IDEAFORGE
Ideaforge Technology share price & financials
- Price
- ₹931.45
- Market cap
- ₹4.2k Cr
- Sector
- Capital Goods
- Calls analysed
- 7
Ideaforge Technology Limited Q1 FY27
What went well
- Revenue from operations of INR68.6 crores in Q1 FY27, compared to INR12.8 crores in Q1 FY26, representing a 435.9% YoY growth.
- Reported a positive EBITDA of INR4.3 crores in Q1 FY27, a significant improvement from negative INR15.1 crores in Q1 FY26.
- Successfully secured INR500 crores through a Qualified Institutional Placement to fuel growth and working capital needs.
What to watch
- PAT stood at negative INR2.6 crores in Q1 FY27, though an improvement from negative INR23.6 crores in Q1 FY26.
- Gross margin for Q1 FY27 was 49%, a decrease from 61.7% in Q1 FY26, attributed to product mix.
What Ideaforge Technology Limited does
ideaForge designs, engineers and manufactures full-stack Uncrewed Aerial Systems (UAVs) — airframes, autopilot, sensors/payloads, and a companion cloud analytics platform (FLYGHT) — sold mainly to the Indian armed forces, paramilitary and police forces, government agencies, and civil enterprises for surveillance, mapping, disaster response and infrastructure inspection. Its portfolio spans Micro/Mini/Small/Tactical and MALE-class UAV platforms, including the NETRA, SWITCH, ZOLT, YETI and Q-series drones, and it also integrates payloads such as EO/IR, thermal, SAR, LiDAR and drop-delivery systems. The company is expanding into combat-drone capabilities such as loitering munitions and long-range attack systems through in-house development and partnerships, and has begun international sales via a wholly-owned US subsidiary.
Segments
- Defence
- Civil
- Cumulative UAV flights completed
- 950,000+ (as of FY26)
- Customer-operated flights in FY26
- 250,000+
- UAV platform lineup
- 8+ named drone platforms across Micro/Mini/Small/Tactical/MALE classes, plus the FLYGHT cloud analytics platform
- Patent portfolio
- 106+ patents granted and pending (55 granted, 51 pending as of 31 Mar 2026)
- Manufacturing and development footprint
- Manufacturing facility in Navi Mumbai plus dedicated development units in Mumbai (ZOLT) and Bengaluru (YETI)
- Global market position
- Ranked #3 globally in the dual-use drone category
Guidance record · Q1 FY27
what the last two calls moved 13 tracked 6 delivered 2 missed 5 open- FY25 Revenue Growth revised down said Q3 FY25 Promised: Revision overall (implied downward) from 'flattish and a slight growth versus FY '24' Q1 FY27: Promise relates to FY25 guidance and is concluded. Not discussed in Q1 FY27.
- FY27 Gross Margin at risk said Q4 FY26 Promised: 50% to 55% Q1 FY27: Q1 FY27 Gross Margin came in at 49.0%, slightly below the lower end of the annual target range. However, management reiterated the guidance for the full year to be in the 50-55% range.
- FY27 Opening Order Book Execution on track said Q4 FY26 Promised: Execute the INR 310 crores opening order book within FY27, mostly in the first 3 quarters. Q1 FY27: Company delivered over 20% of the opening order book in Q1. The remaining INR 256.8 crores is now planned for execution by Q3 FY27, confirming strong progress.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 436.7%, net profit up 89.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 37 | 18 | 20 | 13 | 41 +10% | 32 +79% | 141 +594% | 69 +437% |
| EBITDA | -16 | -17 | -22 | -19 | -11 +29% | -27 −52% | 62 +382% | 2 +112% |
| Net profit | -14 | -24 | -26 | -24 | -20 −43% | -34 −41% | 60 +333% | -3 +89% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +47.6% 1Y
1Y: ₹497.15 on 10 Sept 2025 → ₹733.95. High ₹964.9 (9 Jun 2026), low ₹371.75 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −5.0%
- 11 Aug
- Q4 FY26
- +20.0%
- 4 May
- Q3 FY26
- −6.6%
- 23 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 6.7% a year over 3 years, FY23 to FY26. Operating margin narrowed to 2.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹186 Cr | ₹314 Cr | ₹161 Cr | ₹226 Cr |
| Operating profit | ₹47 Cr | ₹55 Cr | ₹-53 Cr | ₹5 Cr |
| Operating margin | 25.3% | 17.6% | -32.7% | 2.1% |
| Interest | ₹5 Cr | ₹4 Cr | ₹2 Cr | ₹4 Cr |
| Depreciation | ₹12 Cr | ₹21 Cr | ₹29 Cr | ₹43 Cr |
| Net profit | ₹32 Cr | ₹45 Cr | ₹-62 Cr | ₹-17 Cr |
| Net margin | 17.2% | 14.3% | -38.6% | -7.5% |
| Cash from operations | ₹-53 Cr | ₹76 Cr | ₹-77 Cr | ₹-63 Cr |
| Free cash flow | ₹-86 Cr | ₹9 Cr | ₹-164 Cr | ₹-152 Cr |
| ROCE | 15.0% | 11.0% | -10.0% | -3.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹21 Cr | ₹43 Cr | ₹43 Cr | ₹43 Cr |
| Reserves | ₹60 Cr | ₹163 Cr | ₹303 Cr | ₹618 Cr | ₹526 Cr | ₹556 Cr |
| Borrowings | ₹51 Cr | ₹16 Cr | ₹101 Cr | ₹14 Cr | ₹43 Cr | ₹84 Cr |
| Other liabilities | ₹13 Cr | ₹43 Cr | ₹63 Cr | ₹67 Cr | ₹77 Cr | ₹116 Cr |
| Total liabilities | ₹124 Cr | ₹222 Cr | ₹488 Cr | ₹743 Cr | ₹689 Cr | ₹799 Cr |
| Fixed assets | ₹13 Cr | ₹26 Cr | ₹49 Cr | ₹67 Cr | ₹215 Cr | ₹138 Cr |
| Capital work in progress | ₹14 Cr | ₹19 Cr | ₹25 Cr | ₹54 Cr | ₹4 Cr | ₹110 Cr |
| Investments | ₹0 Cr | ₹11 Cr | ₹125 Cr | ₹88 Cr | ₹123 Cr | ₹105 Cr |
| Other assets | ₹97 Cr | ₹166 Cr | ₹289 Cr | ₹533 Cr | ₹347 Cr | ₹446 Cr |
| Total assets | ₹124 Cr | ₹222 Cr | ₹488 Cr | ₹743 Cr | ₹689 Cr | ₹799 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jul 2026
Since Jun 2025, the public trimmed −13.32 pp while DIIs added +9.47 pp. The shareholder count shrank 14% to 1,64,872.
