AITMC Ventures Limited IPO

01At a glance

What the company does: runs vocational and skill training, much of it drone-related, under central and state government schemes and institutional arrangements, supplies IT equipment for Future Technology Laboratories, and makes drones at one facility in Gurugram; training and equipment supply together were 96.82% of FY26 revenue (DRHP p.278).

Who pays it: government bodies and private entities, none of them named. The top ten customers were 83.58% of FY26 revenue and the largest 18.73%; names are withheld for want of consent (DRHP p.53, DRHP p.54). Government customers were 26.84% of FY26 revenue and private customers 69.97% (DRHP p.54).

Why it is raising money: ₹6,967.48 lakh for a Future Tech Park at Sisai, Haryana, ₹4,044.88 lakh to upgrade 17 ITIs and 3 polytechnics in Uttar Pradesh, ₹1,450.00 lakh for 50 skill hubs in AICTE colleges, ₹1,040.21 lakh for R&D laboratories and ₹2,000.00 lakh to repay borrowings, plus general corporate purposes (DRHP p.138, DRHP p.139). The rupee size of the issue is not yet stated.

How fast it has grown: revenue from ₹41.9 crore in FY24 to ₹106.8 crore in FY26, about 59.7% a year, and profit after tax from ₹8.6 crore to ₹13.4 crore, about 24.5% a year (our arithmetic, DRHP p.88). Profit fell 17.1% in FY26 after rising 87.0% in FY25 (our arithmetic, DRHP p.88).

The one thing to understand: the business the issue is built around is not yet the business that earns the money. Drones were 3.18% of FY26 revenue and the drone plant ran at 0.66% to 16.67% of capacity in the quarters reported, while the largest object, ₹6,967.48 lakh, builds 23 drone component units to be run by outside vendors at Sisai, where the company's 11.5-acre manufacturing site is leased from a related party (DRHP p.278, DRHP p.283, DRHP p.195, DRHP p.58).

02The business, in plain words

AITMC Ventures runs training courses that qualify people for jobs, mostly paid for by government schemes or by institutions that carry out government skilling projects. Since 2023 much of that training has been about drones: it runs three DGCA-recognised remote pilot training schools in Jhajjar, Bhuna and Hisar, Haryana (DRHP p.272). In FY26 it added a second line, buying IT equipment and supplying it to parties setting up Future Technology Laboratories (DRHP p.271, DRHP p.443).

A government department or a scheme contractor funds a batch of trainees or a laboratory → the company provides trainers, equipment and a curriculum, or procures and delivers lab equipment → trainees are certified or the lab is handed over → the company is paid on milestones or on delivery, and payment can be delayed (DRHP p.34, DRHP p.38).

Drone making began in FY25 at a leased facility in Gurugram with an installed capacity of 600 drones a quarter (DRHP p.275, DRHP p.283). Its one DGCA type-certified model is VIRAJ, a 10-litre spraying drone; the company says it has made and deployed 162 VIRAJ units and sold 28 other drones, and has applied for type certification for several more models (DRHP p.275, DRHP p.279). It sold 112 drones in FY25 and 78 in FY26 (DRHP p.445, DRHP p.443).

Two long arrangements anchor the training business. Under an MoU with AICTE dated October 10, 2024 the company is setting up 50 Aero Vision labs in AICTE colleges, sharing course fees 50:50 with the host college; phase I is done at 30 colleges (DRHP p.141). Under a 20-year concession with the Uttar Pradesh government from April 12, 2024 it upgrades and runs training in 17 ITIs and 3 polytechnics (DRHP p.149). Drone-as-a-Service, where trained pilots offer spraying under the company's brand, is at a pilot stage (DRHP p.278).

Earnings equation: Revenue = trainees certified × fee per trainee + equipment supplied × price + drones sold × price. On the document's numbers, FY26 skill training revenue of ₹7,047.77 lakh over 37,108 students enrolled or trained is about ₹19,000 a student, against about ₹13,200 in FY25 (our arithmetic, DRHP p.443, DRHP p.280). Drone revenue works out to about ₹9.3 lakh a drone in FY25 and ₹4.4 lakh in FY26, though the revenue line includes related products (our arithmetic, DRHP p.445, DRHP p.443).

