4 Drone Companies in India with Strong Order Books

#2 Bharat Electronics

Next on the list is Bharat Electronics.

Bharat Electronics plays a significant role in the drone ecosystem by addressing requirements for both defence and non-defence segments.

The company's presence spans across:

• Unmanned Aerial Vehicles (UAVs): Used for aerial surveillance, reconnaissance, intelligence gathering, and border monitoring.
• Unmanned Ground Vehicles (UGVs): Land-based drones deployed for bomb disposal, surveillance, and logistics in hazardous environments.
• Unmanned Underwater Vehicles (UUVs): Underwater drones used for naval surveillance, mine detection, and underwater exploration.
• Unmanned Surface Vehicles (USVs): Water-surface drones deployed for maritime security, coastal surveillance, and patrol missions.

As of 1st April 2026, BEL's order book stands at around Rs 740 billion (bn).

The company collaborates with DRDO, foreign OEMs, academia, and startups to develop advanced unmanned systems.

To tap growing opportunities, BEL has set up a dedicated Strategic Business Unit (SBU) in Bengaluru, which drives partnerships and focuses on unmanned systems development.

The company is also actively involved in anti-drone system solutions, enhancing defence preparedness against emerging aerial threats.

For more details, see the BHARAT ELECTRONICS fact sheet and quarterly results.

#3 Solar Industries

Next on the list is Solar Industries.

The company ranks among the world's leading manufacturers and suppliers of explosives, initiating systems, and ammunition, and is increasingly gaining recognition for its indigenous development of high-energy explosives and innovations in drone-based loitering munitions.

Under its flagship "Nagastra" family, the company has already supplied 480 Nagastra-1 loitering munitions to the Indian Army.

These GPS-guided precision strike drones are capable of neutralising targets in kamikaze mode across varied terrains.

Meanwhile, Nagastra-2 and Nagastra-3 are under development, with the latter positioned as a prototype for the Medium Range Precision Kill System (MRPKS), highlighting Solar's expanding capabilities in advanced defence technologies.

On 30 March 2025, Narendra Modi visited the Solar Defence and Aerospace facility in Nagpur and inaugurated key infrastructure projects.

These included a dedicated loitering munition test range and a 1.27-kilometre runway designed for testing MALE and HALE class unmanned aerial systems.

Spread across 1,080 acres, the facility features a command and control centre, endurance and communication zones, and specialised UAV testing infrastructure.

The company has India's first private sector military drone testing runway.

As per the company's website, Solar Industries India reported an order book exceeding Rs 170bn in the Shareholders' Value section, as of 10 April, 2026.

For more details, see the Solar Industries company fact sheet and quarterly results.

#4 Bharat Forge

Next on the list is Bharat Forge.

Bharat Forge is strengthening its presence in the drone ecosystem through its aerospace and defence division. The company has been actively expanding its unmanned systems portfolio to cater to the growing requirements of India's defence forces.

On 16 Jan 2026, the company secured drone contracts worth approximately Rs 3 bn for the Indian Army and Navy. These contracts include the supply of indigenous unmanned systems such as Intelligence, Surveillance, and Reconnaissance (ISR) platforms and loitering munitions, aimed at meeting urgent operational requirements.

The drone platforms under this order include Omega One, Omega Nine, Bayonet, and Cleaver, which are designed for diverse terrains and mission profiles. The company also highlighted that its unmanned vehicle portfolio is evolving rapidly, with advanced autonomy, artificial intelligence, and data-driven decision-making increasingly being integrated across platforms.

Further strengthening its capabilities, Bharat Forge's Omega One UAV was showcased onboard an upgraded BMP-2 infantry fighting vehicle during the Army Day Parade in Jaipur in January.

This marked a significant milestone and demonstrated the company's growing role in India's defence drone ecosystem.

As of Dec 31st 2025, the defence order book stood at Rs 111.3 bn.

Additionally, on 12 Feb 2026, Bharat Forge signed a Memorandum of Understanding (MoU) with VEDA Aeronautics to develop state-of-the-art Unmanned Aerial Vehicles (UAVs) and high-speed aerial weapon systems for battlefield deployment.

Under this collaboration, VEDA Aeronautics will contribute its expertise in unmanned system technologies, while Bharat Forge will supply micro jet engines for these advanced unmanned platforms.

For more details, see the BHARAT FORGE company fact sheet and quarterly results.

Conclusion

Drone stocks with strong order books are gaining attention as rising defence requirements and expanding commercial applications drive demand for unmanned systems. A healthy order book provides better revenue visibility and indicates growing confidence from defence and government agencies.

Additionally, increasing indigenous development and technological advancements such as artificial intelligence, autonomous navigation, and data analytics are further strengthening growth prospects for companies operating in this space.

However, investors should remain mindful of potential risks. The sector may face challenges such as regulatory hurdles, execution delays, high competition, and dependence on government spending. Any slowdown in defence procurement or delays in project execution could impact growth.

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.

Further, you can now filter the best drone stocks in India using Equitymaster's powerful stock screener.

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