NSE: IDEAFORGE · BSE: 543932
IDEAFORGE TECHNO LTD
Manufactures unmanned aerial vehicles (UAVs) and drone systems for Indian and international defence and security customers, with tactical UAV platforms such as the ZOLT and electronic-warfare-resilient systems. FY26 revenue was INR 226.129 crores with an 11.99% EBITDA margin; Q4 FY26 alone delivered INR 141 crores in revenue at a 52.6% EBITDA margin and INR 60 crores in profit, marking a return to profitability after an INR 251.56 million cash loss the prior year. The product roadmap is expanding into combat drones — loitering munitions, kamikaze and long-range strike — through in-house development and partnerships, and a heavy-lift long-range autonomous logistics drone called YETI, for which a Technology Development Board LOI for up to INR 151 crores at 4 percent simple interest has been received against a total project cost of INR 302 crores. Materials are the biggest cost at 47.3% of revenue, followed by employee costs at 25.9% and depreciation at 19.0%. International traction includes a first US order from the Lamar Police Department (Texas), NATO forces training and a Japan MOU with Digital Media Professionals. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Tactical UAVs and drone systems, Electronic-warfare-resilient platforms, Combat drone systems, YETI heavy-lift autonomous logistics drone. Cyclical, R&D-intensive defence UAV and drone manufacturer
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 314 | 161 | 226 |
| EBITDA (ex other income) | 55 | (53) | 5 |
| margin % | 17.7 | (32.7) | 2.1 |
| Owners' profit | 0 | 0 | (17) |
| EPS, as reported (₹) | 10.96 | (14.41) | (3.90) |
| ROE % · ROCE % | 6.9 · 9.6 | (10.2) · (9.8) | (2.8) · (2.6) |
| Debt / equity (x) | 0.00 | 0.00 | 0.12 |
| Cash from operations | 76 | (77) | (63) |
| Capex | (67) | (88) | (88) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18 | 20 | 13 | 54 | 32 | 141 | 69 | 91 |
| Profit before tax | (20) | (26) | (25) | (45) | (36) | 61 | (12) | 7 |
| Net profit | (24) | (26) | (24) | (43) | (34) | 60 | (3) | 6 |
| EPS (₹) | (5.56) | (5.92) | (5.40) | (9.90) | (7.75) | 13.72 | (0.59) | 1.30 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Crisil reports no deviation in use of Rs 500 crore placement funds | compliance | minimal | — | — |
| 4 Nov 2026 · Earnings call audio for September 2026 quarter made available | investor communications | low | — | — |
| 2 Nov 2026 · Q2 FY27 profit turnaround; order book at Rs 2.02 billion | investor communications | medium | — | — |
| 2 Nov 2026 · Q2 FY27 revenue and PAT surge as order execution accelerates | compliance | low | — | — |
| 2 Nov 2026 · September 2026 quarter consolidated revenue rises 68% to Rs 912.65 million | results | high | — | — |
| 2 Nov 2026 · Quarter ended Sep 2026: consolidated revenue Rs 912.55 million; no prior-year figure | results | high | — | — |
| 2 Nov 2026 · Institutional investor meetings scheduled for November 5, 2026 | investor communications | low | — | — |
| 26 Oct 2026 · Earnings call set for Nov 3 to discuss Q2 and H1 FY27 results | board shareholder meetings | low | — | — |
| 23 Oct 2026 · ideaForge terminates US UAV joint venture before closing | strategic transactions | medium | — | — |
| 22 Oct 2026 · Board meeting set for November 2 results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.