03Where the money comes from

Source: DRHP p.278, DRHP p.443. Within the training vertical, government (B2G) revenue fell from 58.86% in FY24 to 27.73% in FY26 and private revenue rose from 41.14% to 72.27%; the company says the private rise came mainly from supplying IT equipment to private parties for government-funded projects (DRHP p.278, DRHP p.54). By state, Delhi was 58.47% of FY26 revenue, against 2.51% in FY25, Haryana 24.95% and Uttar Pradesh 9.23% (DRHP p.305).

Source: DRHP p.53. Revenue depends on a few customers: five took 71.13% of FY26 revenue and ten took 83.58% (DRHP p.53). None is named (DRHP p.54). The company says the clients that contribute most change from year to year with the projects it wins (DRHP p.449). On the supply side, all purchases were domestic and the top ten suppliers were 69.66% of FY26 purchases (DRHP p.56, DRHP p.57).

04The growth record

Source: DRHP p.86, DRHP p.88, DRHP p.91, DRHP p.209, DRHP p.70, converted from ₹ lakh. In rupees, revenue went from ₹41.9 crore in FY24 to ₹106.8 crore in FY26 and profit after tax from ₹8.6 crore to ₹13.4 crore (DRHP p.88). EBITDA margin moved from 39.9% in FY24 to 26.7% in FY26 (DRHP p.209).

Our arithmetic over FY24 to FY26: revenue grew about 59.7% a year (our arithmetic, DRHP p.88), EBITDA about 30.7% a year (our arithmetic, DRHP p.209) and profit after tax about 24.5% a year (our arithmetic, DRHP p.88). EBITDA margin fell 1,318 basis points and PAT margin 808 basis points (DRHP p.209).

The company's EBITDA adds back finance costs, depreciation and tax to profit and keeps other income in (DRHP p.209); a separate explanation table says other income is excluded, which does not match the figures (DRHP p.210). FY26 is standalone and the earlier years consolidated, because SPH Aviation Private Limited and Farmers City International Private Limited ceased to be subsidiaries on June 9, 2025 and March 29, 2025 (DRHP p.6). The year end is March 31 (DRHP p.271).

Operating cash flow was ₹2.7 crore in FY26 after outflows of ₹5.9 crore in FY24 and ₹6.6 crore in FY25 (DRHP p.91). Other income of ₹51.43 lakh was 2.9% of FY26 profit before tax of ₹1,777.97 lakh (our arithmetic, DRHP p.88). Net debt was 0.99 times EBITDA in FY26, about 1.0×, and return on capital employed 23.8% (DRHP p.209). Debt to equity was 0.60 times in FY26, about 0.6× (DRHP p.414).

Related-party transactions totalled ₹1,423.38 lakh in FY26, about ₹14.2 crore or 13.33% of revenue (DRHP p.70). Capital commitments not provided for were ₹1,741.00 lakh, about ₹17.4 crore, at March 31, 2026 (DRHP p.92). Borrowings including non-fund-based facilities stood at ₹4,936.14 lakh, about ₹49.4 crore, on September 25, 2026 (DRHP p.419).

Of the issue money, ₹2,000.00 lakh, about ₹20.0 crore, is earmarked for repaying borrowings, and the five named objects add up to ₹15,502.57 lakh, about ₹155.0 crore, before general corporate purposes (our arithmetic, DRHP p.138, DRHP p.139).

05What the growth is made of

From FY24 to FY25 revenue rose ₹4,559.67 lakh, mainly from skill training, up ₹3,555.85 lakh; two schemes, Pradhan Mantri Kaushal Kendra and Pradhan Mantri Vishwakarma Yojana, contributed ₹3,620.21 lakh of FY25 training revenue, and drones added ₹1,039.60 lakh from 112 drones (DRHP p.445). Students enrolled or trained rose from 39,523 to 58,279 (DRHP p.280).

