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10 Yrs X-Ray 
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Analyst Note 
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About
Ideaforge Technology Ltd (IDEAFORGE)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543932 NSE: IDEAFORGE Aerospace & Defense | Small Cap | Ideaforge Technology Share Price
₹862.40 2.95 (0.34%)
As on 24-Jul'26 10:25
Ideaforge Technology Ltd (IDEAFORGE)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543932 NSE: IDEAFORGE Aerospace & Defense | Small Cap | Ideaforge Technology Share Price
₹862.40 2.95 (0.34%)
As on 24-Jul'26 10:25
Key Metrics
Valuation Multiples
Market Cap
₹4,270 Cr.
Current Price
₹862.4
52-Week Low / High
₹368 / 997
TTM EPS
₹-1.6
TTM Sales
₹227 Cr.
Book Value per Share
₹222.1
P/E Ratio
0.00
Lower than its 3-year historical median
Industry PE
46.1
Price to Book (P/B)
3.87
In line with its 5-year historical median
Price to Sales (P/S)
18.82
Higher than its 5-year historical median
EV/EBITDA
113.57
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-1.29%
Underperforms industry median
Return on Capital Employed (ROCE)
-0.76%
Underperforms industry median
Return on Assets (ROA)
-1.04%
Operating Profit Margin
7.2%
Net Profit Margin
-3.43%
Gross Profit Margin
14.7%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
36.71%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
28.96%
Pledged shares (%) of Promoter's holding (%)
2.95%
Reserves
₹1,054 Cr.
Equity
₹49.7 Cr.
Face Value
₹10
All Time Low / High
₹301.00 / 1344.00
Check Before You Invest
Quality
Not GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Ideaforge Technology Ltd a good quality company?
Ideaforge Technology Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Ideaforge Technology Ltd performance compare with that of its Peers?
Revenue growth of Ideaforge Technology Ltd vs industry peers?
Ideaforge Technology Ltd revenue CAGR is 63.74%, compared to the industry median CAGR of 17.94%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Ideaforge Technology Ltd?
Promoters hold 33.34% of the Ideaforge Technology Ltd, with 5.13% of their stake pledged, indicating low pledge risk.
Stock return of Ideaforge Technology Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of 43% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ideaforge Technology Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 21.9% | -1% | -9.1% | -16.6% | -14.2% | 49.6% | 16.1% | 12.9% | -7.8% | -0.8% | - |
| Value Creation Index ⓘ | 0.6 | -1.1 | -1.7 | -2.2 | -2.0 | 2.5 | 0.2 | -0.1 | -1.6 | -1.1 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 32.7 | 20.4 | 18.2 | 14.1 | 34.9 | 159 | 186 | 317 | 166 | 227 | 227 |
