Mumbai: ideaForge Technology Limited (the Company), the pioneer and pre-eminent market leader in the Indian unmanned aircraft systems (UAS) market, on November 02 announced its audited financial results for the quarter ended September 30, 2026.
The company reported quarterly revenue from operations of ₹91.3 crore, registering a growth of 124% on a YoY basis and 33% on a sequential basis. The EBITDA for the quarter stood at a positive ₹23.2 crore with a turnaround on a YoY and on a sequential basis.
The Company also posted a PAT of ₹6.5 crore for Q2 FY27 compared to a loss of ₹19.6 crore for Q2 FY26, marking a turnaround on a YoY basis. In H1, the company delivered 50% of its FY27 opening order book, posting its highest-ever H1 revenue of ~₹160 crore, a 199% growth on a YoY basis. The Company also posted a PAT of ~₹3.9 crore in H1, a turnaround from H1 FY26.
The timely execution of its order book, despite global supply chain bottlenecks, highlights ideaForge’s ability to scale operations and deliver on customer commitments without compromising on quality.
During Q2 FY27, ideaForge successfully completed field testing of the ZOLT Hybrid UAV for long-range ISR capabilities of up to 100 km and 6 hours of endurance with indigenous EW resilience capabilities and a long-range MWIR payload. The company also launched the combat variant of its ZOLT platform.
Another key milestone during the quarter was the signing of an agreement with the Technology Development Board (TDB) for ₹151 crore in Research, Development and Innovation (RDI) funding to support the development of YETI, ideaForge’s indigenous middle-mile logistics UAV platform. RDI funding is in the form of a long-term debt facility and a low interest rate.
The all-electric aircraft is designed to carry payloads of up to 200 kg and operate over distances of up to 200 km, depending on the payload at very high altitudes. YETI represents the company’s efforts to extend autonomous aerial capabilities to complex logistics requirements. The funding supports the development of advanced indigenous technology and highlights the potential of unmanned systems to address emerging requirements across logistics and infrastructure.
Commenting on the results, Ankit Mehta, Co-Founder and CEO of ideaForge Technology, said, “Building on the steady start of the year in Q1 FY27, Q2 FY27 saw continued progress in order book execution, new product development, and preparations to capitalise on upcoming procurement opportunities.
During the quarter, we achieved revenue from operations of ~₹91.3 crore and PAT of ~₹6.5 crore. In H1, we executed over 50% of our FY27 opening order book and reported our highest-ever H1 revenue at ~₹159.9 crore with PAT of ~₹3.9 crore. We have maintained our execution momentum despite persistent global supply chain constraints and a few delays in customer approvals for deliveries. While these challenges remain significant, we continue to closely monitor developments and take measures to minimise their impact on our operations and deliveries.”
He added, “During the quarter, we made progress on the development of a hybrid variant of ZOLT, incorporating an internal combustion engine for extended range and endurance, and also launched its combat variant. Our experiments with Air Launched Effects and other developments on seeker and loitering munition platform technologies mark an important juncture in our expansion beyond ISR into combat applications for defence. Our focus remains on making these tech and products ready by the second half of the year and offering them for field trials and participation in FTP opportunities. We also continue to leverage field feedback and learnings from our electronic warfare-resilient systems to enhance their capabilities in response to evolving battlefield threats.”
“In our experience, investments in new product and technology development have converted into multi-fold revenue generation vis-à-vis the invested value. Therefore, we believe our sustained and growing investment in product development is a strong sign of exponential growth potential.
On the demand side, the estimated ₹ 20,000 crore opportunity under the Fast Track Procurement (FTP) programme across ISR and combat UAV categories remains significant, with the first RFP at an advanced stage of evaluation. Additionally, the Defence Acquisition Council (DAC) has cleared proposals from defence services worth ₹2.12 lakh crore, including programmes for Long Range UAS, Surveillance UAV, Integrated Surveillance and Strike Systems, and Long-Range Kamikaze Drone Systems, and we are expecting RFPs for these opportunities soon. Several other opportunities are progressing through the approval process. Further, the enhanced financial powers delegated to field commanders under DFPDS 2026 are also expected to drive higher and more consistent procurement activity compared to historical levels, complementing larger centralised acquisition programmes and creating a broader pipeline of opportunities for the industry,” he said.
Ankit Mehta stated, “As we enter the second half of FY27, our immediate priority is to sustain the pace of execution while bringing our new platforms closer to commercialization. The combination of an expanding product portfolio, stronger indigenous technology capabilities, and growing procurement opportunities gives us confidence in the road ahead. We remain focused on translating these developments into new orders, consistent revenue growth and improved profitability, while strengthening ideaForge’s position as a trusted technology partner to India’s defence forces and enterprises.”
Financial Performance
| Particulars (₹ crore) | Q2 FY27 | Q2 FY26 | Y-o-Y | Q1 FY27 | Q-o-Q | H1 FY27 | H1 FY26 | Y-o-Y |
| Revenue | 91.3 | 40.8 | 124% | 68.6 | 33% | 159.9 | 53.5 | 199% |
| Gross Profit | 49.6 | 20.4 | 143% | 33.6 | 47% | 83.2 | 28.3 | 194% |
| Gross Profit % | 54.3% | 50.0% | 49.0% | 52.0% | 52.8% | |||
| EBITDA | 23.2 | (8.0) | Turnaround | 4.3 | 443% | 27.5 | (23.1) | Turnaround |
| EBITDA % | 25.4% | -19.6% | 6.2% | 17.2% | -43.2% | |||
| PAT | 6.5 | (19.6) | Turnaround | (2.6) | Turnaround | 3.9 | (43.2) | Turnaround |
| PAT % | 7.1% | -48.1% | -3.8% | 2.4% | -80.6% |
