Ideaforge Technology Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Ideaforge Technology Ltd filed with BSE on 11 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
ideaForge reported its highest ever quarterly revenue of INR141 crores in Q4 FY26, up from INR20.3 crores in Q4 FY25, with EBITDA margin of 52.6% and PAT margin of 42.5% for the quarter. For the full year, revenue from operations was INR286.1 crores versus INR161 crores in FY25, EBITDA turned positive at INR27 crores, and PAT remained negative at INR17 crores. Management said FY26 order bookings reached approximately INR530 crores, the highest in the company's history, with an opening order book of about INR310 crores for FY27.
Numbers mentioned
Revenue from operations: INR141 crores (Q4 FY26)
p. 6
“For Q4 FY26, revenue from operations stood at INR141 crores compared to INR20.3 crores in quarter 4 FY25.”
Ankit Mehta, page 6 of the filed PDF · View the filing
Gross profit: INR95.4 crores (Q4 FY26)
p. 6
“Gross profit for the quarter stood at INR95.4 crores with a gross margin of 67.6%.”
Ankit Mehta, page 6 of the filed PDF · View the filing
EBITDA: INR74.2 crores (Q4 FY26)
p. 6
“EBITDA for the quarter 4 stood at INR74.2 crores translating to an EBITDA margin of 52.6%.”
Ankit Mehta, page 6 of the filed PDF · View the filing
Profit after tax: INR60 crores (Q4 FY26)
p. 6
“Profit after tax for quarter 4 stood at INR60 crores with a PAT margin of42.5%.”
Ankit Mehta, page 6 of the filed PDF · View the filing
Revenue from operations: INR286.1 crores (FY26)
p. 6
“For the full year FY26 revenue from operations stood at INR286.1 crores compared to INR161 crores in FY25.”
Ankit Mehta, page 6 of the filed PDF · View the filing
Gross profit: INR131 crores (FY26)
p. 6
“Gross profit stood at INR131 crores with a gross margin of 58%.”
Ankit Mehta, page 6 of the filed PDF · View the filing
EBITDA: INR27 crores (FY26)
p. 6
“FY26 EBITDA stood at INR27 crores.”
Ankit Mehta, page 6 of the filed PDF · View the filing
Profit after tax: negative INR17 crores (FY26)
p. 6
“For FY26, we recorded PAT of negative INR17 crores.”
Ankit Mehta, page 6 of the filed PDF · View the filing
Order bookings: approximately INR530 crores (FY26)
p. 4
“We booked approximately INR530 crores of orders across defence and civil customers and the highest annual order booking in our nearly 2-decade journey.”
Ankit Mehta, page 4 of the filed PDF · View the filing
Opening order book: approximately INR310 crores (FY27)
p. 4
“As of 31st March '26, our opening order book for FY '27 stood at approximately INR310 crores.”
Ankit Mehta, page 4 of the filed PDF · View the filing
Cumulative fleet flights: 950,000 cumulative flights
p. 6
“Our deployed fleet completed over 250,000 end customer flights in financial year '26 and crossed 950,000 cumulative flights.”
Ankit Mehta, page 6 of the filed PDF · View the filing
Open order book execution in Q4: around 40% (Q4 FY26)
p. 3
“During the quarter, we executed around 40% of our open order book of Q3, recording our highest ever quarterly revenue and profit after tax and closed FY '26 with positive EBITDA.”
Ankit Mehta, page 3 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Order book execution timeline — INR310 crores order book executed · first 3 quarters of FY27
stated firmly by Ankit Mehta
p. 14
“In terms of execution, I think the first -- yes, the first 3 quarters is when the order book is from a timeline standpoint, expected to be converted into revenue.”
Ankit Mehta, page 14 of the filed PDF · View the filing
Order book execution within fiscal year — INR310 crores executed entirely within FY27 · FY27
stated firmly by Ankit Mehta
p. 14
“No, no. This is expected to be executed within this year.”
Ankit Mehta, page 14 of the filed PDF · View the filing
Blended margin — roughly 50% to 55% · FY27
stated as an aspiration by Vipul Joshi
p. 11
“My expectation as a blended for the year, roughly about 50% to 55% is our hope for the year.”
Vipul Joshi, page 11 of the filed PDF · View the filing
Profitability focus — annual profitability · FY27
stated as an aspiration by Ankit Mehta
p. 6
“The task is now to move from quarterly profitability to annual profitability.”
Ankit Mehta, page 6 of the filed PDF · View the filing
YETI commercial exploration — early commercial explorations · coming FY
stated conditionally by Rahul Singh
p. 8
“From a go-to-market perspective, we expect tentatively early commercial explorations to start from the coming FY.”
