Ideaforge Technology Limited (IDEAFORGE) AI Stock Analysis

• Market Cap: ₹20.37B
• Dividend Yield: N/A
• Average Volume (3M): 38.39K
• Price to Earnings (P/E): 181.6
• Beta (1Y): 1.62
• Revenue Growth: -71.10%
• EPS Growth: -822.57%
• Country: IN
• Employees: 413
• Sector: Technology
• Sector Strength: 88
• Industry: Computer Hardware
• EPS (TTM): -4.54
• Shares Outstanding: 43,244,934
• 10 Day Avg. Volume: 20,152
• 30 Day Avg. Volume: 38,394
• PEG Ratio: 0.11
• Price to Book (P/B): 2.64
• Price to Sales (P/S): 9.98
• P/FCF Ratio: -9.78
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 48 Neutral
• Price Target: ₹482.00 ▼(-0.22% Downside)

Ideaforge Technology Limited's overall stock score is primarily impacted by its financial performance challenges, including declining revenue and profitability issues. Technical analysis indicates a lack of strong momentum, with bearish signals. Valuation is unattractive due to a negative P/E ratio and no dividend yield. These factors collectively result in a lower stock score.

Ideaforge Technology Limited Business Overview & Revenue Model

Company Description

ideaForge Technology Limited engages in the design, development, manufacture, and marketing of unmanned aerial vehicle (UAV) systems for security and surveillance applications in India and internationally. It also provides BlueFire Live!, a software-as-a-service platform that enables live streaming of the UAV video feed and payload control; and BlueFire Touch, a ground control software that builds to plan and command missions, as well as related training and maintenance services. In addition, it provides RYNO, Q6, Switch, Netra V4 and V4+, Q4i, and Ninja UAV products. ideaForge Technology Limited was incorporated in 2007 and is based in Navi Mumbai, India.

How the Company Makes Money

Ideaforge Technology Limited generates revenue through multiple key streams, primarily from the sale of its drone products and associated services. The company earns income by selling its UAVs to government agencies, defense organizations, and private sector clients, often through direct sales and competitive bidding processes for large contracts. Additionally, IDEAFORGE capitalizes on recurring revenue from maintenance services, training programs, and software solutions that enhance the functionality of its UAVs. The company also engages in strategic partnerships with industry stakeholders, which can lead to co-development opportunities and broaden its market reach, further contributing to its revenue growth.

Ideaforge Technology Limited Financial Statement Overview

Summary

Ideaforge Technology Limited faces challenges in its financial performance, with declining revenue and profitability issues impacting its income statement. The balance sheet remains relatively strong with a robust equity position, though leverage and recent losses could pose risks. Cash flow issues further emphasize operational inefficiencies, requiring strategic improvements to enhance cash generation and financial health.

Income Statement

The company has experienced significant revenue volatility with a sharp decline in revenue from 2024 to 2025 after previous growth in earlier years. Gross profit margins have also decreased, indicating operational challenges. Net income turned negative in 2025, adversely impacting net profit margins and suggesting profitability concerns. While EBIT margin was positive in earlier years, it turned negative in 2025, reflecting deteriorating operational efficiency.

Balance Sheet

The company's balance sheet shows a strong equity base with a high equity ratio, suggesting financial stability. However, the increase in total liabilities and the presence of debt indicate potential leverage risks. Return on equity has been negative recently due to net losses, impacting shareholders' returns.

Cash Flow

Cash flow performance has been weak, with negative operating and free cash flows in recent periods, reflecting challenges in generating cash from operations. The free cash flow to net income ratio is negative, indicating inefficiencies in converting earnings to cash. However, previous periods showed some positive cash flow indicators, suggesting potential for improvement.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	878.03M	1.61B	3.14B	1.86B	1.59B	347.18M
Gross Profit	114.84M	531.76M	1.57B	1.27B	1.18B	164.15M
EBITDA	-762.87M	-526.90M	868.08M	583.46M	764.67M	-90.71M
Net Income	-870.10M	-622.78M	452.68M	319.88M	440.06M	-146.26M
Balance Sheet
Total Assets	0.00	6.72B	7.43B	4.88B	2.22B	1.24B
Cash, Cash Equivalents and Short-Term Investments	1.82B	1.90B	3.59B	1.58B	457.28M	121.41M
Total Debt	0.00	164.73M	144.91M	1.01B	163.74M	510.36M
Total Liabilities	-6.09B	631.38M	819.11M	1.63B	590.28M	639.93M
Stockholders Equity	6.09B	6.09B	6.61B	3.25B	1.63B	597.48M
Cash Flow
Free Cash Flow	0.00	-1.65B	90.02M	-863.26M	530.43M	-397.92M
Operating Cash Flow	0.00	-767.91M	760.35M	-532.30M	665.20M	-308.13M
Investing Cash Flow	0.00	-680.71M	-1.02B	-1.49B	-307.62M	-68.03M
Financing Cash Flow	0.00	-75.94M	1.89B	1.76B	-106.01M	427.85M

Ideaforge Technology Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 483.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IDEAFORGE, the sentiment is Negative. The current price of 483.05 is below the 20-day moving average (MA) of 483.32, below the 50-day MA of 497.44, and above the 200-day MA of 475.57, indicating a neutral trend. The MACD of -3.10 indicates Negative momentum. The RSI at 46.75 is Neutral, neither overbought nor oversold. The STOCH value of 49.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:IDEAFORGE.

Ideaforge Technology Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CYIENT	―	₹132.81B	22.48	―	2.59%	1.68%	-12.95%
Sector *	―	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
AVALON	―	₹74.69B	92.60	―	―	46.95%	326.05%
APOLLO	―	₹96.39B	135.00	―	0.09%	49.19%	51.10%
AXISCADES	―	₹64.56B	81.89	―	―	9.02%	68.70%
ASTRAMICRO	―	₹104.94B	63.22	―	0.20%	17.79%	20.42%
IDEAFORGE	―	₹20.37B	181.57	―	―	-71.10%	-822.57%

Ideaforge Technology Limited Corporate Events

Ideaforge Technology Confirms Compliance with SEBI Regulations

Ideaforge Technology Limited has submitted a certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ending September 30, 2025. The certificate confirms that securities received for dematerialization were processed accordingly, with securities being listed on the appropriate stock exchanges and necessary updates made to the register of members. This announcement underscores Ideaforge’s compliance with regulatory requirements, ensuring transparency and accuracy in its securities management.

ideaForge Technology Limited Announces Key Resolutions Passed via Postal Ballot

ideaForge Technology Limited has announced the successful passing of several resolutions through a postal ballot, including the appointment of Mr. Vipul Joshi as a Whole-Time Director and his identification as a Promoter with special rights. Additionally, the company has altered its Articles of Association, which could have implications for its governance structure and stakeholder engagement.

ideaForge Technology Announces Key Governance Changes

ideaForge Technology Limited announced the successful passing of several resolutions through a postal ballot via remote e-voting. These resolutions include the appointment of Mr. Vipul Joshi as Whole-Time Director, his identification as a Promoter with special rights, and the alteration of the company’s Articles of Association. This development is significant for the company’s governance and strategic direction, potentially impacting its market positioning and stakeholder interests.

Ideaforge Technology Appoints New Executive Director to Strengthen Leadership

Ideaforge Technology Limited announced the appointment of Mr. Vipul Joshi as Executive Director, effective September 6, 2025. This strategic move, approved by the board and shareholders, positions Mr. Joshi, who has been with the company since 2008, to leverage his extensive experience in financial management and strategic planning to enhance the company’s operations and market positioning.