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Ideaforge Technology Limited (IDEAFORGE)

₹730.55 +1.37% last close, 16 Oct

📊 NSE: IDEAFORGE 🏢 Aerospace & Defense 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Ideaforge Technology's revenue was ₹68.6 Cr (+427.6% year on year, -51.4% on the previous quarter), and net profit ₹-2.6 Cr (a smaller loss than a year earlier); the operating margin was 3.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹68.6	+427.6%	-51.4%
Operating profit	₹2.3	from loss	-96.2%
Net profit	₹-2.6	loss narrowed	to loss
EPS (₹)	-0.59	loss narrowed	to loss
Operating margin	3.4%	—	—

Full quarterly financials → Results calendar →

IDEAFORGE delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 37.04% of the IDEAFORGE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.8%. That is lower than usual for this stock. Volume was 0.5 times its average, well below normal. It closed at a price band (circuit) on 4 sessions in about the last 20.

37.04%Delivery, 16 Oct

48.8%Own 20-session average

0.5×Volume vs its average

₹730.55NSE close · +1.37%

Delivery in the last 5 sessions: 55.5% · 27.3% · 35.6% · 44.7% · 37.0%

Delivery across the market →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

ideaForge CS & Compliance Officer Nilesh Jaywant Resigns, Effective Dec 25, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 15 Oct 2026, 10:28 AM

ideaForge Technology Limited announced the resignation of its Company Secretary and Compliance Officer (KMP), Mr. Nilesh Ranjan Jaywant, tendered on October 14, 2026. The resignation is due to his decision to pursue a new career opportunity and will take effect from the close of business hours on Friday, December 25, 2026. The company stated there are no other material reasons behind the departure, and a transition period of over two months is provided for an orderly handover. This administrative leadership change has no direct impact on ideaForge's underlying operations or revenue.

Resignation letter submitted on October 14, 2026
Effective date of cessation set for close of business on December 25, 2026
Reason cited strictly as pursuing a new career opportunity with no other material reasons stated
Orderly handover of legal records and secretarial books confirmed prior to departure

💡 Watch for the appointment of a successor Company Secretary and Compliance Officer within statutory timelines.

ideaForge signs ₹151 Cr TDB loan agreement for YETI autonomous aerial logistics project

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 09 Oct 2026, 07:14 PM

ideaForge Technology Limited has signed a formal loan agreement with the Technology Development Board (TDB) for a term debt facility of ₹151 Crores. The loan will be disbursed in tranches to fund the development of 'YETI', a heavy-lift long-range autonomous aerial logistics vehicle. Relative to the company's financials, the sanctioned loan represents ~53.4% of TTM revenue (₹283 Cr) and will substantially increase its existing debt base of ₹84 Cr. The debt is secured by a first-ranking charge over project-specific plant, machinery, and equipment, and includes standard promoter shareholding transfer restrictions.

Executed loan agreement on October 09, 2026, for a term debt facility of ₹151 Crores
Loan amount represents ~53.4% of TTM revenue (₹283 Cr) and ~24.4% of net worth (₹620 Cr)
Funding dedicated to 'YETI' heavy-lift long-range autonomous aerial logistics vehicle
Secured by first-ranking charge over identified project assets, plant, and machinery
Agreement includes promoter share transfer restrictions (>20%) and matching funding obligations

💡 Track subsequent disclosures on first tranche disbursement timelines, matching equity or internal accrual commitments required, and development milestones for the YETI logistics platform.

Ideaforge Technology Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Oct 2026, 11:52 AM

Ideaforge Technology Limited submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing covers the quarter and half-year ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Pvt. Ltd. on October 3, 2026. It confirms that dematerialisation requests received were verified, accepted or rejected, and processed within the prescribed timelines.

Compliance certificate filed under Regulation 74(5) of SEBI regulations
Covers the quarter and half year ended September 30, 2026
Issued by Registrar MUFG Intime India Pvt. Ltd. dated October 3, 2026
Confirms mutilation and cancellation of dematerialised security certificates within prescribed timelines

💡 This is a routine administrative filing requiring no action. Investors should monitor upcoming Q2 FY27 operational updates and financial results.

Ideaforge Faces ₹109.17 Cr GST Demand and Penalty Order; Plans Appeal

🔵 WATCH ⭐ 9/10

LEGAL 📅 02 Oct 2026, 12:48 PM

Ideaforge Technology has received an order under Section 74 of the CGST Act from the Additional Commissioner CGST & Central Excise, Belapur, demanding tax liability of INR 545.86 Million (₹54.59 Cr) alongside an equivalent penalty of INR 545.86 Million (₹54.59 Cr). The total demand of ₹109.17 Cr spans January 2022 to March 2024 and alleges an incorrect GST payment of 5% instead of 18%. This total exposure of ₹109.17 Cr is highly significant, representing approximately 38.6% of TTM revenue (₹283 Cr) and 17.6% of net worth (₹620 Cr). The company intends to appeal, noting that the government in 2025 clarified the GST rate for drones is 5%.

