Ideaforge Technology Limited (IN:IDEAFORGE)
:IDEAFORGE
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Ideaforge Technology Limited
(IDEAFORGE)
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Rating:53Neutral
Price Target:
₹958.00
▲(103.98% Upside)
Action:Reiterated
Date:05/07/26
The score is primarily held back by weak financial performance driven by recent losses and sustained negative operating/free cash flow, despite a comparatively strong balance sheet. Technicals are a notable offset with strong momentum and price strength above all major moving averages, but extremely overbought RSI/Stoch readings add near-term risk. Valuation remains unattractive/unclear due to negative earnings and no dividend yield data.
Positive Factors
Solid balance sheet and modest leverage
A relatively strong balance sheet with modest debt gives the company financial flexibility to fund production, support tender participation, and absorb timing gaps in large defense contracts. This resilience reduces near-term solvency risk and supports investment in R&D or capacity over the next 2–6 months.
Negative Factors
Sustained negative operating and free cash flow
Persistent cash burn undermines internal funding for production, working capital and R&D. In a business with lumpy defense contracts, negative OCF and deep free cash flow deficits raise the likelihood of external financing or delayed deliveries, increasing execution and dilution risk over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Solid balance sheet and modest leverage
A relatively strong balance sheet with modest debt gives the company financial flexibility to fund production, support tender participation, and absorb timing gaps in large defense contracts. This resilience reduces near-term solvency risk and supports investment in R&D or capacity over the next 2–6 months.
Read all positive factors
Ideaforge Technology Limited (IDEAFORGE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹40.70B
Dividend YieldN/A
Average Volume (3M)38.39K
Price to Earnings (P/E)―
Beta (1Y)1.60
Revenue Growth40.27%
EPS Growth71.58%
CountryIN
Employees413
SectorTechnology
Sector Strength88
IndustryComputer Hardware
Share Statistics
EPS (TTM)-21.42
Shares Outstanding43,387,640
10 Day Avg. Volume20,152
30 Day Avg. Volume38,394
Financial Highlights & Ratios
PEG Ratio1.31
Price to Book (P/B)2.71
Price to Sales (P/S)7.18
P/FCF Ratio-10.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)9.1
Revenue Forecast (FY)₹4.30B
Ideaforge Technology Limited Business Overview & Revenue Model
Company Description
ideaForge Technology Limited is dedicated to developing, manufacturing, and distributing unmanned aerial vehicle (UAV) systems, also known as drones. These systems are primarily designed for security and surveillance applications, serving clients ...
How the Company Makes Money
The company makes money mainly by selling UAV systems (drone platforms and integrated solutions) to government and commercial customers, with a significant portion historically tied to Indian defense and security procurement programs. Revenue is g...
Ideaforge Technology Limited Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
74
Positive
Cash Flow
32
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 914.63M | 2.26B | 1.61B | 3.14B | 1.86B | 1.59B |
| Gross Profit | 180.28M | 296.22M | 531.76M | 1.57B | 1.27B | 1.18B |
| EBITDA | -742.86M | 48.26M | -526.90M | 553.46M | 583.46M | 764.67M |
| Net Income | -929.00M | -170.29M | -622.78M | 452.68M | 319.88M | 440.06M |
Balance Sheet | ||||||
| Total Assets | 6.89B | 7.99B | 6.72B | 7.43B | 4.88B | 2.22B |
| Cash, Cash Equivalents and Short-Term Investments | 1.47B | 1.08B | 1.90B | 3.59B | 1.58B | 457.28M |
| Total Debt | 503.19M | 837.11M | 164.73M | 144.91M | 1.01B | 163.74M |
| Total Liabilities | 1.20B | 2.00B | 631.38M | 819.11M | 1.63B | 590.28M |
| Stockholders Equity | 5.69B | 5.99B | 6.09B | 6.61B | 3.25B | 1.63B |
Cash Flow | ||||||
| Free Cash Flow | -706.59M | -1.50B | -1.65B | 90.02M | -863.26M | 530.43M |
| Operating Cash Flow | -302.78M | -621.01M | -767.91M | 760.35M | -532.30M | 665.20M |
| Investing Cash Flow | 211.45M | 107.60M | -680.71M | -1.02B | -1.49B | -307.62M |
| Financing Cash Flow | 250.91M | 640.54M | -75.94M | 1.89B | 1.76B | -106.01M |
Ideaforge Technology Limited Technical Analysis
Positive
469.65
Price Trends
639.05
Positive
535.23
Positive
506.78
Positive
Market Momentum
71.00
Negative
71.09
Negative
91.62
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IDEAFORGE, the sentiment is Positive. The current price of 469.65 is below the 20-day moving average (MA) of 822.72, below the 50-day MA of 639.05, and below the 200-day MA of 506.78, indicating a bullish trend. The MACD of 71.00 indicates Negative momentum. The RSI at 71.09 is Negative, neither overbought nor oversold. The STOCH value of 91.62 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:IDEAFORGE.
Ideaforge Technology Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹134.29B | 69.50 | ― | 0.24% | 10.62% | 25.69% | |
63 Neutral | ₹95.92B | 22.26 | ― | 2.62% | -1.25% | -30.62% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | ₹145.29B | 124.40 | ― | 0.09% | 60.89% | 73.08% | |
57 Neutral | ₹107.24B | 94.94 | ― | ― | 45.99% | 76.41% | |
53 Neutral | ₹40.70B | -240.97 | ― | ― | 40.27% | 71.58% | |
53 Neutral | ₹78.51B | 109.25 | ― | ― | 12.44% | -4.63% |
* Technology Sector Average
IN:IDEAFORGE
Ideaforge Technology Limited
937.95
352.40
60.18%
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Ideaforge Technology Limited Corporate Events
Ideaforge Files Updated Corporate Investor Presentation With Stock Exchanges
Jun 7, 2026
Ideaforge Technology Limited has notified the stock exchanges that it has released a new corporate investor presentation and filed it as a material event under SEBI’s Listing Obligations and Disclosure Requirements Regulations, 2015. The pre...
India Ratings assigns IND BBB/Stable to Ideaforge on stronger performance and record orders
Jun 5, 2026
Ideaforge Technology Limited has received a long-term issuer credit rating of IND BBB with a Stable outlook from India Ratings and Research, which assessed the company on a fully consolidated basis with its U.S. subsidiary. The rating reflects str...
Ideaforge Board Clears Plan to Raise Up to ₹5,000 Million via Multiple Routes
Jun 3, 2026
Ideaforge Technology Limited’s board has approved a plan to raise up to ₹5,000 million through a mix of equity shares, preference shares, convertible or non-convertible debentures with warrants, or other eligible securities, in one or ...
Ideaforge files Q4 FY26 earnings call transcript with stock exchanges
May 11, 2026
Ideaforge Technology Limited has submitted to Indian stock exchanges the official transcript of its earnings call for the quarter and year ended March 31, 2026, following the earlier release of its audited standalone and consolidated financial res...
ideaForge Clarifies Non-Binding AI Drone MoU and Japan Market Plans
Apr 29, 2026
ideaForge Technology Limited has clarified that it has signed a non-binding Memorandum of Understanding with Japan-based Digital Media Professionals Inc. to explore integrating DMP’s edge AI system-on-chip technology into its UAV platforms. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.