1. 400 MW solar panel plant starting commercial production - All manufacturing equipment for the 400 MW solar panel facility at Pune has been delivered, mechanically installed, and electrically integrated, with commercial production scheduled to commence in the first week of April 2026. This moves the company from zero revenue to a contracted order book of approximately ₹234 crores, creating the first operating cash flow stream for a business that reported nil revenue and negative EBITDA.
2. Defence drone manufacturing setup nearing operational readiness - Procurement of machinery for the aerShield defence drone assembly line at Pune has been initiated, key manufacturing system deliveries have commenced, and installation and commissioning are in progress, with operational readiness targeted before March 2026. A UAE defence organisation has already issued a Letter of Intent expressing intent to procure subject to satisfactory demonstrations, providing a near-term revenue pathway once the line is commissioned.
3. ₹234+ crore solar panel order book - The company secured a ₹136.55 crore order for 100 MWp TOPCon solar panels with delivery scheduled from April 2025 and a separate ₹97.50 crore solar panel supply order, together exceeding the company's current market capitalisation of ₹461 crores. Converting these orders into delivered revenue would fundamentally reset the company's financial profile from its current nil-revenue base.
4. UAE Letter of Intent for defence drones - Aerpace General Trading LLC received a Letter of Intent from a prominent UAE defence company confirming evaluation of the drone portfolio and indicating intent to proceed with procurement, subject to satisfactory live demonstrations in India. A confirmed export order from a Middle Eastern defence buyer would validate the aerShield programme and open a second revenue vertical alongside solar manufacturing.
5. Drone City MoU with Andhra Pradesh government - Aerpace signed an MoU with the Andhra Pradesh Economic Development Board to develop India's first Drone City in Kurnool, with land allocated for a state-of-the-art drone manufacturing facility at Guttapadu. Government-land allocation for a dedicated manufacturing hub provides a scalable, low-cost expansion path beyond the current leased Pune facility.
6. Fundraising via preferential issue under board consideration - A board meeting was scheduled for July 9, 2026 to consider issuance of equity shares or convertible warrants on a preferential basis, following ₹44.61 crores raised through two preferential allotments in FY25. Fresh capital infusion would fund the working capital needed to execute the ₹234+ crore solar order book and complete the drone assembly line, the two most immediate constraints visible in the company's negative cash flow position.
7. aerpace transportation ecosystem prototype development - The company is developing a hydrogen-powered VTOL aircraft with 1,800 kg payload capacity in partnership with Cavok Engineering, with prototype design planned to commence in January 2026, while EV rollout products are expected to be ready by January 2027. A working prototype would convert the aerpace vision from a conceptual ecosystem into a demonstrable asset, supporting future fundraising and partnership discussions.