Mumbai, May 4, 2026, 17:34 (IST)
Shares of ideaForge Technology surged to their 20% upper circuit on Monday, hitting India’s exchange-imposed daily limit after the drone maker posted a profit for the March quarter. The stock ended at ₹731.10 on the BSE at 16:01; on the NSE, it settled at ₹731.00, a gain of 19.99%. Market capitalization stood around ₹3,165 crore, or ₹31.65 billion.
This rally has fresh significance, with Monday marking the first full day investors could digest numbers posted after hours on April 30. Markets were closed for Maharashtra Day on May 1. The surge also saw the stock rise back above its ₹672 IPO price—a level under the microscope since the firm’s 2023 debut.
ideaForge swung to a consolidated net profit of ₹59.99 crore for the March 2026 quarter, reversing a ₹25.71 crore loss from the same period last year. Revenue from operations soared 594.44% to ₹141.04 crore, up from ₹20.31 crore, as per figures published by Business Standard.
Margins swung hard. The company reported EBITDA at ₹74.16 crore for Q4, rebounding from a ₹17.41 crore loss during the same period last year, according to its investor presentation. Defence accounted for 86% of Q4 revenue, leaving civil business with 14%.
A fresh push from a brokerage call sent ideaForge shares higher. IIFL took its rating all the way up to “buy” from “reduce,” hiking the target price to ₹1,187—previously just ₹271—Moneycontrol said. Based on Monday’s BSE close, that new target is about 62% above the share price. Moneycontrol Hindi
Chief Executive Ankit Mehta described FY26 as “a turnaround year for ideaForge,” emphasizing that “scale and financial discipline can go hand in hand.” ideaForge secured roughly ₹530 crore in orders during FY26, marking its strongest annual tally in almost 20 years. The company heads into FY27 carrying an opening order book of approximately ₹314 crore—confirmed business yet to be executed.
The company reported it filled 40% of open orders in Q4, a move that pushed quarterly revenue to a new high. It pointed to shipment of electronic-warfare-resilient systems—built for tough signal conditions—along with its first U.S. order from Lamar Police Department. The firm also provided training to NATO forces at the U.S. National Test Pilot School.
The competitive landscape showed little consistency, with no clear bullish tilt. Zen Technologies, which trades publicly and focuses on defence tech like anti-drone solutions and simulators, slumped 11% on Monday. The drop followed a steep 69% year-on-year decline in March-quarter profit, underscoring how investors continue to look past the sector’s broader narrative and zero in on operational delivery.
Timing remains the big variable here. ideaForge turned in a solid quarter, but still booked a full-year FY26 net loss at ₹17.03 crore—an improvement from last year’s ₹62.28 crore hole. Fourth quarter numbers made up roughly 62% of total revenue. A slip-up in defence tendering, delivery timelines, or supply chains could quickly skew the quarterly figures again.
Right now, investors are reading Q4 as a sign that order execution has the power to shift earnings in a hurry. The question is whether ideaForge can deliver a repeat, this time without leaning on a March-quarter boost.
