Annual report
Annual Report 2026
Source: Nse
Drone Destination Ltd. (DRONE)
SME CapServices stocks · SME cap · NSE
Drone Destination Ltd. provides drone training, survey and mapping services, and agricultural spray solutions. The company is expanding into defense solutions, drone sales, and consultancy, leveraging its aviation experience and aiming to reduce reliance on government-driven demand.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals18 Oct 2026 · screener
Latest result01 Jun, 07:44 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
40NeutralSMA20 -3.1% / mo · MACD + · near 52W low
Stock trend: 40
Sector RS: —
Services FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
DRONED candles · FIT view-34.5%Latest close ₹34.40 on 2026-10-19
Bar
+1.5%
RSI
56
MACD hist
0.23
52W pos
4%
2026-10-19O ₹33.90H ₹34.50L ₹33.50C ₹34.40Vol 52,500 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DRONENifty 500
- DRONE
- -11.6%
- Nifty 500
- -5.6%
- Vs Nifty 500
- -6.0 pp
Chart stats
19 Oct 2026- From 52W high
- -66.2%
- 52W range position
- 4%
- ATR (14)
- 3.2%
- Volume vs 20D
- 2.86x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹31.9 - ₹34.5
₹101.9
₹31.7 - ₹101.9
₹1.1
Latest completed session
20-session average
24.5% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · OVERVALUED29
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -23.3% · PAT -105.1% YoY
Technical
Neutral40
Price trend and sector-relative-strength timing.
Valuation
Legacy model-169.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence49
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 0/100Rev -23% YoY · PAT -105% YoY · margin expansion · +36% QoQ
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹20.2 Cr | -23.3% | +36.3% |
| EBITDA | ₹5 Cr | NDF | +5.5% |
| Operating margin | 24.6% | NDF | -718 bps |
| PAT | ₹-0.3 Cr | -105.1% | -122.5% |
| PAT margin | -1.7% | NDF | -1186 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 69.30
- P/B
- 1.33
- EV/EBITDA
- 6.53
- Market Cap
- 81.10Cr
Profitability
- ROE
- 1.95%
- ROCE
- 6.16%
- ROA
- 1.30%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 146.00%
- EPS 5Y
- 91.00%
- Revenue 3Y
- 43.00%
- EPS 3Y
- -22.00%
Balance Sheet
- Debt/Equity
- 0.39
- Interest Coverage
- 3.33×
- Altman Z
- 3.21
- Book Value
- 24.90
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -0.65 Cr
- EPS TTM
- 0.48
Shareholding
- Promoter Hold
- 61.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 35.1+40.8% vs prev
Net Profit
₹ CrLatest: 1.2+117.2% vs prev
Return on Equity
%Latest: 1.9+116.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 56. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~3.2% over last month) — short-term momentum negative.
- RSI(14) at 56 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 66% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
5
RS percentile
Stage 4 Downtrend
1M return
+4.4%
3M return
-11.6%
6M return
-36.9%
1Y return
-60.9%
RS 1D
+1
RS 20D
0
Sector rank
#12
Industry rank
#55
Stage evidence
- Price is 15.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -4.1%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 53.91+4.52%
RS vs Nifty 50054
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation3/30
Growth21/25
Quality0/20
Balance Sheet9/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-7
Raw sum
29
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
29/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 21/25 to the score.
- Balance sheet contributes 9/15 to the score.
- Valuation contributes 3/30 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Fair-value margin of safety is negative at -169.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
69.3
PB
1.3
EV/EBITDA
6.5
ROE
1.9%
ROCE
6.2%
FCF Yield
—
Debt/Equity
0.4
MoS
-169.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
29
Previous: 29
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-169.9%
Previous: -169.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
29
29
29
29
29
29
29
29
29
29
29
29
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹16.4
-109.8% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹12.74
-169.9% MoS
PEG
0.76
Comparable companies
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
FWSTC
SME
Flywings Simulator Training Centre Ltd.
Aviation
match -12
41
24.8
17.4%
+7%
WATCHLIST
GLOBALVECT
Small
Global Vectra Helicorp Limited
Aviation
match -13
15
—
-676.0%
—
OVERVALUED
FLYSBS
SME
FlySBS Aviation Ltd.
Aviation
match -14
68
17.2
26.2%
+36%
UNDERVALUED
INDIGO
Large
InterGlobe Aviation Limited
Aviation
match -17
25
—
-27.1%
—
OVERVALUED
BRACEPORT
SME
Brace Port Logistics Ltd.
Logistics
match -37
29
15.2
10.8%
-221%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-07-01T15:49:31.723Z
Management commentary snapshot
FY25 revenue declined 21% YoY to INR25.74 crores, with PAT turning negative at minus INR6.81 crores, primarily due to government scheme delays and agri-project execution challenges.
FY25 results show significant financial deterioration with revenue and profitability declines, attributed by management to external factors and project delays. High trade receivables and inventory build-up raise working capital concerns. However, large government opportunities are expected to materialize in FY26, and the company is strategically diversifying into agri-input sales and defense, which could stabilize future performance.
Growth engines
Namo Drone Didi Scheme
positiveExpected to train 14,500 women and technicians, and procure 14,500 drones, with an estimated opportunity of INR1,500 crores, accruing from H2 of the upcoming financial year.
