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Ideaforge Technology Ltd

IDEAFORGE·NSE
720.45-2.83%Wed, 23 Sept '26 15:58

Ideaforge Technology Ltd

IDEAFORGE
NSE
720.45
-2.83%
|Wed, 23 Sept '26 15:58
SOICxStockScans Reports
6M
Price
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Quick Ratios

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Mkt Cap
Market Capitalization
3,582Cr
Close
Close Price
720.50
Industry
Industry
Aerospace & Defence - Equipments
PE
Price To Earnings
809.55
PS
Price To Sales
12.70
Revenue
Revenue
282Cr
Rev Gr TTM
Revenue Growth TTM
221.12%
PAT Gr TTM
PAT Growth TTM
104.52%

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
24911028637182013413214169
Growth YoY
Revenue Growth YoY%
-41.11,065.4164.6-11.256.3-80.6-80.2-85.29.979.2594.4436.7
Expenses
ExpensesCr
327187845335423252587966
Operating Profit
Operating ProfitCr
-820152-16-17-22-19-11-27622
OPM
OPM%
-33.121.514.62.9-42.7-99.3-107.5-149.3-27.7-84.143.83.4
Other Income
Other IncomeCr
15756654433122
Interest Expense
Interest ExpenseCr
100010001122
Depreciation
DepreciationCr
56677781011111214
PBT
PBTCr
120142-18-20-26-25-19-3661-12
Tax
TaxCr
0540-440-20-21-9
PAT
PATCr
115101-14-24-26-24-20-3460-3
Growth YoY
PAT Growth YoY%
-77.6289.7290.6-93.8-1,642.7-262.3-348.9-2,113.7-42.9-40.9333.389.0
NPM
NPM%
3.816.310.11.4-37.0-136.4-126.6-184.3-48.1-107.342.5-3.8
EPS
EPS
0.23.52.40.3-3.2-5.6-5.9-5.4-4.5-7.813.7-0.6
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
24911028637182013413214169
Growth YoY
Revenue Growth YoY%
-41.11,065.4164.6-11.256.3-80.6-80.2-85.29.979.2594.4436.7
Expenses
ExpensesCr
327187845335423252587966
Operating Profit
Operating ProfitCr
-820152-16-17-22-19-11-27622
OPM
OPM%
-33.121.514.62.9-42.7-99.3-107.5-149.3-27.7-84.143.83.4
Other Income
Other IncomeCr
15756654433122
Interest Expense
Interest ExpenseCr
100010001122
Depreciation
DepreciationCr
56677781011111214
PBT
PBTCr
120142-18-20-26-25-19-3661-12
Tax
TaxCr
0540-440-20-21-9
PAT
PATCr
115101-14-24-26-24-20-3460-3
Growth YoY
PAT Growth YoY%
-77.6289.7290.6-93.8-1,642.7-262.3-348.9-2,113.7-42.9-40.9333.389.0
NPM
NPM%
3.816.310.11.4-37.0-136.4-126.6-184.3-48.1-107.342.5-3.8
EPS
EPS
0.23.52.40.3-3.2-5.6-5.9-5.4-4.5-7.813.7-0.6

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
1435159186314161226282
Growth
Revenue Growth%
148.0359.216.768.8-48.740.3221.1
Expenses
ExpensesCr
274686139259214221256
Operating Profit
Operating ProfitCr
-13-11734755-53526
OPM
OPM%
-89.4-31.345.925.317.7-32.72.19.3
Other Income
Other IncomeCr
2221030212220
Interest Expense
Interest ExpenseCr
021854246
Depreciation
DepreciationCr
3471221294348
PBT
PBTCr
-13-15504161-62-20-7
Tax
TaxCr
0069160-3-11
PAT
PATCr
-13-15443245-62-174
Growth
PAT Growth%
-8.8400.9-27.341.5-237.672.7104.5
NPM
NPM%
-96.0-42.127.617.214.4-38.6-7.51.4
EPS
EPS
-4.7-5.013.88.611.0-14.4-3.90.9
Financial YearMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
1435159186314161226282
Growth
Revenue Growth%
148.0359.216.768.8-48.740.3221.1
Expenses
ExpensesCr
274686139259214221256
Operating Profit
Operating ProfitCr
-13-11734755-53526
OPM
OPM%
-89.4-31.345.925.317.7-32.72.19.3
Other Income
Other IncomeCr
2221030212220
Interest Expense
Interest ExpenseCr
021854246
Depreciation
DepreciationCr
3471221294348
PBT
PBTCr
-13-15504161-62-20-7
Tax
TaxCr
0069160-3-11
PAT
PATCr
-13-15443245-62-174
Growth
PAT Growth%
-8.8400.9-27.341.5-237.672.7104.5
NPM
NPM%
-96.0-42.127.617.214.4-38.6-7.51.4
EPS
EPS
-4.7-5.013.88.611.0-14.4-3.90.9

