By Ks Badri Narayanan

Copyright thehindubusinessline

Target: ₹500

CMP: ₹535.90

We recently met the management of ideaForge Technology Ltd (ideaForge). The management continues its efforts towards new product development and enhancing the capabilities of its existing drones.

With a view to diversify into the non-defence segment, the company is focusing on Drone as a Service and launching a logistics drone (Yeti – with 100-125km range), which will be the key growth driver for it in the non–defence space in the long run.

ideaForge is currently working on integrating precision munitions drop capabilities in its tactical UAV “Zold”, with payload capacity ranging from 300g to 8 kg. This is likely to open up a new market for the company. The enterprise business (non-defence segment) will be driven by its run rate business. The management will be focusing on gradually enhancing capabilities for inspection and payload and also expanding the new product portfolio.

The management expects a few orders under emergency procurement to be concluded in the next few months.

Though the company’s long-term prospects are healthy due to its core strengths, namely, technical knowhow, new technology and product development capability, its near-time performance will continue to be impacted due to lower opening order book, delayed ordering activity and delayed finalisation of L1 orders (₹400 crore+).

We change our rating from Hold in our previous rating system to Reduce in the new rating system

Published on September 19, 2025