Agri DaaS with Input Sales
positiveDeveloped a robust agri input sale and spray consolidated network in Uttar Pradesh, commencing from Kharif season (mid-June 2025), with plans to scale in Maharashtra.
Defense Skilling & COE Projects
positiveWitnessing a huge surge in demand for executing drone center of excellence projects from multiple Indian Army organizations, with projects varying from INR25 lakhs to INR2 crores.
NAKSHA & Aerial Survey Projects
positiveWon first direct contract from Survey of India for 2D, 3D urban mapping under NAKSHA Pilot program (INR650-1000 crores opportunity). Forayed into aircraft-based LiDAR survey.
Capacity and execution
Training Infrastructure & Inventory
positiveRamped up training infrastructure and built inventory portfolio (INR9 crores drones, INR5 crores batteries for agri) to capitalize on upcoming opportunities.
Fixed Assets Investment
positiveFixed assets increased from INR15.35 crores to INR18.04 crores, reflecting capital investment into infrastructure and technology.
Agri Spray Vehicles
positiveBorrowing was primarily for vehicles purchased for the agri spray business in FY25.
Tailwinds
Government Support & Policy Push
positiveGovernment has largely been the market maker for the sector, anchoring adoption. India is making global noise in drones due to government support.
Labor Shortage Driving Drone Adoption
positiveDrones have come in and replaced the shortage of labor, particularly for spraying agrochemicals over crops.
Global Interest in Indian Drone Industry
positiveThe Indian drone industry is seen in a very different light by the world, with most global players wanting India to emerge as a large drone player.
Headwinds
Government Scheme Implementation Delays
negativeLast year was a tardy year due to implementation hurdles of government schemes owing to elections and cybersecurity concerns, pausing drone procurement.
Agri Project Coordination & Product Issues
negativeIFFCO project failed due to lack of coordination between drone teams and product availability, and a mid-season product change (Nano Urea to Nano Urea plus).
Longer Credit Cycles in Survey & Mapping
negativeSurvey and mapping activities historically faced longer credit cycles, which slowed down the company's focus on this vertical.
Risk radar
Working Capital Management
negativeTrade receivables of INR16 crores against INR25.74 crores revenue, and inventory of INR14-14.5 crores (drones/batteries) indicate significant working capital tied up.
Revenue Recognition & Write-offs
negativeA cumulative INR3.32 crores of unbilled revenue was written off due to discrepancies between local authorization and Survey of India's budget/records.
Dependence on Government Schemes
negativeThe industry has largely been government-influenced and driven, making it susceptible to delays and policy changes.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The earnings call primarily discusses FY25 performance against FY24 and future outlook, with specific revenue drops for verticals compared to the previous year. This reflects the long-term strategic and project-based nature of the business.
Sector KPIs management disclosed
Consolidated Revenue
negativeConsolidated revenue for FY25 stood at INR25.74 crores compared to INR32.6 crores last year.
EBITDA
negativeEBITDA for FY25 was INR0.5 crores compared to INR13.86 crores in FY24.
PAT
negativePAT stood at minus INR6.81 crores for FY25 as compared to INR7.08 crores in FY24.
Training Vertical Revenue Drop
negativeRevenue drop of about INR6 crores in our training vertical, which was more than 40% revenue drop as compared to last year.
Management forward view
Streamlining Agri DaaS Model
neutralObtaining requisite licenses for agri input sales and carrying inputs with drone teams to consolidate demand and add incremental revenue.
Scaling Defense Offerings
neutralContinue to strengthen and scale offerings for defense entities to upskill forces in modern warfare, including customized solutions and COE projects.
International Expansion
neutralReceived keen interest from select countries in Middle East, EU, and Africa to expand business in global markets.
Milestone-Based Payments for Survey
neutralNew NAKSHA projects from Survey of India have introduced a milestone-based payment system, which should address past credit cycle issues.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Namo Drone Didi Scheme Implementation | Expected to accrue from H2 FY26. | Timely finalization of women self-help groups and procurement tenders, and commencement of training/drone deployment. |
| Agri DaaS Revenue & Profitability | Revenue dropped ~60% in FY25; new strategy includes agri input sales. | Successful commencement and scaling of the agri input sale and spray network in UP and Maharashtra, and its impact on revenue and bottom line. |
| Trade Receivables & Inventory Levels | INR16 crores receivables, INR14-14.5 crores inventory at FY25 end. | Significant reduction in outstanding trade receivables and optimization of inventory levels as new projects materialize and payment terms improve. |
| Defense & Aerial Survey Project Execution | Multiple inquiries for defense COE projects; first aerial LiDAR survey project post-monsoon. | Successful execution and revenue realization from defense skilling projects and the new aircraft-based survey contracts. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
49Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 6th percentile of the scored universe and 5th percentile within Services. Main check: financial discipline is weak at 18/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
2 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
6th percentile
overall median 67 · Services: 5th pctile, median 66 · SME: 6th pctile, median 64
Evidence depth
Financial-only
2 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
18
weak · capital discipline
Results
31
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 61%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-1 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Only 0 years of positive FCF.
- ▸ROCE is low at 6.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Drone Destination Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Annual report
Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.