Innovision’s first defence drone order breaks a quarter of non‑stop NHAI toll wins
On 9 October 2026, Innovision Limited (NSE: INNOVISION, BSE: 544732) filed a disclosure that its subsidiary Aerodrone Robotics Private Limited received a work order from the Indian Army, Ministry of Defence, for the supply of 225 units of 7‑inch First Person View (FPV) drones. The contract is valued at ₹1.97 crore and carries a six‑month execution timeline (BSE filing, 9 Oct 2026).
On 9 October 2026, Innovision Limited (NSE: INNOVISION, BSE: 544732) filed a disclosure that its subsidiary Aerodrone Robotics Private Limited received a work order from the Indian Army, Ministry of Defence, for the supply of 225 units of 7‑inch First Person View (FPV) drones. The contract is valued at ₹1.97 crore and carries a six‑month execution timeline (BSE filing, 9 Oct 2026).
The order marks the company’s first disclosed defence contract, arriving after a quarter in which Innovision disclosed a rapid stream of toll‑collection and facility‑maintenance orders from the National Highways Authority of India.
A wave of NHAI toll contracts from July to September
Starting on 7 July 2026, Innovision began reporting a succession of Letters of Award from NHAI. The first, disclosed on that date, was a ₹9.24 crore contract for the Vaddupalli fee plaza on the Anantapur‑Kalyandurg section of Andhra Pradesh (BSE filing, 7 Jul 2026). Three days later, the company reported a ₹27.52 crore contract for the Kariyamanglam fee plaza in Tamil Nadu (BSE filing, 10 Jul 2026).
The tempo accelerated:
- 14 July 2026 – ₹205.20 crore contract for Kishangarh Toll Plaza in Rajasthan (BSE filing, 14 Jul 2026).
- 18 July 2026 – ₹44.60 crore contract for Turup fee plaza on the Ranchi bypass in Jharkhand (BSE filing, 18 Jul 2026).
- 22 July 2026 – ₹97.52 crore contract for the Biratiya Kalan Fee Plaza on NH‑112 in Rajasthan (BSE filing, 22 Jul 2026).
- 10 August 2026 – ₹83.29 crore contract for Aashpur Fee Plaza on NH‑91 in Uttar Pradesh (BSE filing, 10 Aug 2026).
- 21 August 2026 – ₹51.54 crore contract covering two fee plazas in Uttar Pradesh (Etaura Bujurg and Akhtiyari Kotila) on the Raebareilly‑Allahabad section (BSE filing, 21 Aug 2026).
- 29 August 2026 – ₹30.37 crore contract for Manambadi fee plaza on NH‑36 in Tamil Nadu (BSE filing, 29 Aug 2026).
- 3 September 2026 – ₹48.25 crore contract for Mangapatnam Fee Plaza on NH‑67 in Andhra Pradesh (BSE filing, 3 Sep 2026).
- 8 September 2026 – ₹219.07 crore contract for IDTL A and B Fee Plazas on NH‑3 in Madhya Pradesh, and a separate ₹24.53 crore contract for Pachwara fee plaza on NH‑39 in Madhya Pradesh (BSE filings, 8 Sep 2026).
On 9 September 2026, Innovision issued a press release confirming the two Madhya Pradesh awards with a combined value of ₹243.60 crore, noting they followed competitive e‑tenders (BSE filing, 9 Sep 2026). Each NHAI contract carried a one‑year execution period.
Q1FY27: revenue growth, but a toll‑segment loss
Alongside the order flow, Innovision filed its Q1FY27 results on 13 August 2026. Revenue rose 18.29% year‑on‑year to ₹263.82 crore. However, consolidated EBITDA swung to a loss of ₹6.6 crore (against a positive EBITDA a year earlier), and the net loss stood at ₹7.04 crore. The toll‑collection segment, which had posted an EBITDA of ₹17.77 crore in Q1FY26, moved to an EBITDA loss of ₹9.02 crore in Q1FY27 (BSE filing, 13 Aug 2026). The same filing disclosed that the company’s toll orderbook was ₹1,214 crore.
A new line of business: the defence order
On 9 October 2026, the drone contract from the Indian Army introduced a revenue stream outside the toll‑collection portfolio. The order, valued at ₹1.97 crore and to be delivered within 6 months, is the first disclosed defence order for the company. The subsidiary Aerodrone Robotics Private Limited received the work order for 225 FPV drones. No further diversification has been announced.
What the filings show as the next events
The drone contract comes with a six‑month execution window, as stated in the 9 October disclosure. The NHAI toll contracts run for one year each. The next scheduled financial reporting would be the Q2FY27 results, which, under quarterly filing norms, are due by mid‑November 2026.