From FY25 to FY26 revenue rose ₹1,928.58 lakh, but not from training: the new IT equipment supply line added ₹3,288.17 lakh, while skill training fell ₹659.63 lakh and drones fell ₹699.96 lakh (DRHP p.442, DRHP p.443). Students fell from 58,279 to 37,108 (DRHP p.280). The equipment was bought in as stock-in-trade for ₹2,721.43 lakh (DRHP p.443), so the line earned roughly 17% over its purchase cost before other costs (our arithmetic, DRHP p.443).

So FY26 growth came from a new, lower-margin trading line rather than from more training or more drones. The document gives volumes (students and drones) but not fees per course or prices per drone, so the training increase in FY25 cannot be split cleanly into volume and price.

06Earnings quality

The item that needs explaining is collection. Profit has not turned into cash: over three years the company reported ₹3,816.02 lakh of profit and used ₹982.21 lakh of cash in operations (our arithmetic, DRHP p.88, DRHP p.91). Gross trade receivables were ₹6,610.88 lakh at March 2026, of which ₹1,242.89 lakh was more than 730 days past due and ₹711.17 lakh 365 to 730 days past due (DRHP p.406). Overdue receivables of more than 730 days were about ₹12.4 crore (DRHP p.406). The expected credit loss charge rose from ₹4.78 lakh in FY25 to ₹380.30 lakh in FY26, about ₹3.8 crore, and ₹130.89 lakh of balances were written off (DRHP p.90).

Two other balances grew fast. Advances to suppliers rose from ₹104.63 lakh at March 2024 to ₹2,216.97 lakh at March 2026, and capital advances from ₹269.75 lakh to ₹2,580.84 lakh (DRHP p.380, DRHP p.378). Advances to related-party suppliers were ₹806.48 lakh at March 2026 (DRHP p.96). FY24 profit was helped by ₹442.40 lakh of liabilities written back, a third of that year's profit before tax (our arithmetic, DRHP p.90, DRHP p.88).

07The balance sheet

At March 31, 2026 total assets were ₹16,426.72 lakh: trade receivables ₹6,187.38 lakh, property, plant and equipment ₹2,500.66 lakh, other non-current assets ₹2,585.16 lakh (almost all capital advances), other current assets ₹2,482.92 lakh, cash ₹1,192.88 lakh and other bank balances ₹211.03 lakh (DRHP p.86). Against that: non-current borrowings ₹2,236.41 lakh, current borrowings ₹1,981.13 lakh, lease liabilities ₹382.20 lakh, trade payables ₹3,219.28 lakh and total equity ₹7,030.72 lakh (DRHP p.87, DRHP p.86).

On September 25, 2026 secured term loans were ₹2,209.93 lakh, overdraft and cash credit ₹746.35 lakh, bank guarantees ₹441.42 lakh, and unsecured loans ₹1,535.49 lakh, of which ₹1,339.61 lakh from NBFCs at 14.00% to 19.50% and ₹124.84 lakh an inter-corporate loan from SN Capital Management Pvt. Ltd. at 18.00% (DRHP p.419, DRHP p.421, DRHP p.422). Total borrowings including non-fund-based facilities were ₹4,936.14 lakh (DRHP p.419).

The promoters Deep and Preet Sandhuu have personally guaranteed facilities of that amount (DRHP p.71). Capital commitments were ₹1,741.00 lakh at March 2026, against ₹148.90 lakh a year earlier; the document lists no disputed tax or customs demands (DRHP p.92). Finance costs rose from ₹87.07 lakh in FY24 to ₹427.89 lakh in FY26 (DRHP p.88).

Source: DRHP p.70, DRHP p.139, our arithmetic. The after-issue figure assumes the full ₹2,000.00 lakh is applied to the March 2026 balance and nothing else changes; the two loans named for repayment had ₹2,046.00 lakh outstanding on September 25, 2026 (our arithmetic, DRHP p.201). Net worth after the issue cannot be stated because the price and expenses are blank (DRHP p.138).