Tax liability demanded: INR 545.86 Million covering January 2022 to March 2024
Penalty demanded: INR 545.86 Million under Section 74 of the CGST Act
Total combined demand: INR 1,091.72 Million (~₹109.17 Cr)
Alleged differential GST rate: 13% (authority claimed 18% versus 5% discharged)
Order received date: October 01, 2026

💡 Track the filing of the appeal before the Appellate forum and monitor whether any mandatory pre-deposit or cash outflow is required during the appellate process.

Ideaforge Secures ₹23.62 Cr Domestic Civil Orders for Mapping and Surveillance UAVs

🟢 POSITIVE ⭐ 6/10

OTHER 📅 30 Sep 2026, 03:33 PM

ideaForge Technology has bagged multiple domestic purchase orders worth ₹23.62 crore (all inclusive) from civil customers. The contract covers the supply of multicopter Unmanned Aerial Vehicles (UAVs) along with accessories and training, configured for mapping, aerial survey, and surveillance. The orders represent approximately 8.3% of the company's TTM revenue of ₹283 crore. Execution is scheduled to be completed within up to 6 months.

Total order value secured is ₹23.62 crore (all inclusive)
Execution timeline set for up to 6 months
Scope includes multicopter UAVs configured for mapping, aerial survey, and surveillance, plus accessories and training
Awarded entirely by domestic civil customers with zero promoter or related party interest

💡 Monitor revenue conversion and gross margin realization from these civil orders over the next two quarters, tracking execution against the 6-month timeline.

ideaForge Schedules Group Investor and Analyst Meeting in Mumbai for Sep 22, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Sep 2026, 02:13 PM

ideaForge Technology Limited has notified exchanges of an upcoming physical group meeting with institutional investors and analysts. The interaction is scheduled for September 22, 2026, starting at 03:00 PM IST in Mumbai. The company confirmed discussions will rely solely on publicly available information without sharing any unpublished price sensitive information (UPSI).

Group meeting scheduled for September 22, 2026, at 03:00 PM IST onwards
Physical meeting to take place in Mumbai
Discussions strictly limited to publicly available information with no UPSI

💡 Track subsequent post-meet disclosures or investor presentations on the exchanges to review any strategic or demand updates.

IdeaForge Q1 FY27 Concall: Order Book at ₹256.8 Cr, ₹500 Cr QIP Done, EBITDA Turns Positive at ₹4.3 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 18 Aug 2026, 10:14 AM

IdeaForge Technology reported Q1 FY27 revenue from operations of ₹68.6 crore (up from ₹12.8 crore in Q1 FY26) with EBITDA turning positive to ₹4.3 crore and net loss narrowing to ₹2.6 crore. The company executed over 20% of its opening order book during the quarter, leaving an unexecuted order book of ₹256.8 crore that management plans to deliver by Q3 FY27. To support working capital and R&D, IdeaForge completed a ₹500 crore Qualified Institutional Placement (QIP) and received a Letter of Intent for up to ₹151 crore under the GoI RDI Scheme for its YETI logistics drone.

Q1 FY27 revenue jumped to ₹68.6 crore vs ₹12.8 crore in Q1 FY26; EBITDA turned positive to ₹4.3 crore vs negative ₹15.1 crore.
Order book stood at ₹256.8 crore as of June 30, 2026, targeted for delivery by Q3 FY27.
Raised ₹500 crore via QIP and received an LOI for milestone-based assistance up to ₹151 crore for YETI UAV from Technology Development Board.
Gross profit came in at ₹33.6 crore (49.0% margin) compared to ₹7.9 crore (61.7% margin) in Q1 FY26.
Deployed fleet surpassed 1 million customer missions with 112 global patents filed to date.

💡 Monitor order book execution over Q2 and Q3 FY27 towards the ₹256.8 crore target, along with RFP conversions from Indian defense fast-track drone procurement programs.

14,135 Shares Allotted Under ESOP Scheme at Rs 10 Exercise Price

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Aug 2026, 12:08 PM

Ideaforge Technology Limited has allotted 14,135 equity shares of face value Rs 10 each following the exercise of vested stock options under its 2018 ESOP scheme. This allotment increases the total number of equity shares from 4,96,94,371 to 4,97,08,506. The dilution resulting from this issuance is negligible at approximately 0.028% of the post-allotment share capital. The exercise price was fixed at the par value of Rs 10 per share.

