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Ideaforge Technology Limited
(IDEAFORGE)
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Rating:56Neutral
Price Target:
₹837.00
▼(-3.65% Downside)
Action:Reiterated
Date:08/07/26
The score is held back primarily by weak cash-flow performance and unstable profitability despite a strong balance sheet cushion. Technicals are a key offset, with the stock trading above major moving averages and positive momentum indicators. Valuation remains a concern because earnings are negative and no dividend yield support is provided.
Positive Factors
Balance Sheet Strength
Modest leverage and a substantial equity base provide financial flexibility to fund product development, customer deployments, and working capital while reducing near-term dependence on external financing.
Negative Factors
Sustained Cash Burn
Persistent operating and free-cash-flow deficits weaken self-funding capacity and may require additional financing, constraining investment flexibility if cash conversion does not improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Modest leverage and a substantial equity base provide financial flexibility to fund product development, customer deployments, and working capital while reducing near-term dependence on external financing.
Read all positive factors
Ideaforge Technology Limited (IDEAFORGE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹40.41B
Dividend YieldN/A
Average Volume (3M)38.39K
Price to Earnings (P/E)1083.3
Beta (1Y)1.49
Revenue Growth221.10%
EPS GrowthN/A
CountryIN
Employees413
SectorGeneral
Sector StrengthN/A
IndustryComputer Hardware
Share Statistics
EPS (TTM)-4.05
Shares Outstanding49,694,370
10 Day Avg. Volume20,152
30 Day Avg. Volume38,394
Financial Highlights & Ratios
PEG Ratio1.31
Price to Book (P/B)2.71
Price to Sales (P/S)7.18
P/FCF Ratio-10.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)11.6
Revenue Forecast (FY)₹4.69B
Ideaforge Technology Limited Business Overview & Revenue Model
Company Description
ideaForge Technology Limited is dedicated to developing, manufacturing, and distributing unmanned aerial vehicle (UAV) systems, also known as drones. These systems are primarily designed for security and surveillance applications, serving clients ...
How the Company Makes Money
IDEAFORGE primarily makes money by selling its UAV/drone hardware (complete drone systems) to customers, along with related accessories and mission equipment. In addition to upfront product sales, it earns revenue from after-sales support such as ...
Ideaforge Technology Limited Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
74
Positive
Cash Flow
32
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.26B | 1.61B | 3.14B | 1.86B | 1.59B |
| Gross Profit | 296.22M | 531.76M | 1.57B | 1.27B | 1.18B |
| EBITDA | 271.18M | -526.90M | 553.46M | 583.46M | 764.67M |
| Net Income | -170.29M | -622.78M | 452.68M | 319.88M | 440.06M |
Balance Sheet | |||||
| Total Assets | 7.99B | 6.72B | 7.43B | 4.88B | 2.22B |
| Cash, Cash Equivalents and Short-Term Investments | 1.08B | 1.90B | 3.59B | 1.58B | 457.28M |
| Total Debt | 837.11M | 164.73M | 144.91M | 1.01B | 163.74M |
| Total Liabilities | 2.00B | 631.38M | 819.11M | 1.63B | 590.28M |
| Stockholders Equity | 5.99B | 6.09B | 6.61B | 3.25B | 1.63B |
Cash Flow | |||||
| Free Cash Flow | -1.50B | -1.65B | 90.02M | -863.26M | 530.43M |
| Operating Cash Flow | -621.01M | -767.91M | 760.35M | -532.30M | 665.20M |
| Investing Cash Flow | 107.60M | -680.71M | -1.02B | -1.49B | -307.62M |
| Financing Cash Flow | 640.54M | -75.94M | 1.89B | 1.76B | -106.01M |
Ideaforge Technology Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹319.05B | 122.03 | ― | 0.06% | 107.70% | 100.36% | |
65 Neutral | ₹48.33B | 22.40 | ― | 0.61% | 13.17% | 1.95% | |
63 Neutral | ₹38.47B | 18.35 | ― | 0.51% | 14.76% | 4.90% | |
62 Neutral | ₹39.87B | 146.35 | ― | ― | 8.37% | -34.20% | |
58 Neutral | ₹32.52B | 15.41 | ― | ― | 304.50% | 289.22% | |
56 Neutral | ₹40.41B | 1,083.33 | ― | ― | 221.10% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:IDEAFORGE
Ideaforge Technology Limited
813.10
320.95
65.21%
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Ideaforge Technology Limited Corporate Events
Ideaforge Publishes Q1 FY27 Earnings Call Transcript for Investors
Aug 18, 2026
Ideaforge Technology Limited has notified the stock exchanges that it has released the official transcript of its earnings conference call for the quarter ended June 30, 2026. The call followed the announcement of unaudited standalone and consolid...
Ideaforge Raises ₹5,000 Million via Qualified Institutions Placement
Jul 10, 2026
Ideaforge Technology Limited has raised ₹5,000 million through a qualified institutions placement, issuing 6,289,308 equity shares at ₹795 per share, including a discount to the regulatory floor price. The allotment to eligible institu...
Ideaforge Shareholders Clear Fund-Raising Plan and Governance Changes via Postal Ballot
Jul 4, 2026
Ideaforge Technology Limited has informed the stock exchanges that its shareholders have approved key resolutions via a postal ballot conducted through remote e-voting. The approved items include authorisation to raise funds in one or more tranche...
Ideaforge Shareholders Clear Fund-Raising Plan and Governance Changes
Jul 4, 2026
Ideaforge Technology Limited has informed the stock exchanges that its shareholders have approved key resolutions via e-voting on a postal ballot. The approved items include authorisation to raise funds in one or more tranches through the issue of...
Ideaforge Files Updated Corporate Investor Presentation With Stock Exchanges
Jun 7, 2026
Ideaforge Technology Limited has notified the stock exchanges that it has released a new corporate investor presentation and filed it as a material event under SEBI’s Listing Obligations and Disclosure Requirements Regulations, 2015. The pre...
India Ratings assigns IND BBB/Stable to Ideaforge on stronger performance and record orders
Jun 5, 2026
Ideaforge Technology Limited has received a long-term issuer credit rating of IND BBB with a Stable outlook from India Ratings and Research, which assessed the company on a fully consolidated basis with its U.S. subsidiary. The rating reflects str...
Ideaforge Board Clears Plan to Raise Up to ₹5,000 Million via Multiple Routes
Jun 3, 2026
Ideaforge Technology Limited’s board has approved a plan to raise up to ₹5,000 million through a mix of equity shares, preference shares, convertible or non-convertible debentures with warrants, or other eligible securities, in one or ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.