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DefenceDrones & UAVPlatform Integration
ideaForge Technology
India's largest military drone OEM by fleet — but FY25/FY26 losses as army ordering paused and competition intensified. Turnaround bet on new logistics/loitering platforms.
Order book · Ordering pause FY25; Q4 FY26 recovery (₹141 Cr, ₹60 Cr PAT)
Sell / Avoid
₹860
Mkt cap ₹4.3K Cr
P/E
—
P/B
6.2x
ROCE
-2.8%
ROE
-3.3%
Div yield
0.00%
52W high
₹997
52W low
₹366
Promoter
25.3%
Score bridge (derived from real data)
Fundamental
30
Valuation
44
Technical
81
Moat (curated)
55
Fundamental = ROCE/ROE/OPM/growth/cash-conversion/leverage from Screener statements. Valuation = P/E, EV/EBITDA, P/B and distance-from-high. Technical = position in real 52-week range (full OHLCV indicators need a market-data API). Decision = weighted engine over all four.
52-week position
₹366now ₹860₹997
78/100
Technical rating A
Price · 2 years · SMA 50/200 · as of 2026-07-20
Strong UpMACD BearishGolden cross
RSI-14
RSI-14
50
vs SMA-50
0.6%
vs SMA-200
51.8%
1Y return
56.5%
Ann. vol
56%
Max DD 1Y
-32%
Annual trend · sales, PAT, OPM
Quarterly run-rate
Financial statements
Source: Screener.inSales 3Y CAGR
6.7%
PAT 3Y CAGR
—
OPM (latest)
3.0%
PAT margin
-7.5%
D / E
0.14x
CFO / PAT
—
EV / EBITDA
725.8x
FCF yield
-1.1%
Ratio history · computed per year
| Ratio | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales growth YoY % | — | 17.0% | 68.8% | -48.7% | 40.4% |
| PAT growth YoY % | — | -27.3% | 40.6% | -237.8% | 72.6% |
| OPM % | 47% | 26% | 18% | -32% | 3% |
| PAT margin % | 27.7% | 17.2% | 14.3% | -38.5% | -7.5% |
| ROE % (PAT / net worth) | 27.0% | 9.9% | 6.8% | -10.2% | -2.8% |
| D / E (x) | 0.10 | 0.31 | 0.02 | 0.03 | 0.14 |
| Asset turnover (x) | 0.72 | 0.38 | 0.42 | 0.24 | 0.28 |
| CFO / PAT (x) | 1.52 | -1.66 | 1.69 | — | — |
Annual P&L · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Sales | 159 | 186 | 314 | 161 | 226 |
| Operating profit | 75 | 48 | 57 | -52 | 6 |
| OPM % | 47% | 26% | 18% | -32% | 3% |
| Net profit | 44 | 32 | 45 | -62 | -17 |
| EPS ₹ | — | 14.99 | 10.56 | -14.46 | -3.94 |
Quarterly · ₹ Cr
| Dec 2025 | Mar 2026 | |
|---|---|---|
| Sales | 32 | 141 |
| OPM % | -84% | 44% |
| PAT | -34 | 60 |
Balance sheet · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity | 0 | 21 | 43 | 43 | 43 |
| Reserves | 163 | 303 | 618 | 566 | 556 |
| Borrowings | 16 | 101 | 14 | 16 | 84 |
| Total assets | 222 | 488 | 743 | 672 | 799 |
Cash flow · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Operating | 67 | -53 | 76 | -77 | -63 |
| Investing | -31 | -149 | -102 | -68 | 16 |
| Financing | -11 | 176 | 189 | -8 | 61 |
Shareholding
Promoters
25.3%
FII
8.3%
DII
11.0%
Public
55.5%
Mkt cap
₹4.3K Cr
P/E
—
52W range
₹366–997