ideaForge revenue up over 5X to Rs 69 crore in Q1 FY27

ideaForge Technologies reported operating revenue of Rs 68.58 crore for Q1 FY27, against Rs 12.78 crore in Q1 FY26. That is a rise of 436.6%, or roughly 5.4 times. Net loss narrowed 89% to Rs 2.59 crore from Rs 23.56 crore.

Start with the base, because the multiple depends entirely on it. Rs 12.78 crore is a very small quarter for a listed drone manufacturer. A 5X jump off that number tells you the year ago quarter was unusually weak. It does not tell you the business has stepped up a level. The sequential figure makes the point. Q4 FY26 operating revenue was Rs 141 crore with a net profit of Rs 60 crore. Measured against that, Q1 FY27 revenue is down roughly 51%.

Cost of materials drove the expense line, at Rs 34.97 crore against Rs 4.89 crore, up 615%. Employee benefits rose 20.9% to Rs 15.1 crore. Depreciation was Rs 14.2 crore, up 44.9%. Finance costs went to Rs 2.03 crore from Rs 0.37 crore. Other expenses rose 11.9% to Rs 16.2 crore. Total expenses came to Rs 82.5 crore against Rs 42 crore.

One set of figures does not close on the face of it. Total income was Rs 70.5 crore, including Rs 1.96 crore of other income, against total expenses of Rs 82.5 crore. That implies a pre tax gap of about Rs 12 crore, while the reported loss is Rs 2.59 crore. The Entrackr report does not break out tax or exceptional items, so the bridge is not visible in this coverage. The Q1 FY26 columns show a smaller gap of the same kind, which points at a tax line rather than an error, but the source does not state it.

The durable facts are elsewhere. Materials cost scaling faster than revenue is normal in a hardware quarter with heavy deliveries, and whether it settles is the thing to watch. The company raised Rs 500 crore through a QIP in June 2026 at Rs 795 per share. The stock was at Rs 902.10, giving a market capitalisation of Rs 4,483 crore. Defence and drone order flow is lumpy by design. Judge this one on a full year, not on a quarter with a soft comparison.