Ideaforge Technology (IDEAFORGE) had a P/E of 48.7× on 6 Nov 2026, below the industry P/E of 54.7×, and the shares are 32% below their 52-week high. Its ROCE of −2.6% is the lowest among the 7 largest Aerospace & Defense peers, and sales grew 10% a year over 3 years. Debt is 0.14× equity. It is a small-cap company with a market cap of ₹3,331 Cr, ranked 18th of 27 Aerospace & Defense companies by market cap; the shares rose 46% over the past year.
- ₹688.00
- ₹688.00
- ₹652.80
- ₹693.30
- 3.5 L
Health check
- ReturnsAhead
+45.7% over a year, better than 6 of 7 peers.
- Price tagIn line
P/E 48.7 vs industry 54.7.
- GrowthSlow
Sales +10.3% a year over 3 years.
- ProfitabilityNegative
ROCE -2.6% vs peer median 20.4%.
- Balance sheetStretched
Debt 0.14× equity, operating profit doesn’t cover interest, Piotroski 3 of 9.
- Red flags4 to check
Return on equity is low at −2.8%.
Small cap
High beta
Key metrics
- Market cap
- ₹3,331 Cr
- Small cap
- P/E
- 48.7
- Industry 54.7
- Price to book
- 4.84
- Peers 9.16
- Dividend yield
- 0.00%
- ROE
- −2.8%
- Peers 23.2%
- ROCE
- −2.6%
- Peers 20.4%
- Debt to equity
- 0.14
- Debt ₹84 Cr
- EPS (TTM)
- ₹13.76
- Face value ₹10
- OPM (TTM)
- 16.4%
- Net margin 1.4%
- Sales growth
- +436.7%
- Latest quarter vs a year ago
- Profit growth
- n/a
- Year-ago quarter not reported
- Price to sales
- 11.81
- EV/EBITDA −235.9
Strengths and risks
Strengths
- Quarterly sales up 436.7% on a year ago.
Risks to check
- Return on equity is low at −2.8%.
- 32% below its 52-week high.
- Interest coverage of only 1.5×.
- Promoter stake down from 29.0% to 25.3%.
About Ideaforge Technology
ideaForge Technology Limited engages in the manufacture and marketing of unmanned aerial vehicle (UAV) systems for security and surveillance applications in India and internationally. The company provides BlueFire Touch, a ground control software for controlling and managing UAVs and autopilot subsystems; and BlueFire Live, a live streaming and payload control software, as well as autopilot and related software and artificial intelligence. It also offers…
- Headquarters
- Navi Mumbai
- Sector
- Industrials
- ISIN
- INE349Y01013
- Website
- ideaforgetech.com
Price range
- Avg volume (3M)
- 3.8 L
- 1-year return
- plus 45.7%
- From 52-week high
- minus 32.5%
Peers · Aerospace & Defense
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HALHindustan Aeronautics | 4,980.00 | minus 1.25% | 3,33,050 | 35.7 | 28.5 | 13.8% | 25.3% | 0.00 | 6.4% | plus 7.6% |
| BELBharat Electronics | 396.00 | plus 0.23% | 2,89,467 | 45.3 | 33.7 | 31.9% | 28.2% | 0.00 | 15.5% | minus 4.8% |
| MAZDOCKMazagoan Dock Shipbuilders | 1,840.00 | plus 0.05% | 74,222 | 30.3 | 21.9 | 28.5% | 16.2% | 0.08 | 19.6% | minus 31.5% |