| Sales YoY Gr. | - | -37.6% | -10.7% | -22.5% | 147.7% | 356.5% | 16.7% | 70.4% | -47.7% | 36.7% | - |
| Adj EPS ⓘ | 1 | -1 | -5.3 | -6.8 | -7 | 21.8 | 14.2 | 9.1 | -12.5 | -2.4 | -1.6 |
| YoY Gr. | - | -200% | NA | NA | NA | NA | -34.8% | -36% | -237.3% | NA | - |
| BVPS (₹) ⓘ | 10.8 | 44.6 | 39.5 | 32.7 | 25.7 | 73.9 | 137.9 | 152.4 | 140.6 | 139.4 | 222.1 |
| Adj Net Profit ⓘ | 2 | -2 | -10.7 | -13.7 | -14.3 | 44 | 30.3 | 39 | -53.8 | -10.5 | -8 |
| Cash Flow from Ops. ⓘ | 7.2 | -5.4 | -13.5 | -17.1 | -31.7 | 66.5 | -53.2 | 76.9 | -65.5 | -49.6 | - |
| Debt/CF from Ops. ⓘ | 1.8 | -1.4 | -0.2 | -0.3 | -1.6 | 0.1 | -1.6 | 0 | 0 | -1.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 24% | 45.4% | 6.8% | 36.7% | ||||
| Adj EPS ⓘ | -210.3% | NA | -155.5% | NA | ||||
| BVPSⓘ | 32.8% | 40.2% | 0.4% | -0.9% | ||||
| Share Price | - | - | -9.8% | 77.2% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 10.3 | -3.6 | -12.5 | -18.3 | -22.2 | 39.3 | 12.4 | 7.9 | -8.4 | -1.7 | -0.9 |
| Op. Profit Mgn % ⓘ | 23.8 | 2.1 | -48.9 | -93 | -32.3 | 46.8 | 25.8 | 18.9 | -25.4 | 7.2 | 6.7 |
| Net Profit Mgn % ⓘ | 6.2 | -9.9 | -58.7 | -97.5 | -40.9 | 27.6 | 16.3 | 12.3 | -32.4 | -4.6 | -3.4 |
| Debt to Equity ⓘ | 0.6 | 0.1 | 0 | 0.1 | 1 | 0 | 0.3 | 0 | 0 | 0.1 | 0 |
| Working Cap Days ⓘ | 261 | 452 | 611 | 927 | 595 | 237 | 408 | 314 | 570 | 529 | 295 |
| Cash Conv. Cycle ⓘ | 128 | 190 | 297 | 502 | 335 | 108 | 203 | 154 | 302 | 294 | 209 |
Profit And Loss
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 33 | 20 | 18 | 14 | 35 | 159 | 186 | 317 | 166 | 227 |
| Operating Expenses ⓘ + | 25 | 20 | 27 | 27 | 46 | 85 | 138 | 257 | 208 | 211 |
| Operating Profit ⓘ | 8 | 0 | -9 | -13 | -11 | 75 | 48 | 60 | -42 | 16 |
| Operating Profit Margin (%) | 23.8% | 1.0% | -48.9% | -93.0% | -32.3% | 46.8% | 25.8% | 18.9% | -25.4% | 7.1% |
| Other Income ⓘ + | 1 | 2 | 4 | 2 | 1 | 2 | 10 | 30 | 21 | 22 |
| Interest ⓘ | 3 | 2 | 1 | 0 | 1 | 19 | 6 | 5 | 2 | 5 |
| Depreciation ⓘ | 2 | 3 | 3 | 2 | 3 | 7 | 12 | 21 | 29 | 43 |
| Profit Before Tax ⓘ | 3 | -3 | -9 | -14 | -14 | 50 | 41 | 65 | -52 | -10 |
| Tax ⓘ | 1 | -1 | 1 | 0 | 0 | 6 | 9 | 17 | -1 | -2 |
| Profit After Tax | 2 | -2 | -10 | -14 | -14 | 44 | 32 | 48 | -51 | -8 |
| PAT Margin (%) | 6.2% | -10.7% | -56.5% | -96.0% | -40.9% | 27.6% | 17.2% | 15.1% | -31.0% | -3.4% |
| Adjusted EPS (₹) | 1.0 | -1.1 | -5.1 | -6.8 | -7.1 | 21.9 | 15.0 | 11.2 | -11.9 | -1.8 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Valuation of Ideaforge Technology - Standalone
Analyst's Notes
No data found!