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
00021434343
Reserves
ReservesCr
6860110303618566556
Current Liabilities
Current LiabilitiesCr
1024471496848184
Non Current Liabilities
Non Current LiabilitiesCr
2401214131515
Total Liabilities
Total LiabilitiesCr
80124222488743672799
Current Assets
Current AssetsCr
4981144384602416483
Non Current Assets
Non Current AssetsCr
304279104140256315
Total Assets
Total AssetsCr
80124222488743672799
Financial YearMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
00021434343
Reserves
ReservesCr
6860110303618566556
Current Liabilities
Current LiabilitiesCr
1024471496848184
Non Current Liabilities
Non Current LiabilitiesCr
2401214131515
Total Liabilities
Total LiabilitiesCr
80124222488743672799
Current Assets
Current AssetsCr
4981144384602416483
Non Current Assets
Non Current AssetsCr
304279104140256315
Total Assets
Total AssetsCr
80124222488743672799

Cash Flow

Consolidated
Standalone
Financial YearMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
-16-3167-5376-77-63
Investing Cash Flow
Investing Cash FlowCr
5-7-31-149-102-6815
Financing Cash Flow
Financing Cash FlowCr
143-11176189-861
Net Cash Flow
Net Cash FlowCr
-11525-26164-15213
Free Cash Flow
Free Cash FlowCr
-26-4053-869-164-152
CFO To PAT
CFO To PAT%
122.5210.7151.2-166.4168.0123.3372.4
CFO To EBITDA
CFO To EBITDA%
131.6283.591.0-113.0137.0145.7-1,314.0
Financial YearMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
-16-3167-5376-77-63
Investing Cash Flow
Investing Cash FlowCr
5-7-31-149-102-6815
Financing Cash Flow
Financing Cash FlowCr
143-11176189-861
Net Cash Flow
Net Cash FlowCr
-11525-26164-15213
Free Cash Flow
Free Cash FlowCr
-26-4053-869-164-152
CFO To PAT
CFO To PAT%
122.5210.7151.2-166.4168.0123.3372.4
CFO To EBITDA
CFO To EBITDA%
131.6283.591.0-113.0137.0145.7-1,314.0

