ideaForge Swings to Rs 6.5 Crore Profit as Q2 Revenue Doubles

Drone maker ideaForge Technologies posted a net profit of Rs 6.5 crore in Q2 FY27, reversing a net loss of Rs 19.62 crore in the same quarter a year earlier, according to financial results filed with the National Stock Exchange (NSE).

The turnaround came on the back of a sharp revenue acceleration. Operating revenue more than doubled, jumping 123.9% to Rs 91.28 crore in Q2 FY27 from Rs 40.76 crore in Q2 FY26.

The company added Rs 6.28 crore in other income, bringing total income to Rs 97.6 crore for the quarter, against Rs 44 crore a year ago. That's a top line that grew by more than Rs 53 crore in twelve months.

Where did the money go?

Cost of materials consumed remained ideaForge's largest expense head. It surged 90.9% to Rs 42 crore in Q2 FY27 from Rs 22 crore in the year-ago period — a sign the company was building and shipping product at a far higher volume.

The other major expense lines grew far more slowly:

• Employee benefit expenses rose 10% to Rs 16.58 crore from Rs 15.07 crore
• Depreciation expenses climbed 39.8% to Rs 14.75 crore from Rs 10.55 crore
• Other expenses edged up 4.8% to Rs 16.67 crore from Rs 15.90 crore

Total expenses increased 41.7% to Rs 90 crore in Q2 FY27 from Rs 63.52 crore in Q2 FY26. Revenue grew three times faster than costs. That spread is what carried the company back into profit.

What does the first half look like?

The half-year picture shows the same top-line surge with one wrinkle. Revenue from operations nearly tripled in H1 FY27 to Rs 160 crore from Rs 53.5 crore in H1 FY26.

But net profit for the first half declined 10.4% to Rs 3.87 crore from Rs 4.32 crore a year earlier. The H1 profit figure sits below the Q2 profit alone, which means the June quarter ran at a loss before the September quarter pulled the half into the black.

How did the market react?

On Monday, ideaForge's shares closed at Rs 639.25 apiece, giving the company a market capitalisation of Rs 3,126 crore.

The Q2 print marks the clearest evidence yet that ideaForge's scale-up is translating into earnings, not just revenue growth. Whether the material-cost line — up 90.9% and rising nearly as fast as sales — compresses margins in coming quarters will determine if this profitability sticks.