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3h ago

IdeaForge Shares Surge Up to 12% on Rs 107 Crore Defence Orders From India’s MoD

The deals cover tactical and hybrid UAVs with deliveries scheduled within 12 months for one order, six months for the other.

The drone manufacturer's revenue in Q2 rose 10% from last year, the first positive growth after three quarters.
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Overview

  • Shares rose as much as 11–12% to Rs 519.90 in early trade, lifting market capitalisation to about Rs 2,217 crore.
  • IdeaForge announced two MoD contracts worth Rs 107 crore: Rs 75 crore for AFDS/tactical UAVs with accessories and Rs 32 crore for hybrid UAVs, with execution windows of 12 months and six months.
  • The stock later closed 8.04% higher at Rs 503 after touching an intraday high near Rs 522 on the BSE.
  • Local reports attribute the orders to the Indian Army for Zolt tactical UAVs and SWITCH 2 VTOL drones following field trials and electronic‑warfare checks.
  • Recent Q2 filings show revenue up 10% year on year but down 57% sequentially, a fifth consecutive quarterly loss, and an order book of Rs 164 crore.