Ideaforge Techno Ltd
NSE: IDEAFORGE · Aerospace & Defense · sector
₹651.00NSE close 2026-10-26
Key numbers
Market cap₹2,825 cr
Price₹651.00
52w high / low₹992 / ₹366
P/E731.5xSector median 75.3x
P/B4.7xSector median 8.2x
Book value₹138.0
Dividend yield–Sector median 0.15%
ROE0.7%Sector median 12.6%
ROCE-0.1%Sector median 13.7%
OPM9.3%Sector median 20.9%
Debt / equity0.12xSector median 0.11x
EV/EBITDA106.3xSector median 59.6x
Interest cover-0.2x
Current ratio2.62x
Sales growth 3y–Sector median +15.9%
Profit growth 3y–Sector median +32.2%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 29 companies in Aerospace & Defense (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹108 cr vs borrowings ₹72 cr (FY26): cash is higher (net cash).
- Operating profit covered interest -0.2x in the last 12 months.
- 5.18% of the promoters' shares are pledged (1.3% of all shares).
- Promoter holding fell by 3.72 percentage points in a year, to 25.25% (2026-09-30).
- Operating cash flow was below net profit in 2 of the last 3 years (FY26, FY25).
- Net loss in 7 of the last 8 quarters.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 517% of net profit in the last 12 months.
- Debtor days went from 52 (FY24) to 204 (FY26).
- No dividend in the last 3 financial years.
- Price ₹651.00 on 2026-10-26: -34.4% from the 52-week high, +77.9% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹964.90 · low ₹326.05
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 37 | 18 | 20 | 13 | 41 | 32 | 141 | 69 |
| EBITDA | -16 | -17 | -22 | -19 | -11 | -27 | 62 | 2 |
| OPM % | -42.7% | -99.3% | -107.5% | -149.3% | -27.7% | -84.1% | 43.8% | 3.4% |
| Other income | 6 | 5 | 4 | 4 | 3 | 3 | 12 | 2 |
| Net profit | -14 | -24 | -26 | -24 | -20 | -34 | 60 | -3 |
| EPS (₹) | -3.18 | -5.56 | -5.92 | -5.40 | -4.49 | -7.75 | 13.72 | -0.59 |
| Revenue YoY | +9.9% | +79.2% | +594.4% | +436.7% | ||||
| Profit YoY | – | – | – | – |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|
| Revenue | 314 | 161 | 226 | 282 |
| EBITDA | 55 | -53 | 5 | 26 |
| Net profit | 45 | -62 | -17 | 4 |
| EPS (₹) | 10.96 | -14.41 | -3.90 | 0.89 |
| Revenue growth | -48.7% | +40.3% | +221.1% | |
| Profit growth | -237.6% | – | – | |
| Dividend / share (₹) | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | – | – | +221.1% |
| Net profit | – | – | – |
| EPS | – | – | – |
| Share price | – | +2.7% (2y) | +46.6% |
Balance sheet
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shareholders' equity | 661 | 609 | 599 |
| Borrowings | 0 | 0 | 72 |
| Cash & equivalents | 359 | 190 | 108 |
| Total assets | 742 | 672 | 799 |
| Fixed assets | 12 | 28 | 32 |
| Capital work in progress | 7 | 4 | 0 |
| Investments | 3 | 27 | 37 |
| Receivables | 44 | 56 | 126 |
| Inventory | 98 | 94 | 143 |
| Payables | 16 | 9 | 41 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash from operations | 76 | -77 | -63 |
| Cash from investing | -102 | -68 | 15 |
| Cash from financing | 189 | -8 | 61 |
| Capex | 67 | 88 | 88 |
| Free cash flow | 9 | -165 | -152 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| ROE % | 6.9% | -10.2% | -2.8% |
| ROCE % | 9.8% | -10.0% | -2.4% |
