BharatRohan Airborne Innovations Files IPO to Raise Funds for Expansion, Technology and Farmer Network Growth

Mumbai, 25 July 2025: BharatRohan Airborne Innovations Limited has filed its Draft Red Herring Prospectus (DRHP) with BSE SME for an Initial Public Offering (IPO) comprising a fresh issue of up to 52,99,200 equity shares, each with a face value of ₹10. The IPO will be conducted through a 100% book-building route and does not include any offer-for-sale (OFS) component. The total fundraising amount will be finalised after the issue price is set.

IPO Filing Aims to Fuel Agri-Tech Innovation and Expansion

Through this public issue, BharatRohan plans to raise capital that will enable it to expand its operations and strengthen its agri-tech infrastructure. The issue is being made in compliance with Regulation 229(2) of SEBI’s ICDR Regulations, 2018. The company has already received in-principle approval from the BSE SME platform for the proposed listing. Smart Horizon Capital Advisors Pvt Ltd has been appointed as the lead manager to the issue, while KFin Technologies Limited will serve as the registrar. Details about the market maker and anchor investors will be disclosed in the final RHP.

Fresh Capital Will Be Deployed Across Equipment, Vehicles and Operations

BharatRohan plans to utilise the net proceeds from the IPO across multiple key areas to strengthen its infrastructure and support its expansion plans. The company aims to enhance operational efficiency, scale its services, and meet increasing demand. The deployment of funds is planned as follows:

• ₹1,186.63 lakhs will be invested in capital expenditure, primarily for the purchase of advanced equipment to support its drone-based precision farming operations.
• ₹197.97 lakhs is allocated for the acquisition of a commercial vehicle to improve logistics and transportation capacity.
• ₹1,668 lakhs will be dedicated to working capital needs, ensuring smooth day-to-day operations as the company expands its farmer network and service offerings.

The remaining proceeds will be used for general corporate purposes, the final amount of which will be determined based on the issue price. This planned utilisation reflects BharatRohan’s intent to scale its technology-driven farming solutions while building a more agile and responsive operational framework.

Drone-Driven Farming and Advisory Services Anchor BharatRohan’s Business Model

Founded in 2016, BharatRohan Airborne Innovations is headquartered in New Delhi with operations centred in Gurugram. The company provides drone-based hyperspectral crop monitoring, data-driven decision support systems, and traceable agri-input and agri-output solutions. It also offers advisory services and agri-inputs under its proprietary brand ‘Pravir’. These services are extended to a network of over 12,700 farmers across multiple Indian states, enabling them to adopt precision agriculture practices.

Revenue More Than Quadrupled in Two Years, Net Worth Grew Over 11x

As per the restated consolidated financials presented in the DRHP (Pages 24 & 96–98), BharatRohan has reported a significant increase in both income and profitability over the past three financial years. Total income surged from ₹652.53 lakhs in FY2023 to ₹1,897.83 lakhs in FY2024, and further to ₹2,823.31 lakhs in FY2025.

Profit after tax grew from ₹180.87 lakhs in FY2023 to ₹690.40 lakhs in FY2024, reaching ₹758.64 lakhs in FY2025. The company’s EBITDA followed a similar trajectory, increasing from ₹202.22 lakhs in FY2023 to ₹739.59 lakhs in FY2024, and to ₹801.24 lakhs in FY2025. Net worth saw a major jump from ₹318.04 lakhs in FY2023 to ₹1,599.53 lakhs in FY2024, and then to ₹3,722.33 lakhs in FY2025.

In terms of earnings per share (post bonus, basic and diluted), the company reported ₹1.36–₹1.37 in FY2023, which rose to ₹5.20 in FY2024 and ₹5.53 in FY2025.

Promoter Group Holds Majority Stake Ahead of IPO

Prior to the public issue, BharatRohan is majorly owned by its two co-founders. Mr. Amandeep Panwar holds 43,54,800 equity shares, representing 29.78% of the pre-issue capital. Mr. Rishabh Choudhary owns 36,67,200 shares or 25.08%. Together, the promoters hold 80,22,000 shares, amounting to a combined stake of 54.86% in the company. The post-issue shareholding pattern will be disclosed in the final prospectus after pricing is confirmed.

IPO to Help BharatRohan Strengthen Its Position in India’s Precision Farming Landscape

With the upcoming IPO, BharatRohan aims to solidify its position in India’s evolving agri-tech sector. The company is banking on its technology-first approach and increasing footprint among farmers to expand further. By deploying drone-based analytics and offering end-to-end crop monitoring and advisory services, BharatRohan is aligning itself with the rising demand for sustainable and data-driven farming practices. The fresh capital raised is expected to play a crucial role in supporting scale, improving infrastructure, and deepening farmer engagement across India.

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