Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 14 Oct - Allotment of Equity Shares pursuant to ESOP Scheme of ideaForge Technology Limited
Source: Bse
Ideaforge Technology Limited (IDEAFORGE)
Small CapIndustrials stocks · Small cap · NSE
Ideaforge Technology Limited operates in Drones, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result16 Aug, 12:58 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
49NeutralSMA20 -6.0% / mo · MACD +
Stock trend: 51
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
IDEAFORGED candles · FIT view+27.3%Latest close ₹699.95 on 2026-10-21
Bar
-2.8%
RSI
43
MACD hist
2.61
52W pos
53%
2026-10-21O ₹720.00H ₹729.00L ₹695.00C ₹699.95Vol 2.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
IDEAFORGENifty India ManufacturingNifty 500
- IDEAFORGE
- -17.7%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -11.2 pp
Chart stats
21 Oct 2026- From 52W high
- -29.5%
- 52W range position
- 53%
- ATR (14)
- 4.9%
- Volume vs 20D
- 0.89x
- Avg traded value
- ₹19 Cr
- 20D price channel
- ₹649.2 - ₹776
₹992.3
₹366 - ₹992.3
₹34.6
Latest completed session
20-session average
53.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · OVERVALUED13
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average45
Revenue +436.7% · PAT NDF YoY
Technical
Neutral49
Price trend and sector-relative-strength timing.
Valuation
Legacy model-19366.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence48
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 45/100Rev +437% YoY · margin expansion
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹68.6 Cr | +436.7% | -51.4% |
| EBITDA | ₹2.3 Cr | +112.2% | -96.2% |
| Operating margin | 3.4% | +15270 bps | -4035 bps |
| PAT | ₹-2.6 Cr | NDF | -104.3% |
| PAT margin | -3.8% | +18057 bps | -4631 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 888.00
- P/B
- 5.09
- EV/EBITDA
- 48.32
- Market Cap
- 3492.00Cr
Profitability
- ROE
- -3.34%
- ROCE
- -2.81%
- ROA
- 0.50%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 45.00%
- EPS 5Y
- -9.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- -5.00%
Balance Sheet
- Debt/Equity
- 0.14
- Interest Coverage
- 4.33×
- Altman Z
- 7.70
- Book Value
- 138.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -63.00 Cr
- EPS TTM
- 0.89
Shareholding
- Promoter Hold
- 25.26%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 53%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 68.6-51.4% vs prev
Net Profit
₹ CrLatest: -2.6-104.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 43.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.4% over last month) — short-term momentum negative.
- RSI(14) at 43 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 29% off 52W high · 91% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
85
RS percentile
Stage 1 Base / Transition
1M return
-8.6%
3M return
-17.7%
6M return
+32.4%
1Y return
+40.2%
RS 1D
+2
RS 20D
-3
Sector rank
#2
Industry rank
#1
Stage evidence
- Price is within 5.6% of the 30-week proxy.
- The 30-week proxy changed +5.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 147.81+0.22%
RS vs Nifty 500148
Valuation & peers
U-Score 13 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 13 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth7/25
Quality0/20
Balance Sheet5/15
Cash Flow0/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
13
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
13/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 5/15 to the score.
- Growth contributes 7/25 to the score.
- Valuation contributes 0/30 to the score.
Main drags
- Fair-value margin of safety is negative at -19366.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
888.0
PB
5.1
EV/EBITDA
48.3
ROE
-3.3%
ROCE
-2.8%
FCF Yield
—
Debt/Equity
0.1
MoS
-19366.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
13
Previous: 13
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-19366.8%
Previous: -19505.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
13
13
13
13
13
13
13
13
13
13
13
13
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹52.57
-1231.5% MoS
Growth-justified P/E
4.0
Growth-justified Value
₹3.6
-19366.8% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SIKA
Micro
Sika Interplant Systems Limited
Aerospace & Defence
match 122
61
62.6
25.1%
-43%
UNDERVALUED
APSISAERO
Micro
Apsis Aerocom Ltd.
Aerospace & Defence
match 122
58
84.4
25.5%
-142%
FAIR VALUE
DYNAMATECH
Micro
Dynamatic Technologies Limited
Aerospace & Defence
match 114
25
149.0
6.7%
-386%
OVERVALUED
AEQUS
Micro
Aequs Limited
Aerospace & Defence
match 112
9
—
-10.0%
—
OVERVALUED
AVANTEL
Small
Avantel Limited
Defence Electronics
match 91
34
228.0
5.3%
-503%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Ideaforge Technology Limited operates in Drones, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
48Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 5th percentile of the scored universe and 4th percentile within Industrials. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
56 docs text-extracted · 24 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
5th percentile
overall median 67 · Industrials: 4th pctile, median 68 · Small: 6th pctile, median 66
Evidence depth
Financial-only
56 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
30
weak · capital discipline
Results
29
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-63 Cr.
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding fell 3.7%.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Ideaforge Technology Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement Under Regulation 30 (LODR)_Ideaforge Has Entered Into Loan Agreement With Technology Development Board For Availing Loan Of Rs. 151 Crores In Tranches For YETI - Heavy Lift Long Range Autonomous Aerial Logistics Vehicle 9 Oct - ideaForge entered Rs.151 crore loan agreement with TDB for YETI autonomous aerial logistics vehicle project.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 30 Sep - ideaForge secured multiple civil UAV orders worth ₹23.62 crore, executable within six months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 22 Sep - Allotment of Equity Shares pursuant to ESOP scheme of ideaForge Technology Limited
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 14 Aug - Allotment of Equity shares pursuant to the ESOP scheme of ideaForge Technology Limited
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Jul - Post - dispatch Newspaper publication of the Notice of the Annual General Meeting for the FY 2025-26.
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 13 Jul - ideaForge submitted its FY2025-26 BRSR as part of the annual report.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 13 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 10 Jul - ideaForge allotted 6.29 million shares via QIP at ₹795, raising ₹500 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 16 Jun - Allotment of Equity Shares under ideaForge Employee Stock Scheme, 2018
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Jun - Newspaper Advertisement for dispatch of the Postal Ballot Notice
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 28 May - CRISIL reaffirmed ideaForge BBB rating and revised outlook to Stable from Negative.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.