ideaForge Shares Jump 10% After ₹137 Crore Defence Order for Mini UAVs

23 Jun 2025 , 01:02 PM

Shares of ideaForge Technology Ltd. surged 10% on Monday, June 23, after the company secured a significant defence order worth ₹137 crore for the supply of mini unmanned aerial vehicles (UAVs) and related accessories to the Ministry of Defence.

The order is expected to be fulfilled within 12 months, offering a much-needed boost to the drone maker, which has been under pressure due to weak financial performance in recent quarters.

Despite the positive order flow, ideaForge posted a net loss of ₹26 crore in the March 2025 quarter, compared to a net profit of ₹10 crore in the same period last year. Revenue for the March quarter plummeted 80% YoY, falling to ₹20 crore from ₹102 crore, while the company’s EBITDA turned negative, posting a loss of ₹17 crore versus a profit of ₹20 crore a year ago.

On a full-year basis, FY25 revenue dropped 48.6%, with margins under pressure across the board.

• Gross margin shrank to 33% (from 49.9% in FY24)
• EBITDA margin declined to -19.6% (from 27.4%)
• PAT margin nosedived to -38.6% (from 14.4%)

The stock’s rebound was mirrored across the sector, with Apollo Micro Systems Ltd. jumping 10% to ₹214 and Zen Technologies rising 5% to ₹1,994.60, following its entry into the UAV space through the TISA Aerospace acquisition. The fresh defence order for ideaForge signals continued government focus on indigenous drone procurement, despite ongoing financial headwinds for private drone manufacturers.

ideaForge Technology Ltd shares have dipped 22% in the last year, gained 1.07% in the year-to-date, and 19.78% in the last month.

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