Nifty

:

23815.85

Sensex

:

76015.28

-360.30 (-1.49%)
-1312.91 (-1.70%)

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Nifty
Sensex

:
:

23815.85
76015.28

-360.30 (-1.49%)
-1312.91 (-1.70%)

Ideaforge Technology Ltd.

Defence

Rating :

56/99

BSE: 543932 | NSE: IDEAFORGE

Watchlist

NSE BSE

795.20

11-May-2026

Open
High
Low
Previous Close

814
820
790
814.15

Volume
Traded Value (lacs)
52 Week High
52 Week Low

951554
761545058.75
849.35
366

Stock Summary

Market Cap(Crs)
Stock P:E
Face Value

3,450.40
N/A
10

Enterprise Value(Crs)
Dividend Yield
Price:Book Value

3,492.70
N/A
5.90

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

10 Years
5 Years
3 Years

26.35
35.95
-4.66

EBITDA CAGR (%)

10 Years
5 Years
3 Years

-
37.41
-

PAT CAGR (%)

10 Years
5 Years
3 Years

-
33.60
-

P:E (Median)

8 Years
5 Years
3 Years

-
-
76.16

P:BV (Average)

8 Years
5 Years
3 Years

-
-
4.28

EV:EBITDA (Average)

8 Years
5 Years
3 Years

-
-
37.30

Earnings Forecasts:

(Updated: 09-05-2026)

Description 2024 2025 2026 2027
Adj EPS -14.41 9.08 33.91
P/E Ratio -55.18 87.58 23.45
Revenue 161.15 429.6 837.8
EBITDA -52.69 111.1 292.5
Net Income -62.28 39.3 146.7
ROA -8.81
P/B Ratio 5.63 5.39 4.38
ROE -9.81 6.35 20.62
FCFF -152.55
FCFF Yield -4.56
Net Debt -173.13
BVPS 141.29 147.51 181.41

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone

Description Mar 26 Mar 25 Var% Dec 25 Dec 24 Var% Sep 25 Sep 24 Var% Jun 25 Jun 24 Var%
Net Sales 140.85 23.77 492.55% 31.54 18.50 70.49% 41.67 37.20 12.02% 12.78 86.47 -85.22%
Expenses 78.10 41.41 88.60% 55.45 33.01 67.98% 48.72 51.38 -5.18% 29.29 83.06 -64.74%
EBITDA 62.75 -17.64 - -23.91 -14.52 - -7.05 -14.18 - -16.51 3.41 -
EBIDTM 44.55% -74.23% -75.79% -78.47% -16.92% -38.11% -129.19% 3.94%
Other Income 12.36 4.49 175.28% 2.55 4.89 -47.85% 3.20 5.84 -45.21% 3.85 6.00 -35.83%
Interest 1.64 0.25 556.00% 1.05 0.23 356.52% 0.92 0.78 17.95% 0.37 0.27 37.04%
Depreciation 11.75 8.00 46.88% 10.94 7.44 47.04% 10.53 7.20 46.25% 9.76 6.59 48.10%
PBT 61.73 -21.41 - -33.35 -17.29 - -15.30 -16.31 - -22.78 2.54 -
Tax 1.31 -1.01 - -2.00 3.38 - -0.24 -4.11 - -1.00 0.64 -
PAT 60.42 -20.40 - -31.36 -20.67 - -15.06 -12.20 - -21.78 1.90 -
PATM 42.90% -85.82% -99.40% -111.74% -36.14% -32.79% -170.44% 2.20%
EPS 13.95 -4.71 - -7.24 -4.77 - -3.48 -2.82 - -5.03 0.44 -

Description Mar 26 Mar 25 Var% Dec 25 Dec 24 Var% Sep 25 Sep 24 Var% Jun 25 Jun 24 Var%
Net Sales 141.04 20.31 594.44% 31.54 17.61 79.10% 40.76 37.10 9.87% 12.78 86.19 -85.17%
Expenses 79.34 42.16 88.19% 58.07 35.09 65.49% 52.04 52.93 -1.68% 31.86 83.73 -61.95%
EBITDA 61.71 -21.85 - -26.53 -17.48 - -11.28 -15.83 - -19.08 2.46 -
EBIDTM 43.75% -107.56% -84.09% -99.23% -27.68% -42.66% -149.28% 2.85%
Other Income 12.45 4.43 181.04% 2.61 4.89 -46.63% 3.29 5.84 -43.66% 3.94 6.00 -34.33%
Interest 1.64 0.25 556.00% 1.05 0.23 356.52% 0.92 0.78 17.95% 0.37 0.27 37.04%
Depreciation 11.78 8.03 46.70% 10.97 7.47 46.85% 10.55 7.22 46.12% 9.78 6.62 47.73%
PBT 60.75 -25.69 - -35.93 -20.28 - -19.46 -18.00 - -25.29 1.57 -
Tax 0.75 0.02 3,650.00% -2.08 3.74 - 0.16 -4.27 - -1.74 0.40 -
PAT 59.99 -25.71 - -33.85 -24.02 - -19.62 -13.73 - -23.56 1.17 -
PATM 42.54% -126.57% -107.32% -136.37% -48.13% -37.00% -184.32% 1.36%
EPS 13.86 -5.97 - -7.83 -5.58 - -4.54 -3.19 - -5.45 0.27 -

