ideaForge Technology Limited announced its unaudited financial results for Q2 and H1 FY27 ended September 30, 2026, pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.

Financial Performance Highlights

Q2 FY27 Performance:

  • Revenue from operations: ₹91.3 crore, representing 124% YoY growth and 33% QoQ growth
  • EBITDA: ₹23.2 crore (25.4% margin), showing turnaround from negative ₹8.0 crore (-19.6% margin) in Q2 FY26 and negative EBITDA in previous quarter
  • PAT: ₹6.5 crore (7.1% margin), a significant turnaround from loss of ₹19.6 crore (-48.1% margin) in Q2 FY26
  • Gross Profit: ₹49.6 crore (54.3% margin), up 143% YoY from ₹20.4 crore (50.0% margin)

H1 FY27 Performance:

  • Revenue from operations: ₹159.9 crore, representing 199% YoY growth from ₹53.5 crore in H1 FY26
  • Executed over 50% of FY27 opening order book
  • PAT: ₹3.9 crore (2.4% margin), turnaround from loss of ₹43.2 crore (-80.6% margin) in H1 FY26
  • EBITDA: ₹27.5 crore (17.2% margin), turnaround from negative ₹23.1 crore (-43.2% margin) in H1 FY26
  • Gross Profit: ₹83.2 crore (52.0% margin), up 194% YoY from ₹28.3 crore (52.8% margin)

Operational and Strategic Developments

Product Development:

  • Successfully completed field testing of ZOLT Hybrid UAV with long-range ISR capabilities of up to 100 km and 6 hours endurance
  • ZOLT features indigenous EW resilience capabilities and long-range MWIR payload
  • Launched combat variant of ZOLT platform
  • Experiments with Air Launched Effects and developments on seeker and loitering munition platform technologies

Funding and R&D:

  • Signed agreement with Technology Development Board (TDB) for ₹151 crore in Research, Development and Innovation (RDI) funding
  • Funding supports development of YETI, ideaForge's indigenous middle-mile logistics UAV platform
  • RDI funding is in the form of long-term debt facility with low interest rate
  • YETI is all-electric aircraft designed to carry payloads up to 200 kg and operate over distances up to 200 km at very high altitudes

Market Opportunities and Outlook

Defence Procurement Pipeline:

  • Estimated ₹20,000 crore opportunity under Fast Track Procurement (FTP) programme across ISR and combat UAV categories
  • First RFP at advanced stage of evaluation
  • Defence Acquisition Council (DAC) cleared proposals worth ₹2.12 lakh crore, including programmes for:
  • Long Range UAS
  • Surveillance UAV
  • Integrated Surveillance and Strike Systems
  • Long Range Kamikaze Drone Systems
  • RFPs for these opportunities expected soon
  • Enhanced financial powers delegated to field commanders under DFPDS 2026 expected to drive higher procurement activity

Management Commentary

Mr. Ankit Mehta, Co-Founder and CEO, stated that the company maintained execution momentum despite persistent global supply chain constraints and delays in customer approvals for deliveries. The company aims to make new technologies and products ready by second half of the year for field trials and FTP opportunities. Investments in new product development have historically converted into multi-fold revenue generation versus invested value.

Company Background

ideaForge is a market leader in Indian unmanned aircraft systems industry with India's largest operational deployment of indigenous UAVs. The company has offices and manufacturing facilities in Navi Mumbai, Bengaluru, Delhi, and the USA. An ideaForge drone takes off every 2 minutes, enabling over 1 million customer missions. The company was ranked 3rd globally among Top Dual-Use Drone Manufacturers by Drone Industry Insights in 2024.