AITMC Ventures, also known as AVPL International, has filed its updated draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering. The proposed listing consists entirely of a fresh issue of up to 35 million shares, with no offer for sale component. The filing follows SEBI's observation letter dated January 30, 2026.
Use of IPO Proceeds
AITMC Ventures initially filed confidential draft papers in October 2025 after its board approved a fresh issue totaling ₹2,000 million. From the issue proceeds, the company has earmarked about ₹1,550 million for specified projects, with deployment planned largely across fiscal 2027. A portion of the remaining funds will be used for general corporate purposes.
The largest allocation of ₹696.7 million will establish a Future Tech Park at Sisai in Haryana's Hisar district, with a non-defense drone manufacturing unit and 23 vendor-operated component units. Another ₹405 million will upgrade infrastructure at 17 ITIs and three polytechnic colleges in Uttar Pradesh under the World Incubation and Skill Hubs initiative. These investments are intended to strengthen the company's training and manufacturing footprint.
AITMC Ventures has also allocated ₹145 million to upgrade Global Incubation and Skill Hubs at 50 AICTE-approved colleges. It will direct ₹104 million to establish R&D labs at IIT Ropar and upgrade laboratories at IIT Kanpur and its Gurugram facility. Additionally, ₹200 million will be used to repay or prepay certain borrowings.
Business Model and Drone Expansion
Founded in 2016 by Deep Sihag Sisai, AITMC Ventures operates across vocational education, drone training, manufacturing and assembly, R&D, and drone as a service. The company began with government-backed vocational training programs and says it has trained more than 100,000 candidates since inception. It expanded into drone-focused skilling in 2023, including pilot, technician, assembly, and precision agriculture courses.
AITMC operates DGCA-recognized Remote Pilot Training Organizations in Haryana and runs GISH and WISH initiatives covering drones, robotics, AI, battery systems, and additive manufacturing. In-house drone manufacturing and assembly started at its Gurugram facility in fiscal 2025. Its flagship VIRAJ agricultural drone has a 10-liter payload capacity and DGCA type certification.
By fiscal 2026, AITMC had manufactured and deployed 162 VIRAJ drones and sold 28 other drones. It is developing additional models for agriculture, surveillance, firefighting, logistics, and solar panel cleaning. Its Drone-as-a-Service initiative remains at the pilot stage and currently focuses on agricultural spraying, connecting trained operators with service opportunities.
Financial Performance and Risk Considerations
AITMC reported a net profit of ₹134 million in fiscal 2026, down from ₹161 million in fiscal 2025. Operating revenue rose to ₹1,068 million from ₹875 million over the same period, according to the updated draft red herring prospectus. The fiscal 2026 figures are standalone, while fiscal 2025 figures are consolidated because the company lost control of SPH Aviation in June 2025.
The company acquired a 76% stake in SPH Aviation in January 2023 and made it a subsidiary at that time. Its shareholding fell to 19% in June 2025 after it renounced its entitlement in a rights issue in favor of promoter Preet Sandhuu. This dilution resulted in the loss of control over SPH Aviation.
A key risk is revenue concentration, with vocational education and skill development accounting for 96.82% of fiscal 2026 operating revenue. EBITDA margin contracted to 26.74% from 33.85% in the previous year, reflecting higher expansion costs. The planned Future Tech Park and the simultaneous rollout of skilling hubs also carry execution risk.
AITMC Ventures is tapping public markets at a moment when India's policy environment favors indigenous drone manufacturing and workforce development. The IPO offers investors exposure to a company attempting to integrate training, manufacturing, R&D, and drone services within one ecosystem. Successful execution of its capital expenditure plans and diversification beyond vocational education will be central to its long-term performance.