Ideaforge Technology Ltd

IDEAFORGE

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Market Cap

₹ 1,847 Cr

P/E

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

ideaForge Technology Limited is a leading Indian manufacturer of unmanned aerial vehicles (UAVs) primarily for security and surveillance purposes. Since its inception in 2007, it has become a pioneer in indigenously designing, engineering, and manufacturing advanced UAV systems.

The company's core offerings include the SWITCH and NETRA UAVs, which are extensively deployed in defense and commercial applications. ideaForge's growth is significantly backed by its strong order book, primarily from the Indian defense sector, ensuring revenue visibility and expansion.

The strategic joint venture with First Breach Inc. in the U.S. marks a milestone in enhancing its global presence, aligning with local manufacturing preferences and tackling geopolitical uncertainties effectively.

ideaForge has sustained its market leadership through continuous R&D investments, focusing on developing autonomous drone capabilities and leveraging AI for real-time operations and analytics.

The company’s IPO in 2023, raising substantial capital, has positioned it well for future innovations and scaling its operations internationally, aligning with global military standards and expanding opportunities in NATO and allied systems.

Sector

Aerospace & Defence

Industry

Engineering - Heavy - General - Medium / Small

Market Cap

1,847 Cr

Volatility

Moderate Risk

P/E Ratio

—

Industry P/E

64.1

PEG Ratio

—

P/B Ratio

3.3

52W High

660.50

52W Low

301.00

Sales CAGR

-48.66%

1.34%

63.75%

10Y

—

Profit CAGR

-237.57%

—

10Y

—

ROE

TTM

-16.33%

1.77%

3.16%

10Y

—

ROCE

TTM

-14.53%

3.80%

6.12%

10Y

—

Technicals

Oscillators

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Hold

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
FLATPROD	5099.50	2,518 Cr	299.09	12.43	0.14	-3.95	-3.70	1.48
IDEAFORGE	426.50	1,847 Cr	—	3.25	0.00	-16.33	-14.53	-13.48
GEORGFISCH	12350.00	1,784 Cr	34.42	6.44	1.63	17.32	23.70	10.83
HMT	48.30	1,718 Cr	—	0.00	0.00	7.83	10.18	-29.55
JNKINDIA	235.35	1,307 Cr	43.27	2.52	0.13	5.83	11.04	3.92
CFF	564.95	1,175 Cr	49.28	4.99	0.17	11.70	16.38	10.08
WALCHANNAG	172.10	1,171 Cr	—	3.36	0.00	-27.44	-9.25	-11.04

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	97	24	91	102	86	37	18	20	13	41
Expenses	69	32	71	87	84	53	35	42	32	52
Operating Profit	28	-7.86	20	15	2.46	-16	-17	-22	-19	-11
OPM %	29.35	-33.12	21.54	14.56	2.85	-42.67	-99.26	-107.53	-149.30	-27.70
Other Income	3.54	15	6.61	5.36	6.00	5.84	4.89	4.43	3.94	3.29
Interest	2.31	0.69	0.37	0.29	0.27	0.78	0.23	0.25	0.37	0.92
Depreciation	4.66	5.02	5.67	5.82	6.62	7.22	7.47	8.03	9.78	11
Profit Before Tax	25	1.33	20	14	1.57	-18	-20	-26	-25	-19
Tax %	24.73	33.08	26.55	26.94	25.48	23.72	-18.44	-0.08	6.88	-0.82
Net Profit	19	0.89	15	10	1.17	-14	-24	-26	-24	-20
EPS in Rs	—	0.19	3.38	2.34	0.27	-3.16	-5.53	-5.88	-5.39	-4.49

