Aerospace & Defence company ideaForge Technology announced Q1FY27 results Standalone Financial Highlights: Total Income: For Q1FY27, the company reported a total income of Rs 702.86 million, representing a significant increase of 322.54% YoY compared to Rs 166.34 million in Q1FY26, but a decrease of 54.13% QoQ from Rs 1,532.17 million in Q4FY26. Revenue from Operations: Revenue in Q1FY27 stood at Rs 684.17 million, showing a growth of 435.34% YoY from Rs 127.80 million in Q1FY26, while declining by 51.43% QoQ from Rs 1,408.55 million in Q4FY26. Profit/(Loss) before Tax: The company recorded a loss before tax of Rs (116.82) million in Q1FY27. This compares to a loss of Rs (227.84) million in Q1FY26 and a profit of Rs 617.31 million in Q4FY26. Net Profit/(Loss): Net loss for Q1FY27 was Rs (23.07) million, narrowing from a loss of Rs (217.82) million in Q1FY26. The company had reported a net profit of Rs 604.23 million in Q4FY26. Earnings Per Share (EPS): Basic EPS for Q1FY27 was Rs (0.53), compared to Rs (4.99) in Q1FY26 and Rs 13.82 in Q4FY26. Consolidated Financial Highlights: Total Income: Consolidated total income for Q1FY27 was Rs 705.40 million, an increase of 321.94% YoY from Rs 167.18 million in Q1FY26, and a decrease of 54.04% QoQ from Rs 1,534.93 million in Q4FY26. Revenue from Operations: Revenue for Q1FY27 reached Rs 685.88 million, up from Rs 127.80 million in Q1FY26 and down from Rs 1,410.43 million in Q4FY26. Profit/(Loss) before Tax: Consolidated loss before tax for Q1FY27 stood at Rs (119.64) million, as against a loss of Rs (252.91) million in Q1FY26 and a profit of Rs 607.46 million in Q4FY26. Net Profit/(Loss): Consolidated net loss for Q1FY27 was Rs (25.89) million, compared to a loss of Rs (235.56) million in Q1FY26 and a profit of Rs 599.93 million in Q4FY26. Earnings Per Share (EPS): Basic consolidated EPS for Q1FY27 was Rs (0.59), compared to Rs (5.40) in Q1FY26 and Rs 13.72 in Q4FY26. Business Highlights: Capital Raising: On July 10, 2026, the company raised approximately Rs 5,000 million through a 'Qualified Institutional Placement' (QIP) by allotting 6,289,308 equity shares at a price of Rs 795 per share. The funds are intended for repayment of borrowings, funding working capital gaps, and general corporate purposes. Stock Options: During the quarter, the company granted 15,027 new stock options to employees and allotted 1,20,361 equity shares following the exercise of stock grants under the ESOS. Accounting Changes: The company changed its depreciation method for property, plant, and equipment from written down value (WDV) to the straight-line method (SLM). This change resulted in a lower depreciation charge for the quarter by Rs 5.18 million. Tax Adjustments: The company reviewed its tax provisions and reversed an excess provision of Rs 60.43 million relating to past years where assessments have been completed. Ankit Mehta, Co- Founder & CEO, ideaForge Technology, said: “Q1 FY27 marked a steady start to the year, supported by continued execution and advancement across key strategic developmental programs. We entered FY27 with an order book of ?300-plus crore, giving us a stronger starting point than we had a year earlier, and we are working towards fulfilling delivery commitments that are aligned with customers' timelines. At ideaForge, our strategy has always been to own the consequential technologies that matter the most, while delivering complete solutions to our customers. Our continued progress across resilient communication and navigation, autonomy, edge AI, software platforms, logistics UAVs, and combat drone technologies reinforces this approach and strengthens our ability to address evolving customer requirements across defence and enterprise applications. Moreover, we have made good progress in our development efforts of combat drone capabilities such as air-launched effects and fuel-hybrid long-endurance capability for ZOLT. We are also actively developing long-range strike platforms, loitering munitions, and other capabilities through in-house and collaborative developments. With these new capabilities and our in-house strength around communication infrastructure for collaborative autonomy (multi-UAV operations under EW environments), we would be targeting to participate in the upcoming large opportunities from Indian defence forces. On order book visibility for FY27, the higher operational procurement limits for field commanders of Indian Defence Forces under DFPDS 2026 would accelerate procurement activities in Q3 and Q4, and we continue to see regular cycles on the civil side of the business that lean towards Q3 and Q4. The public reports of large defence procurement of about Rs 20,000 crore through the Fast Track Procurement approach have started to see the light of the day, with one opportunity already in the RFP stage and several others in various stages of the approval pipeline.” Result PDF
