Shares of Nitiraj Engineers Limited hit the 20% upper circuit on Wednesday after the company received regulatory approval for its agricultural drone business.
The stock climbed to ₹206, taking the company’s market capitalisation to around ₹211 crore. The stock is currently trading at a P/E ratio of about 199 times.
DGCA clears agri-drone for commercial rollout
Nitiraj Engineers has received a Type Certificate from the Directorate General of Civil Aviation (DGCA) for its agricultural drone model “NADR10.”
The certificate, numbered T05260000094/00, was issued on June 9, 2026, under the provisions of the Drone Rules, 2021.
According to the company, the certification confirms that the drone has met regulatory requirements related to:
- Design
- Construction
- Technical specifications
- Performance
- Operational safety
The approval allows Nitiraj Engineers to manufacture and market the drone commercially.
About the NADR10 drone
The NADR10 is a medium-class agricultural drone equipped with a 10-litre spraying system.
It has been developed for:
- Crop protection applications
- Agrochemical spraying
The company said it plans to expand its drone capabilities and increase production capacity in line with market demand.
Nitiraj Engineers had previously received approval from the DGCA to operate as a Drone Remote Pilot Training Organisation (RPTO) in late 2024.
The latest certification marks another step in the company’s efforts to build a presence in the drone ecosystem.
Financial performance
On a standalone basis, the company reported:
FY26
- Revenue from operations: ₹46.41 crore
- FY25 revenue: ₹76.52 crore
- Year-on-year decline: 39.3%
- Total revenue including other income: ₹47.89 crore
- Profit before tax: ₹1.41 crore
- FY25 PBT: ₹6.62 crore
- Net profit: ₹1.06 crore
- FY25 net profit: ₹4.83 crore
Q4 FY26
The company reported a weak fourth quarter.
- Revenue from operations: ₹8.18 crore
- Net loss: ₹0.64 crore
Balance sheet position
As of March 31, 2026, Nitiraj Engineers had:
- Cash and cash equivalents of ₹3.32 crore
- Very low borrowings
Business profile
Founded in 1989, Nitiraj Engineers Limited manufactures:
- Electronic weighing scales
- Currency counting machines
- Security and automation products
Its products are sold under the PHOENIX brand.
The company operates an 8-acre manufacturing facility in Dhule, Maharashtra, with production capacity of around 3,000 machines per day.
Its distribution network includes:
- 20 branch offices across Maharashtra, Odisha and Chhattisgarh
- Around 400 dealers
The company also exports products to Germany.
TL;DR
Nitiraj Engineers hit the 20% upper circuit after receiving DGCA approval for its NADR10 agricultural drone. The certification allows the company to commercially manufacture and sell the 10-litre spraying drone under India’s Drone Rules, 2021.
AI Summary
- Nitiraj Engineers secured DGCA approval for its NADR10 agri-drone.
- The stock hit the 20% upper circuit at ₹206.
- The drone carries a 10-litre spraying system.
- The company had earlier received RPTO approval from DGCA.
- FY26 revenue and profit declined sharply compared with FY25.
