BharatRohan Airborne Innovations Makes Solid Debut with 7.06% Premium, Opens at ₹90 Following Strong Subscription

BharatRohan Airborne Innovations Limited, the agritech solutions provider specialising in drone technology and hyperspectral imaging, made a solid debut on BSE SME on September 30, 2025. After closing its IPO bidding between September 23-25, 2025, the company commenced trading with a 5.88% premium, opening at ₹90 and currently trading at ₹91 with gains of 7.06%.

BharatRohan Airborne Innovations Listing Details

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BharatRohan Airborne Innovations Limited launched its IPO at ₹85 per share with a minimum investment of 3,200 shares costing ₹2,72,000. The IPO received a solid response with a subscription of 10.07 times - retail investors at a strong 8.50 times, NII at an outstanding 16.00 times, and QIB at a moderate 8.33 times.

First-Day Trading Performance Outlook

• Listing Price: BharatRohan Airborne Innovations share price opened at ₹90, representing a premium of 5.88% from the issue price of ₹85, trading at ₹91, delivering solid gains of 7.06% for investors, reflecting positive market sentiment towards innovative agritech solutions.

Growth Drivers and Challenges

Growth Drivers:

• Innovative Technology Platform: Advanced agritech solutions using drone/UAV platforms and Hyperspectral Imaging technology providing a Decision Support System for crop monitoring and integrated crop management practices addressing agricultural challenges.
• Comprehensive Service Offering: One-stop solution for agriculture business through a diversified portfolio covering crop monitoring services and the sale of agricultural inputs, leveraging technology throughout the farming process.
• Minimal Debt Burden: Very low debt-to-equity ratio of 0.0,4 indicating conservative financial management and a strong balance sheet providing flexibility for growth investments without financial strain.

Challenges:

• Small Scale Operations: Limited revenue base of ₹28.23 crore and small employee count of 59 total employees, indicating early-stage operations requiring significant scaling to justify growth expectations.
• Technology Adoption Risks: Agritech solutions requiring farmer education, technology acceptance, and behaviour change in traditional agricultural practices, potentially limiting adoption rates and market penetration.
• Competitive Landscape: The Growing agritech sector is attracting multiple players and technology providers requiring continuous innovation, competitive pricing, and service differentiation strategies.
• Agricultural Sector Vulnerabilities: Businesses dependent on agricultural sector conditions, monsoon patterns, crop cycles, and farmer income levels affect demand predictability for technology solutions.

Utilisation of IPO Proceeds

• Equipment Acquisition: ₹14.21 crore for capital expenditure towards the purchase of new equipment, enhancing service delivery capabilities and technological infrastructure.
• Fleet Expansion: ₹2.29 crore for the purchase of commercial vehicles supporting operational logistics and service delivery across agricultural regions.
• Working Capital: ₹16.68 crore for working capital requirements supporting business scaling, inventory management, and operational expansion in the agritech market.

Financial Performance of BharatRohan Airborne Innovations

• Revenue: ₹28.23 crore for FY25, showing robust growth of 49% from ₹18.98 crore in FY24, reflecting strong adoption of agritech solutions and successful business execution.
• Net Profit: ₹7.59 crore in FY25, representing steady growth of 10% from ₹6.90 crore in FY24, indicating operational efficiency and exceptional profitability margins.
• Financial Metrics: Impressive ROE of 28.21%, solid ROCE of 19.69%, minimal debt-to-equity ratio of 0.04, exceptional PAT margin of 26.93%, robust EBITDA margin of 28.12%, and estimated market capitalisation of ₹181.30 crore.