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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹141 Cr
verified against source
Revenue YoY
594.6%
reported change
EBITDA
₹74.2 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
ideaForge delivered a standout Q4 FY26 with revenue of ₹141 crore (up ~595% YoY), EBITDA of ₹74.2 crore (52.6% margin), and PAT of ₹60 crore, driven by execution of ~40% of the opening order book. The year saw record order inflows of ₹530 crore, and the company ended with an opening order book of ₹310 crore for FY27. Key drivers included delivery and acceptance of electronic warfare resilient systems, expansion into combat drones (loitering munitions, long-range strike), and first US order from Lamar Police Department. Management guided for 50-55% blended EBITDA margins in FY27 and expects the opening order book to be executed within the first three quarters. Risk: supply chain constraints, especially thermal imagers, could delay execution.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects blended EBITDA margin for FY27 to be in the range of 50-55%.
- The entire opening order book of ₹310 crore is expected to be converted into revenue within FY27, with first three quarters as the timeline.
- Company is extending technology base into loitering munitions, long-range strike platforms, and kamikaze systems through in-house development and partnerships.
Risks flagged
- Global supply chain challenges for thermal imagers remain a constraint and could impact production timelines.
- Revenue and profitability may remain lumpy across quarters due to procurement timing and order conversion cycles.
- Global geopolitical developments could again pressure supply chains, as seen in March.
- Large opportunities from capital procurement are yet to be tendered; delays could impact order inflow visibility.
Key quotes
- Q4 was the quarter where while the order booking momentum continued, it was also converted into execution all the way to acceptance of our delivered electronic warfare resilience capability with real world testing.
- When conditions are stable, these choices may not always be visible. But when conditions become difficult, breadth and depth both matter.
- A demo proves possibility, but deployment proves capability and trust.
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