ideaForge Q1 Revenue Plunges 85% To INR 13 Cr, Loss At INR 24 Cr

Drone tech company IdeaForge reported yet another weak quarter, with its consolidated operating revenue crashing 85% to INR 12.8 Cr in Q1 FY26 from INR 86.2 Cr in the year-ago quarter. On a sequential basis, revenue declined 37% from INR 20.3 Cr.

As a result of the sizable decline in its top line, the company posted a net loss of INR 23.6 Cr during the quarter under review as against a net profit of INR 1.2 Cr in Q1 FY25. However, loss declined 8% QoQ from INR 25.7 Cr.

EBITDA loss also rose to INR 15.1 Cr as against an EBITDA profit of INR 8.5 Cr a year ago. Sequentially, EBITDA loss improved from INR 17.4 Cr in Q4 FY25

Including other income of INR 3.9 Cr, the company’s total income for the quarter stood at INR 16.7 Cr. This was 82% lower than INR 92.2 Cr of total income it reported in Q1 FY25.

Meanwhile, expenses also declined 54% to INR 42 Cr from INR 90.6 Cr in the year-ago quarter.

This marked ideaForge’s fourth consecutive loss-making quarter. Despite being knee deep in losses, CEO Ankit Mehta believes that the company started FY26 on a positive note. This belief stems from ideaForge securing INR 137 Cr order under the Centre’s fifth cycle of emergency procurement for defence services. The order will reflect in the company’s top line in the next 2-3 quarters.

Mehta said that the order followed “rigorous technical evaluations and country-of-origin checks.”

Emergency procurement by the Indian government refers to a fast-track mechanism that allows the armed forces and other critical government agencies to acquire essential equipment, goods and services on an urgent basis, bypassing the regular, more time-consuming procurement procedures.

Notably, the government allotted a massive INR 40,000 Cr in May for the sixth cycle of emergency procurement for the Indian armed forces with an aim to bolster combat readiness, particularly in the context of ongoing security operations like ‘Operation Sindoor’.

ideaForge, which claims its platforms were a part of Operation Sindoor, expects to benefit from the increased focus on homegrown defence capabilities. The company said that it was involved in field trials triggered by Operation Sindoor, demonstrating long range and endurance (ZOLT) and economic resilience (all platforms).

“Post-Operation Sindoor, government procurement has received a major boost, with the allocation of INR 40,000 Cr for the sixth cycle of emergency procurement for the armed forces. Additionally, the government has announced an RDI fund of INR 1 Lakh Cr, which will further boost innovation efforts in the industry. The next phase of PLI is also expected to be rolled out for drone manufacturers, which will be a major tailwind for the industry and ideaForge,” Mehta said.

Shares of ideaForge ended 0.7% lower at INR 544.45 on the BSE today.