Results · Mobility & Logistics

IdeaForge net loss widens 41% in Q3

By Startup Enthusiast · 22 January 2026

What they do

IdeaForge makes drones, software and provides drone services

Q3 FY26 net loss was INR 33.9 Cr, up 41% from a year ago, while revenue rose 79% to INR 31.6 Cr

The company expects to turn profitable by the end of FY26 and has a defence order worth INR 75 Cr

IdeaForge reported a net loss of INR 33.9 Cr for Q3 FY26, 41% higher than the INR 24 Cr loss in Q3 FY25.
Operating revenue was INR 31.6 Cr, up 79% from INR 17.6 Cr a year ago.
Total expenses rose 64% to INR 70.1 Cr, driven by a 2.5x jump in cost of materials to INR 24 Cr.
The company recorded an exceptional loss of INR 3.5 Cr due to gratuity liability from Labour Code changes.
EBITDA loss was INR 23.9 Cr, almost triple the year-ago figure.
Gross profit was INR 7.4 Cr, flat YoY and down 63% sequentially from INR 20.3 Cr.
This was the sixth consecutive loss-making quarter for the company.

The Indian Army used ideaForge's Switch and Netra drones during the India-Pakistan escalation in early 2025.
The company formed a joint venture with US-based First Breach Inc to strengthen its US market presence.
It received a INR 75 Cr order from the Ministry of Defence for tactical-class UAVs in November 2025.

IdeaForge is a drone manufacturing, software, and services company.
It claims to have India's largest operational deployment of indigenous UAVs, with a drone taking off every 3 minutes.
Total customer flights crossed 8.5 lakh, with 1.5 lakh in the first nine months of FY26.
Defence accounts for 12% of revenue; the rest comes from civil orders.
Sale of UAVs was the sole source of operating revenue in Q3 FY26.

CEO Ankit Mehta expects to deliver ~40-45% of open orders in Q4 FY26.
The company aims to close FY26 with improved gross margins and turn profitable.