08What the money is for

Source: DRHP p.138, DRHP p.139; percentages are our arithmetic on the ₹15,502.57 lakh of named objects, since the fresh issue amount is blank.

• Future Tech Park: total cost ₹7,123.73 lakh for one company-run drone assembly unit of about 9,000 square feet and 23 vendor-operated component units of about 1,84,000 square feet; the company has put ₹156.25 lakh into its own unit and the issue funds ₹6,967.48 lakh for the vendor units (DRHP p.194, DRHP p.195). The vendor units will run under a special purpose vehicle framework with the company, and vendors will lease sheds for five years (DRHP p.195). The cost rests on a quotation from ITI Limited dated September 25, 2026, after TCIL withdrew its earlier quotation (DRHP p.195). The planned capacity of the company's own unit is 6,000 drones a year (DRHP p.200).
• WISH: ₹5,489.59 lakh in all, of which ₹1,444.71 lakh already spent from borrowings and accruals; works to run from January 1, 2027 to December 31, 2027 (DRHP p.149, DRHP p.190).
• GISH: ₹2,500.00 lakh in all at ₹50.00 lakh a lab; ₹1,050.00 lakh already spent on phase I at 30 colleges (DRHP p.141).
• Debt: up to ₹2,000.00 lakh against an ICICI Bank term loan with ₹1,308.89 lakh outstanding and an HDFC Bank term loan with ₹737.11 lakh outstanding, both taken to build the GISH and WISH labs (DRHP p.201).

None of the objects has been appraised by a bank (DRHP p.139). Haryana has approved a special package of incentives worth ₹58.51 crore on a net present value basis for the Future Tech Park, subject to conditions (DRHP p.276). The company does not propose a pre-IPO placement (DRHP p.102).

Into the business 3,50,00,000 new shares; the rupee amount depends on the price, which is not set (DRHP p.83). To selling shareholders nothing. There is no offer for sale (DRHP p.1).

09Who is selling

Nobody. The issue is entirely a fresh issue of up to 3,50,00,000 equity shares of ₹2 each, and the promoters are not offering shares (DRHP p.83, DRHP p.330). If all the shares are issued, they would be about 28.1% of the enlarged share count of 12,47,55,000 (our arithmetic, DRHP p.83).

Promoters have, however, sold shares privately before the issue. Between August 2022 and March 2026 Deep transferred shares to dozens of buyers in many transactions, at ₹2.50 to ₹80 a share after the September 2023 split, and Preet Sandhuu also transferred shares in 2024 at ₹5 to ₹50 (DRHP p.121 to DRHP p.127). The most recent was 20,00,000 shares from Deep to Startup Stairs Private Limited, a promoter group company, at ₹17.50 on March 9, 2026, which then passed most of them on at the same price (DRHP p.127).

10Promoters

The promoters are Deep and Preet Sandhuu, who hold 4,38,42,887 and 81,14,410 shares, 48.85% and 9.04% of the company (DRHP p.345). The document states that Deep is the spouse of Preet Sandhuu (DRHP p.334). Preet Sandhuu, aged 39, has been with the company since incorporation and is Managing Director (DRHP p.331, DRHP p.333). Deep, aged 38, was a director until August 12, 2025 and is now Chief Strategy Officer (DRHP p.345, DRHP p.400, DRHP p.344). The promoter group includes Harjit Kaur, who holds 56,500 shares (DRHP p.132).

Pay: remuneration to Deep was ₹36.00 lakh in FY24 and ₹21.70 lakh in FY26, and to Preet Sandhuu ₹36.00 lakh and ₹60.00 lakh (DRHP p.96). Together that is about ₹0.7 crore in FY24 and ₹0.8 crore in FY26 (our arithmetic, DRHP p.96). From April 1, 2026 Preet Sandhuu's salary is ₹10.00 lakh a month (DRHP p.335).

