New Delhi: BharatRohan, a BSE SME-listed agritech company (BSE: 544535) known for its drone-based hyperspectral imaging technology, is preparing to enter the defence sector through a proposed promoter-owned company focused on developing drones and unmanned aerial systems for military and strategic applications.
The company has approved an investment for a 15% stake in the proposed entity, BharatRohan Defence Private Limited, while its founders and promoters will hold the remaining 85%.
The proposed diversification marks a move by BharatRohan Airborne Innovations Limited beyond agricultural applications of drone technology into defence, security, surveillance and reconnaissance systems.
According to a stock exchange disclosure dated 13 November 2026, the company’s board has approved an investment in BharatRohan Defence Private Limited, which is yet to be incorporated.
Founders and promoters Amandeep Panwar and Rishabh Choudhary will jointly hold an 85% stake in the proposed company, with the listed entity holding the remaining 15%, according to the company’s press release.
The proposed defence venture will focus on the research, design, development, manufacturing, assembly, testing, integration, sale and supply of unmanned aerial vehicles (UAVs), drones and associated systems.
Its intended applications include defence operations, security, surveillance, reconnaissance and other strategic requirements. The proposed business will operate subject to applicable laws, licences and regulatory approvals.
The consideration for the listed company’s investment will be paid in cash. The regulatory annexure states that no governmental or regulatory approvals are required for the incorporation of the proposed entity. However, the name BharatRohan Defence Private Limited remains subject to approval from the relevant authorities.
BharatRohan to License Hyperspectral Technology for Defence Applications
An important part of BharatRohan’s proposed defence strategy will be the use of its existing hyperspectral imaging capabilities.
The company plans to license its spectral signature library to BharatRohan Defence “at arm’s length”.
Developed through its drone-based hyperspectral imaging operations, the library is intended to support applications such as camouflage detection, terrain intelligence and route planning.
The technology could also support civilian applications, including illicit-crop detection and border surveillance.
BharatRohan’s existing expertise in collecting and analysing spectral data through drones is expected to form part of the proposed defence venture’s technology capabilities.
However, the financial terms of the proposed technology licence, including the licence fee or royalty structure are not yet disclosed.
Proposed BharatRohan Defence Venture Targets ₹100 Crore Fundraise
Alongside the proposed investment by the listed company and its promoters, BharatRohan Defence is planning to raise up to ₹100 crore through a separate private placement.
The proposed fundraising will be used to finance product development, establish a manufacturing facility, undertake certification activities and support business development, according to the company.
The proposed defence entity is also evaluating the purchase of land for setting up its manufacturing facility.
BharatRohan Airborne Innovations has also clarified that its investment in the proposed defence company will be funded entirely through internal accruals and not through proceeds from its IPO.
Three Drone Platforms Planned for Defence and Civilian Applications
BharatRohan Defence has outlined an initial product roadmap comprising three dual-use drone platforms. All three products are currently at the design stage and are intended to address both defence and civilian requirements.
The proposed platforms include:
1. Electronic-warfare-resilient surveillance and payload-drop drone
The first platform is designed as an electronic-warfare-resilient drone for surveillance and payload delivery.
Its proposed defence applications include surveillance operations and resupply missions, while civilian applications could include emergency supply drops.
The drone is also being designed to support fibre-optic control configurations.
2. Wide-area surveillance drone with hyperspectral imaging
The second platform will focus on wide-area surveillance and will be equipped with cameras developed by the company.
These will include a 450-900 nm snapshot hyperspectral sensor, extending the use of BharatRohan’s existing imaging technology into the proposed defence business.
Apart from defence surveillance, the platform is expected to have civilian applications such as flood mapping, forest monitoring, crop monitoring and infrastructure inspection.
3. GPS-denied navigation and mapping drone
The third platform is being designed for navigation and mapping in environments where GPS signals are unavailable.
Its intended applications include operations inside enclosed or difficult-to-access locations such as damaged buildings, mines and tunnels.
The drone will also have the capability to carry BharatRohan’s hyperspectral camera, combining navigation and imaging capabilities for specialised applications.
BharatRohan Targets FY29 for First Defence Orders
The company has outlined a phased development and commercialisation timeline for the proposed drone platforms.
Setup activities and field trials are targeted for FY27. These will be followed by qualification pathways involving the Centre for Military Airworthiness and Certification (CEMILAC), the Directorate General of Quality Assurance (DGQA) and the Directorate General of Civil Aviation (DGCA).
BharatRohan is targeting its first orders from FY29. However, the proposed timelines remain dependent on product validation, testing and certification.
All three drone platforms are currently at the design stage and will need to complete the relevant development and qualification processes before commercial deployment.
Key Financial Details Remain Undisclosed
While BharatRohan has outlined its proposed ownership structure, fundraising plans, technology licensing arrangement and product roadmap, several financial details of the transaction have not been disclosed.
These include the subscription amount that the listed company will pay for its 15% equity stake in BharatRohan Defence, the pricing and royalty structure of the spectral signature library licence, and the investor and allotment details of the proposed ₹100 crore private placement.
The disclosures also do not confirm the completion of the proposed manufacturing facility or the final investment required to establish it.
According to its unaudited consolidated financial results filed with the stock exchange, BharatRohan reported revenue from operations of ₹42.34 crore in the half year ended 30 September 2026, compared with ₹32.92 crore in the corresponding period of the previous year.
However, its net profit declined to ₹4.15 crore from ₹4.61 crore during the same period.
