ideaForge Technology reported a sharp rebound in FY26 on the back of stronger defence demand, with revenue rising about 40% year-on-year to Rs 226.13 crore from Rs 161.22 crore in FY25. The Mumbai-based drone maker returned to profitability at the operating level, posting EBITDA of Rs 27.12 crore after a loss in the previous year.
Despite the topline gains, operating cash flow remained negative at Rs 63.4 crore, reflecting elevated working capital tied up in inventories and receivables. The pressure prompted reliance on short-term borrowings. Performance was uneven through the year, with weaker execution in the first three quarters.
The trend shifted in the March quarter, when ideaForge delivered its highest-ever quarterly revenue of over Rs 141 crore, aided by faster order fulfilment and improved margins. Defence customers accounted for nearly 69% of full-year revenue, underscoring the segment’s centrality to the business model.
Product roadmap and technology focus
The company continues to expand its portfolio across surveillance, mapping, and tactical missions. Core platforms include the SWITCH V2, the NETRA series, and the Q-series, which are deployed by security agencies and enterprises for intelligence, surveillance and reconnaissance (ISR) and geospatial tasks.
Pipeline products include ZOLT, a tactical UAV aimed at extended-range ISR, and YETI, a heavy-lift logistics drone designed for difficult terrains. On the software side, ideaForge is scaling its FLYGHT Cloud for fleet management and analytics, alongside the BlueFire autopilot for flight control and safety.
With more than 100 patents and a predominantly in-house R&D approach, the firm is investing in ruggedised airframes and avionics built for extreme conditions, citing successful deployments in high-altitude and sub-zero environments.
Order book visibility and overseas push
New bookings in FY26 totalled about Rs 530 crore, taking executable orders into FY27 to over Rs 314 crore. Key awards include a Rs 137 crore contract from the Indian Army, supplemented by additional defence and enterprise orders for advanced UAV systems.
ideaForge is widening its international footprint, securing its first order in the United States and setting up a joint venture to access the US defence market. The company has also tied up with partners in Japan and other geographies to accelerate exports and localisation where required.
While analysts flag near-term caution around cash flows and quarterly volatility, the company’s expanding order pipeline, defence-led momentum, and growing global interest in UAV solutions position it for measured growth in the coming fiscal.