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	14	35	159	186	314	161	88
Expenses	27	46	86	139	259	214	162
Operating Profit	-13	-11	73	47	55	-53	-74
OPM %	-89.39	-31.30	45.86	25.32	17.67	-32.68	-84.54
Other Income	2.32	1.62	2.01	10	30	21	19
Interest	0.47	1.67	18	4.84	3.65	1.53	1.63
Depreciation	2.78	3.58	7.28	12	21	29	33
Profit Before Tax	-13	-15	50	41	61	-62	-89
Tax %	-0.05	-0.84	12.30	21.59	25.87	0.19	2.51
Net Profit	-13	-15	44	32	45	-62	-87
EPS in Rs	—	—	—	8.74	10.61	-14.31	-21.29
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.09	0.09	0.09	21	43	43
Reserves	68	60	163	303	618	566
Borrowings	6.61	51	16	101	14	16
Other Liabilities	5.06	13	43	63	67	47
Total Liabilities	80	124	222	488	743	672
Fixed Assets	4.62	13	26	49	67	97
CWIP	17	14	19	25	54	100
Investments	12	0.00	11	125	88	120
Other Assets	46	97	166	289	533	355
Total Assets	80	124	222	488	743	672

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-16	-31	67	-53	76	-77
Cash from Investing Activity	4.76	-6.80	-31	-149	-102	-68
Cash from Financing Activity	1.18	43	-11	176	189	-7.59
Net Cash Flow	-11	5.17	25	-26	164	-152

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jul 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	30.19%	30.19%	29.34%	29.33%	29.33%	29.23%	29.23%	29.17%	29.10%	33.36%
FIIs	4.79%	2.76%	3.47%	2.75%	2.93%	3.50%	1.37%	1.56%	0.60%	0.25%
DIIs	14.23%	10.19%	6.40%	3.78%	3.41%	2.47%	2.48%	1.52%	1.51%	1.49%
Public	50.80%	56.86%	60.80%	64.14%	64.34%	64.80%	66.92%	67.75%	68.80%	64.90%
Total Shareholders	42,794	87,735	1,04,732	1,44,920	1,74,253	1,79,920	1,78,211	1,74,302	1,92,754	1,89,028

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 02, 2025	Somil gautam	Insider - Employee	Disposal	458.84	0.23 Cr	5,000	0.00
Nov 17, 2025	Qe securities llp	Bulk	Buy	513.62	12.44 Cr	2,42,243	0.56
Nov 17, 2025	Qe securities llp	Bulk	Sell	511.74	12.34 Cr	2,41,079	0.55
Nov 17, 2025	Mathew cyriac	Insider - Director	Disposal	462.88	18.67 Cr	4,03,410	0.93
Nov 17, 2025	Mathew cyriac	Insider - Director	Revoke	461.95	18.64 Cr	4,03,410	0.93
Sep 17, 2025	Vishal saxena	Insider - KMP	Acquisition	506.08	1.27 Cr	25,000	0.05
Sep 01, 2025	Sunil jha	Insider - Designated Person	Disposal	500.65	0.09 Cr	1,713	0.00
Aug 22, 2025	Mathisys advisors llp	Bulk	Sell	511.25	11.40 Cr	2,23,079	0.51
Aug 22, 2025	Mathisys advisors llp	Bulk	Buy	511.88	11.42 Cr	2,23,013	0.51
Aug 18, 2025	Sunil jha	Insider - Designated Person	Acquisition	438.80	0.12 Cr	2,713	—

Projection

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Overview

Detailed Summary

ideaForge has sustained its market leadership through continuous R&D investments, focusing on developing autonomous drone capabilities and leveraging AI for real-time operations and analytics.

Sector

Aerospace & Defence

Industry

Engineering - Heavy - General - Medium / Small

Market Cap

1,847 Cr

Volatility

Moderate Risk

P/E Ratio

—

Industry P/E

64.1

PEG Ratio

—

P/B Ratio

3.3

52W High

660.50

52W Low

301.00

Sales CAGR

-48.66%

1.34%

63.75%

10Y

—

Profit CAGR

-237.57%

—

10Y

—

ROE

TTM

-16.33%

1.77%

3.16%

10Y

—

ROCE

TTM

-14.53%

3.80%

6.12%

10Y

—