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Ideaforge Technology Ltd

₹ 474-1.17%
07 Jan 11:01 a.m. – close price
🔗ideaforgetech.com•BSE: 543932•NSE: IDEAFORGE
Market Cap₹ 2,050 Cr.
Current Price₹ 474
High / Low₹ 660
Stock P/Enull
Book Value₹ 136
Dividend Yield0.00 %
ROCE-8.06 %
ROE-8.45 %
Face Value₹ 10.0
Sales₹ 96.7 Cr.
OPM-57.6 %
Mar Cap₹ 2,050 Cr.

ABOUT

Incorporated in 2007, ideaForge Technology Limited is engaged in the business of manufacturing Unmanned Aircraft Systems (UAS).[1]

KEY POINTS

Market LeadershipThe company is the leader in India's UAV market, holding a50% market share. It was the first to develop VTOL hybrid UAVs and high-altitude drones. It is ranked 3rd globally in dual-use drones (civil and defense) in the 2024 Drone Industry Insights Global Drone Review.[1][2]

Also present in buckets:
Aggressive Growth TriggersRevenue GuidanceCapacity Expansion And ProductsPreferential IssuanceOrder Book PositionLarge Order ReceiptsJv Partnerships AcquisitionsRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Bharat Electron414.1053.14302697.920.581287.1617.885792.0925.7838.8825152.1129.525695.671287.7714.0013.210.00
2.Hind.Aeronautics4508.8535.60301540.590.891669.0510.826628.6110.9233.8832104.7830.588469.331669.078.128.820.00
3.Bharat Dynamics1542.5086.4056542.210.30215.8876.191147.03110.5519.664004.0814.19654.13215.8813.374.940.00
4.Garden Reach Sh.2482.7546.0628440.390.56153.7957.301677.3845.4936.645900.309.56616.41153.7912.365.020.01
5.Data Pattern2662.4063.8714905.140.2949.1962.45307.46237.7921.00920.0433.05233.4349.199.7012.180.00
6.Zen Technologies1326.9548.4811981.040.1561.91-6.29173.57-28.2337.22808.9738.44247.2558.736.7121.380.01
7.Apollo Micro Sys263.35110.409409.260.0933.05108.25225.2640.1714.54669.0026.0485.2433.058.175.200.29
8.Ideaforge Tech473.85–2049.570.00-15.06-23.4441.6712.02-8.0696.72-57.61-77.91-15.063.49-7.590.07
–Median: 26 Co.653.7561.695076.970.1115.6438.59130.3819.2118.09533.4321.8244.5615.648.127.670.08

Quarterly Results

Standalone figures in ₹ crores

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2022Sep 2023Sep 2024Sep 2025
Sales
89218978613391052440243742
Expenses
24713369832937874133325149
Operating Profit
-1621-15283-17117-187-8-14-7
Other Income
27546445431563
Profit before tax
-1821-17253-23-016-2161-16-15
Tax %
-57%25%20%25%25%-4%1,029%28%-5%38%33%-25%-2%
Net Profit
-816-21192-22-512-2041-12-15
EPS in Rs
-3.733.71-4.804.950.44-5.04-2.542.75-4.74438.190.21-2.84-3.48

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
18143515918631716697
Expenses
27274685138257208152
Operating Profit
-9-13-11754860-42-56
Other Income
421210302116
Interest
101196522
Depreciation
323712212936
Profit before tax
-9-14-14504165-52-77
Net Profit
-10-14-14443248-51-78
EPS in Rs
-1,160.27-1,509.48-1,587.784,862.9814.9911.16-11.92-18.06
Dividend Payout %
0%0%0%0%0%0%0%–

Compounded Profit Growth

10 Years:%
5 Years:%
3 Years:%
TTM:-548%

Compounded Sales Growth

10 Years:%
5 Years:64%
3 Years:1%
TTM:-70%

Return on Equity

10 Years:%
5 Years:3%
3 Years:2%
Last Year:-8%

Stock Price CAGR

10 Years:%
5 Years:%
3 Years:%
1 Year:-22%

Balance Sheet

Standalone figures in ₹ crores

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
0.130.090.100.0921434343
Reserves
816860163303620579545
Borrowings
356516101141643
Other Liabilities
65134363684676
Total Liabilities
9079139222488746685708
Fixed Assets
40026496797215
Gross Block
1428523671111173–
Accumulated Depreciation
1013289224476–
CWIP
9001925541004
Investments
241201112595137149
Other Assets
5367124166289530352341
Total Assets
9079124222488746685708

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
-13-17-3167-5377-66
Cash from Investing Activity
215-7-31-149-108-78
Cash from Financing Activity
-6243-11176189-8
Net Cash Flow
2-11525-26158-151

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
1772702464611355131
Inventory Days
482461376428639218294
Days Payable
93357665853525
Cash Conversion Cycle
565696545409667238400
Working Capital Days
320606521116203203392
ROCE %
–-17%-13%45%15%12%-8%

Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
30.19%29.34%29.33%29.33%29.23%29.23%29.17%29.10%33.36%
FIIs
2.76%3.46%2.75%2.92%3.50%1.36%1.56%0.60%0.25%
DIIs
10.15%6.39%3.76%3.40%2.34%2.48%1.52%1.51%1.49%
Public
56.90%60.80%64.15%64.32%64.92%66.93%67.74%68.81%64.89%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

ideaForge Allots 23,347 ESOP Shares, Capital Rises by ₹2.33 Lakh

14th April 2026, 4:39 pm

Promoter Vipul Joshi Pledges 3.70 Lakh Shares of ideaForge Technology

7th April 2026, 4:38 pm

Promoter Ankit Mehta Pledges Shares in ideaForge Technology

7th April 2026, 4:37 pm

ideaForge Promoter Vipul Joshi Pledges 3.7 Lakh Shares (0.85%) for Personal Needs

7th April 2026, 4:10 pm

ideaForge Promoter Ankit Mehta Pledges 3.7 Lakh Shares

7th April 2026, 4:06 pm

Published by Other Websites

External media mentions & references

India Defence Rally Ignites on ₹2.38L Cr Deals, But Execution Fears Grow

30th March 2026, 8:31 am

Indian Markets Climb: Top 3 Stocks Surge on Price-Volume Breakout

17th March 2026, 6:07 pm

ideaForge Trains NATO Drones in Landmark US Debut

10th March 2026, 10:41 am

ideaForge Begins NATO Drone Training in US, Showcasing Indian Tech

9th March 2026, 11:02 pm

India's ideaForge Trains NATO Forces, Eyes Global Drone Export Boom

9th March 2026, 1:44 pm

News Articles

Editorial & research coverage

India Defence Tech Surge: Budget 2026 to Fuel Execution
India Defence Tech Surge: Budget 2026 to Fuel Execution

30th January 2026, 10:47 pm

Budget 2026 Hype: Agri, Defence Stocks Face Sell-Off
Budget 2026 Hype: Agri, Defence Stocks Face Sell-Off

27th January 2026, 1:09 pm

Ideaforge Stock Dips as Q3 Loss Widens Despite Record Orders
Ideaforge Stock Dips as Q3 Loss Widens Despite Record Orders

23rd January 2026, 11:20 am

Indian Markets End Lower Amidst Mixed Q3 FY25 Earnings; Key Companies Show Varied Performance
Indian Markets End Lower Amidst Mixed Q3 FY25 Earnings; Key Companies Show Varied Performance

22nd January 2026, 6:44 am

India Defence Tech: Startups Pivot to Software as Funding Surges
India Defence Tech: Startups Pivot to Software as Funding Surges

7th January 2026, 3:33 pm

Documents

Announcements

Closure of Trading Window

23 Dec - Trading window closed Jan 1, 2026 until 48 hours after unaudited results for quarter ended Dec 31, 2025.

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

9 Dec - Allotment of Equity Shares of ideaForge Technology Limited under the ideaForge Employee Stock Option Scheme, 2018

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

14 Nov 2025 - INR 32 Crore order from Ministry of Defence for Hybrid UAVs and accessories, delivery within six months.

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

14 Nov 2025 - Received approx. INR 75 Crore MoD order to supply AFDS/Tactical UAVs with accessories, delivery within 12 months.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

12 Nov 2025 - For interaction with Institutional Investors /Analysts.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Credit Ratings

Rating update

6 Nov 2025 from crisil

Rating update

19 May 2025 from crisil

Rating update

6 Feb 2025 from crisil

Rating update

29 Aug 2024 from crisil

Rating update

30 Aug 2023 from crisil

Concalls

Nov 2025

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Jul 2025

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May 2025

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Feb 2025

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Nov 2024

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Aug 2024

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May 2024

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Feb 2024

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Nov 2023

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Aug 2023

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Aug 2023

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Stock Analysis

Description

  1. ideaForge Technology Limited is an Indian company engaged in the manufacturing of Unmanned Aircraft Systems (UAS).

Key Growth Triggers

  1. Currently no data available for Key Growth Triggers.

Order Book

  1. Currently no data available for Order Book.

Key Red Flags

  1. Currently no data available for Key Red Flags.

Key Dates To Watch

  1. Currently no data available for Key Dates To Watch.

Corporate Announcements

14th Apr 26
Impact Rating: 6
On April 14, 2026, ideaForge Technology Limited allotted 23,347 shares under its 2018 ESOP scheme. This raised the paid-up capital by ₹2.33 lakh to ₹43.30 crore, with new shares ranking pari-passu.
7th Apr 26
Impact Rating: 7
Promoter Vipul Joshi of ideaForge Technology has pledged 3,70,370 equity shares, representing 0.85% of the company's total share capital, for personal financial requirements.
7th Apr 26
Impact Rating: 6
Ankit Mehta, promoter and director of ideaForge Technology, has pledged 3,70,370 equity shares (0.85% of total capital) for personal financial needs, as disclosed on April 6, 2026.
7th Apr 26
Impact Rating: 5
Promoter Vipul Joshi of ideaForge Technology Limited has pledged 3,70,370 equity shares, amounting to 0.85% of the total share capital, due to personal financial requirements. The disclosure was made on April 6, 2026.
7th Apr 26
Impact Rating: 6
Ankit Mehta, promoter and Whole time Director of ideaForge Technology, has disclosed the creation of a pledge over 3,70,370 equity shares. These shares represent 0.85% of the company's total share capital and were pledged to Neo Wealth Management.