Operation Sindoor Ignited Drone Stock Rally; ideaForge, Zen Tech Lead Gains

‘Operation Sindoor’ has turned out to be a windfall for India’s drone stocks, with shares soaring up to 48% since the launch of operation. The precision-led mission against Pakistan, which was sparked by the terror strike in Pahalgam, showcased an extensive deployment of drones—fuelling market optimism over a potential surge in defence technology orders.

Shares of Zen Technologies, ideaForge Technology, DroneAcharya Aerial Innovations, Hindustan Aeronautics, Paras Defence, and Solar Industries have soared recently in sessions following the May 7 strike. The rally in these defence stocks is primarily driven by strong orderbook anticipation and fresh order announcements. ideaForge has given returns to the tune of 48% since Operation Sindoor, but has lost 9% in 2025 so far. The recent rally has helped the stock to pare some of its losses year-to-date.

DroneAcharya Aerial shares have gained over 41% since May 7. This rally brought much-needed relief to the stock, which was under pressure between January and April. Shares of another drone maker Zen Technologies rose 38% since that day, while those of Paras Defence and Solar Industries have risen over 16% and 8%, respectively.

Solar Industries and ZMotion have jointly developed a loitering munition, Nagastra. The successful demonstration of Zen’s equipment in the recent India-Pakistan dispute would drive demand on domestic and exports fronts, Elara Capital said in a report.

Indian armed forces said that they had attacked terrorist camps in Pakistan and Pakistan-occupied Kashmir, avenging the killing of 26 tourists in Pahalgam. However, Pakistan resorted to artillery and shell firing across the Line of Control (LoC) and International Borders.

India used Harop drones to target military infrastructure in Pakistan at three locations and concurrently, Harpy drones were deployed as part of the ‘Suppression of Enemy Air Defence’ tactics, according to a report by Observer’s Research Foundation. Sky Striker drone, an adapted version of Harpy, was reportedly used to take out terror infrastructure, the report said, adding that this was the first time that unmanned aerial vehicles and systems to counter them were front and centre in India-Pakistan disputes.