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Raphe mPhibr: Inside India’s Fast-Rising Defence Drone Powerhouse

Raphe mPhibr has grown from a small Noida research team into one of India’s most heavily funded private defence-tech companies. Its technology depth and order book are impressive, but delayed execution, working-capital intensity and FY26 losses show why the story needs a deeper look.

Raphe mPhibr: Inside India’s Fast-Rising Defence Drone Powerhouse

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