Alpha Inflection is research infrastructure, not investment advice. We are not SEBI‑registered investment advisers. Everything above is compiled from public corporate filings, with sources cited. Do your own research.
The filing evidence
| Date | What the filing said | Detail | Source |
|---|---|---|---|
| 7 Jul 2026 | Innovision receives ₹9.24 crore NHAI toll collection contract for Vaddupalli plaza in Andhra Pradesh | Innovision Limited received a Letter of Award from NHAI for a user fee collection and facility maintenance contract at Vaddupalli fee plaza on the Anantapur-Kalyandurg section in Andhra Pradesh, valued at ₹9.24 crore, with a one-year execution period starting 24 August 2026. | filing |
| 10 Jul 2026 | Innovision receives Rs 27.52 crore NHAI toll collection and facility maintenance contract for Kariyamanglam fee plaza in Tamil Nadu. | Innovision Limited has received a Letter of Award from NHAI for toll collection and facility maintenance at the Kariyamanglam fee plaza (two lanes with paved shoulders) on the Tindivanam to Krishnagiri section in Tamil Nadu. The contract value is Rs 27.52 crore with an execution period of one year. | filing |
| 14 Jul 2026 | Innovision receives Rs 205.20 crore NHAI toll collection and facility maintenance contract for Kishangarh Toll Plaza in Rajasthan. | Innovision Limited has received a Letter of Award from NHAI for engagement as user fee collection agency at Kishangarh Toll Plaza in Rajasthan, along with upkeep and maintenance of adjacent toilet blocks. The order is valued at Rs 205.20 crore and is to be executed over a period of 1 year. | filing |
| 18 Jul 2026 | Innovision receives Rs 44.60 crore NHAI toll collection and facility maintenance contract for Turup fee plaza at Ranchi bypass in Jharkhand | Innovision Limited has received a Letter of Award from NHAI for toll collection and facility maintenance at Turup fee plaza on Ranchi bypass in Jharkhand under NHDP Phase-III. The contract is valued at Rs 44.60 crore and is to be executed over 1 year. | filing |
| 20 Jul 2026 | Innovision receives Rs 44.60 crore NHAI toll collection and facility maintenance contract for Turup fee plaza on Ranchi Bypass, Jharkhand | Innovision Limited announced the receipt of a Letter of Award from NHAI for a one-year contract to act as user fee collection agency at the Turup Fee Plaza on Ranchi Bypass, Jharkhand, with a total commercial consideration of ₹44.60 crore. The scope includes toll collection and maintenance of adjacent toilet blocks. | filing |
| 22 Jul 2026 | Innovision receives ₹97.52 crore NHAI toll collection and facility maintenance contract for Biratiya Kalan Fee Plaza on NH-112 in Rajasthan. | Innovision Limited has received a Letter of Award from NHAI for a toll collection and facility maintenance contract at the Biratiya Kalan Fee Plaza on the Bar-Bilara-Jodhpur section of NH-112 in Rajasthan. The contract is on EPC mode and includes upkeep of adjacent toilet blocks. The order value is ₹97.52 crore and the execution period is 1 year. | filing |
| 23 Jul 2026 | Innovision issues press release confirming its ₹97.52 crore NHAI toll collection and maintenance contract win for Biratiya Kalan in Rajasthan, extending its strong run of recent order wins. | Innovision Limited submitted a press release to the stock exchanges providing management commentary and further details on the ₹97.52 crore NHAI Letter of Award for the Biratiya Kalan Fee Plaza on NH-112 in Rajasthan, previously disclosed on July 22, 2026. The one-year contract covers user fee collection and facility maintenance. | filing |
| 10 Aug 2026 | Innovision receives ₹83.29 crore NHAI toll collection and facility maintenance contract for Aashpur Fee Plaza on NH-91 in Uttar Pradesh. | Innovision Limited received a Letter of Award from NHAI for a toll collection and facility maintenance contract at Aashpur Fee Plaza on NH-91 (Aligarh-Kanpur section) in Uttar Pradesh, valued at ₹83.29 crore, to be executed over one year. | filing |
| 11 Aug 2026 | Innovision Limited issues press release confirming ₹83.29 crore NHAI toll collection contract for Aashpur Fee Plaza in Uttar Pradesh. | Innovision submitted a press release regarding the previously disclosed Letter of Award from NHAI for toll collection and facility maintenance at Aashpur Fee Plaza on NH-91 in Uttar Pradesh, with a contract value of ₹83.29 crore for one year. | filing |