Annual Results

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description TTM Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Net Sales 226.84 165.94 317.01 186.01 159.44 34.93 14.10 18.20 20.38 32.65 16.00 Net Sales Growth 36.70% -47.65% 70.43% 16.66% 356.46% 147.73% -22.53% -10.70% -37.58% 104.06% Cost Of Goods Sold 94.52 110.41 158.28 58.86 41.22 18.30 6.52 5.48 7.10 11.72 4.93 Gross Profit 132.32 55.52 158.74 127.15 118.22 16.63 7.57 12.73 13.29 20.93 11.07 GP Margin 58.33% 33.46% 50.07% 68.36% 74.15% 47.61% 53.69% 69.95% 65.21% 64.10% 69.19% Total Expenditure 211.56 208.07 257.04 137.94 84.89 46.21 27.20 27.11 20.18 24.88 10.14 Power & Fuel Cost - 0.96 0.80 0.39 0.14 0.02 0.14 0.23 0.15 0.00 0.04 % Of Sales - 0.58% 0.25% 0.21% 0.09% 0.06% 0.99% 1.26% 0.74% 0% 0.25% Employee Cost - 49.45 52.52 50.91 26.85 19.23 12.99 13.80 6.92 5.20 2.69 % Of Sales - 29.80% 16.57% 27.37% 16.84% 55.05% 92.13% 75.82% 33.95% 15.93% 16.81% Manufacturing Exp. - 2.86 2.47 1.63 1.14 1.89 1.09 0.90 0.70 0.28 0.17 % Of Sales - 1.72% 0.78% 0.88% 0.72% 5.41% 7.73% 4.95% 3.43% 0.86% 1.06% General & Admin Exp. - 33.04 29.45 20.40 12.06 4.44 5.36 5.66 3.84 3.94 1.78 % Of Sales - 19.91% 9.29% 10.97% 7.56% 12.71% 38.01% 31.10% 18.84% 12.07% 11.12% Selling & Distn. Exp. - 8.24 10.98 4.15 2.60 1.52 0.75 0.70 0.33 0.41 0.28 % Of Sales - 4.97% 3.46% 2.23% 1.63% 4.35% 5.32% 3.85% 1.62% 1.26% 1.75% Miscellaneous Exp. - 3.10 2.53 1.60 0.88 0.81 0.34 0.33 1.15 3.33 0.28 % Of Sales - 1.87% 0.80% 0.86% 0.55% 2.32% 2.41% 1.81% 5.64% 10.20% 1.56% EBITDA 15.28 -42.13 59.97 48.07 74.55 -11.28 -13.10 -8.91 0.20 7.77 5.86 EBITDA Margin 6.74% -25.39% 18.92% 25.84% 46.76% -32.29% -92.91% -48.96% 0.98% 23.80% 36.62% Other Income 21.96 21.22 30.41 10.39 2.01 1.33 2.31 3.74 2.04 0.66 0.21 Interest 3.98 2.33 4.70 5.81 19.10 1.20 0.43 1.05 2.07 3.28 1.02 Depreciation 42.98 29.22 21.17 11.86 7.28 3.14 2.31 3.11 2.91 2.16 1.12 PBT -9.70 -52.47 64.51 40.80 50.18 -14.29 -13.54 -9.32 -2.74 2.99 3.93 Tax -1.93 -1.10 16.67 8.81 6.17 0.00 0.00 0.96 -0.57 0.97 0.27 Tax Rate 19.90% 2.10% 25.84% 21.59% 12.30% 0.00% 0.00% -10.30% 20.80% 32.44% 6.87% PAT -7.78 -51.37 47.85 31.99 44.01 -14.29 -13.54 -10.28 -2.18 2.03 3.66 PAT before Minority Interest -7.78 -51.37 47.85 31.99 44.01 -14.29 -13.54 -10.28 -2.18 2.03 3.66 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin -3.43% -30.96% 15.09% 17.20% 27.60% -40.91% -96.03% -56.48% -10.70% 6.22% 22.88% PAT Growth 0.00% - 49.58% -27.31% - - - - - -44.54% EPS -1.80 -11.86 11.05 7.39 10.16 -3.30 -3.13 -2.37 -0.50 0.47 0.85

