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Shares of IdeaForge Technology Ltd. are locked in an upper circuit of 5% on Thursday, June 4, after the drone manufacturer said its board has approved raising up to ₹500 crore through various capital-raising avenues.
In an exchange filing on June 3, the company said the fundraising may be undertaken through one or more permissible routes, including a preferential allotment, private placement, qualified institutional placement (QIP) or other approved methods.
The announcement comes amid growing investor interest in India's defence drone ecosystem. According to a Reuters report, India is likely to place military drone orders worth more than ₹20,000 crore with domestic manufacturers this year as the government accelerates indigenous defence procurement.
The board approved raising funds through one or more tranches via equity shares, preference shares, convertible or non-convertible debentures, warrants, qualified institutional placements (QIPs), preferential allotments, private placements or a combination of these instruments.
While the company did not disclose a timeline for the proposed fundraise, it constituted a Fundraising Committee to determine the final structure, timing and terms of the proposed issue. The approval also includes a greenshoe option, allowing the company to increase the issue size in case of strong investor demand.
IdeaForge reported a net profit of ₹60 crore for the March quarter, compared to a net loss of ₹26 crore a year earlier. Revenue surged more than sevenfold to ₹141 crore from ₹20 crore in the year-ago quarter, aided by stronger execution of defence orders. EBITDA stood at ₹62 crore, compared to an EBITDA loss of ₹22 crore a year ago.
The company said 86% of its fourth-quarter revenue came from the defence segment, while the remainder was contributed by civil applications. It also indicated that it is expanding into the combat drone segment to participate in future procurement opportunities from the Indian armed forces.
Following the results, brokerage firm IIFL double-upgraded the stock to "Buy" from "Reduce" and raised its target price to ₹1,187 from ₹271 earlier, citing improved execution, a stronger order outlook and a turnaround in profitability.
IdeaForge shares were trading 5% higher at ₹900 on Thursday. The stock has surged nearly 94% so far in 2026 and has more than doubled from its 2026 low of around ₹370.
In an exchange filing on June 3, the company said the fundraising may be undertaken through one or more permissible routes, including a preferential allotment, private placement, qualified institutional placement (QIP) or other approved methods.
The announcement comes amid growing investor interest in India's defence drone ecosystem. According to a Reuters report, India is likely to place military drone orders worth more than ₹20,000 crore with domestic manufacturers this year as the government accelerates indigenous defence procurement.
The board approved raising funds through one or more tranches via equity shares, preference shares, convertible or non-convertible debentures, warrants, qualified institutional placements (QIPs), preferential allotments, private placements or a combination of these instruments.
While the company did not disclose a timeline for the proposed fundraise, it constituted a Fundraising Committee to determine the final structure, timing and terms of the proposed issue. The approval also includes a greenshoe option, allowing the company to increase the issue size in case of strong investor demand.
How Were ideaForge's Q4 Results?
IdeaForge reported a net profit of ₹60 crore for the March quarter, compared to a net loss of ₹26 crore a year earlier. Revenue surged more than sevenfold to ₹141 crore from ₹20 crore in the year-ago quarter, aided by stronger execution of defence orders. EBITDA stood at ₹62 crore, compared to an EBITDA loss of ₹22 crore a year ago.
The company said 86% of its fourth-quarter revenue came from the defence segment, while the remainder was contributed by civil applications. It also indicated that it is expanding into the combat drone segment to participate in future procurement opportunities from the Indian armed forces.
Following the results, brokerage firm IIFL double-upgraded the stock to "Buy" from "Reduce" and raised its target price to ₹1,187 from ₹271 earlier, citing improved execution, a stronger order outlook and a turnaround in profitability.
IdeaForge shares were trading 5% higher at ₹900 on Thursday. The stock has surged nearly 94% so far in 2026 and has more than doubled from its 2026 low of around ₹370.
