Nifty

:

22512.65

Sensex

:

72696.39

-601.85 (-2.60%)
-1836.57 (-2.46%)

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Nifty
Sensex

:
:

22512.65
72696.39

-601.85 (-2.60%)
-1836.57 (-2.46%)

Ideaforge Technology Ltd.

Defence

Rating :

45/99

BSE: 543932 | NSE: IDEAFORGE

Watchlist

NSE BSE

397.60

23-Mar-2026

Open
High
Low
Previous Close

417.9
417.9
394.4
417.95

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

363338
146231476.5
659.85
304.2

Stock Summary

Market Cap(Crs)
Stock P:E
Face Value

1,726.28
N/A
10

Enterprise Value(Crs)
Dividend Yield
Price:Book Value

1,705.33
N/A
3.23

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

-
-
81.45

P:BV (Average)

8 Years
5 Years
3 Years

-
-
4.29

EV:EBITDA (Average)

8 Years
5 Years
3 Years

-
-
39.18

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone

Description Dec 25 Dec 24 Var% Sep 25 Sep 24 Var% Jun 25 Jun 24 Var% Mar 25 Mar 24 Var%
Net Sales 31.54 18.50 70.49% 41.67 37.20 12.02% 12.78 86.47 -85.22% 23.77 104.60 -77.28%
Expenses 55.45 33.01 67.98% 48.72 51.38 -5.18% 29.29 83.06 -64.74% 41.41 87.39 -52.61%
EBITDA -23.91 -14.52 - -7.05 -14.18 - -16.51 3.41 - -17.64 17.21 -
EBIDTM -75.79% -78.47% -16.92% -38.11% -129.19% 3.94% -74.23% 16.45%
Other Income 2.55 4.89 -47.85% 3.20 5.84 -45.21% 3.85 6.00 -35.83% 4.49 5.36 -16.23%
Interest 1.05 0.23 356.52% 0.92 0.78 17.95% 0.37 0.27 37.04% 0.25 0.29 -13.79%
Depreciation 10.94 7.44 47.04% 10.53 7.20 46.25% 9.76 6.59 48.10% 8.00 5.82 37.46%
PBT -33.35 -17.29 - -15.30 -16.31 - -22.78 2.54 - -21.41 16.46 -
Tax -2.00 3.38 - -0.24 -4.11 - -1.00 0.64 - -1.01 4.67 -
PAT -31.36 -20.67 - -15.06 -12.20 - -21.78 1.90 - -20.40 11.79 -
PATM -99.40% -111.74% -36.14% -32.79% -170.44% 2.20% -85.82% 11.27%
EPS -7.24 -4.77 - -3.48 -2.82 - -5.03 0.44 - -4.71 2.72 -

Description Dec 25 Dec 24 Var% Sep 25 Sep 24 Var% Jun 25 Jun 24 Var% Mar 25 Mar 24 Var%
Net Sales 31.54 17.61 79.10% 40.76 37.10 9.87% 12.78 86.19 -85.17% 20.31 102.30 -80.15%
Expenses 58.07 35.09 65.49% 52.04 52.93 -1.68% 31.86 83.73 -61.95% 42.16 87.41 -51.77%
EBITDA -26.53 -17.48 - -11.28 -15.83 - -19.08 2.46 - -21.85 14.89 -
EBIDTM -84.09% -99.23% -27.68% -42.66% -149.28% 2.85% -107.56% 14.55%
Other Income 2.61 4.89 -46.63% 3.29 5.84 -43.66% 3.94 6.00 -34.33% 4.43 5.36 -17.35%
Interest 1.05 0.23 356.52% 0.92 0.78 17.95% 0.37 0.27 37.04% 0.25 0.29 -13.79%
Depreciation 10.97 7.47 46.85% 10.55 7.22 46.12% 9.78 6.62 47.73% 8.03 5.82 37.97%
PBT -35.93 -20.28 - -19.46 -18.00 - -25.29 1.57 - -25.69 14.14 -
Tax -2.08 3.74 - 0.16 -4.27 - -1.74 0.40 - 0.02 3.81 -99.48%
PAT -33.85 -24.02 - -19.62 -13.73 - -23.56 1.17 - -25.71 10.33 -
PATM -107.32% -136.37% -48.13% -37.00% -184.32% 1.36% -126.57% 10.10%
EPS -7.83 -5.58 - -4.54 -3.19 - -5.45 0.27 - -5.97 2.41 -