| 21 Aug 2026 | Innovision wins ₹51.54 crore NHAI toll collection and facility maintenance contract for two fee plazas in Uttar Pradesh | Innovision Limited has received a Letter of Award from NHAI for engagement as user fee collection agency for Etaura Bujurg and Akhtiyari Kotila fee plazas on the Raebareilly-Allahabad section in Uttar Pradesh, including upkeep of adjacent toilet blocks. The order is valued at ₹51,53,79,635 and is to be executed over one year. | filing |
| 29 Aug 2026 | Innovision wins Rs 30.37 crore NHAI toll collection and facility maintenance contract for Manambadi fee plaza in Tamil Nadu. | Innovision Limited received a Letter of Award from NHAI for a one-year toll collection and facility maintenance contract at the Manambadi fee plaza on NH-36 in Tamil Nadu, valued at Rs 30.37 crore. | filing |
| 3 Sept 2026 | Innovision Limited receives ₹48.25 crore NHAI toll collection and facility maintenance contract for Mangapatnam Fee Plaza in Andhra Pradesh. | Innovision Limited has been awarded a Letter of Award by NHAI for engagement as user fee agency at Mangapatnam Fee Plaza on NH-67 in Andhra Pradesh, including upkeep of adjacent toilet blocks. The contract is valued at ₹48.25 crore and is to be executed over one year. | filing |
| 8 Sept 2026 | Innovision wins ₹219 crore NHAI toll collection and maintenance contract for IDTL A and IDTL B Fee Plazas on NH-3 in Madhya Pradesh | Innovision Limited received a Letter of Award from NHAI for a toll collection and facility maintenance contract covering two fee plazas on the Indore-Dewas section of NH-3 in Madhya Pradesh, with a total commercial consideration of ₹219.07 crore and an execution period of one year. | filing |
| 8 Sept 2026 | Innovision receives ₹24.53 crore NHAI toll collection and facility maintenance contract for Pachwara fee plaza in Madhya Pradesh. | Innovision Limited has secured a Letter of Award from NHAI for toll collection and facility maintenance at Pachwara fee plaza on NH-39 in Madhya Pradesh, valued at ₹24.53 crore, to be executed over one year. | filing |
| 9 Sept 2026 | Innovision Limited confirms receipt of two NHAI toll collection and facility maintenance contracts in Madhya Pradesh worth a combined ₹243.60 crore. | Innovision received Letters of Award from NHAI to operate as user fee collection agency at IDTL A & B Fee Plazas (₹219.07 crore) and Pachwara Fee Plaza (₹24.53 crore) in Madhya Pradesh, each with a one-year term, following competitive e-tenders. | filing |
| 9 Oct 2026 | Innovision's subsidiary Aerodrone Robotics wins ₹1.97 crore contract from Indian Army for 225 FPV drones. | Innovision's subsidiary Aerodrone Robotics Private Limited received a work order from the Indian Army, Ministry of Defence, for the supply of 225 units of 7-inch First Person View (FPV) Drones, valued at ₹1.97 crore, with a 6-month execution timeline. | filing |
| 1 Jul 2026 | Innovision Limited board approves audited financial results for Q4 and FY ended March 31, 2026, but no financial figures disclosed in the filing. | filing | |
| 12 Aug 2026 | Q1FY27 revenue rose to ₹2,638.15 million, +18.3% YoY, but consolidated EBITDA swung to a ₹100.77 million loss and PAT to a ₹73.55 million loss as the Toll segment moved from ₹177.74 million EBITDA to a ₹90.19 million loss. | filing | |
| 13 Aug 2026 | Q1FY27 revenue rose to ₹263.82 Cr, +18.29% YoY, but consolidated EBITDA fell to a ₹6.6 Cr loss and PAT to a ₹7.04 Cr loss; the ₹1,214 Cr toll orderbook supports growth, while traffic and cost headwinds have sharply weakened near-term margins. | filing |
Quick answers
- What did Innovision disclose?
- On 9 October 2026, Innovision Limited (NSE: INNOVISION, BSE: 544732) filed a disclosure that its subsidiary Aerodrone Robotics Private Limited received a work order from the Indian Army, Ministry of Defence, for the supply of 225 units of 7‑inch First Person View (FPV) drones.
- What are the key numbers?
- Starting on 7 July 2026, Innovision began reporting a succession of Letters of Award from NHAI. The first, disclosed on that date, was a ₹9.24 crore contract for the Vaddupalli fee plaza on the Anantapur‑Kalyandurg section of Andhra Pradesh (BSE filing, 7 Jul 2026).
- What does Innovision say comes next?
- The drone contract comes with a six‑month execution window, as stated in the 9 October disclosure. The NHAI toll contracts run for one year each. The next scheduled financial reporting would be the Q2FY27 results, which, under quarterly filing norms, are due by mid‑November 2026.
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