Allotment of 14,135 equity shares approved by the Executive Committee on August 14, 2026
Total paid-up share capital increased to Rs 49,70,85,060 from Rs 49,69,43,710
Exercise price for the allotted shares was Rs 10 per share
Total number of shares post-allotment stands at 4,97,08,506

💡 This is a routine administrative filing with minimal impact on share value; investors should focus on the company's upcoming quarterly execution and order book growth.

Ideaforge Releases Audio Recording of Q1 FY27 Earnings Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Aug 2026, 02:21 PM

Ideaforge Technology has published the audio recording of its earnings conference call held on August 11, 2026, following the release of its Q1 FY27 financial results. The company enters this period with a TTM revenue of Rs 227 Cr and a TTM net loss of Rs 15.3 Cr. The call is expected to provide clarity on the execution of defense orders, which historically account for 65% of revenue, and the progress of its North American expansion. Investors should note the company's high P/B ratio of 5.4 despite recent profitability challenges.

Audio recording of the earnings call held on August 11, 2026, is now publicly available.
The call pertains to the unaudited financial results for the quarter ended June 30, 2026.
Company maintains a significant 65% revenue concentration in the government and defense sectors.
Ideaforge reported a TTM revenue of Rs 227 Cr and an operating profit margin of 2.2% as of FY26.
Management is focusing on a 50% gross margin target by prioritizing differentiated product contracts.

💡 Investors should listen to the recording specifically for updates on the 'First Forge' JV in North America and the conversion timeline for delayed defense tenders.

Rs 68.6 Cr Q1 Revenue: Ideaforge Reports Positive EBITDA and Completes Rs 500 Cr QIP

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Aug 2026, 08:23 PM

Ideaforge Technology reported a strong YoY recovery in Q1 FY27 with revenue reaching Rs 68.6 Cr, a 436% increase from Rs 12.8 Cr in Q1 FY26. The company achieved a positive EBITDA of Rs 4.3 Cr, turning around from a loss of Rs 15.1 Cr in the previous year's quarter. A significant milestone was the completion of a Rs 500 Cr QIP, representing approximately 14% of its current market cap, alongside receiving a Rs 151 Cr LoI for RDI funding. The company is targeting the execution of its Rs 300+ Cr opening order book by Q3 FY27.

Revenue from operations grew to Rs 68.6 Cr in Q1 FY27 from Rs 12.8 Cr in Q1 FY26.
Completed a Rs 500 Cr Qualified Institutional Placement (QIP) to fund growth and technology development.
Secured a Letter of Intent (LoI) for financial assistance up to Rs 151 Cr for the YETI logistics platform.
EBITDA turned positive at Rs 4.3 Cr (6.2% margin) vs a loss of Rs 15.1 Cr YoY.
Executed 20% of the Rs 300+ Cr opening order book, with a target to complete the rest by Q3 FY27.

💡 Investors should monitor the quarterly execution rate of the remaining Rs 240+ Cr order book and the impact of global supply chain disruptions on delivery timelines through Q3.

Rs 68.6 Cr Revenue in Q1 FY27; Ideaforge executes 20%+ of opening order book

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 10 Aug 2026, 08:02 PM

Ideaforge reported Q1 FY27 revenue of Rs 68.6 Cr, representing approximately 30% of its TTM revenue, though down sequentially from a strong Q4 FY26 (Rs 141 Cr). The company achieved a positive EBITDA of ~Rs 4.3 Cr for the quarter. A key operational milestone was the execution of over 20% of the FY27 opening order book. The company continues to focus on its technology moat with 112 global patents and the development of the 'YETI' logistics platform capable of carrying up to 200 kg payloads.

Revenue from operations reached Rs 68.6 Cr for the quarter ended June 30, 2026.
Executed more than 20% of the opening order book for the 2027 fiscal year.
Maintained a positive EBITDA of approximately Rs 4.3 Cr despite geopolitical supply chain risks.
Total patent portfolio expanded to 112 global patents, with 61 granted and 51 pending.
Over 50% of the total workforce is now dedicated to Technology and Product Development.

💡 Investors should monitor the pace of the remaining 80% order book execution and the upcoming earnings call on August 11, 2026, for clarity on North American JV progress and supply chain mitigation strategies.