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 109.76 165.94 317.01 186.01 159.44 34.93 14.10 18.20 20.38 32.65 16.00 Net Sales Growth -55.52% -47.65% 70.43% 16.66% 356.46% 147.73% -22.53% -10.70% -37.58% 104.06% Cost Of Goods Sold 63.92 110.41 158.28 58.86 41.22 18.30 6.52 5.48 7.10 11.72 4.93 Gross Profit 45.84 55.52 158.74 127.15 118.22 16.63 7.57 12.73 13.29 20.93 11.07 GP Margin 41.77% 33.46% 50.07% 68.36% 74.15% 47.61% 53.69% 69.95% 65.21% 64.10% 69.19% Total Expenditure 174.87 208.07 257.04 137.94 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 -65.11 -42.13 59.97 48.07 74.55 -11.28 -13.10 -8.91 0.20 7.77 5.86 EBITDA Margin -59.32% -25.39% 18.92% 25.84% 46.76% -32.29% -92.91% -48.96% 0.98% 23.80% 36.62% Other Income 14.09 21.22 30.41 10.39 2.01 1.33 2.31 3.74 2.04 0.66 0.21 Interest 2.59 2.33 4.70 5.81 19.10 1.20 0.43 1.05 2.07 3.28 1.02 Depreciation 39.23 29.22 21.17 11.86 7.28 3.14 2.31 3.11 2.91 2.16 1.12 PBT -92.84 -52.47 64.51 40.80 50.18 -14.29 -13.54 -9.32 -2.74 2.99 3.93 Tax -4.25 -1.10 16.67 8.81 6.17 0.00 0.00 0.96 -0.57 0.97 0.27 Tax Rate 4.58% 2.10% 25.84% 21.59% 12.30% 0.00% 0.00% -10.30% 20.80% 32.44% 6.87% PAT -88.60 -51.37 47.85 31.99 44.01 -14.29 -13.54 -10.28 -2.18 2.03 3.66 PAT before Minority Interest -88.60 -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 -80.72% -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 -20.46 -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 105.39 161.22 314.00 186.01 159.44 34.72 14.00 Net Sales Growth -56.67% -48.66% 68.81% 16.66% 359.22% 148.00% Cost Of Goods Sold 62.35 108.04 157.25 58.86 41.22 18.30 6.52 Gross Profit 43.04 53.18 156.74 127.15 118.22 16.41 7.47 GP Margin 40.83% 32.99% 49.92% 68.36% 74.15% 47.26% 53.36% Total Expenditure 184.13 213.20 257.46 137.94 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 -78.74 -51.98 56.54 48.07 74.55 -10.61 -12.38 EBITDA Margin -74.71% -32.24% 18.01% 25.84% 46.76% -30.56% -88.43% Other Income 14.27 21.26 30.41 10.39 2.01 1.62 2.32 Interest 2.59 2.33 4.70 5.81 19.10 1.93 0.60 Depreciation 39.33 29.34 21.17 11.86 7.28 3.58 2.78 PBT -106.37 -62.40 61.07 40.80 50.18 -14.50 -13.44 Tax -3.64 -0.12 15.80 8.81 6.17 0.12 0.01 Tax Rate 3.42% 0.19% 25.87% 21.59% 12.30% -0.83% -0.07% PAT -102.74 -62.28 45.27 31.99 44.01 -14.63 -13.45 PAT before Minority Interest -102.74 -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 -97.49% -38.63% 14.42% 17.20% 27.60% -42.14% -96.07% PAT Growth 0.00% - 41.51% -27.31% - - EPS -23.73 -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

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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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