Mumbai, May 4, 2026, 17:34 (IST)
ideaForge Technology shares hit their 20% upper circuit, India’s exchange-set daily price cap, on Monday after the drone maker swung to profit in the March quarter. The BSE quote showed ₹731.10 at 16:01, while the NSE quote showed ₹731.00, up 19.99%; market value was listed at about ₹3,165 crore, or ₹31.65 billion.
The rally matters now because Monday was the first full session for investors to react to results released late on April 30; markets were shut on May 1 for Maharashtra Day. The move also pushed the stock back above its ₹672 initial public offering price, a level watched by investors since the company listed in 2023.
ideaForge reported consolidated net profit of ₹59.99 crore for the quarter ended March 2026, compared with a loss of ₹25.71 crore a year earlier. Sales from operations rose 594.44% to ₹141.04 crore from ₹20.31 crore, according to results carried by Business Standard.
Margins turned sharply. EBITDA, or profit before interest, tax, depreciation and amortisation, stood at ₹74.16 crore in Q4, against a loss of ₹17.41 crore a year earlier, the company’s investor presentation showed. Defence orders drove the quarter, with defence contributing 86% of Q4 revenue and civil business the remaining 14%.
A brokerage call added fuel. IIFL double-upgraded ideaForge to “buy” from “reduce” and raised its target price to ₹1,187 from ₹271, Moneycontrol reported. Using Monday’s BSE quote, that target sits about 62% above the stock. Moneycontrol Hindi
Chief Executive Ankit Mehta called FY26 “a turnaround year for ideaForge” and said the company had shown that “scale and financial discipline can go hand in hand.” The company booked about ₹530 crore of orders in FY26, its highest in nearly two decades, and entered FY27 with an opening order book of about ₹314 crore, meaning confirmed work still to be delivered.
The company said it executed 40% of open orders in Q4, helping it post its highest quarterly revenue. It also said it delivered electronic-warfare-resilient systems, designed for hostile signal environments, received its first U.S. order from Lamar Police Department, and trained NATO forces at the U.S. National Test Pilot School.
The competitive backdrop was mixed, not uniformly bullish. Zen Technologies, a listed defence-technology peer known for anti-drone and training systems, fell 11% on Monday after its March-quarter profit dropped 69% year on year, showing investors were still separating execution from the broader defence theme.
The risk is timing. Despite the strong quarter, ideaForge still posted a full-year FY26 net loss of ₹17.03 crore, narrower than ₹62.28 crore a year earlier, and Q4 accounted for about 62% of annual sales. Any slippage in defence tenders, supply chains or delivery schedules could make quarterly earnings uneven again.
For now, the market is treating Q4 as evidence that order execution can change the earnings profile quickly. The next test is whether ideaForge can repeat that performance without relying on a March-quarter surge.
