Ideaforge Technology shares slide 7% on Q1 net loss; key details

Shares of Ideaforge Technology Ltd fell sharply in Wednesday’s trade after the drone maker posted a weak set of numbers for the June quarter. The stock declined as much as 7 per cent to hit a low of Rs 506.25 on BSE, compared to its previous close of Rs 544.45.

At 10:19 am, the scrip was trading at Rs 511.95, still down 6 per cent. 

Ideaforge Technology reported a net loss of Rs 23.56 crore for the quarter ended June 2024, slightly lower than the Rs 25.70 crore loss it posted last year. Ebitda loss stood at Rs 15.14 crore, a contrast to an Ebitda of Rs 8.46 crore in the same period last year.

Commenting on the quarterly performance, Ankit Mehta, CEO of Ideaforge, said, “The first quarter of FY25 marked a positive start for the financial year and reinforced ideaForge’s resilience, both in technology and in business. ideaForge secured a significant Rs 137 crore order under the Government’s 5th cycle of Emergency Procurement. This order followed rigorous technical evaluations and country-of-origin checks, highlighting our standing as a trusted partner to the Indian armed forces.”

Mehta said that Ideaforge platforms played a role in Operation Sindoor, where they “proved effective in the high-stakes battlefield scenario, reaffirming the resilience of our indigenous product development and deep-tech foundation.”

“Post-Operation Sindoor, government procurement has received a major boost, with the allocation of Rs 40,000 crores for the 6th cycle of Emergency Procurement for the armed forces. Additionally, the government has announced an R&D Fund of Rs 1 lakh crore, which will further boost innovation efforts in the industry. The next phase of PLI is also expected to be rolled out for drone manufacturers, which will be a major tailwind for the industry and ideaForge,” Mehta said.

“Our strategic and operational efforts are well on track, and we are committed to delivering long-term and meaningful value to our stakeholders,” Mehta added.