ideaForge Technology
- Market cap
- ₹ 3,214 Cr.
- P/E
- 185.5x
- P/B
- 4.91x
- 52-week range
- 366 – 992.25
- ROE
- −3%
- ROCE
- −3%
- Dividend yield
- 0%
- Debt / equity
- 0.14
- Sector
- Aerospace & Defense
- Industry
- Aerospace & Defense
- Listed on
- NSE, BSE
About
ideaForge Technology Limited is an India-based company operating under the unmanned aircraft systems (UAS) market. It is engaged in manufacturing and marketing unmanned aerial vehicles (UAVs) used for security and surveillance. Its UAV product portfolio includes Q6 V2 GEO, NETRA 5, SWITCH V2, ZOLT, LOGISTICS, Early Access Program (EAP), Co-innovate Access Program (CAP), SWITCH, NETRA V4 PRO, Q6 V2, and Q4i. Its UAVs have been designed to be able to handle all terrains and temperature conditions. Its applications include mapping and surveying and security and surveillance operations. Its mapping and surveying applications include land survey, mining area planning and mapping, volumetric estimation, railways, construction and real estate, corridor mapping. SWITCH UAV is a fixed wing and vertical take-off and landing (VTOL) hybrid UAV which is used for long-range, high-altitude last mile surveillance and security operations.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Aerospace & Defense: 33 companies →ideaForge Technology against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)185.5 against a typical 72.2: pricier than most peers (1st = cheapest).28th of 33
- Sales growth+436.7% against a typical +30.4% from a year earlier.2nd of 28
- Share price, 3 months−15.6% against a typical −2%.26th of 32
- Size₹ 3,214.4 Cr. market value against a typical ₹ 4,442.2 Cr. (1st = largest).16th of 28
Latest announcements
Exchange filings and their impact on the company.
- ideaForge secured Rs 151 cr TDB debt to build its YETI heavy-lift drone, boosting capex without equity dilution.
ideaForge Technology has signed a loan agreement on October 9, 2026 with the Technology Development Board for Rs 151 crore to develop its YETI heavy-lift long-range autonomous aerial logistics vehicle, to be drawn in tranches. The loan is secured by a first charge on project assets and carries standard covenants and promoter transfer restrictions. This non-dilutive government funding will step up capex and debt over the next year to build the new platform, with revenues to follow after development.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
Moderate safety, with caution
Rated BBB by 2 agencies- All agencies agree and none has raised a warning.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| India Ratings | IND BBB | Stable | 4 Jun 2026 |
| CRISIL | Crisil BBB | Stable | 27 May 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 4 Jun 2026 | New rating | IND BBB | — | India Ratings | — | |
| 27 May 2026 | ▲ Outlook raised | Crisil BBB Outlook Negative → Stable | — | CRISIL | — | |
| 6 Nov 2025 | Rating action | Crisil BBB | — | CRISIL | — |
Research by Minerva Capital Research Solutions
Our research team's work on ideaForge TechnologyAlso covered in
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 2 Nov 2026Upcoming | Financial Results | To consider and approve the financial results for the period ended September 30, 2026 |
| 10 Aug 2026 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2026 |
| 3 Jun 2026 | Fund Raising | To consider Fund Raising by ideaForge Technology Limited (the Company) |
| 30 Apr 2026 | Financial Results | To consider and approve the financial results for the period ended March 31, 2026 |
| 22 Jan 2026 | Financial Results | To consider and approve the financial results for the period ended December 31, 2025 |
| 28 Oct 2025 | Financial Results | To consider and approve the Unaudited financial results for the period ended September 30, 2025 |
| 22 Jul 2025 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2025 |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 24 | 91 | 102 | 86 | 37 | 18 | 20 | 13 | 41 | 32 | 141 | 69 |
| Expenses | 32 | 71 | 87 | 84 | 53 | 35 | 42 | 32 | 52 | 58 | 79 | 66 |
| Operating Profit | −8 | 20 | 15 | 2 | −16 | −17 | −22 | −19 | −11 | −27 | 62 | 2 |
| OPM % | −33.1% | 21.5% | 14.6% | 2.9% | −42.7% | −99.2% | −107.6% | −149.3% | −27.7% | −84.1% | 43.8% | 3.4% |
| Other Income | 15 | 7 | 5 | 6 | 6 | 5 | 4 | 4 | 3 | 3 | 12 | 2 |
| Interest | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 2 | 2 |
| Depreciation | 5 | 6 | 6 | 7 | 7 | 7 | 8 | 10 | 11 | 11 | 12 | 14 |
| Profit before tax | 1 | 20 | 14 | 2 | −18 | −20 | −26 | −25 | −19 | −36 | 61 | −12 |
| Tax % | 32.8% | 26.6% | 26.9% | 25.5% | −23.7% | 18.4% | 0.1% | −6.9% | 0.8% | −5.8% | 1.2% | −78.3% |
| Net Profit | 1 | 15 | 10 | 1 | −14 | −24 | −26 | −24 | −20 | −34 | 60 | −3 |
| EPS in Rs | 0.21 | 3.45 | 2.41 | 0.27 | −3.19 | −5.58 | −5.97 | −5.45 | −4.54 | −7.83 | 13.86 | −0.6 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- —
- 5 Years
- 45%
- 3 Years
- 7%
- TTM
- 221%
- 10 Years
- —
- 5 Years
- −9%
- 3 Years
- —
- TTM
- 105%
- 10 Years
- —
- 5 Years
- —
- 3 Years
- −7%
- TTM
- —
- 10 Years
- —
- 5 Years
- 2%
- 3 Years
- −2%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| ideaForge Technology | ₹ 676.00 | ₹ 3,214 Cr. | 185.5x | 4.9x | −3% | — |
| Hindustan Aeronautics | ₹ 4,718.05 | ₹ 3,15,531 Cr. | 33x | 7.3x | 24% | 27.6% |
| Bharat Electronics | ₹ 360.10 | ₹ 2,63,225 Cr. | 49.4x | 12.5x | 27.6% | 21.8% |
| Bharat Dynamics | ₹ 1,017.00 | ₹ 37,279 Cr. | 109.4x | 10.9x | 10.2% | 17.2% |
| Data Patterns (India) | ₹ 3,788.95 | ₹ 21,212 Cr. | 83.6x | 13.2x | 16.7% | 29.3% |
| Astra Microwave Products | ₹ 1,495.00 | ₹ 14,146 Cr. | 84.9x | 12.4x | 16% | 16.6% |
Management
- Ankit Mehta
- Chief Executive Officer, Whole-Time Director
- Vipul Joshi
- Chief Financial Officer, Whole-Time Director
- Nilesh Ranjan Jaywant
- Compliance Officer, Company Secretary
- Rahul Singh
- Vice President - Engineering, Whole-Time Director
- Ashish Bhat
- Vice President - Research and Development, Whole-Time Director
- Vishal Saxena
- Vice President - Sales and Business Development
Prices are delayed and for information only. Nothing on this page is investment advice.