ideaForge Technology Limited, incorporated in 2007, is engaged in the business of manufacturing Unmanned Aircraft Systems (UAS). The company is the leader in India's UAV market, holding a 50% market share and stands as the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (UAS) market. It had the largest operational deployment of indigenous UAVs across India, with an ideaForge manufactured drone taking off every five minutes for surveillance and mapping on an average.
The company was the first to develop VTOL hybrid UAVs and high-altitude drones, establishing its technological leadership in the Indian market. It is ranked 3rd globally in dual-use drones (civil and defense) in the 2024 Drone Industry Insights Global Drone Review, highlighting its international recognition and competitive position in the global drone industry.
The company is primarily engaged in the business of manufacture and marketing of unmanned aerial vehicle (UAV) systems which are used for security and surveillance. The ancillary business of providing training and maintenance services evolves around the main business of manufacture and marketing of UAV systems. The company's products include SWITCH UAV, NETRA V4 UAV, Q4i UAV, NINJA UAV, RYNO UAV, and Q6 UAV.
The company serves multiple application areas: Its security and surveillance applications include anti-terror, border security, coastal security and surveillance, crime control, disaster management, emergency first responder, forest and wildlife, and traffic monitoring. The company's mapping and surveying applications include land survey, mining area planning and mapping, volumetric estimation, and construction and real estate.
The company provides BlueFire Live!, a live streaming drone video feed and payload control; and BlueFire Touch, a ground control software that builds to plan and command mapping missions. It also provides autopilot, a remote-control system for flight check related actions; BlueFire Map assist, a geotagging software solutions; Surveillance Pro, an image intelligence system; and GIS Pro, a mapping survey system.
The company has a market capitalization of ₹2,448 crore as of recent trading data, with its market cap standing at Rs 2,553 crore. The company is almost debt-free, which provides financial flexibility for future growth initiatives.
The company has faced challenging financial performance recently. In Q4 FY2025, ideaForge Technology Ltd. posted ₹24.74 crore in revenue and ₹-25.71 crore in net profit. On a consolidated basis, Ideaforge Technology Ltd reported a loss of Rs -25.71 crore on a total income of Rs 24.74 crore for the quarter ended 2025, compared to a profit of Rs 45.27 crore on a total income of Rs 314.00 crore for the year ended 2024.
- Market Capitalization: ₹2,448 crore (as of recent trading data)
- Q4 FY2025 Performance: Revenue of ₹24.74 crore, Net Loss of ₹-25.71 crore
- FY2024 Performance: Net Profit of ₹45.27 crore, Total Income of ₹314.00 crore
- Promoter Holding: 29.17% (as of March 2025)
- Key Challenges (FY2025):
- Low Return on Equity: 0.65% (over last 3 years)
- Increased Debtor Days: from 97.3 to 127 days
- Annual Revenue De-growth: -47%
- Pre-tax Margin: -39%
- Return on Equity (latest): -10%
The company is grappling with significant financial challenges, reporting a decline in revenues and negative EBITDA for FY'25, largely due to delays in order closures and increased trade receivables. Despite these hurdles, management remains optimistic about future growth, particularly in the defense sector, where heightened demand for drone technology is anticipated amid rising NATO defense budgets.
Strategic investments in R&D and the development of advanced platforms like the ZOLT and YETI are seen as crucial for market differentiation and long-term value creation. Additionally, ongoing emergency procurement cycles present potential opportunities, although successful contract finalizations will be essential for revenue realization.
Geopolitical tensions and supportive regulations are expected to drive strong government and international demand, reducing revenue concentration and fueling expansion. Heavy R&D and tech innovation position ideaForge for premium pricing and robust margins, but growing competition could challenge sustained profit growth.
International opportunities and new product launches could significantly increase revenue through expanded market reach and military sales. The company's strong technological foundation and market leadership position it well to capitalize on increasing demand for drone technology across various sectors.
Promoter holding in Ideaforge Technology Ltd has gone down to 29.17 per cent as of Mar 2025 from 29.33 per cent as of Jun 2024. The company has submitted its FY 2024-25 Business Responsibility and Sustainability Report detailing ESG and governance, demonstrating commitment to sustainable business practices.
The company trades on both NSE and BSE with the symbol IDEAFORGE. The company's 52-week high share price is Rs 864.10 and 52-week low share price is Rs 301.00, reflecting significant volatility in the stock price over the past year.
