I was drawn to RattanIndia Enterprises because of the news that it is in drones too. This is what their website says,” RattanIndia Enterprises Limited through its wholly owned subsidiary NeoSky India Ltd. is leading the way in drone industry in India with its 360° Drone-as-a-Product and Drone-as-a-Services portfolio. Throttle Aerospace Systems(TAS), one of India’s leading drone company is subsidiary of NeoSky India Ltd.

Drones have potential to transform core sectors of the economy including logistics, agriculture, mining, infrastructure, surveillance, emergency response, transportation, geo-spatial mapping, defence, and law enforcement. Drone systems will prove to be extremely transformative by providing cost effective solutions for developing countries like India, which have large urban agglomeration and ultra-high population density and lack of fundamental infrastructure.”
This is further, ” Throttle Aerospace Systems (TAS)

Throttle Aerospace Systems (TAS)– a subsidiary of NeoSky India Ltd. is one of India’s fastest growing drone hardware & software maker based out of Bangalore, India. TAS is a market leader in India in enterprise, defence and delivery drones. Throttle Aerospace Systems (TAS) is India first DGCA approved drone maker for civil drones and is licensed to manufacture military grade drones from Ministry of Defence.”

But then I approached the company about the drones component in its business, but did not receive any response. I have found this:
“Diversified firm RattanIndia Enterprises on Thursday said it has acquired 60 per cent stake in drone company Throttle Aerospace Systems Pvt Ltd (TAS).

The investment in TAS has been done through NeoSky India Ltd (NeoSky), a wholly-owned subsidiary, RattanIndia Enterprises said in a statement.
However, the company did not disclose the financial details of the transaction.
“”RattanIndia Enterprises acquires 60% stake in drone company Throttle Aerospace Systems
However, the details may be gleaned from here:

RattanIndia earmarks Rs 100 cr for drone biz foray through NeoSky India

RattanIndia Enterprises has forayed into the drone business in the country through its wholly-owned subsidiary NeoSky and expects the commercial rollout of products in the first quarter of 2023

https://www.business-standard.com/article/companies/rattanindia-earmarks-rs-100-cr-for-drone-biz-foray-through-neosky-india-122031001455_1.html

So, it seems that out of their market cap of ₹6621 cr, a 100 cr is in drones.

The company is jack of all trades. Its ROCE of
3.05 %, and ROE at 3.19 % doesn’t make my mouth water.

I am leaving it others to do further financial analysis of the company.

Disclaimer: I had invested a small amount in it, but got out as the drones were the only component of the company that excited my interest, but realising that the drones may not contribute substantially to its profits, I got out quickly.