Ideaforge Q1 FY27: Revenue Drops 58.8% YoY to ₹68.5 Cr; ₹500 Cr QIP Completed

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 10 Aug 2026, 08:00 PM

Ideaforge Technology reported a weak Q1 FY27 with consolidated revenue falling 58.8% YoY to ₹68.54 Cr, down from ₹166.34 Cr in the same quarter last year. The company posted a consolidated net loss of ₹23.56 Cr, slightly wider than the ₹21.52 Cr loss in Q1 FY26. A major post-quarter development was the completion of a ₹500 Cr fundraise via QIP on July 10, 2026, at ₹795 per share, significantly strengthening the balance sheet. The results highlight the continued volatility in defense-led revenue cycles, which the company aims to address through international expansion.

Consolidated Revenue from operations declined sharply by 58.8% YoY to ₹68.54 Cr.
Net Loss for the quarter stood at ₹23.56 Cr compared to a loss of ₹21.52 Cr in Q1 FY26.
Successfully raised approximately ₹500 Cr via QIP on July 10, 2026, issuing 6.29 million shares at ₹795 each.
Total expenses for the quarter reached ₹106.91 Cr, significantly exceeding the total income of ₹70.54 Cr.
Employee benefit expenses remained high at ₹20.39 Cr, despite the revenue contraction.

💡 Investors should monitor the deployment of the ₹500 Cr QIP proceeds into the North American 'First Forge' JV and product development. The key to a turnaround lies in reducing dependence on lumpy Indian defense tenders and achieving consistent execution in the civil and international markets.

Ideaforge Shareholders Approve All Resolutions at 19th AGM Held on August 05, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Aug 2026, 04:25 PM

Ideaforge Technology Limited has successfully concluded its 19th Annual General Meeting (AGM) on August 05, 2026. All resolutions proposed in the notice dated April 30, 2026, were passed with the requisite majority according to the Scrutinizer's report. This is a routine procedural filing confirming shareholder approval for standard corporate actions. Investors should note that while governance remains stable, the company is currently navigating a volatile financial period with a TTM PAT of -₹15 Cr.

19th Annual General Meeting successfully conducted on August 05, 2026, via video conferencing.
All resolutions passed with the requisite majority as per the Consolidated Scrutinizer’s Report.
The voting results cover both remote e-voting and e-voting conducted during the AGM.
The meeting follows a volatile FY26 where quarterly revenue fluctuated between ₹13 Cr and ₹141 Cr.

💡 As this is a routine administrative filing, no immediate action is required. Investors should look forward to the detailed minutes of the AGM for any management commentary on the North American expansion strategy and defense order execution.

Ideaforge concludes 19th AGM; Shareholders adopt FY26 financials and reappoint Director

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Aug 2026, 04:21 PM

Ideaforge Technology Limited conducted its 19th Annual General Meeting on August 05, 2026, via video conferencing. The meeting involved 65 participating shareholders who considered two ordinary resolutions: the adoption of FY26 audited financial statements and the reappointment of Mr. Ashish Bhat as a Whole-time Director. While the company reported a TTM revenue of ₹227 Cr, it remains in a loss-making position with a TTM PAT of -₹15 Cr. Management addressed shareholder queries regarding the company's operations and corporate developments during the fiscal year.

1,64,922 shareholders were eligible to vote as of the cut-off date of July 29, 2026
65 shareholders attended the meeting via Video Conferencing, including 3 from the Promoter group
The meeting concluded in 93 minutes, starting at 11:00 A.M. and ending at 12:33 P.M.
Two ordinary resolutions were proposed for shareholder approval, including the adoption of FY26 standalone and consolidated accounts
Remote e-voting was conducted from August 02 to August 04, 2026

💡 Investors should monitor the formal voting results to be released within two working days to confirm the passing of routine resolutions and check for any significant shareholder dissent.

Ideaforge to Host Q1 FY27 Earnings Call on August 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Aug 2026, 04:02 PM

Ideaforge Technology has scheduled its earnings conference call for August 11, 2026, at 11:00 AM IST to discuss financial results for the quarter ended June 30, 2026. The call will be led by CEO Ankit Mehta and CFO Vipul Joshi. This follows a volatile FY26 where the company reported TTM revenue of ₹227 Cr and a net loss of ₹15 Cr. Investors will likely seek clarity on the execution of defense orders, which historically contribute ~65% of revenue, and updates on the North American expansion strategy.

Earnings conference call scheduled for August 11, 2026, at 11:00 AM IST
Discussion to cover unaudited financial results for the quarter ended June 30, 2026
Management participation includes CEO Ankit Mehta and CFO Vipul Joshi
Company reported a sharp revenue recovery to ₹141 Cr in Mar 2026 from ₹32 Cr in Dec 2025
TTM revenue stands at ₹227 Cr against a market cap of ₹3,479 Cr

💡 Monitor the post-call transcript for management commentary on the conversion of the defense tender pipeline and the progress of the 'First Forge' JV in North America.

