Synopsis:- Capping a turnaround year with its highest-ever quarterly revenue and its first-ever order from the United States, ideaForge Technology has reported Q4 FY26 revenue of ₹141 crore and PAT of ₹60 crore, while also becoming the first drone company globally to train NATO forces.
India’s leading drone manufacturer just posted its strongest quarter on record, flipped to EBITDA profitability for the full year, and closed FY26 with its largest-ever order book. But the numbers are only half the story. The company also secured its first US commercial order and became the first drone maker globally to train NATO forces two firsts that reframe this from a domestic turnaround into an international defense-tech breakout.
With a market capitalization of Rs. 3,166 crore, the shares of ideaForge Technology Limited were trading at Rs. 731.15 per share; the stock hit the upper circuit of 20 percent on 4th May 2026 with a 52-week range of Rs. 731 to Rs. 355.05.
Q4 FY26 Financial Performance
ideaForge Technology’s March quarter marked a dramatic inflection. Revenue from operations surged to Rs. 141.04 crore in Q4 FY26, up nearly 595% from Rs. 20.31 crore in Q4 FY25. Gross profit margin expanded sharply to 67.6 percent from 35.9 percent a year ago. EBITDA turned positive at Rs. 74.16 crore, a 52.6 percent margin, and the company posted a PAT of Rs. 59.99 crore, its first quarterly profit in several reporting periods.
The quarter’s strength wasn’t accidental. Management fulfilled 40 percent of open orders in Q4 alone, despite supply chain disruptions from geopolitical events and an unusual degree of execution compression that signals real delivery capacity. Defense accounted for 86 percent of Q4 revenues, with civil making up the balance.
For the full year, revenue rose 40 percent to Rs. 226.13 crore from Rs. 161.22 crore in FY25. Gross margin improved to 58 percent from 33 percent. EBITDA swung to a positive Rs. 27.12 crore (12 percent margin) against a loss of Rs. 31.53 crore in FY25. The company still reported a net loss of Rs. 17.03 crore for the year, but the trajectory from deeply loss-making to EBITDA-positive in twelve months reflects operational leverage, not accounting adjustments.
On the order book front, FY26 was ideaForge’s largest booking year in its two-decade history, with roughly Rs. 530 crore in fresh inflows. The closing order book stood at Rs. 314.2 crore as of March 31, 2026, a meaningful revenue runway heading into FY27.
The US Order and NATO Milestone
This is where FY26 moves beyond a standard turnaround story. In Q4, ideaForge received its first commercial order from the United States placed by the Lamar Police Department, making it one of the very few Indian defense-tech companies to book revenue in the American market. The US is the world’s most scrutinized buyer of defense and surveillance technology, and getting a foot in the door there carries weight that extends well beyond the order size.
Alongside that, ideaForge became the first drone company globally to train NATO forces, delivering training at the US National Test Pilot School. That is a credential no amount of domestic order wins can replicate. It establishes the technology’s credibility in allied defense circles and opens a category of conversations with NATO-member governments, procurement bodies, and allied forces that were previously out of reach for any Indian UAV maker.
The company also demonstrated its SWITCH and NETRA platforms to US Department of Defense customers in Alaska, operating in extreme cold conditions. Combined with a strategic MoU signed with Japan’s Digital Media Professionals Inc. for edge AI capabilities and market access, ideaForge is clearly working multiple international channels simultaneously.
Conclusion
IdeaForge enters FY27 with its largest-ever opening order book, a proven ability to execute at scale, and two international firsts that no Indian drone company has achieved before. The full-year net loss is the remaining overhang, but with EBITDA now firmly positive and overseas credibility established, the distance to sustained profitability looks shorter than it did twelve months ago. Whether that gap closes in FY27 is the question investors are now pricing.
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