By BullScreen Editorial Team 
IdeaForge Technology Ltd, India’s leading drone manufacturer in the defence and surveillance segment, delivered a strong turnaround performance in Q4 FY26. The company’s latest investor presentation highlights sharp revenue growth, return to profitability, and a robust order pipeline, making it a key stock to watch in the defence-tech space.
For the quarter ended March 31, 2026, the company reported revenue of ₹141 crore, compared to ₹31.5 crore in the same period last year, reflecting a sharp increase driven by strong execution of defence orders during the quarter.
The company posted a net profit (PAT) of ₹60 crore, compared to losses in previous quarters, while EBITDA turned positive, indicating improved cost control and operating leverage. Margins also expanded significantly, reflecting better absorption of fixed costs and higher contribution from high-value defence contracts.
Importantly, the company maintained a healthy order book of ₹300+ crore, providing strong revenue visibility for upcoming quarters, which is a key factor for investors tracking sustainability of growth.
From a business mix perspective, defence continues to contribute over 80% of revenue, highlighting strong positioning in a niche, high-entry-barrier segment, though it also indicates dependence on government orders.
Additionally, the quarter reflects improved execution efficiency and working capital utilization, as higher revenue was achieved through timely delivery of existing orders rather than aggressive expansion.
According to exchange filings, Q4 and FY26 mark a turnaround towards profitable growth, with the company closing the year with positive EBITDA, improved margins, and stronger operational momentum heading into FY27.
Despite a strong turnaround in profitability, the company’s cash flow profile remains under pressure due to continued investment and working capital requirements. For FY26, operating cash flow remained negative at ₹63.4 crore, although this marks an improvement from an outflow of ₹76.8 crore in FY25, indicating gradual progress but not yet a shift to cash-generating operations. At the same time, the company continued to invest in its growth strategy, with ₹88.3 crore spent on property, plant, equipment, and intangible assets, aligned with its “Make in India” manufacturing focus. To support execution and operational needs, the company also raised short-term borrowings of ₹72.1 crore during the year, reflecting reliance on external funding to sustain growth.
| Metric | Q4 FY26 (₹ Cr) | YoY Change | FY26 (₹ Cr) | YoY Change |
|---|---|---|---|---|
| Revenue | 141 | ▲ Strong Growth (348%) | 226 | ▲ 40% |
| EBITDA | 67 | ▲ Turnaround | 66 | ▲ Improved |
| Net Profit (PAT) | 60 | ▲ Turnaround | Positive | ▲ Improved |
| EBITDA Margin | 47% | ▲ Expansion | 29% | ▲ Improved |
| PAT Margin | 42% | ▲ Expansion | 23% | ▲ Improved |
| Segment | Revenue Contribution |
|---|---|
| Defence (Government) | 80-85% |
| Civil & Enterprise | 15-20% |
| Exports | Emerging 📈 |
| Category | Updates |
|---|---|
| Order Execution | Strong execution of defence contracts drove revenue spike in Q4 |
| Order Book | Healthy order pipeline providing visibility for FY27 |
| Profitability | Shift from losses to positive PAT and EBITDA |
| R&D Investment | Continued focus on next-gen drone technologies and payload systems |
| Indigenous Capability | Strengthened “Make in India” manufacturing capabilities |
| Client Base | Continued engagement with Indian defence and paramilitary forces |
| Industry Position | Maintained leadership in India’s UAV market |
| Export Opportunity | Expanding focus on global defence drone markets 📈 |
| Category | Details |
|---|---|
| Revenue Growth | Multi-fold YoY growth driven by strong order execution |
| Profitability | Turnaround to positive earnings in Q4 FY26 |
| Order Book | Strong pipeline supporting future revenue visibility |
| Core Segment | Defence remains the dominant revenue contributor |
| Industry Tailwinds | Rising defence spending and increasing drone adoption |
| Technology | Indigenous UAV development and manufacturing capabilities |
| Risk Factors | Revenue volatility and dependence on large orders |
Source: https://www.bseindia.com/xml-data/corpfiling/AttachLive/5fd2e2b6-7ec0-482d-ab5f-a26bdbcdd965.pdf