Other businesses: the promoters are behind Startup Stairs Private Limited, Farmers City International Private Limited, SPH Aviation Private Limited, Uavies Evolution Private Limited, Farmer's City Producer Company Limited, GEG Thrive To Learn Private Limited and Deep and Sons HUF, several of which are suppliers or customers of the company (DRHP p.345, DRHP p.349, DRHP p.93). A non-compete agreement with six of them is dated September 10, 2025 (DRHP p.71).

Regulatory history: both promoters were disqualified as directors when KSD Infrastructure Private Limited, and for Deep also Voice Infotech Private Limited, did not file returns and were struck off in 2017; the disqualifications ended on December 1, 2019 (DRHP p.36). Both appear in the list of directors of struck-off companies (DRHP p.347). No pledge of promoter shares exists (DRHP p.136).

Cases: one income tax demand of ₹1.48 lakh for assessment year 2022 against Preet Sandhuu; no criminal, regulatory or civil case against either promoter (DRHP p.455).

Promoter economics: the promoters' average cost is ₹6.04 a share for Deep and ₹3.78 for Preet Sandhuu (DRHP p.134). Most of their present shares came from converting loans into equity at ₹5 a share: 2,03,80,000 shares on March 26, 2024 and 2,10,00,000 on July 25, 2024 (DRHP p.109). Earlier, a 1.5:1 bonus was allotted on June 28, 2023 and each ₹10 share was split into five ₹2 shares on September 19, 2023 (DRHP p.107, DRHP p.109).

11Who already owns it

Source: DRHP p.127, DRHP p.132. Promoters and promoter group hold 57.95% and the public 42.05%, across 1,348 shareholders (DRHP p.112, DRHP p.113). No fund or company outside the promoter group holds 1% or more; the holders above 1% outside the promoters are three individuals and an HUF (DRHP p.127). There are no shareholders with special or nomination rights and no employee stock option scheme (DRHP p.134, DRHP p.111).

If all 3,50,00,000 shares are issued, promoter holding would fall from 57.89% to about 41.6% (our arithmetic, DRHP p.345, DRHP p.83). Many public holders acquired shares through the promoters' private transfers listed in section 08, mostly at ₹11.20 to ₹50 a share in 2023 and 2024 (DRHP p.122 to DRHP p.126).

12What changed just before the IPO

• Revenue and profit: revenue went from ₹41.9 crore in FY24 to ₹106.8 crore in FY26 and profit after tax from ₹8.6 crore to ₹13.4 crore (DRHP p.88).
• A new trading line: supply of IT equipment for Future Technology Labs began in FY26 and brought ₹3,288.17 lakh of revenue, while skill training revenue and drone revenue fell (DRHP p.443).
• Receivables: receivables went from about 335 days of revenue in FY24 to about 212 in FY26, with more aged balances and a ₹380.30 lakh credit loss charge in FY26 (our arithmetic, DRHP p.86, DRHP p.88; DRHP p.90).
• Borrowings rose from ₹237.17 lakh at March 2024 to ₹4,217.54 lakh at March 2026 (DRHP p.70).
• Promoter pay went from about ₹0.7 crore in FY24 to ₹0.8 crore in FY26 (our arithmetic, DRHP p.96).
• Bonus issue: 1.5 shares for every share held, allotted June 28, 2023 (DRHP p.107). The company has filed adjudication applications on errors in that allotment (DRHP p.47, DRHP p.48).
• Share split: each ₹10 share into five ₹2 shares on September 19, 2023 (DRHP p.109).
• Loan conversions at ₹5: 2,03,80,000 shares on March 26, 2024 and 2,10,00,000 on July 25, 2024, the last allotment before the IPO, mostly to Deep (DRHP p.109).
• No pre-IPO placement is proposed (DRHP p.102).
• Subsidiaries sold: Farmers City International Private Limited on March 29, 2025 and SPH Aviation Private Limited on June 9, 2025, both now related-party suppliers (DRHP p.6, DRHP p.93).
• Drones: manufacturing began in FY25 and type certification for VIRAJ came in May 2024 (DRHP p.446).
• Auditor: NKSC & Co. was appointed statutory auditor on August 30, 2023 (DRHP p.99).
• Public company: converted with a fresh certificate dated August 18, 2023 (DRHP p.2).
• Board and management: four directors joined in June and August 2025; KMP attrition was 44.44% in FY26 and senior management attrition 57.14% (DRHP p.331, DRHP p.332, DRHP p.333, DRHP p.68).
• Sisai lease: an 11.5-acre plot at Sisai Kalirawan was leased from Sunita, a related party, from September 17, 2025 to March 14, 2056 at ₹95,833 a month (DRHP p.58).