- Promoters
- 25.3%
- FIIs
- 8.3%
- DIIs
- 11.0%
- Public
- 55.5%
Since Jun 2025
- Public −13.32 pp
- DIIs +9.47 pp
- FIIs +7.67 pp
How it drifted, 12 quarters
Over this window the public fell from 60.8% to 55.5% — −5.3 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 29.3%, FIIs 3.5%, DIIs 6.4%, Public 60.8%.Mar '24: Promoters 29.3%, FIIs 2.8%, DIIs 3.8%, Public 64.2%.Jun '24: Promoters 29.3%, FIIs 2.9%, DIIs 3.4%, Public 64.3%.Sep '24: Promoters 29.2%, FIIs 3.5%, DIIs 2.3%, Public 64.9%.Dec '24: Promoters 29.2%, FIIs 1.4%, DIIs 2.5%, Public 66.9%.Mar '25: Promoters 29.2%, FIIs 1.6%, DIIs 1.5%, Public 67.7%.Jun '25: Promoters 29.1%, FIIs 0.6%, DIIs 1.5%, Public 68.8%.Sep '25: Promoters 29.0%, FIIs 0.3%, DIIs 1.5%, Public 69.3%.Dec '25: Promoters 29.0%, FIIs 0.2%, DIIs 1.5%, Public 69.4%.Mar '26: Promoters 29.0%, FIIs 0.7%, DIIs 1.5%, Public 68.8%.Jun '26: Promoters 29.0%, FIIs 4.9%, DIIs 2.7%, Public 63.5%.Jul '26: Promoters 25.3%, FIIs 8.3%, DIIs 11.0%, Public 55.5%.
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- HDFC Mutual Fund - HDFC Defence Fund Mutual fund newly disclosed 3.05% held
- Bandhan Small Cap Fund Mutual fund newly disclosed 1.92% held
- Arohi Emerging India Master Fund FPI fund newly disclosed 1.90% held
- Mahindra Manulife Small Cap Fund Mutual fund newly disclosed 1.49% held
- Franklin India Small Cap Fund Mutual fund newly disclosed 1.39% held
The same filing shows 10 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jul 2026 filing
Every holder of Ideaforge Technology Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Ankit Mehta | 7.42% | −1.08 pp |
| Florintree Enterprise Llp | 7.22% | −1.05 pp |
| Rahul Singh | 7.21% | −1.05 pp |
| Ashish Ramesh Bhat | 6.82% | −0.99 pp |
| Vipul Joshi | 3.73% | −0.54 pp |
| Infosys Limited | 3.32% | −0.48 pp |
| HDFC Mutual Fund - HDFC Defence Fund Mutual fund | 3.05% | newly disclosed |
| Ravi Sriramakrishna Bhagavatula | 2.08% | −0.34 pp |
| Bandhan Small Cap Fund Mutual fund | 1.92% | newly disclosed |
| Arohi Emerging India Master Fund FPI fund | 1.90% | newly disclosed |
| Ganapathy Subramaniam | 1.73% | −0.25 pp |
| Sujata Vemuri | 1.73% | −0.25 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in IDEAFORGE
Filings to Jul 2026
0 new, 1 added, 0 trimmed, 0 sold out — net +8.96 L shares (+281.6%).
- Held by funds
- ₹106 Cr
- 1 schemes
- Biggest holder
- HDFC Defence Fund
- ₹106 Cr · 1.0% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Defence Fund HDFC Mutual Fund | ₹106 Cr | +8.96 L | Jun '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Jul 2026
1 added, 0 trimmed — net +8.96 L shares (+281.6%)
- Funds are sitting on
- +10%
- vs est. average cost
- Held by funds
- ₹106 Cr
- 1 schemes · ≈ 2.7% of the company
Shares held by these funds +198%
Aug '23 12.15 L shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Ideaforge Technology Limited
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