Description TTM Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Net Sales 226.12 161.22 314.00 186.01 159.44 34.72 14.00 Net Sales Growth 40.26% -48.66% 68.81% 16.66% 359.22% 148.00% Cost Of Goods Sold 94.95 108.04 157.25 58.86 41.22 18.30 6.52 Gross Profit 131.17 53.18 156.74 127.15 118.22 16.41 7.47 GP Margin 58.01% 32.99% 49.92% 68.36% 74.15% 47.26% 53.36% Total Expenditure 221.31 213.20 257.46 137.94 84.89 45.33 26.38 Power & Fuel Cost - 0.96 0.80 0.39 0.14 0.02 0.14 % Of Sales - 0.60% 0.25% 0.21% 0.09% 0.06% 1.00% Employee Cost - 51.66 52.52 50.91 26.85 19.25 12.84 % Of Sales - 32.04% 16.73% 27.37% 16.84% 55.44% 91.71% Manufacturing Exp. - 2.62 1.46 1.33 1.14 1.15 0.45 % Of Sales - 1.63% 0.46% 0.72% 0.72% 3.31% 3.21% General & Admin Exp. - 37.83 31.72 20.69 12.06 5.38 5.21 % Of Sales - 23.46% 10.10% 11.12% 7.56% 15.50% 37.21% Selling & Distn. Exp. - 8.34 11.01 4.15 2.60 0.37 0.30 % Of Sales - 5.17% 3.51% 2.23% 1.63% 1.07% 2.14% Miscellaneous Exp. - 3.75 2.69 1.60 0.88 0.86 0.91 % Of Sales - 2.33% 0.86% 0.86% 0.55% 2.48% 6.50% EBITDA 4.82 -51.98 56.54 48.07 74.55 -10.61 -12.38 EBITDA Margin 2.13% -32.24% 18.01% 25.84% 46.76% -30.56% -88.43% Other Income 22.29 21.26 30.41 10.39 2.01 1.62 2.32 Interest 3.98 2.33 4.70 5.81 19.10 1.93 0.60 Depreciation 43.08 29.34 21.17 11.86 7.28 3.58 2.78 PBT -19.93 -62.40 61.07 40.80 50.18 -14.50 -13.44 Tax -2.91 -0.12 15.80 8.81 6.17 0.12 0.01 Tax Rate 14.60% 0.19% 25.87% 21.59% 12.30% -0.83% -0.07% PAT -17.04 -62.28 45.27 31.99 44.01 -14.63 -13.45 PAT before Minority Interest -17.04 -62.28 45.27 31.99 44.01 -14.63 -13.45 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin -7.54% -38.63% 14.42% 17.20% 27.60% -42.14% -96.07% PAT Growth 0.00% - 41.51% -27.31% - - EPS -3.94 -14.38 10.45 7.39 10.16 -3.38 -3.11

