ideaForge Technology Limited delivered a strong performance in FY26, mainly because of rising demand from the defence sector. The company’s revenue grew by around 40% to Rs 226.13 crore, compared to Rs 161.22 crore in FY25. It also reported a positive EBITDA of Rs 27.12 crore, recovering from losses last year.
Still, the company faced some pressure. Its operating cash flow remained negative at Rs 63.4 crore due to higher working capital needs. This forced the company to take short-term loans. The yearly performance also saw ups and downs, with weak results in the first three quarters.
However, the last quarter changed everything. In Q4, ideaForge recorded its highest-ever revenue of over Rs 141 crore. Strong order execution and better margins helped the company post a solid profit. Defence alone contributed nearly 69% of total revenue, showing how important this segment is.
Focus on New Drone Technology and Innovation
ideaForge continues to grow its position in India’s drone market with a wide range of products. Its key drones include SWITCH V2, NETRA series, and Q-series, which are used for surveillance and mapping.
The company is also working on advanced drones like ZOLT, a tactical UAV, and YETI, a heavy-lift drone for logistics. Along with hardware, ideaForge is building strong software tools like the FLYGHT Cloud platform and BlueFire autopilot system.
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With over 100 patents and a strong focus on in-house development, the company is investing heavily in innovation. Its drones are designed to work in tough conditions and have already been used in extreme environments like high mountains and very cold regions.
Strong Orders and Global Expansion Plans
In FY26, ideaForge received new orders worth Rs 530 crore, taking its total order book for FY27 to over Rs 314 crore. Big contracts include a ₹137 crore order from the Indian Army and other deals for advanced drones.
The company is also expanding globally. It recently secured its first order in the US and formed a joint venture to enter the defence market there. It has also partnered with companies in Japan and other regions to grow internationally.
Even though the company is growing fast, some experts are still cautious because of cash flow issues and past performance. But with strong defence demand and rising global interest in drones, ideaForge is expected to see steady growth in the coming years.