Ratios

Consolidated
Standalone
Financial YearMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
2,9491,4921,6103,582
Price To Earnings
Price To Earnings
65.1809.5
Price To Sales
Price To Sales
9.49.37.112.7
Price To Book
Price To Book
4.52.52.70.8
EV To EBITDA
EV To EBITDA
48.5-26.8342.8146.9
Profitability Ratios
Profitability Ratios
GPM
GPM%
48.443.371.364.947.027.353.453.4
OPM
OPM%
-89.4-31.345.925.317.7-32.72.19.3
NPM
NPM%
-96.0-42.127.617.214.4-38.6-7.51.4
ROCE
ROCE%
-17.4-11.653.510.79.6-9.7-2.3-2.3
ROE
ROE%
-19.8-24.539.99.86.8-10.2-2.8-2.8
ROA
ROA%
-16.9-11.819.86.66.1-9.3-2.1-2.1
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Financial YearMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
2,9491,4921,6103,582
Price To Earnings
Price To Earnings
65.1809.5
Price To Sales
Price To Sales
9.49.37.112.7
Price To Book
Price To Book
4.52.52.70.8
EV To EBITDA
EV To EBITDA
48.5-26.8342.8146.9
Profitability Ratios
Profitability Ratios
GPM
GPM%
48.443.371.364.947.027.353.453.4
OPM
OPM%
-89.4-31.345.925.317.7-32.72.19.3
NPM
NPM%
-96.0-42.127.617.214.4-38.6-7.51.4
ROCE
ROCE%
-17.4-11.653.510.79.6-9.7-2.3-2.3
ROE
ROE%
-19.8-24.539.99.86.8-10.2-2.8-2.8
ROA
ROA%
-16.9-11.819.86.66.1-9.3-2.1-2.1
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
IdeaForge Technology is India’s original drone company - it built the country’s first quadrotor at a college festival in 2004, wrote the world’s first open-source autopilot for drones, and has since become the largest drone manufacturer in India and the world’s third-ranked dual-use UAV maker. Born from IIT Bombay’s incubator in 2007, the company has spent nearly two decades designing, engineering, and manufacturing its own hardware, software, and sub-systems for defence, government, and enterprise customers, deliberately staying away from consumer toys and crop-spraying. The recurring approach is to “build ahead of the market” - investing in capabilities like electronic-warfare resilience or combat drones three to four years before customers ask for them, so that when demand arrives the technology is already field-ready. # Business segments A single engine - designing, building, and supporting high-performance unmanned aerial systems - that spans hardware platforms, an in-house software and autonomy stack, and a growing services layer, all feeding the same defence and enterprise customers. ## 1. UAV platforms: the hardware that flies the mission **The company makes its own airframes, autopilots, and payloads - end-to-end control of the physical drone, from quadcopters to hybrid fixed-wing aircraft that have flown at the Siachen Glacier and near both poles.** - **Five certified airframes, one military-grade moat** - the production portfolio spans the SWITCH family (a hybrid VTOL fixed-wing with up to 20 km range and 150-minute flight time), the NETRA quadcopter family, and the smaller Q6 and Q4i mapping drones, with five UAVs type-certified by the DCCA and the SWITCH being the only UAV in its class certified “Fit for Indian Military Use” by the defence quality assurance body. That military certification, plus NATO Stock Numbers on multiple platforms, creates a qualification barrier that few competitors can cross. - **Built for places that break other drones** - the platforms are qualified to operate from -30°C to 55°C, in high humidity, marine environments, constant rain, and dust, with low noise and radar signatures, which is why they have been demonstrated at altitudes above 19,685 feet and near the North and South poles. - **Payloads made in-house, not just bolted on** - the company designs and manufactures its own dual electro-optical/infrared payload, daylight payload, thermal payload, and mapping payload, and has been delivering drones with zoom payloads since 2010, giving it control over the sensor-to-airframe integration that determines mission performance. - **Two big bets in the pipeline** - ZOLT, a next-generation tactical UAV at production-readiness level, is aimed at combat ISR, urban law enforcement, and border security, while YETI, a 500 kg middle-mile logistics drone with 100+ km range, has completed its first hover test and targets cargo, firefighting, and even human transport. ## 2. Software, analytics and autonomy: the brain that turns data into decisions **Every line of code that flies the drone, streams the video, and analyses the imagery is built in-house - and the company is now layering AI and multi-drone swarming on top.