13Capacity and expansion

Source: DRHP p.283, DRHP p.200, DRHP p.149, DRHP p.190, DRHP p.148. The Gurugram plant produced 56, 100, 4 and 20 drones in the four quarters of FY26, 180 against a capacity of 2,400, about 7.5% (our arithmetic, DRHP p.283). The completion date for the Future Tech Park is cut off in the document (DRHP p.200).

The company expects the 50 labs to give capacity to train 60,000 candidates a year from FY28 (DRHP p.141). That is the company's own statement. Enrolment across its centres was 37,108 in FY26 (DRHP p.280). Capacity is not demand: the document reports courses with no enrolment and courses where no student passed (DRHP p.56). The vendor units at the Future Tech Park are meant to supply components for the 6,000-drone plant; the document does not say how many drones it expects to supply, or to whom.

14Market size and industry structure

As claimed: the industry report is Dun and Bradstreet's "Industry Report: Skill Development and Commercial Applications of Drones", dated September 25, 2025 and updated September 25, 2026, commissioned and paid for by the company (DRHP p.271). Citing FICCI, the commissioned report puts India's drone market at INR 2,900 crore in 2020 and INR 81,600 crore by 2025, including INR 4,300 crore of exports (DRHP p.242). It puts the agricultural drone market at INR 5,197 crore in FY2025 (DRHP p.243). The report also carries projections to 2030, which are the report's and have not been tested here.

The part that is addressable: the company's revenue comes mostly from government-linked skill training and lab equipment supply in a few states, Delhi, Haryana and Uttar Pradesh above all (DRHP p.305). The commissioned report gives drone market figures, but the document does not size the market for skill training or lab equipment that produces 96.82% of revenue.

What the company is today: FY26 drone revenue of ₹339.65 lakh is a very small fraction of the claimed drone market (DRHP p.278, DRHP p.242). Demand depends on government programmes such as PMKVY, the Haryana Skill Development Mission and the AICTE and Uttar Pradesh arrangements, and on DGCA rules that only certified remote pilots may fly drones (DRHP p.32, DRHP p.272). Drones need DGCA type certification before they can be sold (DRHP p.51).

15Competitive position

Source: DRHP p.208, DRHP p.209, DRHP p.210, converted from ₹ lakh. Peer borrowings are not given; debt to equity was 0.39 for Drone Destination in FY26 (DRHP p.210). The commissioned report also profiles Aviocian Technologies, Garuda Aerospace and Thanos as players (DRHP p.265, DRHP p.266).

What the company puts forward: DGCA-recognised pilot schools, a type-certified spraying drone, long arrangements with AICTE and the Uttar Pradesh government, and empanelment with NSDC and sector skill councils (DRHP p.272, DRHP p.275, DRHP p.277). Against that: unnamed customers who change each year, dependence on scheme funding, a drone plant mostly idle, and the document's own statement that it faces competitors with more established offerings in drone services (DRHP p.449, DRHP p.283, DRHP p.50).

16Peers the company named

Peers named in the offer document: Drone Destination Limited and Droneacharya Aerial Innovations Limited (DRHP p.208).

