Ideaforge Technology Ltd

Order details

• Awarding entity: Orders from Civil Customers (domestic).
• Nature: sale of multicopter UAVs with mapping, aerial survey and surveillance, plus accessories and training.
• Total value: ₹23.62 crore (all inclusive).
• Domestic: yes (domestic orders).
• Time period: Up to 6 months.
• Promoter/group interest: none; not a related party transaction.

ideaForge Technology Limited closes trading window from October 01, 2026 until 48 hours after the declaration of unaudited financial results for the quarter and half year ended September 30, 2026.

Share Allotment under ESOP 2018

• Executive committee approved allotment of 8,826 equity shares on Sep 22, 2026.
• Par value Rs 10 per share and rank pari-passu with existing shares.
• Paid-up capital increases to Rs 49,71,73,320 from Rs 49,70,85,060.
• Total issued shares after issue: 4,97,17,332.
• ISIN: INE349Y01013.
• Exercise price per share: Rs 10.

Meeting Details

• Date and time: 22 September 2026, 03:00 pm onwards.
• Nature and place: Group meeting in Mumbai.

Participants

• Company officials (management representatives) to participate.

Purpose

• Discussions on publicly available information; no UPSI intended.

Financial Performance

• Revenue from operations: INR 68.6 crores in Q1 FY27.
• Gross profit: INR 33.6 crores; gross margin 49%.
• EBITDA: INR 4.3 crores; PAT: negative INR 2.6 crores.
• Opening order book: more than INR 300 crores.
• Order book (as of 30 Jun 2026): INR 256.8 crores; delivery by Q3.
• Deployed fleet crossed 1 million customer missions.
• Patents filed: 112.

Order Book & Execution

• FY27 opening order book > INR 300 crores; convert to revenue.
• Plan to deliver remaining INR 256.8 crores by Q3 per customer timelines.
• Run-rate/dependent revenue expected in non-order-book periods.
• RFPs and FTP opportunities at various approval stages within armed forces.

Market & International Growth

• US: JV operationalizing; Blue SUAS certification work in progress.
• Exports: partnerships in Europe and Middle East; live opportunities in South America and Africa.
• US market: programs run into tens of thousands of crores; one live program around USD 30 million.

Technology & Production Progress

• DGCA Type Certification: six UAV platforms certified; Q6 V2 GEO approved.
• YETI: first technical demonstrator tethered hover test completed; second in design.
• FLYGHT CLOUD: automated video summaries, AI event annotation, workflow automation.
• EW resilience: GNSS-denied navigation improvements.

Guidance & Outlook

• Blended gross margin to hover between 50% and 55% for the year.
• Deliver remaining order book of INR 256.8 crores by Q3.
• Capex: none beyond regular product development; current capacity is single shift; potential to 3 shifts.
• Non-order-book run-rate revenues expected in Q3/Q4; defence procurement momentum noted.

Q&A Highlights

• US market Q&A: JV progress; Blue SUAS approvals underway.
• RFI for 2,715 logistics drones under evaluation; YETI altitude and payload discussed.
• Inorganic growth: open to right-fit partnerships; no specific target.
• Moat: focus on non-commoditized hardware and autonomy; in-house capability build.
• Indigenization: 20-22% imported; 60-65% international content.

Risks & Watchpoints

• Supply chain pressure on thermal cameras and electronics; potential timeline shifts.
• Geopolitical tensions may affect procurement cycles and timelines.
• FTP opportunities depend on approvals; RFP cycles in H2 could impact timing.

Meeting Details

• Date and time: August 11, 2026, 11:00 IST.
• Event: earnings conference call (group) hosted by ideaForge Technology Limited.

Participants

• Key participant: Company Secretary & Compliance Officer.

Purpose

• Discuss unaudited financial results for quarter ended June 30, 2026.

Additional Notes

• Audio recording of the call is available on the company website.

Financial performance

• Revenue ₹68.6 crore for Q1 FY27.
• Gross profit ₹33.6 crore; gross margin 49%.
• EBITDA ₹4.3 crore; EBITDA margin 6.2%.
• PAT after tax ₹-2.6 crore; PAT margin -3.8%.
• Over 20% of FY27 opening order book executed.
• FY27 opening order book about ₹300+ crore; delivery by Q3 targeted.

Strategic and regulatory developments

• Completed ₹500 crore QIP with strong investor participation.
• DGCA Type Certification secured for Q6 V2 GEO UAV.
• LoI from Government of India under RDI for up to ₹151 crore.
• RDI funding to develop YETI middle-mile logistics platform.
• Indigenous UAV fleet crossed one million customer flights.
• Higher defence procurement limits under DFPDS 2026 may accelerate Q3/Q4 activity.

Business Overview

• Indigenous UAV developer delivering end-to-end drone platforms for defense and civilian use.
• Key platforms include ZOLT, YETI, Q6 V2 GEO, with EW resilience and FLYGHT CLOUD.
• DGCA Type Certification for Q6 V2 GEO expands GIS applications.
• QIP raised Rs 5,000 Mn; Rs 1,510 Mn GoI RDI funding secured.
• One million cumulative UAV missions across customers demonstrates trust.
• Strategic focus on MoD opportunities via indigenous tech and full-stack solutions.

Key Operational Highlights

• 20%+ of FY27 opening order book completed.
• Revenue INR 686 Mn; EBITDA INR 43 Mn (approx).
• ZOLT moved to series production for open MoD orders.
• DGCA certification enables broader GIS uses for Q6 V2 GEO.
• Combat capabilities progress: long-range attack and loitering munitions.
• YETI funding INR 1,510 Mn under GoI RDI Scheme.
• QIP raised INR 5,000 Mn.
• MoD procurement tailwinds with Fast Track Plan and DAC approvals.
• One million UAV missions completed.

Financial Performance

• Revenue from operations: INR 685.9 Mn; YoY growth 436.7%.
• Gross profit: INR 336.2 Mn; gross margin 49.0%.
• EBITDA: INR 42.8 Mn; EBITDA margin 6.2%.
• PBT: INR -119.6 Mn; PAT: INR -25.9 Mn.
• QoQ revenue fell 51.4% to INR 1,410.4 Mn in Q4 FY26.
• Gross margin declined YoY from 61.7% to 49.0%.

Capital Structure & Liquidity

• QIP raised Rs 5,000 Mn.
• GoI RDI funding secured for Rs 1,510 Mn.

Strategic Priorities & Outlook

• Own critical technology and deliver end-to-end drone solutions.
• Capitalize on Indian MoD opportunities; leverage Fast Track Procurement and DAC approvals.
• Invest in R&D and manufacturing with QIP and RDI funding.
• DGCA Q6 V2 GEO certification expands addressable markets.

Risks & Mitigation

• Geopolitical supply-chain disruptions; mitigated by diversified suppliers and in-house manufacturing.
• Defence procurement cycles remain volatile; mitigated by MoD pipeline and indigenization.

Governance & Leadership

• CEO: Ankit Mehta; CFO: Vipul Joshi.
• Board includes independent directors; company secretary: Nilesh Jaywant.

Financials & Board action

• Board approved unaudited standalone and consolidated results for quarter ended 30 June 2026.
• Limited Review Report by B S R & Co. LLP attached.
• Revenue from operations for quarter ended 30 June 2026: 684.11 INR million.

Share allotment & structure

• 1,20,361 equity shares allotted on exercise of stock options.
• Single operating segment under Ind AS 108.
• Use of funds: gap investment in product development and general corporate purposes.