Garuda Aerospace Limited

FY26 was a strong year for growth. Revenue rose 66.8% to about Rs.206 cr, and profit after tax grew 41.1% to Rs.25.9 cr. However, the EBITDA margin fell from 24.47% to 19.02%. Simply, the reason was that total expenses rose 73.2%, which is faster than revenue. That means each rupee of sales kept less profit than before. Even so, a 19% margin is still healthy.

The company is now preparing to list on the stock market. The IPO plan has a Rs.750 cr fresh issue plus a Rs.250 cr offer for sale (OFS) by existing investors. SEBI gave its final observations on 5 August 2026, and listing is expected by December 2026. The company also split its shares, cutting the face value from Rs.10 to Rs.2.

There are a few risks to keep in mind. The biggest one is margins. Garuda’s costs are growing faster than its sales, and if that keeps up, profit will take a hit. The business also leans a lot on government policy, especially in farming and defence, so any change in rules or subsidies could slow demand. Competition is another worry, since cheaper imports and local rivals can force prices down. And the IPO price isn’t out yet, so it’s too early to say if the valuation will be fair. Overall, Garuda looks like a fast-growing company that is already making money, and it’s close to listing. Keep an eye on is whether it can hold its margins as it gets bigger.