ideaForge Reports Highest-Ever H1 Revenue of ~₹160 crore, Turns PAT Positive, and Executes Over 50% of FY27 Opening Order Book

● Q2 FY27 revenue grows 124% YoY and 33% QoQ
● H1 FY27 revenue grows 199% YoY
● Expands tactical UAV portfolio with ZOLT hybrid and combat variants; secures ₹151 crore in RDI
funding for YETI
Mumbai, November 2, 2026: ideaForge Technology Limited (the Company), the pioneer and
pre-eminent market leader in the Indian unmanned aircraft systems (UAS) market, today announced its
audited financial results for the quarter ended 30th September 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, Mr. 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.
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.
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