IDEAFORGE

Ideaforge Technology Limited

Drones for defence surveillance, mapping, inspection and cargo

Industrials›Capital Goods›Aerospace & Defense›Aerospace & Defense

ideaforgetech.com

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Key metrics

Price as of 2026-10-16

Stock price

₹730.55

Market cap

3,630 Cr

Stock P/E

806.3

P/B

5.28

ROE (FY26)

-2.8%

ROCE (FY26)

-2.4%

Operating margin (FY26)

-16.9%

Debt / equity (FY26)

0.12

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

ideaForge designs and sells unmanned aerial vehicles (drones) in India, mainly to the defence forces, with a smaller civil business for uses such as mapping, and is building combat-drone capability with partners.

Company snapshot

19thBy market cap

Ranked among 25 companies in Aerospace & Defense.

What we see

Positives

✓Debt-to-equity of 0.12x — the company is largely funded by its own money, not borrowed funds.

Concerns

✗Net margin is negative — the company is spending more than it earns right now.

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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

Metric	Sept 2023	Dec 2023	Mar 2024	Jun 2024	Sept 2024	Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026
Sales	24 Cr	91 Cr	102 Cr	86 Cr	37 Cr	18 Cr	20 Cr	13 Cr	41 Cr	32 Cr	141 Cr	69 Cr
Operating expenses (approx.)	32 Cr	71 Cr	87 Cr	84 Cr	53 Cr	35 Cr	42 Cr	32 Cr	52 Cr	58 Cr	79 Cr	66 Cr
EBITDA	-8 Cr	20 Cr	15 Cr	2 Cr	-16 Cr	-17 Cr	-22 Cr	-19 Cr	-11 Cr	-27 Cr	62 Cr	2 Cr
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 Cr	7 Cr	5 Cr	6 Cr	6 Cr	5 Cr	4 Cr	4 Cr	3 Cr	3 Cr	12 Cr	2 Cr
Interest	0.69 Cr	0.37 Cr	0.29 Cr	0.27 Cr	0.78 Cr	0.23 Cr	0.25 Cr	0.37 Cr	0.92 Cr	1 Cr	2 Cr	2 Cr
Depreciation	5 Cr	6 Cr	6 Cr	7 Cr	7 Cr	7 Cr	8 Cr	10 Cr	11 Cr	11 Cr	12 Cr	14 Cr
Profit before tax	1 Cr	20 Cr	14 Cr	2 Cr	-18 Cr	-20 Cr	-26 Cr	-25 Cr	-19 Cr	-36 Cr	61 Cr	-12 Cr
Tax %	33.1%	26.5%	26.9%	25.2%	23.7%	-18.4%	-0.1%	6.9%	-0.8%	5.8%	1.2%	78.4%
Net profit	0.89 Cr	15 Cr	10 Cr	1 Cr	-14 Cr	-24 Cr	-26 Cr	-24 Cr	-20 Cr	-34 Cr	60 Cr	-3 Cr
EPS (₹)	₹0.21	₹3.49	₹2.40	₹0.27	₹-3.18	₹-5.56	₹-5.92	₹-5.40	₹-4.49	₹-7.75	₹13.72	₹-0.59

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

Metric	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	35 Cr	159 Cr	186 Cr	314 Cr	161 Cr	226 Cr	Sign in free for the trailing twelve months
Operating expenses (approx.)	46 Cr	86 Cr	139 Cr	259 Cr	214 Cr	221 Cr	Sign in free for the trailing twelve months
EBITDA	-11 Cr	73 Cr	47 Cr	55 Cr	-53 Cr	5 Cr	Sign in free for the trailing twelve months
OPM %	-31.3%	45.9%	25.3%	17.7%	-32.7%	2.1%	Sign in free for the trailing twelve months
Other income	2 Cr	2 Cr	10 Cr	30 Cr	21 Cr	22 Cr	Sign in free for the trailing twelve months
Interest	2 Cr	18 Cr	5 Cr	4 Cr	2 Cr	4 Cr	Sign in free for the trailing twelve months
Depreciation	4 Cr	7 Cr	12 Cr	21 Cr	29 Cr	43 Cr	Sign in free for the trailing twelve months
Profit before tax	-15 Cr	50 Cr	41 Cr	61 Cr	-62 Cr	-20 Cr	Sign in free for the trailing twelve months
Tax %	-0.8%	12.3%	21.6%	25.9%	0.2%	14.6%	Sign in free for the trailing twelve months
Net profit	-15 Cr	44 Cr	32 Cr	45 Cr	-62 Cr	-17 Cr	Sign in free for the trailing twelve months
EPS (₹)	₹-5.03	₹13.84	₹8.55	₹10.96	₹-14.41	₹-3.90	Sign in free for the trailing twelve months
Dividend payout %	—	—	—	0.0%	—	—	Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

Metric	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	0.09 Cr	0.09 Cr	21 Cr	43 Cr	43 Cr	43 Cr
Reserves	60 Cr	163 Cr	303 Cr	618 Cr	566 Cr	556 Cr
Borrowings	51 Cr	6 Cr	87 Cr	—	—	72 Cr
Other liabilities	13 Cr	53 Cr	77 Cr	82 Cr	63 Cr	128 Cr
Total liabilities	124 Cr	222 Cr	488 Cr	743 Cr	672 Cr	799 Cr
Fixed assets (net)	0.88 Cr	2 Cr	8 Cr	12 Cr	28 Cr	32 Cr
CWIP	—	—	3 Cr	7 Cr	4 Cr	0 Cr
Investments	—	11 Cr	125 Cr	88 Cr	120 Cr	105 Cr
Loans & advances	—	—	—	0.05 Cr	0.02 Cr	0.01 Cr
Inventories	23 Cr	49 Cr	105 Cr	98 Cr	94 Cr	143 Cr
Trade receivables	24 Cr	20 Cr	58 Cr	44 Cr	56 Cr	126 Cr
Cash & bank	5 Cr	30 Cr	5 Cr	168 Cr	16 Cr	33 Cr
Other assets	70 Cr	110 Cr	184 Cr	325 Cr	354 Cr	359 Cr
Total assets	124 Cr	222 Cr	488 Cr	743 Cr	672 Cr	799 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

Metric	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	-31 Cr	67 Cr	-53 Cr	76 Cr	-77 Cr	-63 Cr
Cash from investing	-7 Cr	-31 Cr	-149 Cr	-102 Cr	-68 Cr	15 Cr
Cash from financing	43 Cr	-11 Cr	176 Cr	189 Cr	-8 Cr	61 Cr
Net cash flow	5 Cr	25 Cr	-26 Cr	164 Cr	-152 Cr	14 Cr
Free cash flow (OCF − Capex)	-40 Cr	53 Cr	-86 Cr	9 Cr	-165 Cr	-152 Cr

Ratios

Metric	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	-11.6%	40.2%	11.1%	9.8%	-10.0%	-2.4%
ROE %	-24.5%	26.9%	9.9%	6.9%	-10.2%	-2.8%
Debtor days	249	46	113	52	126	203
Inventory days	386	346	398	245	349	487
Days payable	78	53	53	40	32	139
Cash conversion cycle	557	340	458	256	443	552
OCF / EBITDA %	—	91.0%	-113.0%	137.0%	—	n.m.
OCF / EBITDA % (3 years)	—	—	-16.0%	50.8%	-108.2%	n.m.
Debt / equity	0.85	0.03	0.27	—	—	0.12
Current ratio	3.35	3.04	2.57	8.80	8.63	2.62
Net debt / EBITDA	—	-0.34	1.74	-3.03	—	8.12