Everyone Knows About Zen Technologies, IdeaForge, and Paras Defence. But Here are 5 Drone Stocks Flying Under the Radar

May 12, 2025

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India’s drone industry is quietly taking flight.

With supportive government policies, rising demand across sectors, and a wave of innovation in autonomous systems, the stage is set for rapid growth.

Everyone talks about defence contracts, drone delivery trials, and the next big government order. Yet, beneath the radar, a quieter but promising wave of companies is emerging.

These firms are not just drone manufacturers but also tech innovators, building capabilities in AI, computer vision, cloud computing, geospatial mapping, and drone components.

Some are perfecting flight control systems, others are developing next-gen drone engines, and a few are venturing into high-altitude pseudo-satellites and autonomous drone swarms.

They might not be household names yet, but they are laying the groundwork for a multi-billion dollar industry.

In this article, we explore five such lesser-known drone-related companies.

#1 Axiscades Technologies

Axiscades Technologies is a leading provider of engineering solutions and services across the aerospace, defence, and semiconductor sectors.

In FY24, Axiscades generated the majority of its revenue from its core business segments: Aerospace, Defence, and ESAI (Electronics, Semiconductors, and AI).

The defence division has been a major growth driver, with a key highlight being the delivery of 40 Man Portable Counter Drone Systems.

The company expects strong demand in this space, with an addressable market valued at over Rs 30 bn. This aligns with India’s increasing focus on counter-drone and defence technologies.

It’s also making inroads in the semiconductor sector, where it has built relationships with major chip manufacturers like Texas Instruments, NVIDIA, and Qualcomm.

With its focus on post-silicon activities, including product development and advanced manufacturing, Axiscades is well-positioned to leverage opportunities in the fast-evolving semiconductor landscape.

For more details, see AXISCADES’ company fact sheet and quarterly results.

#2 Genesys International Corporation

Genesys International Corporation is one of India’s leading geospatial solutions providers. It has played a big role in building the country’s digital mapping ecosystem.

Established in 1995 and headquartered in Mumbai, the company offers a wide array of geographic information services that include photogrammetry, remote sensing, cartography, terrestrial data collection, and advanced 3D geo-content generation.

Its offerings span both 2D and 3D mapping and cater to critical sectors such as urban development, utilities, infrastructure, telecom, and natural resources.

A major breakthrough for Genesys came in December 2021 with the launch of its 3D Urban Digital Twin program, unveiled by NITI Aayog.

This initiative, powered by a proprietary constellation of aerial and ground sensors, aims to create high-resolution digital replicas of Indian cities and provide a foundational layer for planning, navigation, utilities, and commerce.

This Digital Twin platform has positioned Genesys at the intersection of smart city infrastructure and digital geospatial content.

The company also received an equity infusion of Rs 2.5 bn from Malabar India Fund and other institutional investors to strengthen its 3D content capabilities.

Genesys has a significant presence in international markets with clients in the USA, UAE, Saudi Arabia, Ghana, and Cyprus.

The company serves a strong client base that includes Tata Projects, Vindhya Telelinks, and Reliance Corporate IT Park, though it does face high customer concentration with its top five clients contributing a major portion of revenue.

Genesys is currently transitioning to a subscription-led business model and is targeting recurring revenue to comprise 40% of its topline by FY27.

Despite a strong business profile, the company faces challenges such as stretched working capital cycles due to delayed government payments and continued exposure to a small set of clients.

For more details, see Genesys’ company fact sheet and quarterly results.

#3 Magellanic Cloud

Magellanic Cloud Ltd, originally incorporated as South India Projects Limited in 1981, has evolved into a global IT services provider with operations across Europe, the US, and Asia.

Known for its expertise in software development, consulting, and human resource solutions, the company has recently expanded into emerging technologies like AI, IoT, and drone solutions, positioning itself as a versatile player in the tech ecosystem.

The company’s core revenue comes from IT consulting, which accounts for 90% of its business, with the remaining 10% coming from FMCG.

It also offers a range of specialised services, including DevOps, quality assurance, and digital transformation, alongside its core HR services.

