Target Price: ₹500
Current Market Price (CMP): ₹535.90
Recent discussions with the management of ideaForge Technology Ltd have shed light on the company’s ongoing commitment to product innovation and enhancing existing drone capabilities.
The management’s focus on diversifying into the non-defence sector includes plans to offer Drone as a Service and the introduction of a logistics drone, named Yeti, which boasts a range of 100-125 km. This initiative is expected to be a significant growth driver in the non-defence market over the long term.
Additionally, ideaForge is developing its tactical UAV, “Zold,” which will feature precision munitions drop capabilities and a payload capacity that range between 300g and 8 kg. This enhancement is likely to open new market opportunities for the company. The non-defence segment’s enterprise business is anticipated to be supported by its ongoing run rate business, with a management strategy focused on gradually boosting inspection capabilities, payload enhancements, and expanding its product portfolio.
The management expects to finalize several orders under emergency procurement within the coming months.
While ideaForge’s long-term outlook remains strong due to its technical expertise, innovative technology, and product development capabilities, its short-term performance may face challenges due to a low opening order book, delays in order placements, and the finalization of L1 orders exceeding ₹400 crore.
In light of these factors, the company has adjusted its rating from Hold in its previous rating system to Reduce in the current rating system.
Published on September 19, 2025
