Ideaforge Technology logo

Ideaforge Technology

IDEAFORGE NSE

Key Fundamentals

MicrocapEngineeringAerospace & Defense
Market Cap
₹3,614 Cr
Volatility
Moderate
P/E Ratio
824.66
EBITDA
₹27.10 Cr
Return on Equity
-2.84%
Debt to Equity
0.14
Book Value
₹906.44
52W High
₹992.25
52W Low
₹366

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company is expected to give good quarter

Weaknesses

7
  • Stock is trading at 5.30 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -3.78%
  • Promoter holding is low: 25.3%
  • Company has a low return on equity of -2.42% over last 3 years.
  • Earnings include an other income of Rs.20.3 Cr.
  • Company has high debtors of 204 days.

Growth Rate

Revenue Growth
36.18% higher than 3Y
Net Income Growth
-72.71% higher than 3Y
Cash Flow Change
17.42% higher than 3Y
ROE
-72.24% lower than 3Y
ROCE
-73.36% higher than 3Y
EBITDA Margin (Avg.)
-163% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI opinion · based on fundamentals
Risk high

Ideaforge Technology, a drone manufacturer in India's Industrials sector, has a market cap of Rs.3,725 Cr with TTM sales growth of 40% but remains loss-making with a negative P/E of -209.8x and negative 3-year average ROE of -2%. The company trades at 5.96x book value despite not yet achieving consistent profitability.

Bull Case 7
  • TTM revenue growth of 40% indicates strong demand acceleration for drone products
  • 5-year compounded sales CAGR of 45% demonstrates sustained long-term revenue expansion
  • Stock has delivered 39% return over the past 1 year, reflecting improving market sentiment
  • TTM profit growth of 74% suggests the company is moving toward narrowing losses significantly
  • Company is expected to deliver a good upcoming quarter based on order pipeline visibility
  • Operating in India's defence and enterprise drone sector which benefits from government indigenization policies and PLI schemes
  • Zero dividend yield with all capital being reinvested into R&D and capacity expansion for future growth
Bear Case 8
  • Negative P/E ratio of -209.8x confirms the company is currently loss-making with no near-term earnings visibility
  • 3-year average ROE of -2% and last year ROE of -3% indicate persistent inability to generate shareholder returns
  • Debtor days of 204 days signal severe working capital stress and collection challenges, typical of government-dependent order books
  • Stock trades at 5.96x book value despite negative profitability, implying rich valuation without earnings support
  • Promoter holding is low at 29.0%, which raises governance concerns and limits promoter skin-in-the-game alignment
  • Low interest coverage ratio indicates debt servicing pressure relative to operating earnings
  • Other income of Rs.22.3 Cr forms a notable portion of earnings, meaning core operating performance is weaker than headline numbers suggest
  • 3-year stock CAGR of -14% shows the stock has destroyed value for medium-term holders despite recent recovery

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 69d ago
Neutral 1
  • Corporate presentation filed Jun 7

    ideaForge Technology filed a corporate presentation with exchanges on June 7, 2026, detailing its drone systems including features, payloads, and mission versatility.