Aerospace & Defence company ideaForge Technology announced Q4FY26 & FY26 results Revenue from Operations: For Q4FY26, the company reported its highest-ever quarterly revenue of Rs 141.00 crore, a significant YoY increase of 594.58% compared to Rs 20.30 crore in Q4FY25 and a QoQ growth of 347.62% from Rs 31.50 crore in Q3FY26. For FY26, revenue stood at Rs 226.10 crore, an increase of 40.26% from Rs 161.20 crore in FY25. EBITDA: Q4FY26 EBITDA was Rs 74.20 crore, representing a sharp turnaround compared to a loss of Rs 17.40 crore in Q4FY25 and a loss of Rs 23.90 crore in Q3FY26. For FY26, the company achieved a positive EBITDA of Rs 27.10 crore, compared to an EBITDA loss of Rs 31.50 crore in FY25. Profit After Tax (PAT): Q4FY26 PAT stood at Rs 60.00 crore, marking a turnaround from a net loss of Rs 25.70 crore in Q4FY25 and a loss of Rs 33.90 crore in Q3FY26. For FY26, the company narrowed its net loss to Rs 17.00 crore, compared to a loss of Rs 62.30 crore in FY25. Margins: EBITDA margin for Q4FY26 reached 52.6%, while the PAT margin stood at 42.5%. FY26 EBITDA margin was 12.0%. Business Highlights Order Book and Inflows: The company recorded its highest-ever annual order bookings in FY26 with a total order inflow of approximately Rs 530.00 crore from both defence and civil customers. Order Execution: ideaForge executed 40% of its open order book in March, demonstrating resilience despite global supply-chain challenges. This included the delivery and acceptance of new Electronic Warfare (EW) resilient systems. Strategic Expansion: The company is expanding beyond Intelligence, Surveillance, and Reconnaissance (ISR) and is actively developing combat drones, including long-range strike platforms, loitering munitions, and kamikazes. International Footprint: The company received its first purchase order in the United States from the Lamar Consolidated Independent School District Police Department in Texas. Became the first Indian drone company to train NATO forces at the United States National Test Pilot School. Demonstrated products to the United States Department of Defense (DoD) in extreme cold weather conditions in Alaska. Global Partnerships: Signed a strategic MoU with Digital Media Professionals Inc. (DMP) to expand business in Japan and develop next-generation AI drones. Operational Scale: The deployed fleet completed over 2,50,000+ end-customer flights in FY26, with over 9,50,000 cumulative successful flights to date. Segment Performance: The non-defence business witnessed strong momentum in sectors such as public safety, security and governance, emergency response, natural resource monitoring, and infrastructure surveillance. Market Position: ideaForge is ranked 3rd globally among the world’s Top Dual-Use Drone Manufacturers by Drone Industry Insights (DRONEII) Global Drone Review 2024. The company’s technology supports a cumulative disbursement of over Rs 45 billion+ in loans. Ankit Mehta, Co- Founder & CEO, ideaForge Technology, said: “FY26 has been a turnaround year for ideaForge, and Q4 has started to crystallize what we set out to build. The continued momentum helped us to book our largest quantum of orders for the year. This is a testament to the deepening trust our customers place in our technology. While the improved demand was driven by market conditions, our long-term investments in deep R&D; and our persistent philosophy of prioritising technology development over short-term trends have helped us capitalize on the opportunity. Our order execution in Q4 was in line with what we indicated in the last quarter, achieving our highest quarterly revenue ever, despite the major supply chain crisis owing to the recent geopolitical events. This achievement underscores the right sizing and resilience we have built across the value chain, from engineering to supply chain to manufacturing. Deliveries of our EW resilient systems after extensive end-user testing marked a clear shift from being a developmental and demonstrable feature to a deployed and inducted capability. Q4 & FY26 also mark a turnaround towards profitable growth – as indicated earlier, we closed Q4 with positive PAT and FY26 with positive EBITDA and have demonstrated that scale and financial discipline can go hand in hand. Drones are increasingly playing a vital role in offensive operations, and we are actively developing combat drones for long-range attack, loitering munitions, kamikaze, etc., and are prepared to participate in the upcoming wave of opportunities. With a full-stack indigenous and secure technology platform, large-scale deployment, and deep customer trust, we enter FY27 with a focus and commitment to create long-term value for all our stakeholders.” Result PDF
Conference Call with ideaForge Technology Management and Analysts on Q4FY26 & Full Year Performance and Outlook. Listen to the full earnings transcript.
