Ideaforge Technology
Ideaforge Technology (IDEAFORGE) share price was ₹678.80 at the 28 Oct 2026 close; market capitalisation ₹3,374 Cr; P/E (TTM) 762.70; sector Aerospace & Defense. The share price rose 38.7% over the year to 28 Oct 2026 (adjusted for splits and bonuses). In the Jun 2026 quarter, revenue rose 436.7% year on year to ₹68.59 Cr and net profit was −₹2.59 Cr, against −₹23.56 Cr a year earlier (compared with Jun 2025). Promoters held 25.25% of Ideaforge Technology in Sep 2026, down 3.71 percentage points from Jun 2026. Its Tapetide Score is 42/100 (Weak) as of 28 Oct 2026.
Key Fundamentals
MicrocapAerospace & DefenseCapital GoodsPrice-based figures as of 28 Oct 2026, 15:59 IST · EPS basis: Consolidated · TTM
Peer Comparison
Industrials › Aerospace & Defense › Engineering › Aerospace & Defense
| ₹4,850.00 | 34.80 | 3,24,356 Cr | 7.90 | 0.93% | 22.21% | 13.80% | 37,682 Cr | 9,322 Cr | |
| ₹363.35 | 43.26 | 2,65,601 Cr | 11.07 | 0.68% | 25.09% | 31.88% | 29,290 Cr | 6,148 Cr | |
| ₹992.50 | 69.85 | 36,381 Cr | 8.58 | 0.49% | 9.91% | 7.22% | 3,207 Cr | 521 Cr | |
| ₹3,985.00 | 83.26 | 22,310 Cr | 12.85 | 0.24% | 3.53% | 11.06% | 966 Cr | 267 Cr | |
| ₹1,897.60 | 27.15 | 21,737 Cr | 8.28 | 1.02% | 28.48% | 36.76% | 7,808 Cr | 801 Cr | |
| ₹904.30 | 99.59 | 17,136 Cr | 18.21 | 0.00% | 57.22% | 53.16% | 974 Cr | 166 Cr | |
| ₹211.95 | — | 14,215 Cr | 9.56 | 0.00% | -7.63% | 1.11% | 1,453 Cr | -171 Cr | |
| Ideaforge Technology (this company) | ₹678.80 | 762.70 | 3,374 Cr | 0.75 | 0.00% | -2.84% | -2.60% | 302 Cr | 4 Cr |
| Median 8 companies | ₹948.40 | 69.85 | 22,024 Cr | 9.07 | 0.37% | 16.06% | 12.43% | 2,330 Cr | 394 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100. How it works →
v2.0.0
Category scores
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
7- Stock is trading at 4.83 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.
Technical Indicators
Oscillators
Neutral
Overall
Bearish
Moving Averages
Bearish
1 of 1 analyst rates Buy, 0 Hold, 0 Sell.
Updated 28 Oct 2026
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year Operating margin 3.4% · Jun 2026
AI Analysis — Bull vs Bear
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.
- 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
- 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
- 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.
Analyst Forecasts
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 (₹) | 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 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| 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 (₹) | -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% | — |
Balance Sheet
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY20–FY27.
Documents
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Company Information
Incorporated in 2007, ideaForge Technology Limited is engaged in the business of manufacturing Unmanned Aircraft Systems (UAS).[1]
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