India’s drone market is soaring. Are these five stocks ready for lift-off?
Subscribe to enjoy similar stories. India is on the brink of a technological revolution, fuelled by its rapidly growing drone industry. Recent global conflicts, from Israel-Hamas to Russia-Ukraine, have demonstrated the growing importance of drones in modern warfare.
Now, India has a unique opportunity to harness about ₹1.8 trillion in domestic manufacturing potential through the indigenisation of drones for security and commercial use. The Indian drone industry is expected to grow exponentially over the next decade, with analysts predicting a compound annual growth rate (CAGR) of 80% over FY22-27. Here are five top drone stocks that could be ready to soar as India’s drone industry takes off.
IdeaForge is a globalleader in drone technology, creating and producing unmanned aerial vehicle (UAV) systems for security and surveillance purposes. It holds a dominant position in the Indian UAV market, with a 50% market share in FY22, and caters to both the civil and defence sectors. IdeaForge offers a range of defence-oriented drones.
These likely include solutions for surveillance and reconnaissance missions, security patrols, and target acquisition to support other military assets. In January it won a ₹48 crore contract from the Indian Army for counter-drone technology. Also read: Five top performing IPOs of 2024 so far The company has partnered with Garuda Aerospace, another leading drone maker, for product development and manufacturing as the two companies look to benefit from their combined skills and resources.
Read more on livemint.com