Results Balance Sheet

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Shareholder's Funds 622.09 663.18 324.72 163.30 60.39 68.47 81.31 89.35 21.60 17.59 Share Capital 43.08 42.88 21.40 0.13 0.13 0.13 0.13 0.13 0.09 0.08 Total Reserves 562.53 610.75 272.93 148.63 51.67 65.41 78.94 89.23 21.51 9.76 Non-Current Liabilities 10.61 10.92 15.19 10.75 39.26 1.26 1.00 2.55 8.06 4.30 Secured Loans 0.00 0.00 0.00 0.00 7.52 0.06 0.09 2.69 6.16 0.03 Unsecured Loans 0.00 0.00 0.00 0.00 29.80 0.00 0.00 0.22 1.92 3.40 Long Term Provisions 11.17 9.83 9.13 3.19 1.90 1.10 0.81 0.53 0.35 0.89 Current Liabilities 50.55 69.94 150.56 47.97 23.85 9.11 7.82 8.09 13.37 9.79 Trade Payables 7.76 15.44 13.99 7.49 4.75 0.82 1.98 0.99 3.04 1.21 Other Current Liabilities 23.19 38.45 35.98 27.57 13.12 2.33 5.36 6.76 9.49 7.62 Short Term Borrowings 0.00 0.00 86.50 5.68 5.26 5.21 0.00 0.00 0.00 0.93 Short Term Provisions 19.61 16.05 14.09 7.22 0.72 0.75 0.49 0.35 0.84 0.03 Total Liabilities 683.25 744.04 490.47 222.02 123.50 78.84 90.13 99.99 43.03 31.68 Net Block 96.57 67.11 48.70 26.21 12.63 3.59 4.04 5.90 4.51 0.39 Gross Block 172.93 111.40 70.57 35.70 28.45 16.27 14.41 13.17 8.94 0.82 Accumulated Depreciation 76.35 44.29 21.86 9.49 15.82 12.68 10.37 7.27 4.43 0.44 Non Current Assets 269.11 143.96 105.65 77.62 41.87 31.41 22.96 19.69 13.43 4.97 Capital Work in Progress 99.90 53.80 24.92 19.09 14.22 16.84 9.10 1.11 0.00 0.00 Non Current Investment 43.71 9.29 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Long Term Loans & Adv. 13.05 10.58 9.48 2.75 1.39 1.41 1.07 0.98 0.71 0.69 Other Non Current Assets 15.87 3.18 21.54 29.58 13.62 9.57 8.75 11.70 8.21 3.89 Current Assets 414.15 600.08 384.82 144.40 81.64 47.44 67.18 80.31 29.59 26.71 Current Investments 92.85 85.25 124.08 10.65 0.00 11.90 24.05 54.37 0.15 0.15 Inventories 90.68 97.22 104.68 48.91 23.42 10.85 10.25 6.35 6.32 2.90 Sundry Debtors 59.51 47.39 57.82 20.31 23.53 10.43 8.81 6.28 6.42 14.50 Cash & Bank 92.45 268.38 6.50 35.08 20.72 8.53 19.36 11.22 15.28 7.56 Other Current Assets 78.66 2.23 25.33 0.71 13.96 5.73 4.71 2.09 1.42 1.60 Short Term Loans & Adv. 75.31 99.60 66.42 28.74 12.25 4.51 3.59 1.44 1.20 0.28 Net Current Assets 363.59 530.14 234.26 96.43 57.79 38.33 59.36 72.22 16.22 16.92 Total Assets 683.26 744.04 490.47 222.02 123.51 78.85 90.14 100.00 43.02 31.68

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Shareholder's Funds 608.68 660.59 324.72 163.30 59.75 68.12 Share Capital 43.08 42.88 21.40 0.13 0.13 0.13 Total Reserves 549.12 608.16 272.93 148.63 51.02 65.05 Non-Current Liabilities 5.27 4.03 8.56 10.75 39.58 1.74 Secured Loans 0.00 0.00 0.00 0.00 7.52 0.06 Unsecured Loans 0.00 0.00 0.00 0.00 30.26 0.00 Long Term Provisions 4.86 2.94 2.51 3.19 1.90 1.46 Current Liabilities 48.21 68.46 149.43 47.97 24.31 9.69 Trade Payables 8.74 15.97 13.99 7.49 4.75 0.82 Other Current Liabilities 23.34 38.46 35.98 27.60 13.59 3.18 Short Term Borrowings 0.00 0.00 86.50 5.65 5.26 5.21 Short Term Provisions 16.14 14.03 12.96 7.22 0.72 0.48 Total Liabilities 662.16 733.08 482.71 222.02 123.64 79.55 Net Block 96.88 67.12 48.70 26.21 12.97 4.62 Gross Block 173.35 111.41 70.57 35.70 19.76 7.59 Accumulated Depreciation 76.47 44.29 21.86 9.49 6.79 2.98 Non Current Assets 246.32 130.66 99.02 77.62 42.23 30.12 Capital Work in Progress 99.90 54.18 24.92 19.09 14.22 16.84 Non Current Investment 26.87 2.61 1.00 0.00 0.00 0.00 Long Term Loans & Adv. 6.74 3.57 2.86 27.62 15.01 8.42 Other Non Current Assets 15.94 3.18 21.54 4.70 0.03 0.25 Current Assets 415.84 602.42 383.69 144.40 81.41 49.42 Current Investments 92.85 85.25 124.08 10.65 0.00 11.90 Inventories 94.22 98.28 104.68 48.91 23.42 10.86 Sundry Debtors 56.02 44.35 57.82 20.31 23.75 10.12 Cash & Bank 96.76 273.75 6.50 35.08 14.13 0.10 Other Current Assets 75.99 2.23 25.33 0.71 20.11 16.44 Short Term Loans & Adv. 72.69 98.54 65.29 28.74 18.81 15.22 Net Current Assets 367.63 533.96 234.26 96.43 57.10 39.73 Total Assets 662.16 733.08 482.71 222.02 123.64 79.54

