Despite the wider loss, the company’s revenue from operations increased 9.86% year on year (YoY) to Rs 40.76 crore during the quarter.
The company posted a pre-tax loss of Rs 19.46 crore in Q2 FY26, as against a pre-tax loss of Rs 18 crore in Q2 FY25.
Ideaforge reported a negative EBITDA of Rs 7.99 crore in Q2 FY26, improving from a negative EBITDA of Rs 9.99 crore in Q2 FY25. The EBITDA margin also improved to -19.6% in Q2 FY26 from -26.9% a year ago.
As on 30th September 2025, the company’s order book stood at Rs 164 crore.
Ankit Mehta, CEO said, “ideaForge has been built with grit and our perseverance. The consistent investment in innovation of substance has paid off so far in our journey. While H1 of FY 2026 has seen the reemergence of the demand signals after a muted FY 2025 for the Indian drone industry, it is our investment in next-gen platforms, new categories and GPS & comms. resilience that is paying off for us. The Armed Forces’ renewed emphasis on resilient UAV procurement and Emergency Procurement Cycle 6 (EP-6) allocations from the MoD continue to be a strong tailwind for the industry and India’s defence sector. In Q2, we stayed anchored on preparation and delivery to fulfill our EP-5 order while participating in EP-6 opportunities. The results have already begun to show, and more will trickle down soon.
In addition to these immediate procurement initiatives, the introduction of the Defence Procurement Manual (DPM) 2025 is evidence that the government is also bringing in long-term structural changes in the defence procurement that will help advance the mission of ‘Raksha Atmanirbharta’ (Selfreliance in defence production).
On the global front, our efforts to build on the work we have done so far continued in Q2. Our SWITCH and Q6 platforms now carry NATO Stock Numbers (NSN), reemphasising our standing as a credible player in the cutting-edge UAV technology. And our partnership with First Breach Inc. to manufacture and distribute drones in the US through a Joint Venture strengthens our presence in the US.”
Ideaforge Technology (ideaForge) is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (UAS) market. It had the largest operational deployment of indigenous UAVs across India.
The counter rose 0.96% to Rs 494.75 on the BSE.