The document says there is no like-for-like listed company in skill and vocational training (DRHP p.208). Both peers are drone companies, while drones were 3.18% of the company's FY26 revenue (DRHP p.278). Both are much smaller: the company's FY26 revenue is about three times Drone Destination's and seven times Droneacharya's (our arithmetic, DRHP p.208). The document prints peer P/E of 68.65 for Drone Destination and 195.63 for Droneacharya on September 18, 2026 prices, but states the highest peer P/E as 157.33 elsewhere (DRHP p.208, DRHP p.207). With no price band, no P/E for the company can be stated.

17Risks, in plain words

Customers: one customer was 18.73% of FY26 revenue and five were 71.13% (DRHP p.53) → none is named and they change with projects (DRHP p.449) → losing two of the top five would remove about a third of revenue (our arithmetic, DRHP p.53).

Collections: receivables were ₹6,187.38 lakh at March 2026 against revenue of ₹10,675.59 lakh (DRHP p.86, DRHP p.88) → ₹1,242.89 lakh was more than two years overdue (DRHP p.406) → cash from operations over three years was negative ₹982.21 lakh (our arithmetic, DRHP p.91).

Government schemes: training depends on central and state schemes and payment milestones (DRHP p.34) → enrolment fell from 58,279 to 37,108 in FY26 (DRHP p.280) → skill training revenue fell 8.56% (DRHP p.443).

Drones: the plant ran at 0.66% to 16.67% of capacity a quarter in FY26 (DRHP p.283) → drone revenue fell 67.33% in FY26 (DRHP p.443) → ₹6,967.48 lakh of the issue goes to drone component units for a planned 6,000-drone plant (DRHP p.195, DRHP p.200).

Related parties: the Future Tech Park site is leased from Sunita, a related party, until 2056 (DRHP p.58) → related-party transactions were 13.33% of FY26 revenue (DRHP p.70) → advances to related-party suppliers were ₹806.48 lakh at March 2026 (DRHP p.96).

Compliance: the company delayed GST and TDS payments 12 times each in FY26, involving ₹96.73 lakh and ₹222.10 lakh (DRHP p.46) → there were 13 delayed company filings in FY24 (DRHP p.47) → adjudication applications on the 2023 bonus allotment are pending (DRHP p.48).

People: staff attrition was 143% in FY26 (DRHP p.68) → KMP attrition was 44.44% (DRHP p.68) → permanent employees were 72 at July 31, 2026 (DRHP p.68).

Issue-specific: promoters' average cost is ₹6.04 and ₹3.78 a share (DRHP p.134) → the last allotment was at ₹5 and the last promoter-linked transfers at ₹17.50 (DRHP p.109, DRHP p.211) → the objects are not appraised and general corporate purposes and expenses are blank (DRHP p.139).

18Litigation and regulatory matters

Criminal: FIR No. 33/2025 was registered on July 8, 2025 at Saily Police Station, Dadra and Nagar Haveli, alleging cheating; a notice of March 7, 2026 asked a director to appear, and no charge-sheet has been filed (DRHP p.452). The company's own complaint concerns an alleged unauthorised payment of ₹8,51,593 by two former finance employees in 2023 (DRHP p.452, DRHP p.453). A senior manager, Rakesh Kumar, faces trial over a 2024 road accident (DRHP p.456).

Tax: no tax case against the company (DRHP p.454). The directors' tax amount is ₹53.06 lakh: ₹13.76 lakh and ₹33.70 lakh against Narendra Mohapatra for assessment years 2008 and 2009, and ₹5.34 lakh and ₹0.26 lakh against Suresh Gupta (DRHP p.455). The promoter matter is ₹1.48 lakh against Preet Sandhuu (DRHP p.455). Regulatory: none against the company, promoters or directors (DRHP p.44). Civil: the company claims ₹54.95 lakh in two suits over a damaged car (DRHP p.44, DRHP p.453). Material creditors were owed ₹2,356.81 lakh at March 31, 2026 (DRHP p.456).

