Ideaforge Technology Ltd
Incorporated in 2007, ideaForge Technology Limited is engaged in the business of manufacturing Unmanned Aircraft Systems (UAS).[1]
- Market Cap ₹ 1,987 Cr.
- Current Price ₹ 460
- High / Low ₹ 760 / 301
- Stock P/E
- Book Value ₹ 144
- Dividend Yield 0.00 %
- ROCE -8.06 %
- ROE -8.45 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
Cons
- Stock is trading at 3.18 times its book value
- Company has low interest coverage ratio.
- Promoter holding is low: 29.1%
- Company has a low return on equity of 1.62% over last 3 years.
- Debtor days have increased from 99.6 to 131 days.
- Working capital days have increased from 266 days to 392 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Aerospace & Defense Aerospace & Defense
Part of BSE SmallCap BSE Allcap BSE Industrials
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|
18 | 14 | 35 | 159 | 186 | 317 | 166 | 92 | |
27 | 27 | 46 | 85 | 138 | 257 | 208 | 155 | |
Operating Profit | -9 | -13 | -11 | 75 | 48 | 60 | -42 | -63 |
OPM % | -49% | -93% | -32% | 47% | 26% | 19% | -25% | -68% |
4 | 2 | 1 | 2 | 10 | 30 | 21 | 19 | |
Interest | 1 | 0 | 1 | 19 | 6 | 5 | 2 | 2 |
Depreciation | 3 | 2 | 3 | 7 | 12 | 21 | 29 | 32 |
Profit before tax | -9 | -14 | -14 | 50 | 41 | 65 | -52 | -78 |
Tax % | 10% | 0% | 0% | 12% | 22% | 26% | -2% | |
-10 | -14 | -14 | 44 | 32 | 48 | -51 | -75 | |
EPS in Rs | -1,160.27 | -1,509.48 | -1,587.78 | 4,862.98 | 14.99 | 11.16 | -11.92 | -17.42 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 64% |
3 Years: | 1% |
TTM: | -70% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | % |
TTM: | -346% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | % |
1 Year: | -39% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 3% |
3 Years: | 2% |
Last Year: | -8% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|
Equity Capital | 0.13 | 0.09 | 0.10 | 0.09 | 21 | 43 | 43 |
Reserves | 81 | 68 | 60 | 163 | 303 | 620 | 579 |
3 | 5 | 65 | 16 | 101 | 14 | 16 | |
6 | 5 | 13 | 43 | 63 | 68 | 46 | |
Total Liabilities | 90 | 79 | 139 | 222 | 488 | 746 | 685 |
4 | 0 | 0 | 26 | 49 | 67 | 97 | |
CWIP | 9 | 0 | 0 | 19 | 25 | 54 | 100 |
Investments | 24 | 12 | 0 | 11 | 125 | 95 | 137 |
53 | 67 | 124 | 166 | 289 | 530 | 352 | |
Total Assets | 90 | 79 | 124 | 222 | 488 | 746 | 685 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|
-13 | -17 | -31 | 67 | -53 | 77 | -66 | |
21 | 5 | -7 | -31 | -149 | -108 | -78 | |
-6 | 2 | 43 | -11 | 176 | 189 | -8 | |
Net Cash Flow | 2 | -11 | 5 | 25 | -26 | 158 | -151 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|
Debtor Days | 177 | 270 | 246 | 46 | 113 | 55 | 131 |
Inventory Days | 482 | 461 | 376 | 428 | 639 | 218 | 294 |
Days Payable | 93 | 35 | 76 | 65 | 85 | 35 | 25 |
Cash Conversion Cycle | 565 | 696 | 545 | 409 | 667 | 238 | 400 |
Working Capital Days | 320 | 606 | 521 | 116 | 203 | 203 | 392 |
ROCE % | -17% | -13% | 45% | 15% | 12% | -8% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
2d - Transcript of the Earning Call for the quarter ended June 30, 2025 of ideaForge Technology Limited.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
23 Jul - Audio recording of Q1 FY26 earnings call available on company's website.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
22 Jul - No deviation in IPO fund utilization for quarter ended June 30, 2025, confirmed by monitoring agency.
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Statement Of Deviation And Variation For The Quarter Ended June 30, 2025.
22 Jul - No deviation in utilization of Rs. 567.25 Cr IPO proceeds for quarter ended June 30, 2025.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release (Revised)
22 Jul - Q1 FY26: Revenue ₹128M, loss ₹236M; secured ₹137 crore Indian Army order; strategic collaborations noted.
Concalls
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Jul 2025Transcript PPT REC
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May 2025Transcript PPT
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Aug 2024Transcript PPT
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May 2024Transcript PPT REC
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Feb 2024Transcript PPT REC
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT REC
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Aug 2023TranscriptNotesPPT
Market Leadership
The company is the leader in India's UAV market, holding a 50% market share. It was the first to develop VTOL hybrid UAVs and high-altitude drones. It is ranked 3rd globally in dual-use drones (civil and defense) in the 2024 Drone Industry Insights Global Drone Review. [1] [2]