** - **The autopilot that started it all** - the company developed the BlueFire Autopilot in 2008 (the world’s smallest and lightest at the time) and went on to create its own communication approaches and protocols, so its software DNA runs deeper than its own airframes. - **Ground control to cloud analytics** - the BlueFire suite handles flight control and live video streaming with AI-based image intelligence, while FLYGHT Cloud, launched in 2024, is a drone-analytics platform that lets customers move “from flight to foresight” for surveillance, mapping, and inspection, complete with a marketplace where third-party analytics plug-ins can be used without separate subscriptions. - **Teaching drones to work together** - the company is actively building multi-UAV autonomy and swarming capabilities, which matters because defence customers increasingly want one provider to orchestrate fleets of ISR and combat drones operating as a single system. - **Edge AI from a Japanese partnership** - a strategic agreement with Japan’s Digital Media Professionals aims to embed DMP’s edge-AI chip technology directly onto ideaForge platforms, enhancing on-board autonomous decision-making for defence and industrial applications. ## 3. Electronic warfare resilience and combat systems: the shift from watching to striking **The company’s drones can now operate in jammed, spoofed, and GPS-denied environments - a capability that has moved from the lab to deployed customer operations, and the foundation for a new class of combat drones.** - **Flying blind, on purpose** - the company holds patents in GNSS-denied navigation and has built resilient navigation and secure communications into its technology stack, so its drones keep flying when adversaries try to knock them out of the sky electronically. In the most recent fiscal year, this electronic-warfare resilience graduated from “developmental” to “deployed and inducted” with real-world customer acceptance. - **ISR is the entry ticket to combat** - because customers already trust ideaForge as their surveillance-drone provider, they are looking to the company as the natural integrator for combat drones too, which is why it is now developing loitering munitions, long-range strike platforms, kamikaze systems, swarming, and air-launched effects. The logic is that the same company that spots the target should be able to guide the strike. ## 4. Drone-as-a-Service and after-sales: making ownership optional **Customers who do not want to buy, maintain, or operate a fleet can simply pay for the aerial data they need - and for those who do buy, a subscription support programme keeps their drones flying.** - **Drones without the balance-sheet burden** - the Drone-as-a-Service model lets civil, enterprise, and international customers access drone capabilities on demand, with the company initially running company-owned pilots and now scaling toward a franchisee-owned, franchisee-operated model under the FLYGHT Franchisee brand. - **The industry’s first subscription support** - iFCare 360 offers replacement options for hardware or software issues on a subscription basis, backed by a broader care programme with 24x7 assistance, extended warranties, repairs, and fleet maintenance, which locks in recurring revenue after the initial platform sale. - **Service that goes where the drones go** - the company runs a “service centre on wheels” that travels to hilly and remote regions for doorstep repairs, and conducts service camps in high-altitude areas and forests, because a grounded drone at a border post is a security gap, not just a maintenance ticket. # Group structure and partners **An Indian parent with a growing American footprint - a US subsidiary, a newly formed joint venture for American manufacturing, and a web of strategic investments and distributor relationships that extend the company’s reach without diluting its in-house control of core technology.** - **The American bridge** - a wholly-owned US subsidiary, ideaForge Technology Inc., handles sales and distribution in the US and Canada, and in late 2025 it formed a 50:50 joint venture called First Forge Technology Inc. with Delaware-based First Breach Inc. to license, manufacture, and distribute specific ideaForge UAVs inside the United States, navigating tariff and geopolitical barriers while meeting US government “substantial transformation” requirements. - **Strategic bets on adjacent technology** - the company has invested in GalaxEye Space Solutions (Indian synthetic-aperture-radar startup), Nautical Wings (drone propeller manufacturer), and Silicon Valley’s Vantage Robotics (nano drones under 250 grams), giving it access to complementary hardware without having to build everything from scratch. - **Over 210 distributors and 100 solution partners** - a global channel network extends the company’s reach, while partnerships with organisations like ESRI (smart forest solutions), C-DAC (emergency response integration), and Resonia (tower installation logistics) open specific enterprise use cases that a pure hardware sale would not unlock on its own.