19Related-party transactions

Source: DRHP p.93, DRHP p.400. Deep lent ₹1,976.88 lakh in FY25 and ₹1,773.15 lakh in FY24, and ₹1,000.00 lakh of Deep's loans were converted into shares in each of those years (DRHP p.94). The company owed related parties ₹248.41 lakh at March 2026, all to Preet Sandhuu (DRHP p.95).

What appeared or changed in the two years before filing: services bought from the two former subsidiaries, SPH Aviation and Farmers City International, began in FY26 after they were sold (DRHP p.93, DRHP p.6); advances to five related-party suppliers reached ₹806.48 lakh at March 2026 from nil two years earlier (DRHP p.96); and the Sisai land was leased from Sunita, whom the document lists as mother-in-law of Preet Sandhuu, at ₹95,833 a month (DRHP p.58, DRHP p.400). A property at Khewat No. 450, Sisai Kalirawan owned by Sunita Devi is mortgaged to the company's lenders as collateral (DRHP p.420).

Read from the filing: the company's FY26 payments to Startup Stairs of ₹410.14 lakh were about 79% of Startup Stairs' FY26 revenue of ₹516.28 lakh, and GEG Thrive To Learn's FY25 revenue of ₹618.59 lakh equals the company's FY25 purchases from it (our arithmetic, DRHP p.93, DRHP p.350, DRHP p.351). Four FY26 related-party amounts, ₹410.14, ₹279.69, ₹239.07 and ₹200.00 lakh, also equal four of the unnamed top ten supplier amounts (DRHP p.57, DRHP p.93).

20What the offer document does not say

The names of customers and suppliers are not disclosed. Fees per course, price per drone and margins by vertical are not given. The order book is not disclosed. What the 23 vendor units will produce, how the special purpose vehicle will be owned and who the vendors are, is not disclosed. The fresh issue amount, general corporate purposes, issue expenses and price band are blank. The completion date for the Future Tech Park is cut off (DRHP p.200). Who the Dadra and Nagar Haveli complaint concerns and the amount involved is not stated (DRHP p.452). The auditor before NKSC & Co. is not named (DRHP p.99).

Some inconsistencies are recorded as document matters, not business ones: cost of services for FY26 is ₹2,722.02 lakh in the profit and loss statement and ₹2,772.02 lakh in the discussion (DRHP p.88, DRHP p.441); Deep's FY26 compensation is ₹21.70 lakh in the related-party note and ₹60.00 lakh in the management chapter (DRHP p.401, DRHP p.342); directors' FY26 pay is labelled ₹ million when the amounts are lakh (DRHP p.335);

the top peer P/E is 157.33 in one table and 195.63 in another (DRHP p.207, DRHP p.208); a risk factor gives FY26 "receivables from government contracts" equal to the government revenue figures (DRHP p.38, DRHP p.54); the Startup Stairs transfer of March 11, 2026 is shown going to SN Capital Management in one table and coming from Deep in another (DRHP p.127, DRHP p.134);

Deep's appointment as Chief Strategy Officer is dated August 13, 2026 and October 1, 2026 (DRHP p.344, DRHP p.342); the company says there is no conflict of interest with any lessor while the Sisai lessor is a related party (DRHP p.330, DRHP p.58); and the loans to be repaid are listed "as on August 31, 2025" with balances at September 25, 2026 (DRHP p.201).

21Five questions for management

1. Who are the five largest customers in FY26, and how much of the ₹6,187.38 lakh of receivables at March 2026 do they owe?
2. Which projects make up the ₹1,242.89 lakh of receivables more than 730 days overdue, and what has been collected since March 2026?
3. What margin does each vertical earn, skill training, IT lab equipment and drones, in FY25 and FY26?
4. How will the ₹6,967.48 lakh for 23 vendor units be owned and recovered, what share of the SPV will the company hold, and what rent or return will vendors pay?
5. How many drones are on order today, and what utilisation does the 6,000-drone plant need to cover its own costs?

1Sources and cited facts

This study was read from 1 document the company filed. The 146 figures it cites are listed under the document each came from, with the page and the sentence as printed.