3 Drone Exporting Stocks for 2026 and Beyond

#1 Paras Defence

First on the list is Paras Defence.

Paras Defence and Space Technologies is one of India's leading players in the defense and space sector.

It's the sole supplier of critical imaging components for space applications including large-size optics and diffractive gratings.

Currently, around 54% of its revenue comes from the defence segment, while the rest comes from optics and optronic segment.

While majority of revenue is still domestic, its presence in export markets is growing. It exports to Isreal, the US, Europe, South Korea, Singapore, UAE, and Saudi Arabia.

It has a subsidiary for its drone business - Paras Anti-Drone Technologies. It specialises in RF and microwave solutions, including jammers, SDRs, and drone detection systems.

In 2024 and 2025, this company secured contracts with Europe's CerbAir to develop advanced jammers, among other few orders. Clearly, the company has a lot going on in the defence and drone ecosystem.

Now let's talk about its financials. Over the past 3 years, the company's sales and net profit have expanded at a compounded rate (CAGR) of 26% and 31%.

Net margins have subsequently expanded and currently stand at their highest levels.

Moreover, the company has commendable return ratios. Its 3-year average return on equity is 8% while return on capital employed during the same period came to 13%.

Paras Defence - Financial Snapshot

Looking ahead, Paras Defence is targeting 20-30% revenue growth this year and aims to be India's leading anti-drone company.

On 4 March 2026, it signed a Memorandum of Understanding with South Korea's Green Optics to manufacture optics and defence applications. It remains to be seen how all the developments pan out for the company.

For more, check out its financial factsheet.

#2 Zen Technologies

Second on the list is Zen Technologies.

The company designs, develops and manufactures combat training solutions and counter-drone solutions for defense and security forces.

It's a dominant force in the training segment for army and police forces in India, having supplied over 1000 simulators to over 100 clients across the country and overseas over two decades.

Zen Technologies is a world leader in land forces simulators in terms of technical capabilities. For some of its solutions, there are no competitors globally.

The company is also a leading player in a niche anti-drone segment and aims to be a globally dominant player. Its core strengths lie in its IP-led, asset-light model, strong R&D, and established market position.

In the current environment where tensions are on the rise, the company is at an inflection point due to government policies and global demand driving significant growth.

As far as financials are concerned, Zen Technologies has seen strong growth. Over the past 5 years, its sales and net profit have grown at a CAGR of 46% and 39%, respectively.

Return ratios are also strong with an average ROE and ROCE of 13% and 19%, respectively.

Zen Technologies - Financial Snapshot

In 2025, Zen Technologies launched new products in collaboration with Ai Turing Technologies, which enhance anti-drone systems. This has the potential of becoming the third revenue stream for the company.

Meanwhile, the company is pursuing export markets in the Middle East, Africa, and the US, where there is significant demand for the products. This bodes well as export margins are generally higher. With that being said, Zen Technologies faces competition from Bharat Electronics so investors must keep that in mind.

Still, given the increasing geopolitical risks and drone warfare globally, both companies could thrive in this environment where demand for both training and anti-drone systems is on the rise.

For more details, check out Zen Technologies financial factsheet.

#3 Astra Microwave

Last on the list is Astra Microwave.

Astra Microwave is engaged in making RF and microwave super-components, subsystems, and complete systems for the defence, space, meteorology, and civil communications sectors.

Over the years, the company has transitioned from being a subsystem supplier to a lead system integrator. Its RF systems are actively used in UAV radars and drone communication.

It has a strong presence in defence exports too. It exports telemetry, radar and hydrological components to Israel, US, and Singapore.

Going ahead, the company has identified export opportunities worth Rs 15-20 bn across all its segments over the next 3 years.

The management is looking at partnerships and collaborations in Europe, focusing on licensing and sourcing technologies.

Through collaborations such as Astra Rafael Comsys, the company aims to deliver high-end technology systems with strong growth prospects worldwide.

Coming to its financials, Astra Microwave's sales and net profit have compounded at 18% and 28% over the past 5 years.

The return on equity has averaged 10% during the same time, while return on capital employed has averaged 17%.

Astra Microwave - Financial Snapshot

The company recently announced demerger of its space, meteorology and hydrology business, so it could focus and strengthen each vertical separately.

At present, defence accounts for majority of its order book.

Going forward, Astra Microwave's capex plans are directed towards expanding manufacturing capacity and strengthening testing and integration capabilities.

For more details, check out Astra Microwave's financial factsheet.

Conclusion

It's said that the future of warfare will be fought with drones. So, companies involved in this space should do well, right?

Well, in the world of investing, it's not always so easy. It's rarely about the obvious headlines. Yes, drones are rapidly becoming central to modern warfare, global demand is rising, and India is building a strong defense manufacturing ecosystem.

But markets get excited about themes long before the numbers actually show up.

So, before you get carried away by the narrative, remember that defence trends can take years to translate into meaningful revenues.

And in sectors driven by government contracts, execution matters far more than excitement.

This is why if you are looking to invest in this space or are already invested, actively track the company's growth prospects, fundamentals, corporate governance, and valuations.

Happy investing.

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