Synopsis: ideaForge Technology Limited secured Rs. 107 crore in defence orders from the Ministry of Defence for supplying tactical and hybrid UAVs. The contracts include Rs. 75 crore for ZOLT tactical drones and Rs. 32 crore for SWITCH V2 hybrid UAVs, highlighting the company’s growing role in India’s defence sector.
A leading Indian drone manufacturer known for its advanced unmanned aerial solutions is in focus after securing new defence contracts. The company has bagged orders from the Ministry of Defence for supplying tactical and hybrid UAVs, sparking strong investor interest and a sharp stock rally.
IdeaForge Technology Limited’s stock, with a market capitalisation of Rs. 2,223 crores, rose to Rs. 519.90, hitting a high of up to 11.9 percent from its previous closing price of Rs. 464.65. Furthermore, the stock over the past year has given a negative return of 9.71 percent.
Order Update
The company has received two major orders from the Ministry of Defence to supply UAVs (drones) with accessories. The first order is for Hybrid UAVs worth about Rs. 32 crores, and these are to be delivered within six months. The second order is for AFDS/Tactical class UAVs worth about Rs. 75 crores, with delivery expected within twelve months.
Both contracts are domestic, awarded by the Indian Ministry of Defence. For each order, the company will supply the UAVs along with accessories, with all costs being included in the total order value.
These deals show ideaForge’s increasing engagement with defence projects in India, supporting the Ministry of Defence with advanced drone technology for various tactical and operational needs.
Order Book
The order book grew steadily during the year. On December 31, 2024, it was at 20.7 crores. By March 31, 2025, it decreased slightly to 13.6 crores. Then, it saw a sharp jump reaching 144.8 crores at the end of June 2025, and increasing further to 164 crores by September 30, 2025. These rising numbers between March and September 2025 show the company received many new orders, which is a good sign for future growth.
Q2 Financial Highlight
The company reported revenue of Rs. 41 crore in Q2FY26, rising 11% year-on-year from Rs. 37 crore in Q2FY25 and surging 215% quarter-on-quarter from Rs. 13 crore in Q1FY26. The strong sequential recovery indicates improved operations and higher business activity during the quarter.
Net loss stood at Rs. 20 crore in Q2FY26 compared to a Rs. 14 crore loss in Q2FY25, reflecting a 43% widening year-on-year. However, losses narrowed from Rs. 24 crore in Q1FY26, showing a 17% sequential improvement driven by better revenue performance and cost control.
Written By Fazal Ul Vahab C H
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