Ideaforge Technology Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹3,123 Cr
- P/E
- 794.74
- ROE
- -3.34%
- Price to sales
- 11.08
- Debt to equity
- 0.14
- 52W high / low
- ₹965 / ₹372
- Sales growth (5Y)
- 45.46%
- EBITDA margin
- 9.30%
- Net profit margin
- -8.92%
- Promoter holding
- 25.25%
- Sales (last year)
- ₹282 Cr
Incorporated in 2007, ideaForge Technology Limited is engaged in the business of manufacturing Unmanned Aircraft Systems (UAS).[1]
Guidance scorecard · Q1 FY27 call
What Ideaforge Technology Ltd's management guided
and where it ranks in Aerospace & Defense
RevenueQ4 FY26 call
10–20%- FY27 begins with a strong order book of approximately INR 310 crores, expected to be executed mostly within the year.
- The revenue for FY27 is indicated to be strong, driven by conversion of existing orders and ongoing run rate business opportunities.
- Company is pursuing large-scale capital procurement opportunities, with some tenders approved but yet to be tendered, indicating potential future order inflows.
- Emphasis on expanding civil, enterprise software-led, and international markets via platforms, drone-as-a-service, analytics, and partnerships.
- Market opportunity is expanding due to government prioritization of advanced tactical drone and drone defense procurement.
- Order inflows may remain lumpy quarterly but show a positive trend overall.
2 more points from Ideaforge Technology Ltd's call on revenue
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MarginsQ4 FY26 call
FlatSee what Ideaforge Technology Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- The company is continuing technology investments to maintain and strengthen margin control and business growth.
- Focused investments are on differentiated capabilities such as EW resilience, multi-UAV autonomy, AI, secure communications, GNSS denied navigation, payload flexibility, and next-gen platforms including combat UAVs.
- Capital investments will blend in-house capability development with strategic partnerships to augment technology.
2 more points from Ideaforge Technology Ltd's call on capex
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FundraisingQ4 FY26 call
See what Ideaforge Technology Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Rising- The opening order book for FY27 is approximately INR 310 crores.
- This order book is slated to be executed within FY27, primarily within the first 3 quarters.
- The company converted about 40% of the open order book in Q4 FY26.
- FY26 saw the highest-ever annual orders of around INR 530 crores across defense and civil customers.
- There are ongoing opportunities in run-rate business segments and large capital procurement tenders, some of which are in advanced stages or under tendering process.
2 more points from Ideaforge Technology Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Aerospace & Defense
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Aerospace & Defense companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹5,744 Cr | 216.9 | |
| 2 | 40%+ | Up 0–2% | ₹1,197 Cr | 55.6 | |
| 3 | 40%+ | Flat | ₹17,585 Cr | — | |
| 4 | 40%+ | Flat | ₹15,942 Cr | 131.4 | |
| 5 | 40%+ | Flat | ₹9,001 Cr | 274.4 | |
| 6 | 40%+ | Flat | ₹8,041 Cr | 111.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Aerospace & Defense rankingIdeaforge Technology Ltd announcements
All announcements →- OtherNotable· Adverse for the businessideaForge gets GST order for INR 545.86 Million tax plus equal penalty
Financials of Ideaforge Technology Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Ideaforge Technology Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 39 | 97 | 24 | 91 | 102 | 86 | 37 | 18 | 20 | 13 | 41 | 32 | 141 |
