ideaForge Shares Hit 20% Upper Circuit Despite Poor Q4 Show

Shares of ideaForge rallied 20% to hit the upper circuit at INR 463.20 during the intraday trading session on the BSE today, compared to its previous closing price of INR 386.

ideaForge’s loss it reported in the previous quarter. The company had posted a net profit of INR 10.3 Cr in the year-ago quarter.

On a quarter-on-quarter basis (QoQ), its operating revenue jumped 15% to INR 20.3 Cr from INR 17.6 Cr. While on the year-on-year basis the revenues slumped 80% from INR 102.3 Cr.

The surge in the stocks of the drone manufacturer comes amid ongoing border tensions between India and Pakistan. Back in 2021, for its surveillance drones SWITCH UAV.

However, in Q4 FY25, the company had a large share of civil contracts which constituted up to 96% while defence contracts remained at just 4%. But in terms of revenue, defence contracts contributed 59% to the top line of the company while the remaining 41% came from civil contracts in the entire fiscal year.

Founded in 2007 by Ankit Mehta, Rahul Singh and Ashish Bhat, ideaForge is a drone manufacturer which specilaises in developing unmanned aerial vehicles (UAVs) catering to various sectors such as defence, agriculture, and enterprise, among others.

The startup made a bumper listing on the BSE in 2023 at a premium of 94.21% at INR 1,305.10 against an issue price of INR 672. However, since then the company’s stock has lost 70% of its value till date.

During the Q4 FY25 results, cofounder and CEO Mehta had attributed the poor performance of the company to the slowdown in the overall drone industry in the country.

“FY25 saw a substantial slowdown for the broader drone industry in India, owing to the general elections in the first part and then the slow progress towards procurement initiatives, despite the latent demand,” said Mehta.

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