DBT Bureau
Pune, 23 Jan 2026
ideaForge Technology Limited has announced its unaudited financial results for the quarter ended December 31, 2025. During the quarter, the company received an order worth ₹100 crore from the Indian Army for its next-generation tactical UAVs, ZOLT and SWITCH V2, which feature electronic warfare resilience. This was followed by additional order bookings of ₹115 crore from a mix of defence and civil customers over the course of the quarter.
The Company’s deployed fleet completed over 150,000+ end customer flights in FY26 YTD and 850,000+ flights cumulatively, reflecting growing customer reliance on its technology and products and the compounding value of operational experience.
Beyond defense, ideaForge also made encouraging progress in its non-defense business during the quarter, collaborating with government bodies and private enterprises to deliver UAV-led solutions across civil and industrial use cases. The Company signed an MoU with C-DAC to integrate drones into India’s emergency response network. In addition, the formation of its joint venture with First Breach Inc. in the previous quarter boosts its market access in the US.
Commenting on the results, Ankit Mehta, Co- Founder and CEO of ideaForge said, “FY26 has been a defining year for ideaForge so far. We’ve booked the highest quantum of ordersin our two-decade journey so far this year, with a sizable chunk coming in Q3 alone. Our priority now is crisp execution: we expect to deliver ~40–45% of the open orders in Q4 FY26 and close FY26 with improved gross margins and turn profitable.
Drones have become a critical element of counter-insurgency and counter-terrorism operations, and recent global conflicts have reinforced the need for nations to build strong indigenous capabilities. For India, this shift became especially evident post Operation Sindoor, with a clear acceleration in procurement through initiatives such as EP6 and decentralised command-level purchases. The recent reports of a fresh procurement outlay of approximately INR 20,000 crore signal a strong, multi-year demand tailwind for the domestic drone industry. With indigenously developed platforms, subsystems, and full-stack technology, we are gearing up to meet evolving requirements by expanding beyond ISR and reinforcing leadership in India’s drone ecosystem. Further, the reports of PLI 2.0 and R&D incentives for drones also provide positive signs for the industry.”
Financial Performance (₹ Mn)
| Particulars | Q3 FY26 | Q3 FY25 | Q2 FY26 | 9M FY26 | 9M FY25 |
|---|---|---|---|---|---|
| Revenues | 315.4 | 176.1 | 407.6 | 850.9 | 1,409.0 |
| Gross Profit | 74.7 | 80.9 | 203.9 | 357.5 | 458.9 |
Profitability & Margins (₹ Mn / %)
| Particulars | Q3 FY26 | Q3 FY25 | Q2 FY26 | 9M FY26 | 9M FY25 |
|---|---|---|---|---|---|
| Gross Profit (%) | 23.7% | 46.0% | 50.0% | 42.0% | 32.6% |
| EBITDA | -239.1 | -125.8 | -79.9 | -470.4 | -141.2 |
| EBITDA Margins (%) | -75.8% | -71.4% | -19.6% | -55.3% | -10.0% |
| Profit After Tax (PAT) | -338.5 | -240.2 | -196.2 | -770.3 | -365.7 |
| PAT Margins (%) | -107.3% | -136.4% | -48.1% | -90.5% | -26.0% |
