ideaForge Shares Jump 12% On Fresh Order From Defence Ministry

SUMMARY

The dronetech company received two orders from the ministry to supply hybrid and AFDS/Tactical class UAVs with accessories

ideaForge’s market capitalisation zoomed to INR 2,215.03 Cr, with more than 55 Lakh shares traded hands by 14:35 IST

The company reported a net loss of INR 19.6 Cr and operating revenue of 40.8 Cr in Q2 FY26

Shares of IdeaForge skyrocketed 12% to INR 522.35 during intraday trading on the BSE today (November 17) shortly after it announced bagged two orders worth INR 107 Cr order from the Ministry of Defence on Friday.

The company’s shares closed today’s trading session 8.04% higher at INR 503. Its market capitalisation stood at $245.4 Mn (INR 2,175.46 Cr), up from the $230 Mn market cap it commanded at the end of last week.

The stock has delivered positive returns in the short turn as it surged 9.85% over the last five days. However on a year-to-date (YTD) basis, the company shares declined almost 18% at the time of writing.

The dronetech major received an order worth INR 75 Cr from the MoD to deliver AFDS/Tactical class unmanned air vehicles (UAVs) with accessories to be delivered within 12 months and an order to deliver hybrid UAVs worth INR 32 Cr within six months.

The latest order wins from ideaForge come amid a broader government drive to boost indigenisation in the defence sector. For the fiscal year FY26, INR 1.12 Lakh Cr, translating to 75% of the MoD’s INR 1.8 Lakh Cr modernisation budget, has been earmarked for procurement through domestic sources and 25% of domestic share, INR 27,886 Cr has been provisioned for procurement through domestic private industries.

The indigenisation of defence procurement has seen larger companies like Bharat Dynamics Limited (BDL) get INR 2,096 Cr contract for INVAR Anti-tank Missiles and the Hindustan Aeronautics Limited (HAL) bag an INR 62,370 Cr contract for light combat aircrafts.

On the new-age tech companies front, ideaForge’s competitor DroneAcharya received a work order worth INR 7.1 Cr from the Indian Army for the supply of first person view (FPV) drones earlier this month.

For ideaForge, government projects, particularly in the defense sector, represent a significant source of revenue for ideaForge. In Q2 FY26, government projects and defence contracts were the primary revenue driver for ideaForge, contributing 63% to the company’s top line.

However, on a sequential basis, the company managed to trim its net loss by 17% from INR 23.6 Cr.

In the September quarter, ideaForge’s operating revenue increased 10% YoY to INR 40.8 Cr while its net loss jumped 43% YoY to INR 19.6 Cr.

The company’s CEO Ankit Mehta that the company has seen a reemergence of demand signals from the government front after a muted FY25 “In Q2, we stayed anchored on preparation and delivery to fulfill our EP-5 (Emergency Procurement Cycle 5) order while participating in EP-6 opportunities. The results have already begun to show, and more will trickle down soon,” he noted.

ideaForge’s stock surge mirrors today’s market momentum, as benchmark indices were up today. While Nifty climbed 0.40% to 26,013.45, Sensex advanced 0.46% to 84,950.95 at close.