ideaForge shares hit 20% circuit after Q4FY26 profit

ideaForge shares lock at upper circuit after Q4 turnaround

ideaForge Technology shares surged on Monday and hit the 20% upper circuit after the drone technology company reported a sharp turnaround in its March quarter performance. The stock touched a fresh 52-week high around ₹731 on the NSE and about ₹731.10 on the BSE during intra-day trade. The move extended a five-session winning streak, with the scrip rising 42% over that period. The stock also opened with a gap-up of 16.55%, signalling strong demand from the start of the session. The rally came as investors reacted to the company moving from losses to profitability, alongside a sharp jump in quarterly revenue. Heavy volumes and pending buy orders were reported during the session, indicating sustained buying interest.

What stood out in Monday’s trade

In intra-day trade, ideaForge shares were locked at the 20% upper circuit amid strong activity on both major exchanges. By 02:08 PM, a combined 8.08 million equity shares had changed hands across the NSE and BSE. There were also pending buy orders for a combined nearly 1 million equity shares, suggesting limited supply at the circuit price. The broader market was comparatively steady, with the BSE Sensex up 0.29% at 77,140. The stock surpassed its previous peak of ₹660.50, which had been touched on June 24, 2025. Since April 2026, the market price has risen 97% from ₹372.05 on the BSE. The stock’s earlier record high was ₹1,344 on July 7, 2023.

Q4FY26 results: from loss to profit

The March 2026 quarter (Q4FY26) was the key trigger behind the rally. The company reported net profit of about ₹60 crore for the quarter, compared with a net loss of ₹26 crore (₹25.7 crore in another disclosure) in the corresponding period last year. It also reported a loss of ₹33.9 crore in the previous quarter, highlighting the quarter-on-quarter swing back to profitability. Revenue for Q4FY26 was reported at ₹141 crore, rising sharply from ₹20 crore a year ago in one comparison; another report cited ₹31.5 crore in the year-ago quarter. On a sequential basis, the company said its topline also recorded strong growth. The scale-up in deliveries and execution was cited as the key driver of the revenue jump.

EBITDA and margins improved sharply

Operating performance improved in tandem with revenue growth. EBITDA for the quarter stood around ₹62 crore, compared with an EBITDA loss of ₹22 crore in the year-ago period. In a more detailed breakout, EBITDA was stated at ₹61.7 crore versus a loss of ₹21.8 crore year-on-year and a loss of ₹19.4 crore quarter-on-quarter. EBITDA margin was reported at 43.8% versus -107.6% year-on-year and -61.5% quarter-on-quarter, supported by operating leverage and improved execution. These figures underscore the extent to which profitability was driven by higher throughput rather than incremental revenue alone. The improvement also came after three consecutive quarters in the red, according to one report.

FY26 revenue growth and record order bookings

Beyond the quarter, investors also tracked the full-year picture. Revenue from operations for FY26 rose about 40% to ₹226 crore from ₹161 crore in the previous year. The company also disclosed its highest-ever annual order bookings of ₹530 crore in FY26, which it said supports a healthier outlook. In its investor presentation, ideaForge said it executed about 40% of its open order book in Q4. Separately, one market snapshot referenced an order book of ₹310 crore for FY27 visibility. The company also pointed to early international traction, including its first US order. These datapoints together framed Q4FY26 as not just a one-off delivery spike, but part of a broader recovery in execution and bookings.

Execution focus and supply-chain commentary

ideaForge indicated that it delivered against open orders even as supply chains remained challenging. It said that in March, when the world was grappling with supply-chain issues, it executed 40% of its open orders as indicated in Q3. The company attributed this to resilience built through engineering depth, its supply-chain ecosystem, and operational capability. Total income for the quarter was reported at ₹153.5 crore, including other income of ₹12.5 crore. Total expenses for the quarter were reported at ₹92.8 crore, up 84% year-on-year. The expense increase was highlighted alongside the sharper rise in revenue, which helped restore profitability.

Product roadmap: beyond ISR to combat drones

The company also used the quarter to outline a broader product and capability roadmap. ideaForge said it is expanding beyond ISR (intelligence, surveillance and reconnaissance). It is actively developing combat drones such as long-range strike platforms, loitering munitions, and kamikaze systems. The company said this will be pursued through in-house development and strategic partnerships. The stated objective is to participate in and capture upcoming large opportunities from Indian defence forces. This strategic shift formed part of the market narrative around the stock’s re-rating after a strong quarter.

Key numbers at a glance

What the market tracked alongside results

The sharp move also reflected positioning and price levels in recent months. The stock had gained 97% since April 2026 from ₹372.05 on the BSE before Monday’s spike. It also crossed the prior high of ₹660.50 recorded in June 2025, strengthening the technical breakout narrative. Earlier, the stock had seen a much higher peak at ₹1,344 in July 2023, which remains a reference point for longer-term investors. Separately, a data snapshot cited a market cap of about ₹2,042 crore, though market value can change materially with price movement. For investors, the core near-term variables remain delivery execution against the open order book and the flow of new defence orders.

Conclusion

ideaForge’s 20% upper-circuit move on Monday followed a decisive Q4FY26 turnaround, with profit of about ₹60 crore on revenue of ₹141 crore and a sharp improvement in EBITDA. The company also reported record FY26 order bookings of ₹530 crore and highlighted faster execution against open orders. The market reaction suggests investors are attaching higher weight to the swing back to profitability and the visibility implied by bookings and the stated FY27 order book figure. Next signals to watch will be subsequent order inflows, delivery progress against the open book, and updates on the company’s expansion beyond ISR into combat drone platforms.