| BDLBharat Dynamics | 1,060.00 | minus 1.40% | 38,856 | 74.6 | 152.1 | 7.2% | 12.8% | 0.00 | −0.9% | minus 27.4% |
| COCHINSHIPCochin Shipyard | 1,220.00 | minus 1.05% | 32,096 | 47.2 | 30.3 | 16.7% | 12.6% | 0.28 | 26.9% | minus 30.3% |
| GRSEGarden Reach Shipbuilders & Engineers | 2,135.70 | minus 0.07% | 24,465 | 30.6 | 25.8 | 36.8% | 11.0% | 0.01 | 40.0% | minus 16.4% |
| DATAPATTNSData Patterns (India) | 3,767.70 | minus 4.85% | 21,093 | 87.8 | 54.8 | 20.4% | 39.6% | 0.00 | 26.8% | plus 46.6% |
| IDEAFORGEIdeaforge Technology | 669.85 | minus 3.38% | 3,331 | 48.7 | 566.9 | −2.6% | 7.3% | 0.14 | 10.3% | plus 45.7% |
| Median of 7 peers | – | −1.05% | 38,856 | 45.3 | 30.3 | 20.4% | 16.2% | 0.00 | 19.6% | −16.4% |
Quarterly results
| ₹ Cr | Jun 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|
| 12.8 | 31.5 | 141 | 68.6 | 91.3 | |
| 31.9 | 58.1 | 79.3 | 66.3 | 74.3 | |
| −19.1 | −26.5 | 61.7 | 2.3 | 17 | |
| −149.3% | −84.1% | 43.8% | 3.4% | 18.6% | |
| 3.9 | 2.6 | 12.5 | 2 | 6.3 | |
| 0.4 | 1.1 | 1.6 | 2 | 1 | |
| 9.8 | 11 | 11.8 | 14.2 | 14.7 | |
| −25.3 | −35.9 | 60.7 | −12 | 7.4 | |
| 6.9% | 5.8% | 1.2% | 78.4% | 13.2% | |
| −23.6 | −33.9 | 60 | −2.6 | 6.5 | |
| -5.40 | -0.75 | 13.68 | -0.59 | 1.30 |
Profit & loss
- Sales CAGR 3Y
- +10.3%
- ROE
- −2.8%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 169 | 301 | 161 | 226 | |
| – | +78.8% | minus 46.5% | +40.3% | |
| 121 | 245 | 213 | 220 | |
| 48.1 | 56.5 | −51.6 | 5.8 | |
| 28.5% | 18.8% | −32.0% | 2.6% | |
| 7.1 | 15 | 15.4 | 8.5 | |
| 4.7 | 3.6 | 0.8 | 3.9 | |
| 11.9 | 21.2 | 29.3 | 43.1 | |
| 2.1 | 14.3 | 4 | 12.7 | |
| 40.8 | 61.1 | −62.4 | −19.9 | |
| 21.6% | 25.9% | 0.2% | 14.6% | |
| 32 | 45.3 | −62.3 | −17 | |
| – | +41.5% | minus 237.6% | – | |
| 7.68 | 10.77 | -14.41 | -3.90 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 21.3 | 42.9 | 43.1 | 43.3 | |
| 303 | 618 | 566 | 556 | |
| 101 | 14.5 | 16.5 | 83.7 | |
| 62.7 | 67.4 | 46.7 | 116 | |
| 488 | 743 | 672 | 799 | |
| 27.2 | 35 | 50.1 | 43.8 | |
| 3.4 | 6.9 | 5.2 | 0.2 | |
| 21.9 | 2.6 | 27.1 | 37.3 | |
| 156 | 355 | 178 | 104 | |
| 279 | 343 | 412 | 614 | |
| 488 | 743 | 672 | 799 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| −53.2 | 76 | −76.8 | −63.4 | |
| −149 | −102 | −68.1 | 15.2 | |
| 176 | 189 | −7.6 | 61 | |
| −25.9 | 164 | −152 | 12.7 | |
| −33.1 | −67 | −87.7 | −88.4 | |
| −86.3 | 9 | −165 | −152 |
Shareholding pattern
- Promoters25.25%
- Public74.75%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 25.25% | 74.75% | minus 0.01 | |
| 10 Jul 2026 | 25.26% | 74.74% | minus 3.70 | |
| 30 Jun 2026 | 28.96% | 71.04% | minus 0.08 | |
| 31 Mar 2026 | 29.04% | 70.96% | plus 0.07 | |
| 31 Dec 2025 | 28.97% | 71.03% | – |
Major shareholders
Filings & events
News
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