Shares of ideaForge Technology Ltd. plunged over 5.2% to ₹516.10 on Wednesday after the company posted disappointing Q1 FY26 results. The stock reacted sharply as the drone manufacturer reported its fourth straight quarterly loss, though the loss narrowed sequentially after rising for three quarters in a row.
For the quarter ended June 30, 2025, ideaForge reported a net loss of ₹23.56 crore, compared to ₹25.7 crore loss in the same quarter last year. Revenue dropped drastically — down 85% YoY to ₹12.78 crore, from ₹86.19 crore a year earlier, and also fell 37% from the previous quarter.
EBITDA stood at a loss of ₹15.14 crore, contrasting with a positive ₹8.46 crore in the same quarter last year. However, this was slightly better than the EBITDA loss of ₹17.41 crore in the March quarter. Gross profit margin improved notably to 61.7%, versus 33.3% last year, aided by a favourable product mix.
On a positive note, ideaForge’s order book swelled to ₹144.8 crore, up from ₹13.6 crore in the previous quarter and ₹54.2 crore last year. The company secured a ₹137 crore order from the Indian Army during the quarter and entered into a strategic partnership with HFCL for global UAV solutions.
Management remains optimistic, citing the upcoming Production-linked Incentive (PLI) scheme as a potential growth driver for both the company and the broader drone industry.