Cash Flow

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22
Cash From Operating Activity -65.51 76.94 -53.23 65.57 PBT -52.47 64.51 40.80 61.18 Adjustment 14.89 10.73 37.19 18.00 Changes in Working Capital -25.76 22.10 -124.80 -6.47 Cash after chg. in Working capital -63.34 97.35 -46.82 72.72 Interest Paid 0.00 0.00 0.00 0.00 Tax Paid -2.17 -20.41 -6.41 -7.14 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 Cash From Investing Activity -78.29 -107.96 -148.91 -42.10 Net Fixed Assets -107.63 -69.71 -40.70 Net Investments -42.02 30.54 -114.43 Others 71.36 -68.79 6.22 Cash from Financing Activity -7.59 189.47 176.23 -9.33 Net Cash Inflow / Outflow -151.39 158.45 -25.91 14.14 Opening Cash & Equivalents 162.95 4.50 30.42 1.28 Closing Cash & Equivalent 11.56 162.95 4.50 15.42

Description Mar 25 Mar 24 Mar 23 Mar 22
Cash From Operating Activity -76.79 76.03 -53.23 66.52 PBT -62.40 61.07 40.80 50.18 Adjustment 14.96 10.76 37.19 29.95 Changes in Working Capital -27.19 24.61 -124.80 -6.47 Cash after chg. in Working capital -74.62 96.45 -46.82 73.66 Interest Paid 0.00 0.00 0.00 0.00 Tax Paid -2.17 -20.41 -6.41 -7.14 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 Cash From Investing Activity -68.07 -101.68 -148.91 -30.76 Net Fixed Assets -107.63 -69.71 -40.70 Net Investments -42.02 30.54 -114.43 Others 81.58 -62.51 6.22 Cash from Financing Activity -7.59 189.46 176.23 -10.60 Net Cash Inflow / Outflow -152.46 163.82 -25.91 25.16 Opening Cash & Equivalents 168.32 4.50 30.42 5.26 Closing Cash & Equivalent 15.87 168.32 4.50 30.42

Financial Ratios

Standalone /

Consolidated

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 14 Mar 13 Mar 12 Mar 11
Book Value (Rs.) 140.58 152.42 137.91 53.06 88.85 97.76 87.22 71.30 ROA -7.20% 7.75% 8.98% 32.89% 0.39% 0.60% 3.71% 4.87% ROE -8.16% 10.10% 14.44% 68.96% 3.10% 4.09% 20.06% 16.29% ROCE -7.80% 12.88% 16.06% 48.77% 0.57% 6.73% 11.43% 19.36% Fixed Asset Turnover 1.17 3.48 3.50 4.92 0.00 16.53 29.39 35.19 Receivable days 117.58 60.57 76.65 49.25 0.00 151.82 166.18 34.51 Inventory Days 206.65 116.23 150.70 81.21 0.00 100.23 66.42 36.58 Payable days 38.33 33.93 66.61 54.19 448.82 10.66 14.37 16.31 Cash Conversion Cycle 285.90 142.87 160.74 76.27 -448.82 241.39 218.23 54.77 Total Debt/Equity 0.00 0.00 0.29 0.45 4.68 4.13 4.64 1.12 Interest Cover -21.51 14.72 8.02 9.51 0.00 1.13 2.09 1.86

Description Mar 25 Mar 24 Mar 23 Mar 22
Book Value (Rs.) 137.47 151.81 137.91 73.94 ROA -8.93% 7.45% 9.08% 25.58% ROE -10.02% 9.58% 14.44% 44.04% ROCE -9.46% 12.27% 16.06% 49.61% Fixed Asset Turnover 1.13 3.45 3.50 5.75 Receivable days 113.63 59.38 76.65 50.43 Inventory Days 217.92 117.97 150.70 82.80 Payable days 41.74 34.77 66.61 54.19 Cash Conversion Cycle 289.81 142.58 160.74 79.03 Total Debt/Equity 0.00 0.00 0.29 0.04 Interest Cover -25.77 13.98 8.02 3.63

Top Investors:

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Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.

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