This S&P BSE IPO index stock jumped 5% within the first 15 minutes of markets opening on Friday and currently trades at Rs. 937.35 with a market cap of Rs. 3,902 crore.
The stock has seen 2x the average weekly and monthly average volumes on Friday and is 30%, 5% away from its 52 week high and 20 day moving average respectively after the company announced receipt of an order for surveillance equipment.
In a filing dated 21st September 2023, IdeaForge Technology Ltd (“Ideaforge”) stated that it has received order worth about IRs. 58 Crores (exclusive of GST) to supply 400 Surveillance Copters with accessories to M/s Strategic Marketing – which is a domestic entity and the project is set to be completed in 12 months.
Earlier this quarter in early August the company received an order worth Rs. 88.06 crore (exclusive of GST) to supply Surveillance quadcopters with Accessories to one of the forces under the Ministry of Defence, Govt. of India.
Ideaforge was listed recently in July 2023 and is classified as smallcap and included in S&P BSE IPO index.Ideaforge engages in the design, development, manufacture, and marketing of unmanned aerial vehicle (UAV) systems for security and surveillance applications in India and internationally. The company is a pioneer and market leader with 50% market share in the UAS industry.
Key metrics for the company – ROCE (16%), Debt to Equity (0.29), Current Ratio (2.6). The company has reported growth in its top line in FY23 of 17% YoY from Rs. 159 crore to Rs. 186 crore.
The growth however, has come at the cost of margins which has declined 1040 bps in FY23 from 27.6% in FY22 resulting in Net profits of Rs. 22 crore and 15 crore respectively in FY22 and FY23.
Written by Sandeep R
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