IdeaForge reports strong order book, global expansion despite Q2 revenue dip

IdeaForge Technology Limited reported consolidated revenues of INR40.8 crores for Q2 FY26, compared to INR37.1 crores in Q2 FY25. For H1 FY26, revenues stood at INR53.5 crores, down from INR123.3 crores in H1 FY25. The gross profit for Q2 was INR20.4 crores with a 50% margin, improving to INR28.3 crores with a 52.8% margin for H1 FY26 due to better contract execution and demand for differentiated products. The company's order book as of October 28 stood at approximately INR238 crores, with new orders of INR60 crores in Q2 and INR74 crores in October, primarily from defense command emergency procurements.

EBITDA for Q2 FY26 was minus INR8 crores and minus INR23.1 crores for H1 FY26. PAT for the quarter was minus INR19.6 crores, and minus INR43.2 crores for H1 FY26. The company is actively investing in R&D for AI, sensor integration, and autonomous drone operations, with a focus on enhancing existing platforms like SWITCH, ZOLT, and YETI to meet evolving defense and enterprise needs.

A significant milestone for the quarter was the joint venture with First Breach Inc. in the U.S., aimed at local manufacturing, navigating trade barriers, and securing investment for U.S. market penetration. Additionally, the Q6 UAV received a NATO Stock Number, making it eligible for NATO and allied procurement systems, reinforcing ideaForge's position as a trusted UAV provider.