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Supply chain constraints for thermal imagers
View Risks →ideaForge Technology Ltd — Q4 FY26
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.
bullish
high
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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.
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Annual Order Inflow
₹530 Cr
+229% YoY
Highest ever annual order booking in company history.
Opening Order Book FY27
₹310 Cr
N/A
Provides strong revenue visibility for the coming year.
Cumulative Flights
950,000
+250,000 flights in FY26
Reflects deployment scale and customer trust.
Gross Margin
67.6%
+960bps YoY
Improved product mix and cost discipline drove margin expansion.
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Guidance and risk preview
Management expects blended EBITDA margin for FY27 to be in the range of 50-55%.
Global supply chain challenges for thermal imagers remain a constraint and could impact production timelines.
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