Date: August 10, 2026

Financial Performance Summary

Revenue and Profitability:

  • Revenue from operations: ₹68.6 crore in Q1 FY27 vs ₹12.8 crore in Q1 FY26 and ₹141.0 crore in Q4 FY26
  • Gross Profit: ₹33.6 crore (49.0% margin) in Q1 FY27 vs ₹7.9 crore (61.7% margin) in Q1 FY26 and ₹95.4 crore (67.6% margin) in Q4 FY26
  • EBITDA: ₹4.3 crore (6.2% margin) in Q1 FY27 vs negative ₹15.1 crore (-118.5% margin) in Q1 FY26 and ₹74.2 crore (52.6% margin) in Q4 FY26
  • Profit After Tax: Negative ₹2.6 crore (-3.8% margin) in Q1 FY27 vs negative ₹23.6 crore (-184.3% margin) in Q1 FY26 and ₹60.0 crore (42.5% margin) in Q4 FY26

Operational Highlights:

  • Executed over 20% of FY27 opening order book of ₹300+ crore during Q1
  • Indigenous UAV fleet crossed landmark of one million customer flights
  • Current operational tempo: One ideaForge drone takes off every two minutes on average
  • Global supply chain disruptions and component availability continue to pose challenges since Q4 FY26
  • Targets completion of FY27 opening order book delivery by Q3 as per customer timelines

Strategic Developments:

  • Completed ₹500 crore Qualified Institutional Placement (QIP) with strong participation from domestic and global institutional investors
  • Received Letter of Intent from Government of India under Research, Development and Innovation (RDI) Scheme for financial assistance up to ₹151 crore
  • RDI funding to develop middle-mile logistics platform YETI capable of lifting loads up to 200 kilograms and reaching ranges up to 200 kilometres
  • Secured DGCA Type Certification for Q6 V2 GEO UAV, expanding addressable opportunities across advanced GIS and enterprise mapping applications

Technology Development:

  • Made progress on development of combat drone capabilities including air-launched effects (ALE) and fuel-hybrid long-endurance capabilities for ZOLT
  • Actively developing long-range strike platforms, loitering munitions, and other capabilities through in-house and collaborative developments
  • Strengthening communication infrastructure for collaborative autonomy (multi-UAV operations under EW environments)

Management Commentary (Ankit Mehta, Co-Founder and CEO):

  • Q1 FY27 marked a steady start to the year with continued execution across key strategic developmental programs
  • Higher operational procurement limits for field commanders of Indian Defence Forces under DFPDS 2026 expected to accelerate procurement activities in Q3 and Q4
  • Civil business cycles typically lean towards Q3 and Q4
  • Large defence procurement of about ₹20,000 crore through Fast Track Procurement approach in progress, with one opportunity in RFP stage and others in approval pipeline
  • Strategy focuses on owning consequential technologies while delivering complete solutions to customers

Market Position:

  • Pioneer and pre-eminent market leader in Indian unmanned aircraft systems (UAS) market
  • India's largest operational deployment of indigenous UAVs
  • Ranked 3rd globally among world's Top Dual-Use Drone Manufacturers by Drone Industry Insights (DRONEII) Global Drone Review 2024
  • Offices and shop floors in Navi Mumbai, Bengaluru, Delhi, and USA
  • Backed by marquee investors including Qualcomm, Infosys, Celesta Capital, Florintree, and EXIM Bank