BharatRohan Airborne Innovations IPO Opens Today: Key Details, Financials, Strengths & Risks

New Delhi, September 23, 2025: BharatRohan Airborne Innovations Limited, an agritech firm based on drones and imaging, opened its IPO for subscription today. The ₹45.04 crore issue is a new issue, it is open from September 23 to 25, 2025, and the stocks will list on the BSE SME platform on September 30, 2025.

IPO Structure and Timeline

BharatRohan Airborne Innovations IPO comprises 52,99,200 equity shares, which are being offered at a price band of ₹ 80 to ₹ 85 per share with a face value of ₹ 10 each.

The minimum application for retail investors is two lots, i.e., 3,200 shares, at the higher price band, equalling an investment of ₹ 2,72,000. The allotment will be completed by September 26, 2025, and refunds will be issued around September 29, 2025. The shares will be credited to demat accounts on the same day. The IPO is being underwritten by Smart Horizon Capital Advisors Pvt Ltd, the registrar is KFin Technologies Limited, while Rikhav Securities Ltd is the market maker.

Business & Financials

BharatRohan provides agritech services through drones and hyperspectral imaging technology to track crops, offer advisory, sell branded farm inputs under “Pravir,” and enable output sales through its crop monitoring platforms. Financially, the organization has seen an increase in its revenue from around ₹18.98 crore in FY24 to ₹28.23 crore in FY25. Profit after tax increased from around ₹6.90 crore in FY24 to ₹7.59 crore in FY25. Its net worth has consolidated to ₹37.22 crore, while borrowings are limited to about ₹1.34 crore.

Strengths & Potential Risks

The strengths of the company are its technology advantage through drone/UAV platforms and hyperspectral imaging, its expanding base of farmers, diversification of services in crop monitoring and agri-inputs/outputs, and robust anchor investor backing, which lends credence to the IPO.

On the risk front, there is customer concentration, dependence on suppliers, seasonal and climatic risks (considering its agritech business), regulatory approvals (e.g., under DGCA for drones and FSSAI for inputs/outputs), and working capital requirements due to receivables and inventory being relatively high in proportion to the monthly top-line.

Outlook

With the IPO now live, investor sentiment will probably be influenced by the way respondents perceive the convergence of agritech, drones, and precision farming. Provided BharatRohan can continue to keep operations efficient and manage its working capital cycle, it has the potential to ride the increasing demand for tech-facilitated farming. Listing gains will rely on institution and retail investor take-up over the next few days, particularly considering the SME segment’s sensitivity to execution and post-listing performance.

REF: https://bharatrohan.in/assets/ipo/2._RHP_Bharat_Rohan.pdf

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