Ideaforge zooms 144% since April, hits 2-year high; what's driving stock?

Ideaforge's revenue is likely to grow at a steady rate over the medium term, in line with geographical diversification, healthy demand, strong order book, and product addition, believes Crisil Ratings

Ideaforge Technology share price

 

Shares of Ideaforge Technology were locked at the 5 per cent upper circuit at ₹898.60 on the BSE in Thursday’s intra-day trade after the board approved fund raising up to ₹500 crore.

 

The stock price of the aerospace & defense company surpassed its previous high of ₹889.25 touched on May 15, 2026. It was quoting at its highest level since October 2023. Thus far in the financial year 2026-27, the market price of Ideaforge has more-than-doubled or zoomed 144 per cent from a level of ₹367.95 on the BSE. The stock hit a record high of ₹1,344 on July 7, 2023.

 

 

Till 09:51 AM; a combined 350,000 equity shares changed hands and there were pending buy orders for a combined 330,000 equity shares on the NSE and BSE. In comparison, the BSE Sensex was down 0.07 per cent at 74,298.

 

Currently, Ideaforge trades under ‘T’ group. T group shares are securities that are put into Trade to Trade (T2T) segment by the BSE. These stocks are not allowed for intraday trading. The T2T stocks can only be delivery based i.e. the buyer has to take the delivery of these shares.

 

Ideaforge board approves ₹500 crore fund raising

 

The board of directors of Ideaforge at their meeting held on Wednesday, June 03, 2026, approved raising of funds for an aggregate amount of up to and not exceeding ₹500 crore by way of issuance of including equity shares, preference shares by way of preferential allotment or a private placement, qualified institutions placement(s) and/or any combination thereof or any other method.

 

The Ideaforge group manufactures and markets Unmanned Aerial Vehicles(UAV) systems such as wide-range megaphone drones, Q series drones and switch UAV drones, which are used for security, defence, homeland security, and enterprise applications such as mapping, surveillance and security, survey and inspection. The company has an ancillary business of providing training and maintenance services for UAV systems.  Check - TOP GAINERS NSE | TOP LOSERS NSE 

Crisil Ratings revises corporate credit rating outlook of Ideaforge

 

On May 28, 2026, Crisil Ratings revised its outlook on the corporate credit rating of Ideaforge Technology to ‘Stable’ from ‘Negative’ while reaffirming the rating at ‘Crisil BBB’.

 

The rating agency in its rationale said that the revision in outlook reflects the improvement in the business risk profile of the Ideaforge group, with operating performance rebounding in the fourth quarter of fiscal 2026, which is expected to continue over the medium term. 

 

The group’s revenue increased to ₹227 crore in fiscal 2026 from ₹162 crore in fiscal 2025. The earnings before interest, tax, depreciation and amortisation (Ebitda) margin was at 2.6 per cent in fiscal 2026 compared with a loss in fiscal 2025. The group’s order book of more than ₹310 crore as of April 2026 provides adequate revenue visibility over the medium term, Crisil Ratings said.

 

Ideaforge’s revenue is likely to grow at a steady rate over the medium term, in line with geographical diversification, healthy demand, strong order book, and continuous R&D and product addition.

 

Ideaforge – Outlook

 

IdeaForge is a key player in the unmanned aerial systems (UAS) manufacturing space and the mission critical intelligence, surveillance and reconnaissance (ISR) solutions space with primary focus on defence and homeland security. In Q4FY26, it has received the first order in the US from Lamar Police Department for deployment of its drones to ensure student safety across a school district in Texas.

 

The management has also indicated that they are expanding beyond ISR and actively developing combat drones such as long-range strike platforms, loitering munitions and kamikaze through in-house development and strategic partnerships.

 

Drones are increasingly playing a vital role in offensive operations, and the management said the company is actively developing combat drones for long-range attack, loitering munitions, kamikaze, etc., and are prepared to participate in the upcoming wave of opportunities.

 

Given a strong opening order book coupled with enhanced industry focus on domestic procurement of indigenous drones and continued execution momentum, analysts at JM Financial Institutional Securities estimate a revenue compound annual growth rate (CAGR) of 70 per cent driving FY27/28 EPS of ₹11.6/21.9. The key risk is a potential delay in translation of order prospects to inflows, the brokerage firm said.  =======================================  Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.