AITMC Ventures IPO
AITMC Ventures Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, through the confidential pre-filing route. SEBI issued its observations on 30 January 2026, so the company can open the IPO any time up to 30 January 2027. The draft proposes a fresh issue only of up to 3,50,00,000 shares, with no offer for sale. In FY26 the company made a profit of ₹13.38 crore on revenue of ₹106.76 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued30 Jan 2026
- SEBI received draft
- 30 Oct 2025
- Type of issue
- Pre-filing
- Lead manager
- Khandwala Securities Limited
- Must open by
- 30 Jan 202712 months from observations
- Price band and dates
- Not announced
Where it stands
AITMC Ventures IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI30 Oct 2025
- SEBI reviewDone
- SEBI observations30 Jan 2026
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
The company used SEBI's confidential pre-filing route. Under it, the draft is not made public until the company files an updated draft (UDRHP-I) after SEBI's observations.
DRHP at a glance
AITMC Ventures DRHP at a glance
Updated draft red herring prospectus (UDRHP-I), 30 Sep 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 267 to 268 and 276)AITMC Ventures is a Gurugram-based company that runs vocational education and skill development programmes, mostly drone training under central and state government schemes, and makes and assembles drones. In FY26 it also began supplying equipment for future technology labs to government and private institutions.
It was incorporated in 2016. It says it has trained over 1,00,000 candidates under government schemes, and it runs remote pilot training organisations recognised by the DGCA in Jhajjar, Bhuna and Hisar in Haryana. It is testing a drone-as-a-service model in agriculture.
Revenue by business, FY26
- Education and training: 96.82%
- Drones and other (ours, the remainder): 3.18%
The offer
DRHP cover page, The Issue (p. 79) and General Information (p. 98)| Fresh issue | Up to 3,50,00,000 shares₹ amount set with the price; money goes to the company |
| Shares before the IPO | 8,97,55,000Face value ₹2. The fresh issue equals about 39.0% of them (ours) |
| Pre-IPO placement | None planned |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Khandwala Securities Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Deep and Preet Sandhuu |
What the company plans to do with the money
DRHP, Objects of the Issue (p. 134 to 135)| Object | ₹ crore |
|---|---|
| Upgrading Global Incubation and Skill Hubs in 50 AICTE-approved colleges | 14.50 |
| Upgrading 17 ITIs and 3 polytechnics in Uttar Pradesh (World Incubation and Skill Hubs) | 40.45 |
| R&D labs at IIT Ropar, IIT Kanpur and its Gurugram facility | 10.40 |
| Future Tech Park at Sisai, Haryana | 69.67 |
| Repaying or prepaying certain borrowings | 20.00 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The named objects add to ₹155.03 crore (our sum, from ₹ lakh). The fresh issue size in ₹ is set with the price, so each object's share is not shown yet.
Financials
DRHP, Summary of Financial Information (p. 82 to 87) and Basis for the Issue Price, KPIs (p. 202 to 205), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 41.87 | 87.47 | 106.76 |
| EBITDA | 16.71 | 29.61 | 28.55 |
| EBITDA margin | 39.92% | 33.85% | 26.74% |
| Profit after tax | 8.63 | 16.14 | 13.38 |
| Diluted EPS (₹) | 1.76 | 1.91 | 1.50 |
| Net worth | 30.36 | 56.63 | 70.31 |
| Cash from operations | -5.90 | -6.59 | 2.67 |
| Return on equity | 28.44% | 28.51% | 19.04% |
| Net debt to EBITDA | 0.08 | 0.69 | 0.99 |
Restated figures. FY26 is standalone; FY25 and FY24 are consolidated, so the years are not fully comparable. Net worth is total equity.
Listed peers named in the draft
DRHP, Basis for the Issue Price (p. 204). Peer prices as of 18 Sep 2026 on NSE and BSE.The DRHP says no listed company in India does like-for-like skill and vocational training; it compares with two listed drone companies. The P/E for AITMC is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| AITMC Ventures (FY26) | 1.50 | Set with the price band | 19.04% |
| Drone Destination | 0.48 | 68.65x | 1.93% |
| Droneacharya Aerial Innovations | 0.16 | 195.63x | 0.65% |
Risks the draft lists first
DRHP, Risk Factors (p. 26 to 34)- New businessesDrone training, drone making and drone-as-a-service are recent moves with new business, regulatory and operating risks. (Risk factor 1, p. 26)
- Government schemesEducation and skill development gave 96.82% of FY26 revenue and depends on government-sponsored programmes in certain regions. (Risk factor 2, p. 29)
- ApprovalsTraining needs recognition from bodies such as NSDC, NCVT and DGCA, which could be withdrawn or delayed. (Risk factor 3, p. 30)
- Drone industryGrowth depends on the drone industry growing and its products finding many uses. (Risk factor 4, p. 31)
- Past disqualificationPromoter Deep was in the past disqualified from acting as a director of any company. (Risk factor 6, p. 32)
- Government receivablesSlow payments from government bodies may affect cash flow. (Risk factor 8, p. 34)
Documents
AITMC Ventures DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
AITMC Ventures IPO FAQs
When will the AITMC Ventures IPO open?
The date is not announced. SEBI issued observations on 30 January 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 30 January 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the AITMC Ventures IPO?
Yes. SEBI issued its final observations on 30 January 2026 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the AITMC Ventures IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the AITMC Ventures IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the AITMC Ventures IPO?
Khandwala Securities Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will AITMC Ventures do with the IPO money?
According to the DRHP, the fresh issue money goes to upgrading Global Incubation and Skill Hubs in 50 AICTE-approved colleges (₹14.50 crore), upgrading 17 ITIs and 3 polytechnics in Uttar Pradesh (World Incubation and Skill Hubs) (₹40.45 crore), r&D labs at IIT Ropar, IIT Kanpur and its Gurugram facility (₹10.40 crore), future Tech Park at Sisai, Haryana (₹69.67 crore), repaying or prepaying certain borrowings (₹20.00 crore), and the rest to general corporate purposes.
What does AITMC Ventures do?
AITMC Ventures is a Gurugram-based company that runs vocational education and skill development programmes, mostly drone training under central and state government schemes, and makes and assembles drones. In FY26 it also began supplying equipment for future technology labs to government and private institutions.
Where can I read the AITMC Ventures DRHP?
On SEBI's website, where the draft red herring prospectus was published on 30 September 2026. The draft is dated 30 September 2026 and runs to 527 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 30 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.