Ideaforge Technology Limited has informed the Exchange about Transcript
IDEAFORGE · price
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Ideaforge has filed the transcript of its Q2 and H1 FY26 earnings call held on October 29, 2025. For the quarter, consolidated revenue stood at INR 40.8 crores (vs INR 37.1 crores in Q2 FY25), with gross margin of 50%. H1 FY26 revenue was INR 53.5 crores versus INR 123.3 crores in H1 FY25, with gross margin of 52.8%. The company remains loss-making at the operating level, with H1 FY26 EBITDA of negative INR 23.1 crores and PAT of negative INR 43.2 crores. Order book as of October 28 stood at around INR 238 crores, with INR 60 crores of wins in Q2 and INR 74 crores in October, mostly from defence emergency procurements. Management highlighted a new US joint venture with First Breach Inc., NATO Stock Number allotment for the Q6 UAV, and ongoing development of ZOLT and YETI tactical platforms. Guidance was for gross margins to stay at current levels in H2, not improve further.
Revenue remains weak year-on-year and the company continues to post losses, but order inflow is clearly picking up after a muted FY25. Execution of the INR 238 crore order book within 12 months is the key near-term trigger, while the US JV and NATO codification are longer-dated optionality. Margins guided flat, so investors should watch order conversion and cost discipline rather than margin expansion.