AITMC Ventures (AVPL International)

AITMC Ventures Ltd. has become a hot topic among pre-IPO investors in India. The Gurugram-based agri-drone and skillingunlisted or pre-IPO share market  has been on a strong growth run and is now angling for a public listing — though it's had a bumpy road getting there.

The growth story: Revenue jumped nearly 8-fold between FY22 and FY25, going from ₹11.3 Cr to ₹88.8 Cr. FY25 alone saw operating revenue grow 87%, reaching ₹87.5 Cr. Profit followed suit, climbing 59% to ₹14.02 Cr from ₹8.84 Cr, while EPS rose from ₹0.64 to ₹1.66 over FY23–FY25 — putting the P/E at around 31x based on current unlisted prices.

Liquidity has also improved, with the current ratio moving from 1.11 to 1.72 between FY23 and FY24. The one caution flag: operating cash flow went negative in FY24 (somewhere between -₹3.3 Cr and -₹6.3 Cr depending on how you measure it), mostly because receivables built up faster than the company could collect them as it scaled. Worth watching.

The IPO attempts: AVPL has tried twice to go public. First, a DRHP filed with SEBI in December 2023 for an NSE Emerge listing — that fell through. Then, after the board approved raising share capital and expanding the issue size to ₹200 Cr, a new DRHP was filed in October 2025. There was also talk of a BSE SME listing through a DroneAcharya partnership in early 2025, but that didn't pan out either. Bottom line: no confirmed listing date yet.

Buying in: Since KYC and paperwork are easier face-to-face, a lot of investors look for  unlisted share company in Noida or the Delhi-NCR area — which lines up nicely with AVPL's own Gurugram base.