Synopsis: A Dhule-based electronics manufacturer best known for weighing scales has crossed a significant regulatory milestone in its drone diversification play, securing a type certificate from India’s civil aviation authority for its medium-class agricultural spraying drone, unlocking its path to manufacture and market the product commercially.
A maker of electronic weighing systems that has spent over three decades building a reputation in precision measurement has now earned the government’s approval on a product from an entirely different domain, one that promises to reshape how Indian farmers manage crop protection at scale.
With a market capitalization of Rs. 211 crore, the shares of Nitiraj Engineers Limited were trading at Rs. 206 per share; the stock hit the upper circuit of 20 percent on 10 June 2026 after the announcement. It is trading at a P/E of approximately 199x.
Drone Approval Milestone
Nitiraj Engineers Limited has received a Type Certificate from the Directorate General of Civil Aviation (DGCA), Government of India, for its agricultural drone model “NADR10.” The certificate, bearing No. T05260000094/00, has been issued under the provisions of the Drone Rules, 2021, and certifies that the company’s unmanned aircraft system has met prescribed standards relating to design, construction, specifications, performance, and operational safety.
The NADR10 is a medium-class agricultural spraying drone equipped with a 10-liter spraying system, designed for agrochemical applications. The certification enables the company to manufacture and market the drone under the applicable regulatory framework. The certificate was issued on June 9, 2026.
The DGCA Type Certificate is a rigorous, multi-stage process involving extensive testing, technical evaluations, documentation, and regulatory scrutiny. The company had previously been authorized as a Drone Remote Pilot Training Organization (RPTO) by the DGCA in late 2024, signaling a deliberate build-up of its drone ecosystem ahead of commercialization.
The company intends to continue enhancing its drone capabilities, increasing production capacity, and expanding product offerings in line with evolving market requirements.
Financial Snapshot & Business Overview
Nitiraj Engineers Limited is a Dhule, Maharashtra-based manufacturer of electronic weighing scales, currency counting machines, and security and automation products operating under the PHOENIX brand since 1989. Its manufacturing facility spans 8 acres in Dhule, with a production capacity of 3,000 machines per day. It operates 20 branch offices across Maharashtra, Odisha, and Chhattisgarh, supported by a dealer network of approximately 400 partners and also have exports running to Germany.
On a standalone basis, the company reported revenue from operations of Rs.46.41 crore in FY26, a decline of 39.3% YoY from Rs.76.52 crore in FY25. Total revenue including other income stood at Rs.47.89 crore. PBT for FY26 came in at Rs.1.41 crore against Rs.6.62 crore in FY25 and PAT at Rs.1.06 crore against Rs.4.83 crore previously.
Q4FY26 was a weak close, with revenue from operations at Rs. 8.18 crore and a net loss of Rs. 0.64 crore at the PAT level, reflecting the sharp revenue compression in the second half. The company remains with very few borrowings on its balance sheet and cash and equivalents of Rs.3.32 crore as of March 31, 2026.
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