ideaForge Q2 Profit Reaches Rs 6.5 Crore, Revenue Up 124%

ideaForge Technology Limited reported profit after tax of Rs 6.5 crore in Q2 FY27, reversing a Rs 19.6 crore loss in Q2 FY26, as revenue from operations rose 124% year on year to Rs 91.3 crore. The company also executed over 50% of its FY27 opening order book during H1 FY27.

How did ideaForge perform in Q2 FY27?

ideaForge reported revenue from operations of Rs 91.3 crore in Q2 FY27, compared with Rs 40.8 crore in Q2 FY26 and Rs 68.6 crore in Q1 FY27. The result represented 124% year-on-year growth and 33% quarter-on-quarter growth for the quarter ended September 30, 2026.

ideaForge moved to positive operating and net profitability in Q2 FY27. Earnings before interest, tax, depreciation and amortisation, or EBITDA, were Rs 23.2 crore, compared with negative Rs 8 crore in Q2 FY26 and Rs 4.3 crore in Q1 FY27. Profit after tax, or PAT, was Rs 6.5 crore, against losses of Rs 19.6 crore a year earlier and Rs 2.6 crore in the preceding quarter.

What changed in ideaForge's margins and half-year results?

ideaForge recorded Q2 FY27 gross profit of Rs 49.6 crore, up from Rs 20.4 crore in Q2 FY26 and Rs 33.6 crore in Q1 FY27. Gross profit margin rose to 54.3% from 50.0% a year earlier and 49.0% in Q1 FY27, while EBITDA margin was 25.4%, compared with negative 19.6% and 6.2%, respectively.

For H1 FY27, ideaForge reported revenue from operations of Rs 159.9 crore, versus Rs 53.5 crore in H1 FY26, a 199% increase. Gross profit rose to Rs 83.2 crore from Rs 28.3 crore, although gross margin declined to 52.0% from 52.8%. PAT turned to Rs 3.9 crore from a Rs 43.2 crore loss, while EBITDA was Rs 27.5 crore against negative Rs 23.1 crore.

How much of ideaForge's order book was executed?

ideaForge executed over 50% of its FY27 opening order book during H1 FY27, according to Chief Executive Officer Ankit Mehta. The company reported its highest-ever first-half revenue of Rs 159.9 crore for the six months ended September 30, 2026, linking the outcome to order-book execution.

ideaForge said this delivery pace was maintained despite persistent global supply-chain constraints and some customer-approval delays for deliveries. Management said these challenges remained significant and that it was monitoring developments and taking measures to minimise their effects on operations and deliveries. The release did not quantify delayed orders, affected revenue or the financial effect of these issues.

What products and funding did ideaForge disclose in Q2?

ideaForge completed field testing of the ZOLT Hybrid unmanned aerial vehicle, or UAV, during Q2 FY27 for long-range intelligence, surveillance and reconnaissance, or ISR, applications. The company said the platform offers capabilities of up to 100 kilometres in range and six hours of endurance, with indigenous electronic-warfare resilience and a long-range mid-wave infrared, or MWIR, payload.

ideaForge also launched a combat variant of its ZOLT platform in Q2 FY27. Management said the hybrid version uses an internal-combustion engine for extended range and endurance, and that it intended to make ZOLT-related technologies, Air Launched Effects, seeker technologies and loitering-munition platforms ready for field trials and Fast Track Procurement, or FTP, opportunities in the second half of FY27.

ideaForge signed an agreement with the Technology Development Board for Rs 151 crore of Research, Development and Innovation, or RDI, funding for YETI, its indigenous middle-mile logistics UAV. The company described the funding as a long-term debt facility at a low interest rate. YETI is an all-electric aircraft designed to carry payloads of up to 200 kilograms over distances of up to 200 kilometres, depending on payload, at very high altitudes.

What procurement opportunities is ideaForge monitoring?

ideaForge said the estimated opportunity under the FTP programme across ISR and combat-UAV categories is Rs 20,000 crore, with the first request for proposal, or RFP, at an advanced stage of evaluation. Management presented this as a potential procurement pipeline rather than booked business and said it planned to participate as its platforms become ready for field trials.

The company also cited Defence Acquisition Council clearance for defence-services proposals worth Rs 2.12 lakh crore, including programmes for Long Range UAS, Surveillance UAV, Integrated Surveillance and Strike Systems, and Long Range Kamikaze Drone Systems. ideaForge said it expected RFPs for these programmes soon. It added that enhanced financial powers delegated to field commanders under DFPDS 2026 are expected to support more consistent procurement activity than historical levels.

Conclusion

ideaForge's Q2 FY27 results show a reported return to profitability alongside faster revenue growth and order execution. Quarterly revenue reached Rs 91.3 crore, gross margin increased to 54.3%, EBITDA reached Rs 23.2 crore and PAT was Rs 6.5 crore, while H1 FY27 revenue rose 199% year on year to Rs 159.9 crore.

The next issue to watch is whether ideaForge sustains delivery momentum after executing over 50% of its FY27 opening order book while managing supply-chain constraints and approval delays. Management's stated plan for the second half of FY27 is to prepare ZOLT-related combat technologies for field trials and FTP participation, while developing YETI with the Rs 151 crore RDI debt facility.