ideaForge Shares Surge 8% After Blue Diamond Properties Acquires Stake in Bulk Deal

Shares of ideaForge Technology Ltd saw a sharp 8% rise on Monday, April 1, 2025, following a major bulk deal by Blue Diamond Properties. The stock touched an intraday high of ₹374.3 on the Bombay Stock Exchange (BSE) as investor sentiment strengthened. The surge came as Blue Diamond Properties purchased 10,09,221 shares at ₹344.95 per share, the same price at which Florintree Enterprise LLP sold its stake.

ideaForge’s stock was trading at ₹363.1, reflecting a 4.85% gain, even as the broader market experienced a downturn. The BSE Sensex was down by 1.49%, hovering at 76,262.93. Despite the market-wide bearish trend, ideaForge’s stock continued to attract investor interest.

Market Trends and Recent Performance

At the time of reporting, ideaForge had a market capitalization of ₹1,609.47 crore. However, its stock remains volatile, trading well below its 52-week high of ₹864.4 per share. The 52-week low stands at ₹322.45, showing the significant fluctuations in its valuation over the past year.

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Bulk Deal Details and Ownership Changes

According to NSE bulk deal data

Blue Diamond Properties acquired 10,09,221 shares at ₹344.95 per share.

Florintree Enterprise LLP offloaded an identical number of shares at the same price.

As of the December quarter, Florintree Enterprise LLP held a 10.68% stake in ideaForge. The company’s individual promoters collectively own 24.77% of its shares. Additionally, on March 27, 2025, Motilal Oswal Mutual Fund sold 3,10,035 shares at ₹344.39 per share, further reshaping the company’s shareholder structure.

Financial Performance and R&D Expansion

ideaForge recently announced plans to increase spending on research and development (R&D), aiming to strengthen its unmanned aerial vehicle (UAV) technology. CEO Ankit Mehta stated that last year’s R&D spending accounted for 22% of the company’s total revenue. Ankit Mehta intends to increase its R&D budget this fiscal year, prioritizing innovation in drone technology.

Revenue and Profit Trends

The company’s consolidated revenue for the fiscal year ending March 31, 2024, stood at ₹314 crore, while the profit after tax (PAT) was ₹45.27 crore. However, recent financial results indicate some struggles. In the latest December quarter, ideaForge reported a consolidated loss of ₹24.02 crore. This was a stark contrast to Q3FY24, when it posted a PAT of ₹14.7 crore. Revenue also dropped significantly, from ₹90.9 crore in Q3FY24 to just ₹17.6 crore in the latest quarter.

Market Position and Future Prospects

ideaForge is a leader in India’s drone technology sector, specializing in indigenous UAV manufacturing. Its drones play a crucial role in surveillance and mapping, with a deployment frequency of one takeoff every five minutes.

Despite its strong position in the Indian drone market, the company’s stock has underperformed over the past year. While the Sensex gained 4.5%, ideaForge shares have declined by 52% over the same period.

Investor Outlook

The recent bulk deal by Blue Diamond Properties signals confidence in ideaForge’s long-term growth potential, particularly in drone technology and defence applications. However, concerns about declining revenue and profitability remain a key challenge.

As ideaForge increases its R&D investments and expands its UAV capabilities, investors will closely monitor its financial recovery and ability to capitalize on India’s growing drone sector. The coming quarters will be critical in determining whether the company can reverse its stock market decline and deliver strong returns for shareholders.