ideaForge Shares Hit 52-Week Low During Morning Trade

Shares of dronetech company IdeaForge hit a fresh 52-Week low for the second consecutive session as it dropped to INR 366.55 during the intraday trading session on the BSE today (February 19). 

However, the stock recouped its losses later and was trading over 4% higher at INR 385.70 at 1:05 PM. With a surge in its share price later, the company’s market capitalisation stood at INR 1,663 Cr at the time of writing.

Shares of ideaForge have ended in red in the last seven sessions and closed the previous trading session (February 18) at INR 369.35. 

While the stock has delivered a negative return of nearly 33% over the last month, it has lost 47% over the last year.

The drone tech company posted a consolidated net loss of INR 24.02 Cr in Q3 FY25, as against a net profit of INR 14.80 Cr, from a year ago. On a quarter-on-quarter basis, the company’s loss widened 42% from INR 13.73 Cr.

Its operating revenue crashed 81% to INR 17.61 Cr during the quarter under review from INR 90.89 Cr in Q3 FY24. ideaForge’s CEO Ankit Mehta cited elections and low government spending for the sharp fall in the company’s revenue. 

Last week, the company’s board approved the allotment of 31,716 equity shares at a face value of INR 10 each to eligible employees upon exercise of vested options under the ideaForge Employees Stock Option Scheme, 2018.

ideaForge also announced the elevation of senior manager (CS) Nilesh Jaywant as its new company secretary and compliance officer last month. 

Founded in 2007 by IIT Bombay graduates Mehta, Ashish Bhat, Rahul Singh, Vipul Joshi, and Amardeep Singh, ideaForge is one of the pioneering drone manufacturers and startups in the country. Its shares listed on the Indian bourses in July 2023.