Balance Sheet
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 22 | 89 | 79 | 66 | 52 | 149 | 294 | 654 | 606 | 603 | |
| Debt + | 8 | 3 | 0 | 5 | 43 | 6 | 87 | 0 | 0 | 72 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 3 | 1 | 2 | 1 | 5 | 7 | 14 | 15 | 8 | 40 | |
| Others Liabilities ⓘ | 10 | 7 | 9 | 7 | 24 | 60 | 96 | 75 | 70 | 101 | |
| Total Liabilities ⓘ | 43 | 100 | 90 | 79 | 124 | 222 | 490 | 744 | 683 | 817 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 5 | 6 | 4 | 4 | 13 | 26 | 49 | 67 | 97 | 138 | |
| CWIP ⓘ | 0 | 1 | 9 | 17 | 14 | 19 | 25 | 54 | 100 | 110 | |
| Investments ⓘ | 0 | 54 | 24 | 12 | 0 | 11 | 125 | 95 | 137 | 140 | |
| Inventories | 6 | 6 | 10 | 11 | 23 | 49 | 105 | 97 | 91 | 139 | |
| Trade Receivables | 6 | 6 | 9 | 10 | 24 | 20 | 58 | 47 | 60 | 127 | |
| Cash Equivalents | 15 | 11 | 19 | 9 | 21 | 35 | 6 | 268 | 92 | 30 | |
| Others Assets ⓘ | 10 | 15 | 15 | 17 | 29 | 62 | 123 | 116 | 108 | 134 | |
| Total Assets ⓘ | 43 | 100 | 90 | 79 | 124 | 222 | 490 | 744 | 683 | 817 | |
Cash Flow
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 7 | -5 | -13 | -17 | -32 | 67 | -53 | 77 | -66 | -50 |
| Cash Flow From Investing Activity ⓘ + | -5 | -61 | 21 | 5 | -11 | -31 | -149 | -108 | -78 | 0 |
| Cash Flow From Financing Activity ⓘ + | 7 | 63 | -6 | 2 | 44 | -11 | 176 | 189 | -8 | 61 |
| Net Cash Flow ⓘ | 9 | -3 | 2 | -11 | 1 | 25 | -26 | 158 | -151 | 12 |
Financial Ratio
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 12.88 | -3.92 | -12.22 | -18.73 | -24.37 | 43.9 | 14.44 | 10.1 | -8.16 | -1.29 |
| ROCE (%) | 21.85 | -1.03 | -9.13 | -16.59 | -14.2 | 49.57 | 16.06 | 12.88 | -7.8 | -0.76 |
| Asset Turnover Ratio | 0.87 | 0.28 | 0.19 | 0.17 | 0.35 | 0.92 | 0.52 | 0.51 | 0.23 | 0.3 |
| PAT to CFO Conversion(x) | 3.5 | N/A | N/A | N/A | N/A | 1.52 | -1.66 | 1.6 | N/A | N/A |
| Working Capital Days | ||||||||||
| Receivable Days | 116.90 | 113.70 | 151.30 | 249.10 | 177.40 | 50.20 | 76.70 | 60.60 | 117.60 | 150.10 |
| Inventory Days | 51.50 | 113.40 | 166.40 | 273.20 | 179.10 | 82.80 | 150.70 | 116.20 | 206.70 | 184.60 |
| Payable Days | 66.20 | 103.70 | 98.90 | 78.40 | 55.60 | 54.20 | 66.60 | 33.90 | 38.30 | 92.70 |
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.89 | 2.95 |
* Pledged shares as % of Promoter's holding (%)
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
Ideaforge Technology Ltd FAQs
The current trading price of Ideaforge Technology on 24-Jul-2026 10:25 is ₹862.4.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 23-Jul-2026 the market cap of Ideaforge Technology stood at ₹4,270.2 Cr
The latest P/E ratio of Ideaforge Technology as of 23-Jul-2026 is 0.00.
The latest P/B ratio of Ideaforge Technology as of 23-Jul-2026 is 3.87.
The 52-week high of Ideaforge Technology is ₹997.0 and the 52-week low is ₹367.9.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ideaforge Technology is ₹227 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Ideaforge Technology Ltd is a below average quality company.
The key valuation ratios of Ideaforge Technology Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Ideaforge Technology Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Ideaforge Technology Ltd
The company was incorporated as ‘ideaForge Technology Private Limited’ on February 8, 2007, as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated February 8, 2007 issued by the RoC. Subsequently, upon the conversion of the company into a public limited company, pursuant to a resolution passed by its Shareholders’ on December 20, 2022, the name of the company was changed to ‘ideaForge Technology Limited’ and a fresh certificate of incorporation dated January 2, 2023 was issued by the RoC.
ideaForge Technology is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (UAS) market. It had the largest operational deployment of indigenous UAVs across India, with an ideaForge manufactured drone taking off every five minutes for surveillance and mapping on an average. Its customers have completed many flights using its UAVs.Its UAVs are equipped with industry leading specifications and capabilities, comparable to those of other established global players in the UAV industry. Its capabilities like its indigenous design and technological ability to invent, design and deliver customer centric offerings allow it to design, develop, engineer and manufacture its UAVs in-house with a control on performance, reliability and autonomy. Its UAV platforms are architected with a ‘mission first’ approach i.e., to deliver UAVs which meet the requirements of its customers and which, it considers, can reliably sustain a large number of flights and are capable of being autonomously operated without special skills or training. In addition to being among the first few players in India to enter the UAV market, it also has the distinction of being the first company to indigenously develop and manufacture vertical take-off and landing (VTOL) UAVs in India in 2009. It has industry’s leading product portfolios targeted at civil and defence applications (dual use).
