ITIdeaforge Technology543932Quarterly results

Q2 FY27 revenue up 124% YoY to Rs. 91.3 crore, PAT turns positive at Rs. 6.5 crore

Highest-ever H1 revenue of ~₹160 crore, up 199% YoY.

By ScoutQuest · Mon 2 Nov 2026, 8:41 PM IST · 2 min read

Q2 FY27 Revenue

₹91.3 crore, up 124% YoY and 33% QoQ

Q2 FY27 PAT

₹6.5 crore vs a loss of ₹19.6 crore in Q2 FY26

H1 FY27 Revenue

~₹160 crore, up 199% YoY

Headline numbers for the quarter

• Revenue from operations was ₹91.3 crore, up 124% year-on-year and 33% quarter-on-quarter.
• EBITDA was ₹23.2 crore (EBITDA margin 25.4%), described as a turnaround on both a year-on-year and sequential basis.
• PAT was ₹6.5 crore (PAT margin 7.1%), against a loss of ₹19.6 crore in Q2 FY26.
• Gross profit was ₹49.6 crore at a gross margin of 54.3%.

Half-year picture

• H1 FY27 revenue was ~₹159.9 crore, which the company calls its highest-ever H1, up 199% year-on-year.
• H1 FY27 PAT was ~₹3.9 crore, a turnaround from a loss of ₹43.2 crore in H1 FY26.
• H1 FY27 EBITDA was ₹27.5 crore.
• The company said it executed over 50% of its FY27 opening order book during H1.

Products and technology

• Field testing of the ZOLT Hybrid UAV was completed for long-range ISR, with capability of up to 100 km and 6 hours of endurance, an indigenous EW resilience capability and a long-range MWIR payload.
• A combat variant of the ZOLT platform was launched, and a hybrid variant incorporating an internal combustion engine for extended range and endurance is under development.
• The YETI middle-mile logistics UAV is designed to carry payloads of up to 200 kg over distances of up to 200 km, depending on payload, at very high altitudes.

Funding and demand

• An agreement was signed with the Technology Development Board (TDB) for ₹151 crore in Research, Development and Innovation (RDI) funding for the YETI platform, in the form of a long-term debt facility at a low interest rate.
• Management referred to an estimated ₹20,000 crore Fast Track Procurement (FTP) opportunity across ISR and combat UAV categories, with the first RFP at an advanced stage of evaluation.
• The Defence Acquisition Council (DAC) has cleared proposals worth ₹2.12 lakh crore, including programmes for Long Range UAS, Surveillance UAV, Integrated Surveillance and Strike Systems and Long Range Kamikaze Drone Systems, with RFPs expected.

What management said

The CEO attributed progress to order book execution, new product development and preparation for upcoming procurement opportunities, while noting persistent global supply chain constraints and a few delays in customer approvals for deliveries. The stated near-term priority is to sustain execution pace while bringing new platforms closer to commercialisation.

Points a retail investor may weigh

• The quarter shows a swing to profit at both the operating and net level, alongside a sharp rise in revenue, so the direction of reported earnings is positive.
• Execution of over half the FY27 opening order book in H1 is a quantitative marker of delivery progress against the announced order book.
• The ₹151 crore TDB facility is described as long-term debt, so it supports development funding while adding to borrowings.
• The large procurement figures cited (₹20,000 crore FTP opportunity, ₹2.12 lakh crore DAC-cleared proposals) are market opportunities, not orders received by the company.

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