Drone technology company ideaForge Technology has raised ₹500 crore through a Qualified Institutional Placement (QIP), giving it fresh funds to strengthen its business and support future growth. The fundraising comes as the company is expanding beyond surveillance drones and entering new areas such as combat drones and logistics platforms.
As part of the QIP, ideaForge allotted 62.89 lakh equity shares to Qualified Institutional Buyers at ₹795 per share. The issue price was around 4.89% lower than the floor price of ₹835.86 per share.
The company has already shared how it plans to use the money. Around ₹165 crore will go towards working capital, ₹120 crore will be used to repay or reduce existing loans, and ₹90 crore has been set aside for research and product development. The remaining funds will be used for general business needs.
The fundraising comes after a year in which the company saw both financial challenges and strong business growth.
Strong Q4 Performance Helps Company End FY26 on a Positive Note
FY26 was a mixed year for ideaForge. The company reported a consolidated net loss of ₹17.03 crore for the full financial year. Its total income stood at ₹248.42 crore, while total expenses reached ₹268.36 crore. Earlier in the year, the company had also reported higher quarterly losses.
However, the last quarter of FY26 brought a major turnaround. ideaForge recorded its highest-ever quarterly revenue, with total income rising more than five times year-on-year to ₹153.49 crore. The company also posted a consolidated profit of ₹59.99 crore during the quarter, while maintaining a healthy gross margin of 58%.
Looking ahead, the management expects overall margins to stay between 50% and 55% in FY27.
The company’s debt also increased during FY26. After operating without borrowings for a long time, its total debt rose to ₹72.13 crore by the end of the financial year. One of the main reasons for raising fresh capital is to reduce this debt and improve the company’s financial position.
Investor confidence has also improved in recent months. Foreign Institutional Investors (FIIs) increased their stake in the company during the June 2026 quarter. The stock also recovered strongly after touching its 52-week low earlier this year and later reached a fresh 52-week high. Although some analysts have raised concerns about the company’s long-term financial performance, recent business growth has improved market sentiment.
The company also had one of its best years in terms of new orders. During FY26, it secured around ₹530 crore worth of orders from defence and civil customers. Despite global supply chain challenges, it completed nearly 40% of its open order book during the March quarter.
ideaForge started FY27 with an order book worth around ₹310 crore, which it expects to complete within the first nine months of the financial year.
Defence Orders and New Drone Technologies Lead Future Plans
The defence sector remains the biggest growth area for ideaForge. During FY26, the company received a capital emergency procurement order worth about ₹100 crore from the Indian Army. The order includes the supply of ZOLT tactical drones and SWITCH 2 VTOL drones after they successfully passed electronic warfare field trials.
At the same time, ideaForge is expanding beyond its traditional surveillance drone business.
One of its upcoming products is YETI, a hybrid eVTOL logistics drone that is currently under development. The platform is designed to carry payloads between 50 kg and 200 kg over distances of up to 200 kilometres, making it suitable for defence logistics as well as commercial cargo transport.
The company is also working on long-range strike drones, loitering munitions and other combat drone platforms. Instead of making ammunition itself, ideaForge plans to work with specialised partners that already have expertise in that area.
Technology development remains another important focus. The latest versions of its SWITCH V2 and NETRA 5 drones come with longer flight range, better flight time, improved resistance to electronic warfare, AI-based collision avoidance, encrypted communication and frequency-hopping technology.
Along with hardware, the company is also strengthening its software products, including mission planning and live video streaming platforms. It also offers different payloads for mapping, LiDAR surveys, hyperspectral imaging and 3D mapping.
Outside India, ideaForge is expanding its global presence. The company has opened a wholly-owned subsidiary in Austin, Texas, received its first order from a US police department, demonstrated its drones to the US Department of Defense, formed a joint venture with First Breach Inc. for the US market, partnered with Japan’s Digital Media Professionals Inc. to develop AI-powered drones, and expanded its capabilities in nano and micro drones through its partnership with Vantage Robotics.
Despite its business growth, the company continues to face some legal and regulatory challenges. These include an ongoing case involving Garuda Aerospace, a defamation lawsuit, an FIR linked to a drone battery explosion, auditor observations related to its accounting software, and regulatory questions regarding historical promoter classification.
With fresh funding now in place, ideaForge plans to strengthen its balance sheet, complete its growing order book, invest in new technologies, and expand its position in India’s fast-growing drone industry.