India Defence Drones — Swarm UAV IdeaForge Garuda Stocks
The Russia-Ukraine war proved drones are decisive weapons. India's drone policy — PLI ₹120 Cr, mandatory buy list, anti-drone system demand — is creating an ecosystem of 500+ licensed drone companies. IdeaForge, Alpha Design, Garuda Aerospace, and Zen Technologies are key plays.
Stocks in this theme · India defence & drone stocks
12 companies in this theme — showing top 12 by market cap.
| Symbol | Company | Price | Mkt Cap | ROE | P/E |
|---|---|---|---|---|---|
| HAL | HAL | ₹4,855 | ₹3,19,342 Cr | 26.2% | 41.90 |
| BEL | BEL | ₹367.95 | ₹2,65,346 Cr | 24.4% | 66.61 |
| SOLARINDS | SOLARINDS | ₹19,270 | ₹1,69,081 Cr | 0.0% | 202.24 |
| MAZDOCK | Mazagon Dock Shipbuilders | ₹2,307.4 | ₹93,339 Cr | — | — |
| BDL | Bharat Dynamics | ₹1,249.75 | ₹45,833 Cr | — | — |
| COCHINSHIP | Cochin Shipyard | ₹1,368.5 | ₹36,095 Cr | — | — |
| DATAPATTNS | Data Patterns (India) | ₹4,777.85 | ₹26,765 Cr | — | — |
| MTARTECH | MTAR Technologies | ₹5,906.8 | ₹18,001 Cr | — | — |
| ASTRAMICRO | Astra Microwave Products | ₹1,757.05 | ₹16,738 Cr | — | — |
| ZENTEC | Zen Technologies | ₹1,815.9 | ₹16,319 Cr | — | — |
| PARAS | Paras Defence and Space Technologies | ₹1,222.95 | ₹9,860 Cr | — | — |
| BEML | BEML | ₹1,737.4 | ₹7,238 Cr | — | — |
Research Coverage
- IdeaForge: valuation, order pipeline, and DRDO contracts
- Counter-drone (anti-UAV): Bharat Electronics, Zen Technologies
- Agricultural drone plays: unlisted Garuda, listed adjacencies
- Drone export opportunity: Israel-India defence co-production
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Frequently Asked Questions
Is IdeaForge a good investment?
IdeaForge is India's leading drone manufacturer with DRDO and defence contracts. It's a small-cap, early-stage play with high growth potential but also high valuation risk.
What is the India drone PLI scheme?
Production Linked Incentive for drones — providing financial incentives to domestic drone manufacturers to boost Indian-made UAV production for civil and military use.