Dronetech company ideaForge's revenue jumps 75% to Rs 31.5 crore in Q3 FY26, losses widen

ideaForge Technology Limited, a listed Indian unmanned aircraft systems (UAS) manufacturer, reported higher revenue but wider losses for the quarter ended December 31, 2025, as costs increased and deliveries remained uneven during the period.

For the Q3 FY26, ideaForge reported revenue from operations of Rs 31.5 crore, compared with Rs 18 crore in Q3 FY25, according to unaudited results filed with the NSE.

Total income for the quarter, including around Rs 2.5 crore from other income, stood at approximately Rs 34 crore. Revenue from operations was lower than Rs 40.8 crore reported in Q2 FY26 due to delivery schedules.

For the nine months ended December 2025, revenue stood at Rs 85.1 crore, compared with Rs 140.9 crore in the corresponding period of the previous year.

Costs increased during the quarter. The cost of materials consumed rose to about Rs 24 crore in Q3 FY26 from Rs 9.5 crore in the same quarter last year. Total expenses, including employee benefits, finance costs, legal and professional fees, advertising, and other overheads, increased to around Rs 70 crore from Rs 43 crore in Q3 FY25.

Gross profit for the quarter declined to Rs 7.5 crore, compared with Rs 8.1 crore a year earlier and Rs 20.4 crore in the previous quarter. Gross margin fell to 23.7% in Q3 FY26, compared with 46.0% in Q3 FY25 and 50.0% in Q2 FY26.

For the nine-month period, gross profit stood at Rs 35.8 crore, with a gross margin of 42.0%, compared with 32.6% in the year-ago period. EBITDA loss widened to Rs 23.9 crore in Q3 FY26, compared with a loss of Rs 12.6 crore in Q3 FY25 and Rs 8.0 crore in Q2 FY26.

For the nine months ended December 2025, EBITDA loss stood at Rs 47.0 crore.

Profit after tax for the quarter was a loss of Rs 33.9 crore, compared with a loss of Rs 24 crore in the same period last year. For the nine-month period, the company reported a PAT loss of Rs 77.0 crore.

Alongside the quarterly results, ideaForge reported strong order inflows during Q3 FY26. The company received an initial order of about Rs 100 crore from the Indian Army for its next-generation tactical UAVs ZOLT and SWITCH V2, which include electronic warfare resilience.

This was followed by additional orders worth around Rs 115 crore from defence and civil customers during the rest of the quarter.

In November, ideaForge also received an order of approximately Rs 75 crore from the Ministry of Defence to supply AFDS and tactical-class UAVs along with accessories, with execution scheduled over a 12-month period.

Operationally, the company said its deployed fleet completed more than 150,000 customer flights in FY26 year to date, taking cumulative flights to over 850,000.

Apart from defence, ideaForge continued engagements with government bodies and private enterprises for civil and industrial drone applications. During the quarter, ideaForge signed a memorandum of understanding with the Centre for Development of Advanced Computing to explore the integration of drones into emergency response systems.

The company’s joint venture with First Breach Inc., formed in the previous quarter, is aimed at improving access to the US market.

Commenting on the results, Ankit Mehta, co-founder and chief executive officer of ideaForge, said the company has recorded its highest order bookings so far in FY26, with a large share coming in the third quarter. He added that the company expects to deliver around 40-45% of open orders in Q4 FY26 and is targeting improved gross margins by the end of the financial year.