Gurugram-based AITMC Ventures, operating under the brand AVPL International, has officially advanced its public market plans by filing its Updated Draft Red Herring Prospectus (UDRHP). Positioned at the intersection of vocational skill development and indigenous unmanned aerial vehicle manufacturing, the company aims to raise capital to establish an integrated pan-India drone and skilling ecosystem. According to the red herring prospectus, the public offering comprises a fresh issue of 3,50,00,000 shares.
The company initially submitted its preliminary paperwork via the confidential route on October 30, 2025, and subsequently secured regulatory approval for the initial public offering on January 30, 2026. Khandwala Securities has been appointed as the sole book-running lead manager for the issue, while Bigshare Services acts as the official registrar.
Corporate History and Dual-Engine Business Model
Incorporated in 2016 and promoted by Preet Sandhuu and Deep, AVPL International initially focused on executing vocational education and skill development programs under government frameworks. Over the years, the enterprise evolved into a dual-engine operating model combining institutional training with high-tech hardware assembly.
- Vocational Education and Skill Development: This vertical constitutes the foundational revenue driver, generating 96.82% of operating revenue in the latest fiscal period. The company establishes Global Incubation and Skill Hubs across AICTE-affiliated institutions and World Incubation and Skill Hubs across ITIs and Polytechnic Institutes in Uttar Pradesh.
- Drone Manufacturing and Assembly: Initiated in FY25, this segment focuses on producing indigenous drones tailored for agricultural, defense, and enterprise applications. Its primary DGCA Type-Certified offering is the “VIRAJ” model, a 10-liter multi-purpose agricultural drone.
Additionally, the enterprise employs an asset-light, entrepreneur-led Drone-as-a-Service framework, designed to connect its training network with practical rural deployment by supporting certified pilots to operate as independent micro-entrepreneurs.
Financial Performance and Operating Metrics
Based on the standalone financial data disclosed in the filing, AVPL International has registered rapid top-line expansion alongside notable margin adjustments reflecting capital deployment.
| Metric | FY 2024 | FY 2025 | FY 2026 | Analysis |
|---|---|---|---|---|
| Revenue from Operations | INR 41.87 Cr | INR 87.47 Cr | INR 106.76 Cr | Demonstrates a multi-year CAGR of nearly 60% driven by institutional skilling and equipment delivery. |
| EBITDA | INR 16.71 Cr | INR 29.61 Cr | INR 28.55 Cr | Reflects absolute profitability peaking in FY25 before adjusting in FY26 due to scaling expenses. |
| EBITDA Margin | 39.92% | 33.85% | 26.74% | Contraction indicates upfront operational and manufacturing infrastructure costs. |
| Profit After Tax (PAT) | INR 8.64 Cr | INR 16.14 Cr | INR 13.38 Cr | Bottom-line moderation following expansion overheads and heightened deployment activity. |
| Return on Equity (RoE) | 28.44% | 28.51% | 19.04% | Reflects dilution in capital efficiency as equity base expands alongside investments. |
Furthermore, the company reported a Return on Capital Employed of 23.80% for FY26 and maintained a stable Net Debt to EBITDA ratio of 0.99x.
Strategic Allocation of Net Proceeds
The proceeds generated from the fresh issue are earmarked for specific capital expenditure, debt reduction, and technological advancement initiatives:
- INR 69.67 Crore allocated toward establishing an 11.5-acre Future Tech Park in Hisar, Haryana, featuring vendor-operated drone component manufacturing units and assembly bays.
- INR 40.45 Crore designated for infrastructure upgrades across 17 ITIs and 3 Polytechnic Institutes under the Uttar Pradesh WISH initiative.
- INR 20.00 Crore directed toward the prepayment or repayment of designated company borrowings.
- INR 14.50 Crore dedicated to capital expenditures for setting up Aero Vision Labs across 50 AICTE-approved colleges.
- INR 10.40 Crore assigned to develop and upgrade R&D laboratories at IIT Kanpur, IIT Ropar, and the Gurugram facility.
Market and Business Analysis
Market Impact and Sector Sentiment
The proposed offering arrives during a period of sustained government emphasis on indigenous manufacturing, digital adoption, and rural entrepreneurship. By targeting both the Skill India and Make in India mandates, AVPL International occupies a niche segment that appeals to institutional and retail sentiment alike. The dual positioning as both an educational service provider and a drone manufacturer differentiates the firm from conventional hardware vendors, though market participants will evaluate how effectively the hardware division scales relative to its legacy skilling revenue.
Company and Business Impact
The available data indicates that while the vocational training vertical remains the primary revenue generator at 96.82%, the long-term valuation thesis depends heavily on the commercial traction of the drone manufacturing segment, which currently accounts for 3.18% of operations. Executing the INR 155 crore capital expenditure program across the Hisar Future Tech Park and multiple academic partnerships presents notable implementation challenges. Maintaining a Net Debt to EBITDA ratio of 0.99x provides modest balance sheet breathing room, but upcoming operational outlays will test management’s execution capabilities.
Financial and Valuation Analysis
The financial records show robust revenue growth from INR 41.87 crore in FY24 to INR 106.76 crore in FY26. However, the contraction in EBITDA margin from 39.92% to 26.74% highlights the margin pressure associated with transitioning toward an integrated manufacturing model. Return on Equity moderated from 28.51% in FY25 to 19.04% in FY26, signaling that capital deployment has outpaced immediate net earnings expansion. The planned debt reduction of INR 20 crore should assist in managing finance costs going forward.
Key Takeaways
- AVPL International has filed its UDRHP for an initial public offering comprising a fresh issue of 3,50,00,000 shares.
- Operating revenue expanded from INR 41.87 crore in FY24 to INR 106.76 crore in FY26, while FY26 PAT stood at INR 13.38 crore.
- Vocational education constitutes 96.82% of revenue, with drone manufacturing contributing 3.18% as the hardware segment scales up.
- Khandwala Securities serves as the sole book-running lead manager and Bigshare Services acts as the registrar.
Frequently Asked Questions
The IPO is a fresh issue consisting of 3,50,00,000 shares.
Khandwala Securities is the sole book-running lead manager, and Bigshare Services is the registrar of the issue.
The company operates a dual-engine business model focused on vocational skill development and indigenous drone manufacturing and assembly.
The operating revenue for FY26 stood at INR 106.76 crore.
An amount of INR 69.67 crore is allocated toward the establishment of an 11.5-acre Future Tech Park in Hisar, Haryana.
Vocational education and skill development accounted for 96.82% of operating revenue in FY26.