View All IDEAFORGE Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

FY 2024-25 Consolidated Revenue: INR 182.4 Cr, a 47% decline from INR 344.4 Cr in FY 2023-24. Segment split: Defence 59% (INR 107.6 Cr) and Civil 41% (INR 74.8 Cr). H1 FY 2026 Revenue: INR 53.5 Cr, down 56.6% from INR 123.3 Cr in H1 FY 2025.

Geographic Revenue Split

Primarily domestic (India) with 59% Defence and 41% Civil in FY 2024-25. Expanding to North America via a US Joint Venture (First Forge) and investment in Vantage Robotics Inc. (Silicon Valley).

Profitability Margins

Gross Profit Margin: 50% in Q2 FY 2026 (INR 20.4 Cr) and 52.8% in H1 FY 2026 (INR 28.3 Cr). Net Profit Margin (Standalone): -31% in FY 2024-25 compared to 15% in FY 2023-24, a 305% decline.

EBITDA Margin

Consolidated EBITDA Margin: -20% (INR -31.5 Cr) in FY 2024-25 vs 27% (INR 85.9 Cr) in FY 2023-24. H1 FY 2026 EBITDA: INR -23.1 Cr.

Credit Rating & Borrowing

CRISIL BBB/Negative (revised from Stable in Nov 2025) due to moderated business risk. Borrowing costs are minimal as the group maintains nil debt as of March 31, 2025.

⚙️ Operational Drivers

Raw Materials

UAV components and electronics (specific material names not listed).

Capacity Expansion

Not disclosed in available documents; however, the order book stands at INR 238 Cr as of October 2025.

Raw Material Costs

Not disclosed in available documents; however, gross margins are 50% in Q2 FY 2026, indicating raw material and direct costs represent 50% of revenue.

📈 Strategic Growth

Growth Strategy

Expansion into North America via 'First Forge' JV with First Breach Inc., investment in Vantage Robotics for deep tech, and targeting unmanned logistics and ISR capabilities to diversify from the 59% defense revenue base.

Products & Services

SWITCH UAV (DGQA certified), Q6 platform, Unmanned Logistics and Mobility solutions, Intelligence, Surveillance and Reconnaissance (ISR) drones.

Brand Portfolio

ideaForge, SWITCH, Q6.

New Products/Services

Unmanned logistics and mobility platforms for defense and civil use; enhanced ISR capabilities.

Market Expansion

Targeting North America (USA) through a Joint Venture for manufacturing and distribution; expansion into civil use cases like city planning and emergency response.

Market Share & Ranking

Established market leader in the Indian UAV industry; recognized as a Top 10 company in Select 200 by Forbes India at DGEMS 2024.

Strategic Alliances

Joint Venture 'First Forge' with First Breach Inc. (USA); investment in Vantage Robotics Inc. (Silicon Valley deep tech startup).

🌍 External Factors

Industry Trends

The Indian drone industry is shifting toward indigenization with the Defense Procurement Manual 2025 banning global tenders under INR 200 Cr, supporting domestic manufacturers' scale.

Competitive Landscape

Domestic players are favored by new procurement reforms; ideaForge maintains an edge through precision block capabilities and military-grade certifications.

Competitive Moat

Robust Intellectual Property (IP) and 'Fit for Indian Military Use' certification for the SWITCH UAV provide a technical moat; NSN numbers for SWITCH and Q6 platforms enhance global credibility.

Macro Economic Sensitivity

Highly sensitive to government defense spending and 'Make in India' policy shifts; DPM 2025 favors domestic players for orders under INR 200 Cr.

Consumer Behavior

Increasing adoption of drones for civil use cases like city planning, outdoor inventory management, and emergency response (Civil segment grew to 41% of revenue in FY 2025).

Geopolitical Risks

Export opportunities in North America and NATO-aligned markets (NSN numbers obtained) provide a hedge against domestic-only exposure.

⚖️ Regulatory & Governance

Industry Regulations

Industries (Development and Regulation) Act, 1951; Defense Procurement Manual 2025 (DPM 2025); DGFT export authorizations for international sales.

Taxation Policy Impact

Consolidated tax of INR -0.1 Cr in FY 2024-25; standalone tax of INR -1.1 Cr.

⚠️ Risk Analysis

Key Uncertainties

Dependence on government orders (65% of revenue) and long procurement cycles; delay in L1 order conversion resulted in H1 FY 2026 revenue decline of 56.6% YoY.