BharatRohan Airborne IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 23 Sept. 2025 |
| IPO Closes on | 25 Sept. 2025 |
| Allotment on | 26 Sept, 2025 |
| Credit of shares on | 29 Sept. 2025 |
| Tentative Listing on | 30 Sept. 2025 |
BharatRohan Airborne IPO Concise Verdict
BharatRohan Airborne Innovations Ltd., an agritech company using drone and hyperspectral imaging technology, has scaled its business rapidly. Revenue rose from Rs. 6.53 crore (FY23) to Rs. 28.23 crore (FY25), while PAT jumped from Rs. 1.81 crore to Rs. 7.59 crore in the same period. Margins are healthy (EBITDA Rs. 7.92 crore, PAT Rs. 7.59 crore in FY25) and debt levels are negligible (Debt Rs. 1.34 crore vs Net Worth Rs. 37.22 crore).
However, working capital stress is visible with trade receivables (Rs. 10.16 crore) and inventory (Rs. 14.93 crore) compared to monthly revenue of only Rs. 2.35 crore. This indicates a high requirement of funds locked in current assets.
Final Subscription Tally
| Size Rs. Crore | ||||
| QIB | NII x | RII x | Total x | Applications |
| Subscription Review: |
||||
About BharatRohan Airborne
BharatRohan Airborne Innovations Ltd., incorporated in June 2016, is an agritech solutions provider leveraging drone/UAV platforms and advanced Hyperspectral Imaging (HSI) technology. The company’s solutions are designed to address critical challenges across the agricultural value chain.
It provides decision support systems (DSS) that guide farmers on Integrated Crop Management practices, crop monitoring, and precision farming techniques — enabling farmers to enhance yields and grow profitably.
Products & Services
-
Crop Monitoring Services using UAVs and imaging technologies
-
Sale of branded agri-inputs supporting input-to-output integration
As of June 30, 2025, BharatRohan employed 39 permanent staff and 20 fixed-term employees.
BharatRohan Airborne IPO Details
|
Sector: Agritech Solution provider |
|
| IPO opens on | 23 September 2025 |
| IPO closes on | 25 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 52,99,200 Shares / Rs 45.04 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 2,68,800 Shares |
| Net offer to Public | 50,30,400 Shares Rs. 42.76 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 80-85 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1600 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 2,68,800 (5.07%) |
| QIB Shares Offered | 24,64,000 (46.50%) |
| NII (HNI) Shares Offered | 7,68,000 (14.49%) |
| Retail Shares Offered | 17,98,400 (33.94%) |
| Total Shares Offered | 52,99,200 (100.00%) |
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | 2 | 3,200 | 2,72,000 |
| Retail (Max) | 2 | 3,200 | 2,72,000 |
| S-HNI (Min) | 3 | 4,800 | 4,08,000 |
| S-HNI (Max) | 7 | 11,200 | 9,52,000 |
| B-HNI (Min) | 8 | 12,800 | 10,88,000 |
Who are the Promoters of BharatRohan Airborne IPO?
The promoters hold 54.86% of the pre-IPO capital
What are the Objects of BharatRohan Airborne IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Funding of Capital Expenditure requirements for purchase of new Equipment by the Company;-Rs.14.21 Crore
+Purchase of Commercial Vehicle-Rs.2.29 Crore
+Funding Working Capital Requirement of the Company Rs.16.68
+General Corporate purposes
| Registered Office of the Company |
| BharatRohan Airborne Innovations Ltd. Fourth Floor B-117 DDA Sheds Okhla Industrial Area Phase – I South Delhi, New Delhi, 110020 |
| Email: investors@bharatrohan.in |
| Lead Manager of the IPO |
| Smart Horizon Capital Advisors Pvt ltd |
| Who is the Registrar to the IPO?
Kfin Technologies ltd |
BharatRohan Airborne Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 42.02 | 22.33 | 5.27 |
| Total Income | 28.23 | 18.98 | 6.53 |
| Profit After Tax | 7.59 | 6.9 | 1.81 |
| EBITDA | 7.92 | 7.37 | 1.91 |
| Net Worth | 37.22 | 16 | 3.18 |
| Reserves and Surplus | 22.83 | 13.11 | 3.3 |
| Total Borrowing | 1.34 | 4.13 | 1.52 |
| Amount in ₹ Crore | |||
Key Financial Indicators
| KPI | Values |
| ROE | 28.21% |
| ROCE | 19.69% |
| Debt/Equity | 0.04 |
| RoNW | 20.38% |
| PAT Margin | 26.93% |
| EBITDA Margin | 28.12% |
| Price to Book Value | 3.32 |
| EPS | 5.19 |
| PER | 16.38 |
How BharatRohan Airborne IPO compares with the Peers?
There is no listing company in India having simalar nature of business
BharatRohan Airborne IPO Review
by Paresh Gordhandas, Chartered Accountant & Research Analyst
Business Model
-
Incorporated in 2016, BharatRohan provides agritech solutions using drones and Hyperspectral Imaging (HSI).
-
Offers crop monitoring services, guidance on Integrated Crop Management, and sale of branded agri-inputs.
-
Uses a Decision Support System (DSS) to help farmers improve yields and profitability.
Financial Performance
-
Total Income: Grew from Rs. 6.53 crore (FY23) → Rs. 18.98 crore (FY24) → Rs. 28.23 crore (FY25).
-
PAT: Increased from Rs. 1.81 crore (FY23) → Rs. 6.90 crore (FY24) → Rs. 7.59 crore (FY25).
-
EBITDA: Rs. 7.92 crore in FY25, showing strong operating efficiency.
-
Net Worth: Expanded to Rs. 37.22 crore as of FY25 from just Rs. 3.18 crore in FY23.
Balance Sheet & Key Observations
-
Low Borrowing: Rs. 1.34 crore (FY25) vs Rs. 37.22 crore net worth – debt-light structure.
-
Reserves: Rs. 22.83 crore (FY25), indicating internal accrual-driven growth.
-
Working Capital Stress: Trade receivables Rs. 10.16 crore + inventory Rs. 14.93 crore = ~Rs. 25 crore blocked against monthly revenue of Rs. 2.35 crore. This may pressure cash flows.
Strengths
-
Innovative tech-based agritech model with UAVs & HSI.
-
Strong revenue and profit growth in 3 years.
-
Low debt, high reserves – financially stable.
Risks
-
Heavy working capital requirements due to receivables & inventory.
-
Dependent on adoption of drone/HSI technology in agriculture.
-
SME IPO, hence limited liquidity post-listing.
BharatRohan provides agritech solutions using drones and Hyperspectral Imaging for crop monitoring, precision farming, and sale of agri-inputs.
The company’s revenue grew nearly 4.3x in 2 years, with PAT rising from Rs. 1.81 crore (FY23) to Rs. 7.59 crore (FY25). EBITDA margin remains strong.
No. As of FY25, total borrowings are only Rs. 1.34 crore against net worth of Rs. 37.22 crore – indicating an almost debt-free structure.
High working capital cycle (receivables + inventory = Rs. 25 crore), sector dependency on agri-tech adoption, and SME IPO liquidity risks.
Quicklinks
- Market Analysis by Nagaraj Shetti
- Stock Market today by Vaishali Parekh
- Analysis by Kotak Securities
- Market Analysis by HDFC Securities
- Technical Analysis by Kotak Securities
- Technical Analysis by Samco Securities
- Reliance, Target & Stoploss
- Gold Analysis
- FII buy-Sell
- Technical Analysis
- Calls for the Day
- Currency Analysis
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