Rahul Singh, page 8 of the filed PDF · View the filing
Combat drone capability development — convert into opportunities · this year
stated as an aspiration by Rahul Singh
p. 9
“We are picking up the most relevant ones where we think there's a path to the highest impact and hopefully, we'll be able to convert into opportunities in this year.”
Rahul Singh, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management described the U.S. order as an early pilot order for a school district, involving SWITCH and NETRA or Q6 platforms, and said the NATO engagement is about showcasing products rather than a formal procurement qualification yet.
Answered by Ankit Mehta
Asked by Balasubramanian: What was the size and nature of the U.S. order and the JV with First Breach, and is there any active NATO procurement engagement?
p. 7
“The order that we received in the U.S is sort of, you can say, early pilot order that allows us to demonstrate our capability in the U.S. to deliver a reliable and for a very critical mission for those schools there”
Ankit Mehta, page 7 of the filed PDF · View the filing
Management identified thermal imagers as a global supply chain constraint affecting the industry broadly.
Answered by Ankit Mehta
Asked by Balasubramanian: What subsystems or components are most at risk from a supply chain perspective given the geopolitical situation?
p. 9
“because of a global supply chain around thermal imagers, they remain to be a constrained challenge for everyone at this point in time because of multiple reasons”
Ankit Mehta, page 9 of the filed PDF · View the filing
Management declined to give a specific inflow projection.
Answered by Ankit Mehta
Asked by Deepak Poddar: What order inflow is the company targeting for FY27 compared to FY26's INR530 crores?
p. 10
“Again, we don't give those projections at this point in time, Deepak.”
Ankit Mehta, page 10 of the filed PDF · View the filing
Management declined to disclose the segment breakup or comment on specific opportunities.
Answered by Ankit Mehta
Asked by Santhosh: Can the company provide a breakup of the order book by segment, and is it participating in the 164-drone government tender?
p. 10
“We have traditionally not done that, Santhosh. So we restrain from that presently as well.”
Ankit Mehta, page 10 of the filed PDF · View the filing
Management confirmed the current order mix is high margin and said margin profile depends on the mix of advanced versus mass-market capabilities the customer buys, without giving a specific multi-year number.
Answered by Ankit Mehta
Asked by Rakesh Roy: Does the 50-55% margin guidance imply the current order book is a high-margin business, and what is the outlook for margins over the next 3 years?
p. 14
“The way we have seen, Mr. Rakesh, is that when the customer looks for buying advanced capabilities, the margin profile improves.”
Ankit Mehta, page 14 of the filed PDF · View the filing
Management said the company does not intend to obtain such licenses itself and instead partners with organizations that traditionally handle munitions for the government.
Answered by Ankit Mehta
Asked by Tushar: What changed to prompt the pivot toward combat drones, and does the company now hold ammunition licenses for target drones?
p. 15
“we do not intend to take those licenses even today. We are partnering with a lot of people who handled munitions traditionally for the government.”
Ankit Mehta, page 15 of the filed PDF · View the filing
Management said no new ZOLT orders have been added yet, and execution on ZOLT is still pending due to order timelines.
Answered by Ankit Mehta
Asked by Tushar: Has the ZOLT platform received new orders after executing the prior INR72 crore order, and what role will it play in combat capability?
p. 16
“Tushar, not yet.”
Ankit Mehta, page 16 of the filed PDF · View the filing
Management pointed to the order book execution timeline as an indicator of revenue and reiterated the 50-55% blended margin expectation.
Answered by Rahul Singh
Asked by Shubham Gupta: How much revenue is expected next year based on the order book, and can current margins be sustained?
p. 18
“As was previously answered as well, we hope to keep our margin structure between 50% to 55% as a blended for the year.”
Rahul Singh, page 18 of the filed PDF · View the filing
Risks flagged
Global supply chain constraints on thermal imagers affecting the industry
p. 9
“because of a global supply chain around thermal imagers, they remain to be a constrained challenge for everyone at this point in time because of multiple reasons”
Ankit Mehta, page 9 of the filed PDF · View the filing
Execution risk, supply chain volatility, product mix, procurement timing, working capital cycles and quarterly lumpiness
p. 7
“We remain mindful that execution risk, supply chain volatility, product mix, procurement timing, working capital cycles and quarterly lumpiness will continue to be part of the business.”
Ankit Mehta, page 7 of the filed PDF · View the filing
Geopolitical shock disrupting supply chains during execution
p. 4
“This happened during a period when global supply chains were again under pressure due to geopolitical developments.”
Ankit Mehta, page 4 of the filed PDF · View the filing
Large capital procurement opportunities not yet tendered, adding to timeline uncertainty
p. 14
“Large opportunities from the standpoint of capital procurement are yet to be tendered.”
Ankit Mehta, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.