Aviation
ideaForge Q3 Loss Widens 41% YoY Despite Strong Revenue Growth
ideaForge said it expects to deliver 40–45% of open orders in Q4 FY26 and close the fiscal year with improved gross margins and profitability.
Mumbai-based dronetech company ideaForge reported a sharp widening of losses in the third quarter of FY26, even as operating revenue surged year-on-year. The company’s latest financials highlight the growing pains of scaling advanced hardware businesses in India’s competitive drone ecosystem.
For the quarter ended December 31, 2025 (Q3 FY26), ideaForge posted a net loss of INR 33.9 Cr, a 41% increase from the INR 24 Cr loss recorded in the same period last year. Sequentially, losses jumped 73% from INR 19.6 Cr in Q2, marking the company’s sixth consecutive loss-making quarter.
Revenue Jumps, But Sequential Decline Raises Questions
On the topline, ideaForge delivered a strong year-on-year performance. Operating revenue rose 79% to INR 31.6 Cr, compared to INR 17.6 Cr in Q3 FY25. However, the momentum slowed on a quarter-on-quarter basis, with revenue declining 23% from INR 40.8 Cr reported in Q2 FY26.
Including other income, the company’s total income stood at INR 34.2 Cr for the quarter.
Expenses Surge, EBITDA Loss Triples YoY
The widening losses were largely driven by a steep rise in costs. Total expenses ballooned 64% YoY to INR 70.1 Cr, up from INR 42.8 Cr in the year-ago period.
Additionally, ideaForge incurred an exceptional loss of INR 3.5 Cr due to gratuity liabilities arising from changes introduced by the central government under new Labour Codes.
As a result, the company’s EBITDA loss nearly tripled YoY to INR 23.9 Cr. Gross profit for the quarter stood at INR 7.4 Cr, largely flat compared to INR 8 Cr last year, but sharply down 63% from Q2’s INR 20.3 Cr.
Orders Surge As Management Bets On FY26 Turnaround
Despite the financial strain, cofounder and CEO Ankit Mehta described FY26 as a “defining year” for ideaForge. During Q3, the company added INR 102 Cr through large opportunities and INR 115 Cr via multiple orders, claiming the highest order booking in its two-decade history.
ideaForge said it expects to deliver 40–45% of open orders in Q4 FY26 and close the fiscal year with improved gross margins and profitability.
Defence, Civil Orders And Global Expansion
Defence currently contributes 12% of ideaForge’s revenue, with the rest coming from civil applications. Notably, the Indian Army deployed ideaForge’s Switch and Netra drones during the India-Pakistan escalation last year.
Operationally, the company claims significant scale, with over 8.5 lakh customer flights, including 1.5 lakh flights in 9M FY26 alone. It also strengthened its global footprint by forming a US joint venture with First Breach Inc.
Following the results, ideaForge shares rose 1.55% to INR 430.15 on the BSE, suggesting investors remain cautiously optimistic about the company’s long-term defence and UAV ambitions.
