Date: 03/07/2026

Management Commentary

FY26 was described as a milestone year with successful listing on BSE and NSE. Revenue grew to ₹981 Cr while EBITDA and PAT increased to ₹55 Cr and ₹36 Cr respectively. The company expanded technology-led offerings through AI-enabled Smart Surveillance solutions and laid the foundation for Drone Manufacturing and aerial intelligence platform. Management targets medium-term growth trajectory of 45-50% CAGR.

Company Overview

Established in 2007, Innovision Limited has evolved from manpower and security services into a diversified infrastructure services platform operating across 23 states and 5 Union Territories. The company has over 14,000 deployed workforce with 80%+ revenue linked to government ecosystem. Recent expansions include AI-enabled surveillance and drone manufacturing.

Business Architecture Overview

Manpower Services

  • Manned Guarding: 6,000+ Guards
  • Integrated Facility Management (IFM): 1,200+ Personnel
  • Manpower Sourcing & Staffing: 6,000+ Personnel
  • PSARA-licensed, trained at Innovision centres
  • Contract value: ₹40-200 Cr multi-year deals

Toll Management

  • Daily/Weekly Remittance to NHAI
  • Innovision retains spread in asset-light model
  • 1000+ staff
  • Average ~5% spread
  • Innovision has less than 2% of addressable set
  • Highest-margin recurring vertical

Skill Development Training

  • PM Vishwakarma & PMKVY driven programs
  • Government-funded vocational training
  • Asset-light operating model
  • Revenue Model: payment per certified candidate (₹3,000–15,000 per certified candidate)
  • 100% Government funded through NSDC, MSDE, states
  • Zero credit risk with upfront government disbursals
  • 100,000+ Candidates Trained
  • 70+ Training Centres
  • 25+ Government Projects Undertaken

AI-enabled Surveillance

  • AI video analytics & remote monitoring
  • Command centre & operational intelligence
  • Multi-sector enterprise applications
  • Revenue Model: Subscription & monitoring fees
  • Key capabilities include Facial Recognition, ANPR, Fire & Smoke Detection, Intrusion Monitoring

Aerodrone Robotics - Drone Subsidiary

  • Drone technology manufacturing, pilot training and aerial intelligence solutions
  • DGCA-approved Remote Pilot Training Organization (RPTO)
  • Building indigenous UAV platforms for defence, infrastructure and surveillance
  • ₹50 Cr+ Drone-as-a-Service revenue target for FY27
  • ₹9,000Cr+ India Drone Market by 2030
  • ₹120Cr+ Government PLI Scheme for Drones

Financial Results (Consolidated)

| Particulars (In INR Crs) | FY25 | FY26 | Y-o-Y (%) |

| Revenues | 893.13 | 980.78 | 9.81 |

| EBITDA | 48.94 | 55.30 | 13.00 |

| EBITDA Margins (%) | 5.48 | 5.64 | 16 BPS |

| PAT | 29.17 | 36.35 | 24.63 |

| PAT Margins (%) | 3.27 | 3.71 | 44 BPS |

Balance Sheet Highlights (Consolidated)

| Equities & Liabilities (In INR Crs) | FY25 | FY26 |

| Net Worth | 81.88 | 294.20 |

| Current Borrowings | 73.14 | 119.82 |

| Trade Receivables | 106.81 | 158.16 |

| Cash & Equivalents | 7.11 | 50.66 |

| Bank Balances | 33.50 | 168.51 |

| Total Assets | 220.30 | 473.81 |

Growth Pathway

2026

  • ₹51 Crs IPO proceeds utilized for debt repayment
  • ₹119 Crs to be deployed as working capital across Manpower, Toll Management
  • Commercial rollout of DGCA-approved RPTO operations and drone manufacturing

2027

  • Targeting 45+ NHAI toll plazas
  • Every ₹10 Cr toll working capital capable of unlocking ~₹120 Cr annual toll revenue
  • Targeting 20-30% EBITDA margins in Drone operations
  • 800 Cr toll order book already secured
  • Drone Revenue Commencement

2028-2029

  • Expansion across aerial survey, infrastructure inspection and smart-city Drone operations
  • Scaling corridor mapping and monitoring across NHAI-linked infrastructure
  • Indigenous drone manufacturing expansion under PLI and Atmanirbhar ecosystem

Financial Targets

  • Revenue CAGR: 50-60% FY27-FY29
  • EBITDA CAGR: 50-60% FY27-FY29
  • PAT CAGR: 60-70% FY27-FY29

Management Overview

Lt Col Randeep Hundal - Chairman & Managing Director: Indian Army Officer; Promoter; 15+ years experience in manpower, security training & integrated facility management; Leading expansion across defence, surveillance & drone technology.

Uday Pal Singh - CEO & Whole-Time Director: 15+ years experience in manpower solutions; Driving operational scale-up and business expansion; Previously associated with GroupM, Publicis India, Triton Communications & ESPN Star Sports India.

Market Data

  • Share Price: ₹309.05
  • Market Capitalization: ₹735.95 Crs
  • No. of Shares Outstanding: 16,476,550
  • Face Value: ₹10.00
  • 52 Week High: ₹468.60
  • 52 Week Low: ₹300.30