TL;DR: Limited news flow for ideaForge Technology this period with only a routine corporate presentation filing. No material positive catalysts or negative risks surfaced. The lack of order win announcements or earnings updates leaves sentiment neutral, and investors will need fresh catalysts to drive directional movement.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
97.07
23.73
90.9
102
86.19
37.1
17.61
20.31
12.78
40.76
31.55
141
68.59
Expenses
68.57
31.59
71.32
87.41
83.73
52.93
35.08
42.16
31.86
52.04
58.08
79.33
66.26
Operating Profit
28.5
-7.86
19.58
14.89
2.46
-15.83
-17.47
-21.85
-19.08
-11.28
-26.53
61.71
2.33
OPM %
29.36%
-33.12%
21.54%
14.56%
2.85%
-42.67%
-99.2%
-107.58%
-149.3%
-27.67%
-84.09%
43.75%
3.4%
Other Income
3.54
14.91
6.61
5.36
6
5.84
4.89
4.43
3.94
3.29
2.61
12.45
1.95
Interest
2.31
0.69
0.37
0.29
0.27
0.78
0.23
0.25
0.37
0.92
1.05
1.64
2.04
Depreciation
4.66
5.02
5.67
5.82
6.62
7.22
7.47
8.03
9.78
10.55
10.97
11.78
14.21
PBT
25.07
1.34
20.15
14.14
1.57
-17.99
-20.28
-25.7
-25.29
-19.46
-35.94
60.74
-11.97
Tax %
24.73%
32.84%
26.55%
26.87%
25.48%
-23.74%
18.44%
0.08%
-6.88%
0.82%
-5.79%
1.23%
-78.28%
Net Profit
18.86
0.89
14.8
10.33
1.17
-13.73
-24.02
-25.71
-23.56
-19.62
-33.85
59.99
-2.59
EPS in Rs
4.95
0.21
3.45
2.41
0.27
-3.19
-5.58
-5.97
-5.45
-4.54
-7.83
13.86
-0.6
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
14
35
159
186
314
161
226
282
Expenses
26
45
85
138
257
213
220
256
Operating Profit
-12
-11
75
48
57
-52
6
26
OPM %
-88%
-31%
47%
26%
18%
-32%
2.6%
9%
Other Income
2
2
2
10
30
21
22
20
Interest
1
2
19
6
5
2
5
6
Depreciation
3
4
7
12
21
29
43
48
PBT
-13
-14
50
41
61
-62
-20
-7
Tax %
0%
1%
12%
22%
26%
0%
-15%
—
Net Profit
-13
-15
44
32
45
-62
-17
4
EPS in Rs
-1,499
-1,626
4,863
14.99
10.56
-14.46
-3.94
0.89
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
0.09
0.09
0.09
21
43
43
43
Reserves
68
60
163
303
618
566
556
Borrowings
7
51
16
101
14
16
84
Other Liabilities
5
13
43
63
67
47
116
Total Liabilities
80
124
222
488
743
672
799
Fixed Assets
5
13
26
49
67
97
138
CWIP
17
14
19
25
54
100
110
Investments
12
0
11
125
88
120
105
Other Assets
46
97
166
289
533
355
446
Total Assets
80
124
222
488
743
672
799
Figures in ₹ Crores

Cash Flow

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-16
-31
67
-53
76
-77
-63
Investing
5
-7
-31
-149
-102
-68
16
Financing
1
43
-11
176
189
-8
61
Net Cash Flow
-11
5
25
-26
164
-152
14
Free Cash Flow
-26
-40
53
-86
9
-164
-152
CFO/OP
130
291
99
-97
171
144
-1,101
Figures in ₹ Crores

Ratios

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
264
250
46
113
52
127
204
Inventory Days
532
451
433
639
222
312
536
Days Payable
40
91
66
85
36
29
153
Cash Conversion Cycle
756
609
413
667
237
410
587
Working Capital Days
723
452
116
203
203
403
308
ROCE %
—
-14%
48%
15%
11%
-10%
-3%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs2.69%Public38.72%FIIs4.89%Others24.73%Promot.28.96%As ofJun 2026
2.95% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Ideaforge Technology

What does Ideaforge Technology Ltd do?
Incorporated in 2007, ideaForge Technology Limited is engaged in the business of manufacturing Unmanned Aircraft Systems (UAS).[1]
Where is Ideaforge Technology Ltd (IDEAFORGE) listed?
Ideaforge Technology Ltd trades as IDEAFORGE on the NSE and under code 543932 on the BSE.
Which sector does Ideaforge Technology Ltd belong to?
Ideaforge Technology Ltd is classified under the Aerospace & Defense sector, in the Engineering industry.
What is the market capitalisation of Ideaforge Technology Ltd?
Ideaforge Technology Ltd has a market capitalisation of ₹3,614 Cr, which places it in the Small Cap band.
What is the PE ratio of Ideaforge Technology Ltd?
Ideaforge Technology Ltd trades at a PE ratio of 824.66, against a book value of ₹906.44 per share.
What is the 52-week high and low of Ideaforge Technology Ltd?
Over the last 52 weeks Ideaforge Technology Ltd has traded between ₹366 and ₹992.25.
What is the Return on Equity (ROE) of Ideaforge Technology Ltd?
Ideaforge Technology Ltd reported a return on equity of -2.84%. Its debt-to-equity ratio is 0.14.

Company Information

Incorporated in 2007, ideaForge Technology Limited is engaged in the business of manufacturing Unmanned Aircraft Systems (UAS).[1]

Website ideaforgetech.com
CEO Mr. Ankit Mehta
Employees 513
Listed 2023-07-07
Face Value ₹ 10
Issued Size 4,32,53,695

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