Shares of Zen Technologies Limited and ideaForge Technology Limited rose up to 2% on Tuesday, September 23, after Defence Secretary Rajesh Kumar Singh revealed that the government will soon invite proposals for drone contracts worth ₹30,000 crore.
Speaking at Network18’s Reform Reloaded summit on Monday, Singh said that proposals for Medium Altitude Long Endurance (MALE) drone contracts will be invited shortly. He added that a Request for Proposal (RFP) for Made-in-India drones will also be released soon, with a focus on areas such as UAVs, satellite imagery, and precision ammunition. Singh clarified that some “off-the-shelf” procurement will be necessary where domestic technology is unavailable.
In its June quarter earnings call on July 28, Zen Technologies had already signaled optimism, noting that it expects substantial orders in the second half of FY26, particularly for anti-drone systems and simulators. The company’s management also expressed confidence in securing significant government orders under the IDDM (Indigenously Designed, Developed, and Manufactured) category, targeting cumulative revenues of ₹6,000 crore between FY26 and FY28.
Despite Tuesday’s gains, both stocks have underperformed so far in 2025. Shares of Zen Technologies are down 35% year-to-date, while ideaForge shares are down 15% and continue to trade below their IPO price of ₹672.
