Ideaforge Technology543932Quarterly results
Board approves Q2 and H1 FY27 results; auditors' review conclusion unmodified
Board approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026.
By ScoutQuest · · 3 min read
- Q2 Revenue from Operations
- 912.85 (INR Million)
- Q2 Profit After Tax
- 77.48 (INR Million)
- H1 Revenue / PAT
- Revenue from operations 1,597.02; Profit after tax 54.41 (INR Million)
What the board approved
- The Board met on Monday, November 02, 2026, from 05:15 p.m. to 07:00 p.m., and considered and approved the unaudited financial results (standalone and consolidated) for the quarter and half year ended September 30, 2026.
- The Audit Committee reviewed and recommended the results at its meeting held on November 02, 2026.
- B S R & Co. LLP, Chartered Accountants, the statutory auditors, issued the Limited Review Reports; the conclusion is unmodified for both the standalone and consolidated statements.
- The company describes its business as manufacture and marketing of unmanned aerial vehicle (UAV) systems used for security and surveillance, treated as a single operating segment.
Standalone performance (amounts in INR Million, as printed)
- Quarter ended September 30, 2026: Revenue from operations 912.85, Total income 974.81, Profit after tax 77.48, Basic and Diluted EPS 1.56 each.
- Quarter ended September 30, 2025: Revenue from operations 416.70, Total income 448.69, Loss after tax 150.59.
- Half year ended September 30, 2026: Revenue from operations 1,597.02, Total income 1,677.67, Profit after tax 54.41, Basic EPS 1.17.
- Half year ended September 30, 2025: Revenue from operations 544.50, Total income 615.03, Loss after tax 368.38.
Fund raise and how it is being used
- On July 10, 2026 the company raised funds by allotting 6,289,308 equity shares of face value Rs. 10 each at an issue price of INR 795 per share (including share premium of INR 785 per share), aggregating INR 5,000 Millions.
- Gross proceeds 5,000.00, issue related expenses 150.00, net proceeds available for utilisation 4,850.00 (INR Million).
- Utilisation up to September 30, 2026 against the stated plan: repayment/prepayment of certain loans 1,200.00 of 1,200.00; funding working capital gap 654.19 of 1,650.00; investment in product development 100.00 of 900.00; general corporate purposes 131.00 of 1,100.00.
- Total utilised 2,085.19; amount unutilised as on September 30, 2026 2,764.81.
- The stated objects cover repayment/prepayment of certain outstanding borrowings including interest accrued, working capital gap, product development and general corporate purposes.
- Offer related expenses in relation to the fresh issue were INR 114.56 Million, adjusted against securities premium.
Accounting changes that touched the numbers
- The company changed the depreciation method for property, plant and equipment from the written down value method to the straight line method during the quarter ended June 30, 2026.
- Because of this, the depreciation charge for the quarter ended September 30, 2026 is lower by Rs.4.69 million, and for the period April 1, 2026 to September 30, 2026 lower by Rs.87 million, leading to a corresponding increase in profit before tax for the quarter and a decrease in loss before tax for the period.
- Excess tax provision of Rs 60.43 million relating to past years, where assessment has been completed, was reversed during the quarter ended June 30, 2026.
Balance sheet and cash (standalone, INR Million)
- Total assets 12,121.89 as at September 30, 2026, against 8,197.19 as at March 31, 2026.
- Total equity 11,176.95 against 6,205.28.
- Current borrowings shown as nil against 721.31; lease liabilities 44.74 against 64.34.
- Cash and cash equivalents 819.73 against 263.71; bank balances other than cash and cash equivalents 996.11 against 34.59.
- Net cash generated from financing activities 4,095.11 for the half year; closing cash and cash equivalents 787.39.
Employee stock options
- New stock options granted: 1,13,256 and 1,28,283.
- Equity shares allotted on exercise of stock options: 31,735 and 1,52,096.
What a reader can take away: the update combines the quarterly results with details of the July 2026 fund raise and how much of it has been used so far, plus two accounting changes — a depreciation method change and a tax provision reversal — that affected the reported numbers.
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More numbers
- Revenue from operations, standalone, quarter ended Sept 30, 2026912.85
- Profit after tax, standalone, quarter ended Sept 30, 202677.48
- Total income, standalone, half year ended Sept 30, 20261,677.67
- QIP equity shares allotted6,289,308
- QIP issue price per equity share795
- QIP gross proceeds (INR Million)5,000.00
- QIP proceeds unutilised as on Sept 30, 2026 (INR Million)2,764.81
- Depreciation charge lower for the quarter on method changeRs.4.69 million
Source: BSE · 2 Nov 2026
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