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Ideaforge Technology

IDEAFORGE NSE
₹713.30 +51.65 (+7.81%)
P/E
801.46
View as Markdown
MCP
Close 4 Nov 2026 ₹713.30 +258.80 +56.9% 1Y
Start ₹454.50

Key Fundamentals

MicrocapAerospace & DefenseCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
−2.81%
Debt to Equity
0.14
EPS (TTM)
₹0.89
Book Value
₹220.24
Market Cap
—
P/E (TTM)
801.46
P/B
3.24
ROE
−3.34%
Dividend Yield
0.00%
EBITDA
₹27.10 Cr
52W High
₹992.25
52W Low
₹366.00
Day Range
₹652.15 – ₹718.90
Volume
7,93,356

Peer Comparison

Industrials › Aerospace & Defense › Engineering › Aerospace & Defense

Ideaforge Technology peer comparison
Hindustan Aeronautics
₹5,079.1036.44₹3,35,230 Cr8.280.91%24.00%32.00%₹33,785 Cr₹9,322 Cr
Bharat Electronics
₹398.0045.49₹2,84,935 Cr11.080.66%27.40%36.40%₹30,253 Cr₹6,401 Cr
Bharat Dynamics
₹1,075.0075.65₹37,987 Cr9.290.48%10.20%13.90%₹2,766 Cr₹521 Cr
Garden Reach Shipbuilders
₹2,143.4030.66₹24,395 Cr9.350.92%31.60%42.80%₹7,507 Cr₹801 Cr
Data Patterns
₹4,078.0085.21₹22,179 Cr13.150.25%15.20%21.90%₹941 Cr₹267 Cr
Sigma Advanced System
₹938.70103.38₹17,375 Cr18.900.00%−4.03%11.70%₹861 Cr₹166 Cr
Aequs
₹219.59—₹14,236 Cr10.570.00%−9.96%1.69%₹1,370 Cr−₹171 Cr
Ideaforge Technology (this company)
₹713.30801.46₹3,439 Cr3.240.00%−3.34%−2.81%₹282 Cr₹4 Cr
Median 8 companies₹1,006.8575.65₹23,287 Cr9.960.37%12.70%17.90%₹2,068 Cr₹394 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest 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, as of . How it works →

Overall score

39 Weak

Data confidence 100/100

Category scores

Quality
15
Poor
Returns, margins, earnings quality 22% weight
Valuation
19
Poor
Cheap vs sector & own history 24% weight
Growth
99
Strong
Sales & profit trajectory 9% weight
Financial Health
68
Strong
Solvency, leverage, coverage 9% weight
Momentum
37
Weak
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

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

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish667
OscillatorsBearish261
Moving AveragesStrong Bullish406

Key readings

RSI (14)
52.33
Neutral
MACD (12,26,9)
−17.80
Bullish
SMA (50)
727.20
Bearish
SMA (200)
670.67
Bullish

As of

Analyst Rating

Based on 1 analysts
BUY100%

1 of 1 analyst rates Buy, 0 Hold, 0 Sell.

As of

BUY
1
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+45.21%
3Y+6.71%
1Y+40.37%
TTM+221.12%

Net profit

Net profit growth by window
5YLoss widened by ₹2 Cr
3YTurned to loss
1YLoss narrowed by ₹45 Cr
TTMTurned to profit

Operating cash flow

Operating cash flow growth by window
5YOutflow widened by ₹32 Cr
3YOutflow widened by ₹10 Cr
1YOutflow narrowed by ₹14 Cr
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+34.08 pp
3Y−23.16 pp
1Y+34.95 pp
TTM+93.84 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2020₹14.00 Cr
Mar 2021₹35.00 Cr
Mar 2022₹159 Cr
Mar 2023₹186 Cr
Mar 2024₹314 Cr
Mar 2025₹161 Cr
Mar 2026₹226 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2020−₹13.00 Cr
Mar 2021−₹15.00 Cr
Mar 2022₹44.00 Cr
Mar 2023₹32.00 Cr
Mar 2024₹45.00 Cr
Mar 2025−₹62.00 Cr
Mar 2026−₹17.00 Cr

Analyst Forecasts

Forecast For
FY28 consensus · EBITDA
₹35.30 Cr
Reported High Mean Low

Analyst consensus here uses a different definition from reported ebitda (they differ 1.7× on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
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

121d ago

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.

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.

Quarterly Results

₹ Cr
IDEAFORGE quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
91.29
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
74.33
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
16.96
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%
18.58%
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
6.27
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
1.04
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
14.75
PBT
25.07
1.33
20.15
14.14
1.57
−18
−20.28
−25.7
−25.29
−19.46
−35.93
60.74
−11.96
7.44
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%
13.31%
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
6.46
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
—

Sep 2026: from the results filed on 2 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
IDEAFORGE profit and loss, annual, ₹ crore
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 (₹)
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
14.99
10.56
−14.46
−3.94
0.89
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
IDEAFORGE balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
IDEAFORGE cash flow, annual, ₹ crore
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

Ratios

IDEAFORGE financial ratios, annual
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

Log in to view Ideaforge Technology insights

62 extracted metrics across FY20–FY27.

Shareholding Pattern

As of Sep 2026

  • Public 32.51%
  • Promoters 25.25%
  • Others 21.39%
  • DIIs 13.58%
  • FIIs 7.27%

5.18% of promoter holding pledged as of Sep 2026

Change vs previous quarter

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).
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 PE ratio of Ideaforge Technology Ltd?
Ideaforge Technology Ltd trades at a PE ratio of 801.46 as of 4 Nov 2026, on earnings per share of ₹0.89, against a book value of ₹220.24 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 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Ideaforge Technology Ltd?
Ideaforge Technology Ltd reported a return on equity of -3.34%. 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).

Website ideaforgetech.com
CEO Mr. Ankit Mehta
Employees 513
Listed 7 Jul 2023
Face Value ₹10

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