Its product portfolio consists of (a) hardware, which primarily includes UAVs, payloads, batteries, chargers and communication system (which enables communication between the ground control station and the UAVs), (b) software and embedded sub-systems, which includes the GCS software, which enables the controlling and management for its UAVs and autopilot sub-system, which enables remote control and autonomous completion of flights, and (c) solutions, which enables industry/ application specific software that enhances the value of its UAVs to the end customer. Its wide range of products gives it the necessary flexibility to meet the evolving demands of diverse customers across industries.
Business area of the company
The company is engaged in the business of manufacturing and marketing of UAV systems which are used for security and surveillance. Its ancillary business of providing training and maintenance service evolves around the main business of manufacture and marketing of UAV systems.
Products and software of the company
- Ninja UAV
- Ryno UAV
- Q4i UAV
- Q6 UAV
- Netra V4+ UAV
- Switch UAV
- Netra V4 Pro UAV
- BlueFire touch
- Autopilot
Awards, accreditations or recognition
- 2017: Recognised as Best Product Design Company in the Indian Aerospace & Defence category by India Electronics & Semiconductor Association (IESA) at the Deftronics Award 2017.
- 2018: Received an award for business innovation at the MIF Awards 2018 by the Marico Innovation Foundation.
- 2020: Recognised as Top Indian MSME for Patents and Commercialisation at the National Intellectual Property Awards 2020.
- 2021: Received the National Geospatial Award by Federation of Indian Chambers of Commerce & Industry.
- 2021: Recognised as Best Drone Company by The Associated Chambers of Commerce and Industry of India at the 13th International Conference cum Awards - Civil Aviation & Cargo.
- 2022: Received the Outstanding Achiever Award by Thane Small Scale Industries Association.
- 2023: Received the National Technology Award during the National Technology Week organised by the Department of Science and Technology, Government of India.
- 2023: Received the ‘Disruptor’ award at the CNBC-TV18 India Business Leader Awards 2023.
History and milestone
- 2007: Incorporation of the company.
- 2007: Incubation at Society for Innovation and Entrepreneurship, Bombay.
- 2009: First angel investment by Sujata Vemuri in consultation with Ravi Bhagavatula.
- 2009: Demonstrated NETRA, exhibiting the product launch of India’s first quadcopter drone at DefExpo.
- 2009: Early prototype of its VTOL UAV (quadrotor helicopter) was featured in a popular Bollywood movie.
- 2009: Developed one of the world’s smallest and lightest autopilots.
- 2010: Sale of its first drone to a state police department.
- 2010: Developed NETRA UAV in partnership with a Government of India entity.
- 2014: Received Rs 388.10 million capital contract from Government of India entities.
- 2015: Angel Investment by Centre for Innovation, Incubation and Entrepreneurship, Indian Institute of Management, Ahmedabad (IIM- Ahmedabad).
- 2016: Developed the first hybrid VTOL drone with fixed wings in India, known as the SWITCH UAV.
- 2017: First round of institutional investment by Celesta Capital II Mauritius, Celesta Capital II-B Mauritius, Qualcomm Asia Pacific Pte. Ltd. and Infosys Limited.
- 2019: First Company to participate in the demonstration of 5G enabled UAVs at Indian Mobile Congress.
- 2020: Bagged contract for SWITCH 1.0 UAVs for around $18.27 million.
- 2022: Won the largest mini-VTOL UAV contract against global competitors from Russia, Israel, France, Ukraine and other countries.
- 2022: Second round of institutional investment by Florintree Enterprise LLP, Infina Finance Private Limited and Export Import Bank of India in addition to first round of institutional investors.
- 2022: Incorporated a Subsidiary in USA, ideaForge Technology Inc.
- 2023: Launched Netra V4 Pro in USA.
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