Documents — Ideaforge Technology Ltd

  • Q1 FY2027 Earnings Call Transcript (Jun 2026, PDF): https://www.stockscans.in/document/dvhf9xiwdqkx6havb54ngfzv.pdf
  • Q4 FY2026 Earnings Call Transcript (Mar 2026, PDF): https://www.stockscans.in/document/3w0ikpiimr0h05tpq101w14w.pdf
  • Q3 FY2026 Earnings Call Transcript (Dec 2025, PDF): https://www.stockscans.in/document/ywfrkaaz3r8a3vbvnzqi30ia.pdf
  • Q2 FY2026 Earnings Call Transcript (Sep 2025, PDF): https://www.stockscans.in/document/um1p3fugm8c4x14t5ld25syx.pdf
  • Q1 FY2026 Earnings Call Transcript (Jun 2025, PDF): https://www.stockscans.in/document/2n6sb339o8clpsk3a9f1zb2q.pdf
  • Q4 FY2025 Earnings Call Transcript (Mar 2025, PDF): https://www.stockscans.in/document/llgkknuys2ffim6cimte7prz.pdf
  • Q3 FY2025 Earnings Call Transcript (Dec 2024, PDF): https://www.stockscans.in/document/47rluekkdstvv40to99ql07j.pdf
  • Q2 FY2025 Earnings Call Transcript (Sep 2024, PDF): https://www.stockscans.in/document/gnud5j64efgm3v45nfl5gbrv.pdf
  • Q1 FY2027 Quarterly Result (Jun 2026, PDF): https://www.stockscans.in/document/3ltxpv0y7j03c7r3nl9gv36n.pdf
  • Q4 FY2026 Quarterly Result (Mar 2026, PDF): https://www.stockscans.in/document/xhuj6w5epz3tsv1tqatkjxbg.pdf
  • Q3 FY2026 Quarterly Result (Dec 2025, PDF): https://www.stockscans.in/document/d64hgo09l994f34uo1gmzx3t.pdf
  • Q2 FY2026 Quarterly Result (Sep 2025, PDF): https://www.stockscans.in/document/0i20wt4po9re2j3zzydpt8yi.pdf
  • Q1 FY2026 Quarterly Result (Jun 2025, PDF): https://www.stockscans.in/document/n49ls6svmv169zvhabtdbzaa.pdf
  • Q4 FY2025 Quarterly Result (Mar 2025, PDF): https://www.stockscans.in/document/odeen8866uwwplu1yk5suuqy.pdf
  • Q4 FY2024 Quarterly Result (Mar 2024, PDF): https://www.stockscans.in/document/to44qqfbeab11i0n16lgr804.pdf
  • Q2 FY2024 Quarterly Result (Sep 2023, PDF): https://www.stockscans.in/document/fkvgyu2eh4sxw502ki3zkfcz.pdf
  • Q1 FY2027 Investor Presentation (Jun 2026, PDF): https://www.stockscans.in/document/2hrk9vr7wq7xs9r735ms6t64.pdf
  • Q4 FY2026 Investor Presentation (Mar 2026, PDF): https://www.stockscans.in/document/qwmyii0072vnitk6czajz78y.pdf
  • Q3 FY2026 Investor Presentation (Dec 2025, PDF): https://www.stockscans.in/document/6udhp26qm0uxosrdoz3h3x5o.pdf
  • Q2 FY2026 Investor Presentation (Sep 2025, PDF): https://www.stockscans.in/document/7vne23yx96m5mlndlf1r4k7p.pdf
  • Q1 FY2026 Investor Presentation (Jun 2025, PDF): https://www.stockscans.in/document/bc0xkg75mj3ht79prhhod429.pdf
  • Q4 FY2025 Investor Presentation (Mar 2025, PDF): https://www.stockscans.in/document/3ed3brz6lpw1taqdehfdhcxl.pdf
  • Q3 FY2025 Investor Presentation (Dec 2024, PDF): https://www.stockscans.in/document/jc7puvscurrrx7v5zvu3o3tf.pdf
  • Q2 FY2025 Investor Presentation (Sep 2024, PDF): https://www.stockscans.in/document/9kvmzp3677ew0o1hd2tq28jh.pdf
  • FY2026 Annual Report (PDF): https://www.stockscans.in/document/v3r7oth1nc4gbmls1ma1azzg.pdf
  • FY2025 Annual Report (PDF): https://www.stockscans.in/document/kwlqinjy8o9wfrirpihalv8h.pdf
  • FY2024 Annual Report (PDF): https://www.stockscans.in/document/8s1of16soex0lka6rldpnpjs.pdf

Concall Transcript Summaries — Ideaforge Technology Ltd

  • Q1 FY2027 Concall Transcript Summary (Jun 2026): https://www.stockscans.in/company/NSE%3AIDEAFORGE/transcript-notes/202606/dvhf9xiwdqkx6havb54ngfzv.pdf
  • Q4 FY2026 Concall Transcript Summary (Mar 2026): https://www.stockscans.in/company/NSE%3AIDEAFORGE/transcript-notes/202603/3w0ikpiimr0h05tpq101w14w.pdf
  • Q3 FY2026 Concall Transcript Summary (Dec 2025): https://www.stockscans.in/company/NSE%3AIDEAFORGE/transcript-notes/202512/ywfrkaaz3r8a3vbvnzqi30ia.pdf
  • Q2 FY2026 Concall Transcript Summary (Sep 2025): https://www.stockscans.in/company/NSE%3AIDEAFORGE/transcript-notes/202509/um1p3fugm8c4x14t5ld25syx.pdf
  • Q1 FY2026 Concall Transcript Summary (Jun 2025): https://www.stockscans.in/company/NSE%3AIDEAFORGE/transcript-notes/202506/2n6sb339o8clpsk3a9f1zb2q.pdf
  • Q4 FY2025 Concall Transcript Summary (Mar 2025): https://www.stockscans.in/company/NSE%3AIDEAFORGE/transcript-notes/202503/llgkknuys2ffim6cimte7prz.pdf
  • Q3 FY2025 Concall Transcript Summary (Dec 2024): https://www.stockscans.in/company/NSE%3AIDEAFORGE/transcript-notes/202412/47rluekkdstvv40to99ql07j.pdf
  • Q2 FY2025 Concall Transcript Summary (Sep 2024): https://www.stockscans.in/company/NSE%3AIDEAFORGE/transcript-notes/202409/gnud5j64efgm3v45nfl5gbrv.pdf