Ideaforge Technology LimitedCapital Goods & EngineeringIDEAFORGE
Q1 FY27 concall · earnings callIdeaforge Technology Limited
The company started the year with steady execution, converting over 20% of its opening order book, and is positioned for growth with significant progress on key developmental programs like combat drones and YETI, a strengthened financial base, and a structurally improving demand environment.
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹68.6 Cr | — | |
| Gross Profit | ₹33.6 Cr | — | |
| Gross Margin | 49% | — | |
| EBITDA | ₹4.3 Cr | — | |
| PAT | negative ₹2.6 Cr | — | |
| Closing Order Book | ₹256.8 Cr | — |
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹17.61 Cr-80.6% YoY-52.5% QoQ | ₹-24.02 CrTurned loss-making YoYLoss widened QoQ | ₹-5.56Turned negative YoYLoss/share widened QoQ |
| Q2 FY25 | ₹37.10 Cr+56.3% YoY-57% QoQ | ₹-13.73 CrTurned loss-making YoYTurned loss-making QoQ | ₹-3.18Turned negative YoYTurned negative QoQ |
| Q1 FY25 | ₹86.19 Cr-11.2% YoY-15.7% QoQ | ₹1.17 Cr-93.8% YoY-88.7% QoQ | ₹0.27-94.4% YoY-88.7% QoQ |
| Q4 FY24 | ₹102.30 Cr— YoY+12.5% QoQ | ₹10.33 Cr— YoY-30.2% QoQ | ₹2.40— YoY-31.2% QoQ |
| Q3 FY24 | ₹90.90 Cr— YoY+283.1% QoQ | ₹14.80 Cr— YoY+1562.9% QoQ | ₹3.49— YoY+1561.9% QoQ |
- Delivered revenue of INR68.6 crores, converting over 20% of the INR300+ crore opening order book.
- Achieved positive EBITDA of INR4.3 crores.
- Key developmental programs advanced, including combat drone capabilities, YETI hover test, and FLYGHT CLOUD updates.
- Raised INR500 crores via QIP and secured LOI for up to INR151 crores for YETI.
- Deployed UAV fleet crossed 1 million customer missions.
- Demand environment positive with announcements of large drone procurements and enhanced delegation of financial powers to defense forces.
“Our vision with YETI is to make the world flat and whatever high-altitude areas that exist in our country, if we can serve them from the Terai at the fastest possible pace with high capability like this, I think we would have really changed the ecosystem and the game.”
| Topic | What management said |
|---|---|
| US Operations and Exports | Focus is on operationalizing the JV and obtaining Blue sUAS certification; live opportunities exist in Europe, Middle East, South America, and Africa with orders for NFR units. |
| Order Inflow and Government Procurement | Large Fast Track Procurement opportunities are at various approval stages; revenue-side business from enhanced Army commander powers typically fructifies in Q3/Q4. |
| YETI and Logistics Drone RFI | YETI is designed for high-altitude (6,500m) operations; the company will respond to the RFI but the opportunity size depends on final specifications and procurement mode (FTP budget is up to INR2,000 crores). |
| Combat Drone Capabilities | Development includes variants of existing platforms for kamikaze systems and air-launched effects; the company is working on both and will participate in combat-related RFPs. |
| Supply Chain and Gross Margin | Pressure on thermal camera and electronic supply chains exists but is not currently impacting delivery commitments; gross margin pressure in Q1 was due to product mix (60% defense, 40% civil), with full-year blended expectation still 50%-55%. |
| Indigenization Level | Roughly 20-22% of revenue is import substitute; international content across product line is about 60-65%. |
| Market Share and Success Rate | The company aims to participate in maximum opportunities; success rate depends on final specifications and competition, which is lower for tougher requirements. |
- Plan to execute and deliver the remaining order book of INR256.8 crores by Q3.
- Blended gross margin for the year likely to hover between 50%-55% range.
- Expect revenue program outcomes and some FTP opportunities to fructify in FY27, with others potentially slipping into FY28.
- No specific capex plan for factory setup; using single shift model with capacity to go to three shifts.
Summary written from the transcript filed by Ideaforge Technology Limited for the call held on 11 Aug 2026; published 21 Aug 2026, 23:21 IST.
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