Annual Order Inflow
₹530 Cr
+229% YoY
Highest ever annual order booking in company history.
IDEAFORGETECHNOLOGY
Manufacturing
15 May 2026
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
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.
Management Guidance
FY27 EBITDA margin guidance of 50-55%
Management expects blended EBITDA margin for FY27 to be in the range of 50-55%.
marginsOpening order book of ₹310 crore to be executed in FY27
The entire opening order book of ₹310 crore is expected to be converted into revenue within FY27, with first three quarters as the timeline.
revenueContinued investment in combat drone capabilities
Company is extending technology base into loitering munitions, long-range strike platforms, and kamikaze systems through in-house development and partnerships.
expansionKey Risks
Supply chain constraints for thermal imagers
Global supply chain challenges for thermal imagers remain a constraint and could impact production timelines.
medium · management_commentaryExecution risk due to quarterly lumpiness
Revenue and profitability may remain lumpy across quarters due to procurement timing and order conversion cycles.
medium · management_commentaryGeopolitical shocks affecting supply chains
Global geopolitical developments could again pressure supply chains, as seen in March.
high · data_observationDependence on large capital procurement tenders
Large opportunities from capital procurement are yet to be tendered; delays could impact order inflow visibility.
medium · analyst_questionNotable 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.