Aerospace & Defence company ideaForge Technology announced Q3FY26 results Revenue: Rs 315.4 million against Rs 176.1 million during Q3FY25, change 79%. EBITDA: Rs -239.1 million against Rs -125.8 million during Q3FY25, change -90%. EBITDA Margin: -75.8% for Q3FY26. PAT: Rs -338.5 million against Rs -240.2 million during Q3FY25, change -41%. PAT Margin: -107.3% for Q3FY26. Ankit Mehta, Co- Founder & CEO, ideaForge, said: “FY26 has been a defining year for ideaForge so far. We’ve booked the highest quantum of ordersin our two-decade journey so far this year, with a sizable chunk coming in Q3 alone. Our priority now is crisp execution: we expect to deliver ~40–45% of the open orders in Q4FY26 and close FY26 with improved gross margins and turn profitable. Drones have become a critical element of counter-insurgency and counter-terrorism operations, and recent global conflicts have reinforced the need for nations to build strong indigenous capabilities. For India, this shift became especially evident post Operation Sindoor, with a clear acceleration in procurement through initiatives such as EP6 and decentralised command-level purchases. The recent reports of a fresh procurement outlay of approximately INR 20,000 crore signal a strong, multi-year demand tailwind for the domestic drone industry. With indigenously developed platforms, subsystems, and full-stack technology, we are gearing up to meet evolving requirements by expanding beyond ISR and reinforcing leadership in India’s drone ecosystem. Further, the reports of PLI 2.0 and R&D; incentives for drones also provide positive signs for the industry.” Result PDF
Aerospace & Defence company ideaForge Technology announced Q2FY26 results Revenues: Rs 407.6 million compared to Rs 371.0 million during Q2FY25. EBITDA: Rs -79.9 million compared to Rs -99.9 million during Q2FY25. EBITDA Margin: -19.6% for Q2FY26. PAT: Rs -196.2 million compared to Rs -137.3 million during Q2FY25. Ankit Mehta, CEO said: “ideaForge has been built with grit and our perseverance. The consistent investment in innovation of substance has paid off so far in our journey. While H1FY26 has seen the reemergence of the demand signals after a muted FY25 for the Indian drone industry, it is our investment in next-gen platforms, new categories and GPS & comms. resilience that is paying off for us. The Armed Forces’ renewed emphasis on resilient UAV procurement and Emergency Procurement Cycle 6 (EP-6) allocations from the MoD continue to be a strong tailwind for the industry and India’s defence sector. In Q2, we stayed anchored on preparation and delivery to fulfill our EP-5 order while participating in EP-6 opportunities. The results have already begun to show, and more will trickle down soon. In addition to these immediate procurement initiatives, the introduction of the Defence Procurement Manual (DPM) 2025 is evidence that the government is also bringing in long-term structural changes in the defence procurement that will help advance the mission of ‘Raksha Atmanirbharta’ (Selfreliance in defence production). On the global front, our efforts to build on the work we have done so far continued in Q2. Our SWITCH and Q6 platforms now carry NATO Stock Numbers (NSN), reemphasising our standing as a credible player in the cutting-edge UAV technology. And our partnership with First Breach Inc. to manufacture and distribute drones in the US through a Joint Venture strengthens our presence in the US.” Result PDF