Magellanic Cloud has been actively reshaping its business through strategic acquisitions. In 2022, it acquired IVIS International Pvt Ltd for about Rs 2.91 bn and Provigil Surveillance for Rs 360 m.

Thus, it expanded its reach into AI-driven surveillance, IoT, and video analytics – key areas that align with its drone technology ambitions.

As it sharpens its focus on IT, technology, and emerging areas like drones, Magellanic Cloud appears well-positioned to capture growth in the rapidly evolving tech landscape.

For more details, see Magellanic Cloud’s company fact sheet and quarterly results.

#4 C.E. Info Systems Ltd (MapmyIndia)

C.E. Info Systems, commonly known as MapmyIndia, was incorporated in 1995. It’s a leading provider of digital mapping, geospatial software, and location-based IoT technologies.

It offers a diverse range of data and technology products, including digital maps as a service (MaaS), software as a service (SaaS), and platform as a service (PaaS).

The company’s core business spans two main verticals: Map and data products (60% of FY23 revenue), providing advanced, real-time maps and geospatial data for India and select international markets, and Platform and IoT products (40%), which include APIs, SDKs, fleet management, GIS, and location analytics solutions.

Notably, its digital map database covers 6.5 million (m) km of Indian roads, over 19 m building addresses, and 23 m points of interest.

MapmyIndia primarily serves B2B and B2B2C enterprise customers, including major automotive players, corporates, and government entities. Its key clients include Hyundai, PhonePe, Flipkart, Yulu, HDFC Bank, and Airtel.

In recent years, it has expanded its capabilities through strategic investments, including stakes in Indrones Solutions, Kogo Tech Labs, and Nawgati Tech, positioning itself to capitalize on the growing demand for drone and IoT technologies.

The company also operationalised a joint venture with Hyundai Autoever in Indonesia in FY25, marking a significant step in its global expansion.

Financially, MapmyIndia reported a 25% year-on-year revenue growth to Rs 1.15 bn in Q3 FY25, with a nine-month total of Rs 3.2 bn.

The management is optimistic about achieving its long-term revenue target of Rs 10 bn by FY28, driven by strong customer relationships and expanding market opportunities.

For more details, see C.E. Info Systems’ company fact sheet and quarterly results.

#5 Vishnusurya Projects and Infra

Vishnusurya Projects and Infra, headquartered in Chennai has nearly three decades of project execution experience. The company is transforming itself into a technology-enabled firm by integrating drone-based services across its core business verticals.

It’s drone services cover aerial mapping, surveillance and site surveys. These are used extensively across infrastructure and mining projects to reduce turnaround times, cut down manual errors and improve site visibility.

While drones contributed around 3% to revenue in FY24, it’s rapidly gaining strategic importance across all divisions.

For example, in the mining segment, drones help in real-time volumetric analysis, quarry planning and inventory control. In EPC projects such as the NH-48 widening or Chennai Metro Rail support works, drones are used for route mapping and progress monitoring.

In waste management, drones support legacy waste site assessments, like at Kolathur and Pallikaranai in Chennai, and are being actively factored into large upcoming tenders in cities like Delhi.

Financially, Vishnusurya has shown strong momentum. Revenue grew from Rs 760 m in FY22 to Rs 2.3 bn in FY24. The company has healthy margins.

As of December 2024, the company had a Rs 3.37 bn order book and is targeting Rs 3.5 bn to Rs 3.80 bn in revenue for FY25.

Its client roster includes names like Adani, L&T, Afcons and India Cements.

For more details, see Vishnusurya’s company fact sheet.

Conclusion

India’s drone ecosystem is no longer limited to manufacturers or flashy use cases.

The real momentum is building across a layered value chain-from data infrastructure and embedded systems to AI-driven applications and domain-specific deployments.

These lesser-known companies have demonstrated potential leadership in the industry.

In the coming years, success in this sector will hinge on technological depth, execution ability, and the integration of complementary capabilities like geospatial intelligence, computer vision, and real-time analytics.

As always, investors should conduct their own due diligence, paying close attention to financial performance, order visibility, execution risks, and corporate governance before making investment decisions.

Happy investing.

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