| Expenses + | 37 | 69 | 32 | 71 | 87 | 84 | 53 | 35 | 42 | 32 | 52 | 58 | 79 |
| Operating Profit | 1 | 28 | -8 | 20 | 15 | 2 | -16 | -17 | -22 | -19 | -11 | -27 | 62 |
| OPM % | 3% | 29% | -33% | 22% | 15% | 3% | -43% | -99% | -108% | -149% | -28% | -84% | 44% |
| Other Income + | 4 | 4 | 15 | 7 | 5 | 6 | 6 | 5 | 4 | 4 | 3 | 3 | 12 |
| Interest | 3 | 2 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 2 |
| Depreciation | 3 | 5 | 5 | 6 | 6 | 7 | 7 | 7 | 8 | 10 | 11 | 11 | 12 |
| Profit before tax | -0 | 25 | 1 | 20 | 14 | 2 | -18 | -20 | -26 | -25 | -19 | -36 | 61 |
| Tax % | 1,029% | 25% | 33% | 27% | 27% | 25% | -24% | 18% | 0% | -7% | 1% | -6% | 1% |
| Net Profit + | -5 | 19 | 1 | 15 | 10 | 1 | -14 | -24 | -26 | -24 | -20 | -34 | 60 |
| EPS in Rs | -2.54 | 4.95 | 0.21 | 3.45 | 2.41 | 0.27 | -3.19 | -5.58 | -5.97 | -5.45 | -4.54 | -7.83 | 13.86 |
Financials of Ideaforge Technology Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales + | 14 | 35 | 159 | 186 | 314 | 161 | 226 |
| Expenses + | 26 | 45 | 85 | 138 | 257 | 213 | 221 |
| Operating Profit | -12 | -11 | 75 | 48 | 57 | -52 | 5 |
| OPM % | -88% | -31% | 47% | 26% | 18% | -32% | 2% |
| Other Income + | 2 | 2 | 2 | 10 | 30 | 21 | 22 |
| Interest | 1 | 2 | 19 | 6 | 5 | 2 | 4 |
| Depreciation | 3 | 4 | 7 | 12 | 21 | 29 | 43 |
| Profit before tax | -13 | -14 | 50 | 41 | 61 | -62 | -20 |
| Tax % | 0% | 1% | 12% | 22% | 26% | -0% | -15% |
| Net Profit + | -13 | -15 | 44 | 32 | 45 | -62 | -17 |
| EPS in Rs | -1,499.44 | -1,625.56 | 4,862.98 | 14.99 | 10.56 | -14.46 | -3.94 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Ideaforge Technology Ltd
Balance Sheet
Capital structure and asset base
| 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 | 247 |
| CWIP | 17 | 14 | 19 | 25 | 54 | 100 | 0 |
| 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 |
Financials of Ideaforge Technology Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -16 | -31 | 67 | -53 | 76 | -77 | -63 |
| Cash from Investing Activity + | 5 | -7 | -31 | -149 | -102 | -68 | 15 |
| Cash from Financing Activity + | 1 | 43 | -11 | 176 | 189 | -8 | 61 |
| Net Cash Flow | -11 | 5 | 25 | -26 | 164 | -152 | 13 |
| Free Cash Flow | -26 | -40 | 53 | -86 | 9 | -164 | -152 |
| CFO/OP | 130% | 291% | 99% | -97% | 171% | 144% | -1,322% |
Financials of Ideaforge Technology Ltd
Ratios
Working capital efficiency and return ratios
| 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 | 550 |
| Days Payable | 40 | 91 | 66 | 85 | 36 | 29 | 157 |
| Cash Conversion Cycle | 756 | 609 | 413 | 667 | 237 | 410 | 597 |
| Working Capital Days | 723 | 452 | 116 | 203 | 203 | 403 | 419 |
| ROCE % | -14% | 48% | 15% | 11% | -10% | -2% |
Guidance history
How Ideaforge Technology Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 10–20% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
29 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +29.2% | 79% |
| Last 6 months | +3.2% | 60% |
| Last 3 months | −28.2% | 8% |
The price is 51.5% below its all-time high of ₹1,294.95 (7 Jul 2023). Stocks more than 20% below their peak have their score halved, so 57 became 29.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Ideaforge Technology Ltd: 0.4 × 79 + 0.4 × 60 + 0.2 × 8 = 57, halved to 29 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Ideaforge Technology Ltd's management said in earlier quarters
- Q4 FY25 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q2 FY26 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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