Ideaforge Technology Ltd(IDEAFORGE)

NSE: IDEAFORGEBSE: 543932

₹ 657.4+1.63%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 3,268 crNext results: 2 Nov 2026Website: www.ideaforgetech.comUpdated: 24 Oct 2026

About

ideaForge Technology is India's pioneer and preeminent market leader in unmanned aircraft systems, ranked 3rd globally in the dual-use (civil and defence) drone category by Drone Industry Insights. The company designs, manufactures and deploys fixed-wing and rotary UAV platforms for defence, homeland security, and civil applications, with FY26 revenue of INR 226.13 crores. Its deployed fleet has surpassed 1 million cumulative customer missions as of Q1 FY27.^[1][2]

Business segments

Defence contributed 69% of FY26 revenue (INR 1,565.39 million) and civil 31% (INR 695.66 million); in FY25 defence was 956 and civil 656 (INR million).^[1][3]
In Q1 FY27, the revenue mix shifted to 60% defence and 40% civil, driven by greater civil order execution in the quarter.^[4]

Products and platforms

UAV portfolio spans the SWITCH mini UAV, Q6 V2/V3 tactical UAV and ZOLT tactical-class UAV; SWITCH and Q6 hold NATO Stock Numbers.^[1]
ZOLT entered series production in Q1 FY27 to fulfil open MoD orders; hybrid-propulsion variant ZOLT+ completed its first successful flight.^[4]
YETI heavy-lift logistics UAV (6,500 m takeoff altitude, 200 kg payload, up to 200 km range) is at TRL 4 per the FY26 annual report, targeting TRL 9 in three years; its TD0 demonstrator completed a tethered hover test in Q1 FY27.^[1][4]
Software portfolio includes FLYGHT CLOUD, GIS Pro, Surveillance Pro, BlueFire Touch and BlueFire Live.^[1]
5 UAV platforms hold DGCA Type Certification; SWITCH is certified Fit for Indian Military Use by DGQA.^[1]
Expanding into combat drones including loitering munitions, long-range strike platforms and kamikaze systems.^[1]

Manufacturing and R&D

One manufacturing plant and two product development centres in Navi Mumbai, Maharashtra, and two product development centres in Bangalore, Karnataka.^[1]
R&D team exceeds 300 members across four in-house product development centres.^[1]
R&D expenditure for FY26 was INR 815.66 million; 112 patents (61 granted, 51 pending) as of Q1 FY27.^[1]
Manufacturing can scale from single shift to 3-shift operations in the existing facility with no additional factory capex, as of Q1 FY27.^[4]
Certified AS9100D, ISO 9001:2015 and ISO 27001:2022.^[1]

Key operating numbers

Record order bookings of approximately INR 5,286 Mn in FY26, including ZOLT orders of INR 920 Mn.^[1]
Order book was INR 137 Mn at FY25 end vs 1,247 a year earlier; FY27 opened with an order book of approximately INR 3,140 million.^[3][1]
Q4 FY26 delivered ~40% of the Dec-25 open order book, with record quarterly revenue of INR 1,410 Mn.^[1]
Order book stood at INR 256.8 crores at end of Q1 FY27, after executing 20%+ of the FY27 opening order book in the quarter.^[4]
Indigenisation across the product line is approximately 60 - 65%; import content roughly 20 - 22% of revenue as of Q1 FY27.^[4]
Deployed fleet completed 250,000 flights in FY26.^[1]

Customers and distribution

Government of India sales were INR 1,565.40 million in FY26 vs 918.11 million in FY25.^[1]
Top customer accounted for INR 964.09 million in FY26 vs 575.95 million in FY25; second-largest customer INR 783.84 million in FY26.^[1]
Customers span defence and homeland security, civil government (survey, forestry, disaster management) and enterprises in mining, energy and logistics.^[1]
Reach covers 28 states and 8 Union Territories; over 200 distributors and channel partners globally.^[1]
Exports (FOB) fell to INR 9.09 Mn in FY26 from 52.34 Mn in FY25, under 1% of turnover; international operations in Bhutan, Nigeria, US and Oman.^[1]
First US order received in Q4 FY26 from the Lamar Police Department, Texas, for school district safety.^[5]

Expansion and new programmes

US subsidiary ideaForge Technology Inc. formed JV First Forge Inc. with First Breach to make and distribute drones in the US; completion subject to closing conditions per the FY26 annual report.^[1]
MoU with Digital Media Professionals Inc. (Japan) to enter the Japanese market and develop AI drones.^[1]
Export opportunities in South America and Africa progressing; partner NFR unit orders received as of Q1 FY27.^[4]
Strategic investments made in GalaxEye, Nautical Wings and Vantage Robotics.^[3]

Recent developments

October 2026: loan agreement with the Technology Development Board for Rs. 151 crores for the YETI heavy-lift logistics vehicle project.^[6]
October 2026: CGST tax demand of INR 545.86 million for January 2022 to March 2024; company plans to appeal.^[7]
September 2026: domestic civil orders worth INR 23.62 crores for UAVs, accessories and training, execution up to 6 months.^[8]
Q1 FY27: QIP raised INR 500 crores for product development, working capital and capability building.^[4]
FY26: CRISIL rating reaffirmed at BBB/Stable, outlook revised from Negative.^[1]
Q4 FY26: first Indian drone company to train NATO forces at the US National Test Pilot School.^[5]
Q4 FY26: EW-resilient UAVs completed acceptance testing in live EW environments and passed country-of-concern inspections.^[5]

Market Cap

₹3,268 Cr

High / Low

₹997 / 368

Stock P/E

718.5

Price / Book

4.7

Book Value

₹138

EPS

₹-3.9

No. of Shares

4.33 Cr

ROCE

-2.5%

ROE

-2.8%

OPM

-6.4%

Debt / Equity

0.12

Sales

₹226 Cr

Net Profit

₹-17 Cr

Promoter holding

25.3%

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