| Debtor days | 52 | 127 | 204 |
| Inventory days | 228 | 318 | 550 |
| Payable days | 37 | 30 | 157 |
| Cash conversion cycle (days) | 243 | 415 | 597 |
| Working capital days | 621 | 832 | 483 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 25.25% |
| FIIs | 7.27% |
| DIIs | 13.58% |
| of which Mutual funds | 11.17% |
| Public (non-institutions) | 53.90% |
| Quarter | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Jul 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 29.17% | 29.10% | 28.97% | 28.97% | 29.04% | 28.96% | 25.26% | 25.25% |
| Promoter group | % |
|---|---|
| Ankit Mehta | 7.42% |
| Rahul Singh | 7.21% |
| Ashish Ramesh Bhat | 6.82% |
| Ravi Sriramakrishna Bhagavatula | 2.08% |
| Sujata Vemuri | 1.73% |
| Ramesh Kumar Bhat | 0.00% |
| Arun Mehta | 0.00% |
| Manju Mehta | 0.00% |
| Priyanka Mohnot | 0.00% |
| Rukmani Sah Mehta | 0.00% |
| Sadhana Sah Mehta | 0.00% |
| Aarini Sah Mehta | 0.00% |
| Asha Singh | 0.00% |
| Jatin Singh | 0.00% |
| Nirupma Singh | 0.00% |
| Public holders above 1% | % |
|---|---|
| Florintree Enterprise LLP | 7.22% |
| Vipul Joshi | 3.73% |
| Infosys Limited | 3.31% |
| HDFC Mutual Fund - HDFC Defence Fund | 3.04% |
| Bandhan Small CAP Fund | 2.81% |
| Franklin India Small CAP Fund | 2.43% |
| Arohi Emerging India Master Fund | 1.90% |
| Ganapathy Subramaniam | 1.71% |
| Mahindra Manulife Small CAP Fund | 1.60% |
| ACM Global Fund VCC | 1.09% |
1,61,797 shareholders. Pledged: 5.18% of promoter shares.
Peers in Aerospace & Defense
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| HAL | ₹3,19,342 cr | 34.3x | 7.8x | 24.5% | 30.2% | 29.6% | +7.1% | 1.05% |
| BEL | ₹2,65,346 cr | 43.2x | 11.1x | 28.0% | 34.1% | 28.6% | +15.9% | 0.79% |
| BDL | ₹37,719 cr | 72.4x | 8.9x | 12.6% | 16.8% | 12.7% | -0.6% | 0.51% |
| GRSE | ₹21,411 cr | 26.7x | 8.2x | 34.0% | 41.2% | 11.1% | +39.8% | 0.95% |
| DATAPATTNS | ₹21,133 cr | 78.8x | 12.2x | 16.5% | 21.4% | 39.3% | +26.8% | 0.21% |
| AEQUS | ₹16,257 cr | – | 10.9x | -7.6% | 1.1% | 7.6% | – | – |
| APOLLO | ₹15,269 cr | 118.8x | 11.6x | 12.7% | 11.6% | 22.6% | +44.9% | 0.06% |
| ASTRAMICRO | ₹14,226 cr | 75.3x | 10.8x | 15.7% | 18.6% | 28.6% | +12.6% | 0.15% |
| ZENTEC | ₹13,947 cr | 77.1x | 7.4x | 10.3% | 14.6% | 32.6% | +46.5% | 0.13% |
| IDEAFORGE | ₹2,825 cr | 731.5x | 4.7x | 0.7% | -0.1% | 9.3% | – | – |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing Unmanned Aerial Vehicle (UAV): Hardware manufactures and assembly of Unmanned Aerial Vehicles (UAVs) and its components such as payloads, batteries, chargers, and communication systems.
- Unmanned Aerial Systems (UAS) , Solution Applications: Software and embedded sub-systems, which includes the Ground control station (GCS) software and autopilot sub-systems,Applications for surveillance, mapping, and surveying
| Sector | Industrials |
| Industry | Aerospace & Defense |
| Sub-industry | Aerospace & Defense |
| Symbol | IDEAFORGE |
| BSE code | 543932 |
| ISIN | INE349Y01013 |
| Face value | ₹10.0 |
| Incorporated | 2007-02-08 |
| Website | https://ideaforgetech.com |
| Plants (India / abroad) | 1 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.