) technology, which supports Integrated Crop Management practices.
The company claims that it supplies advanced hyperspectral cameras from brands like Corning, Imec, and BaySpec to private firms and research institutions, including IIT Madras, for agricultural and other applications.
The company states that a dedicated research and development team works on improving drone technology, enhancing operational precision, and adapting to evolving technology and regulatory requirements.
The company claims to have an agreement in place with Smart Village Movement (initially signed on June 29, 2016, and amended on June 10, 2024) to implement an end-to-end digital crop monitoring project aimed at improving ginger production and rural development.
The company also states that it has an agreement with Behtar Zindagi Private Limited, signed on March 23, 2023, that provides farmers with online access to purchase fertilisers, agri-inputs, and other agricultural products.
The company also possesses a co-branding agreement with Obopay Mobile Technology India Pvt Ltd, dated October 24, 2024, that allows it to use Obopay’s PPI platform for managing customer deposits and payouts through a co-branded “Pragati Card,” available in both digital and physical forms.
The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 6.47 crore in FY23 (standalone) to Rs 18.95 crore in FY24 (standalone) and Rs 28.17 crore in FY25 (consolidated). PAT increased from Rs 1.81 crore in FY23 (standalone) to Rs 6.90 crore in FY24 (standalone) and Rs 7.59 crore in FY25 (consolidated).
The company derives a significant portion of its revenue from crop monitoring services and the sale of agri-outputs. Crop monitoring services accounted for Rs 14.06 crore (49.90 percent) of the company’s total revenue in FY25 (consolidated), Rs 11.30 crore (59.62 percent) in FY24 (standalone), and Rs 3.61 crore (55.88 percent) in FY23 (standalone). Sales from agri-output accounted for Rs 13.17 crore (46.74 percent) of the company’s total revenue in FY25 (consolidated), Rs 7.21 crore (38.04 percent) in FY24 (standalone), and Rs 2.44 crore (37.67 percent) in FY23 (standalone). Any loss of sales in either or both these segments or a sudden change in demand could adversely affect the company’s operations and finances.
The company’s top 5 customers accounted for Rs 8.84 crore (31.37 percent) of the company’s total revenue in FY25 (consolidated), Rs 7.40 crore (39.04 percent) in FY24 (standalone), and Rs 3.86 crore (59.70 percent) in FY23 (standalone). Any loss of any of these clients or a sudden decline in demand from them could adversely affect the company’s financial performance.
The company’s top 5 suppliers accounted for Rs 21.04 crore (78.62 percent) of the company’s total purchases in FY25 (consolidated), Rs 8.56 crore (81.31 percent) in FY24 (standalone), and Rs 1.69 crore (80.96 percent) in FY23 (standalone). Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
The company reported negative cash flows from operating activities amounting to Rs 3.86 crore (consolidated) in FY25 and Rs 8.11 crore (standalone) in FY24. It also recorded negative cash flows from investing activities amounting to Rs 1.65 crore (consolidated) in FY25, Rs 0.68 crore in FY24 (standalone), and Rs 0.19 crore in FY23 (standalone). If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
The company derives a major portion of its revenue from the sales of cumin. Cumin accounted for Rs 8.59 crore (65.27 percent) of the company’s total revenue in FY25 (consolidated), Rs 4.75 crore (65.92 percent) in FY24 (standalone), and Rs 2.41 crore (99.03 percent) in FY23 (standalone). A decline in demand for this product or any adverse economic developments in the market in which the company’s clients operate could hurt the company’s operations and finances.
The company sources its products from domestic markets, mainly Gujarat. Domestic sources accounted for Rs 26.42 crore (98.72 percent) of the company’s total purchase in FY25 (consolidated), Rs 10.42 crore (98.99 percent) in FY24 (standalone), and Rs 1.84 crore (88.11 percent) in FY23 (standalone). Gujarat, specifically, accounted for Rs 18.78 crore (70.16 percent) of the company’s total turnover in FY25 (consolidated), Rs 6.27 crore (59.53 percent) in FY24 (standalone), and Rs 1.21 crore (58.12 percent) in FY23 (standalone). Any disruption in this market could negatively impact the company’s operations and finances.
The company generates all its revenue from the domestic market, out of which Rajasthan, Gujarat, and Uttar Pradesh contribute the most. They accounted for Rs 23.55 crore (83.61 percent) of the company’s total revenue in FY25 (consolidated), Rs 12.35 crore (65.14 percent) in FY24 (standalone), and Rs 4.46 crore (69.00 percent) in FY23 (standalone). Any adverse developments in these states could negatively impact the company’s overall operations.
The company’s attrition rate reached an all-time high of 36.36 percent in FY25. The company did not state any specific reasons for this high rate. Such high rates of attrition reflects poorly on the company’s HR policies and could pose problems in the future.
The company previously held an FSSAI license (No. 13322999000312) for trading agricultural products. After this license expired on March 14, 2023, a new registration (No. 12223999000284) was obtained on June 12, 2023, for manufacturing instead of renewing the trading license. Trading activities continued under the new license by mistake. An application (Ref. No. 10250706107481847) to add trading activities was filed on July 6, 2025, and is still under review. Although no regulatory notices have been issued, there is uncertainty about receiving the amended certificate, which could lead to future regulatory action.
The business relies on a wide network of farmers for crop monitoring services and the supply of agri-input and agri-output products. Any failure to manage or maintain this network could negatively affect operations and cash flow.
The company’s performance depends on the reputation of its brand, “Pravir.” There is no assurance that brand awareness and market perception can be maintained or improved. Any harm to the brand’s image, name, or logo could adversely affect financial results and cash flow.
The company depends on global vendors for critical drone components and may not be able to reduce this reliance. Shortages or price fluctuations in these imported parts could delay drone assembly and service delivery, potentially harming the business.
The company, its subsidiary, directors, promoter, and group company are involved in certain ongoing legal proceedings, which include some tax-related and criminal cases. Any adverse judgments in any of these cases could adversely affect the company’s business prospects.
As of June 30, 2025, the company had total borrowings amounting to Rs 3.98 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
BharatRohan Airborne Innovations Financials
*All values are in Rs. Cr
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Application Details of BharatRohan Airborne Innovations IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Individual investor | ₹80 - 85 | ₹2 - 5 Lakh |
For BharatRohan Airborne Innovations IPO, eligible investors can apply as Individual investor.