Ideaforge Technology Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good sales growth of 45.5% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.89x)
- Working capital cycle has improved - days down from 832 to 482
- Institutional investors have been accumulating - FII+DII up 5.5pp
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on capital employed of 0.1%
- Company has a low return on equity of -1.1% over last 3 years
- Interest coverage is weak at -3.2x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HAL | 4955.00 | 35.55 | 331378.01 | 0.91 | 1589.66 | 14.88 | 5515.17 | 14.45 | 31.99 | 27.89 |
| BEL | 403.00 | 47.93 | 294584.09 | 0.62 | 1054.53 | 8.82 | 5546.98 | 24.94 | 36.68 | 25.22 |
| BDL | 1191.00 | 83.83 | 43657.59 | 0.41 | 118.79 | 547.36 | 572.24 | 147.63 | 13.91 | 14.52 |
| DATAPATTNS | 4774.10 | 3475.01 | 26727.31 | 0.21 | 220.60 | 765.10 | 1160.30 | 1068.13 | 23.18 | 27.04 |
| ASTRAMICRO | 1694.95 | 85.13 | 16092.70 | 0.14 | 12.35 | -24.12 | 176.66 | -11.55 | 20.29 | 20.40 |
| ZENTEC | 1749.35 | 87.67 | 15795.39 | 0.06 | 31.85 | -39.99 | 141.64 | -10.48 | 16.83 | 27.13 |
| AEQUS | 230.10 | 309.89 | 15432.02 | 0.00 | -532.28 | -6067.26 | 3955.45 | 1486.69 | 1.50 | 4.47 |
| APOLLO | 412.90 | 126.47 | 15343.34 | 0.06 | 25.22 | 42.58 | 251.29 | 88.12 | 14.52 | 21.38 |
| PARAS | 1451.10 | 123.81 | 11694.03 | 0.07 | 20.74 | 45.34 | 127.91 | 37.26 | 18.68 | 24.95 |
| UNIMECH | 1570.20 | 110.97 | 7992.63 | 0.00 | 27.86 | 45.70 | 107.62 | 70.85 | 12.10 | 36.35 |
| AXISCADES | 1868.35 | 218.70 | 7946.74 | 0.00 | -14.76 | -170.76 | 183.35 | -24.77 | 14.56 | 4.73 |
| IDEAFORGE | 744.90 | 941.71 | 3702.79 | 0.00 | -2.59 | 89.01 | 68.59 | 436.68 | -2.38 | 3.40 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 97 | 24 | 91 | 102 | 86 | 37 | 18 | 20 | 13 | 41 | 32 | 141 | 69 | |
| 69 | 32 | 71 | 87 | 84 | 53 | 35 | 42 | 32 | 52 | 58 | 79 | 83 | |
| Operating Profit | 28 | -8 | 20 | 15 | 2 | -16 | -17 | -22 | -19 | -11 | -27 | 62 | -14 |
| OPM % | 29.35% | -33.12% | 21.55% | 14.56% | 2.85% | -42.67% | -99.26% | -107.58% | -149.30% | -27.67% | -84.06% | 43.75% | -20.29% |
| 4 | 15 | 7 | 5 | 6 | 6 | 5 | 4 | 4 | 3 | 3 | 12 | 2 | |
| Interest | 2 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 2 | 2 |
| Depreciation | 5 | 5 | 6 | 6 | 7 | 7 | 7 | 8 | 10 | 11 | 11 | 12 | 14 |
| Profit before Tax | 25 | 1 | 20 | 14 | 2 | -18 | -20 | -26 | -25 | -19 | -36 | 61 | -12 |
| Tax % | 24.73% | 33.08% | 26.55% | 26.94% | 25.48% | 23.72% | -18.44% | -0.08% | 6.88% | -0.82% | 5.79% | 1.23% | 78.36% |
| Net Profit | 0 | 0 | 0 | 0 | 1 | -14 | -24 | -26 | -24 | -20 | -34 | 60 | -3 |
| 4.86 | 0.21 | 3.49 | 2.40 | 0.27 | -3.18 | -5.56 | -5.92 | -5.40 | -4.49 | -7.75 | 13.72 | -0.59 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 14 | 35 | 159 | 186 | 314 | 161 | 226 | 282 | |
| 26 | 45 | 85 | 138 | 257 | 213 | 221 | 272 | |
| Operating Profit | -12 | -11 | 75 | 48 | 57 | -52 | 6 | 10 |
| OPM % | -88.43% | -30.56% | 46.76% | 25.84% | 18.00% | -32.25% | 2.45% | 3.54% |
| 2 | 2 | 2 | 10 | 30 | 21 | 22 | 20 | |
| Interest | 1 | 2 | 19 | 6 | 5 | 2 | 5 | 6 |
| Depreciation | 3 | 4 | 7 | 12 | 21 | 29 | 43 | 48 |
| Profit before Tax | -13 | -15 | 50 | 41 | 61 | -62 | -20 | -7 |
| Tax % | -0.05% | -0.84% | 12.30% | 21.59% | 25.87% | 0.19% | 14.58% | 159.68% |
| Net Profit | -13 | -15 | 44 | 32 | 45 | -62 | -17 | 4 |
| EPS | -4.68 | -5.03 | 13.84 | 8.12 | 10.56 | -14.46 | -3.94 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 45%
- 3 Years:
- 7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -10%
- 1 Year:
- 48%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 11%
- 3 Years:
- -1%
- Last Year:
- -3%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0 | 0 | 0 | 21 | 43 | 43 | 43 |
| 65 | 51 | 149 | 273 | 608 | 549 | 538 | |
| 6 | 51 | 15 | 98 | 11 | 10 | 77 | |
| Trade Payables | 1 | 5 | 7 | 14 | 16 | 9 | 41 |
| 8 | 17 | 51 | 77 | 56 | 60 | 96 | |
| Total Liabilities | 80 | 124 | 222 | 483 | 733 | 671 | 796 |
| 5 | 13 | 26 | 49 | 67 | 97 | 138 | |
| Capital Work in Progress | 0 | 0 | 0 | 3 | 7 | 4 | 0 |
| 12 | 0 | 11 | 125 | 88 | 120 | 105 | |
| 11 | 23 | 49 | 105 | 98 | 94 | 143 | |
| 0 | 0 | 0 | 0 | 44 | 56 | 126 | |
| Cash & Bank | 0 | 14 | 35 | 6 | 274 | 97 | 39 |
| 52 | 73 | 101 | 194 | 155 | 203 | 244 | |
| Total Assets | 80 | 124 | 222 | 483 | 733 | 671 | 796 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| -16 | -31 | 74 | -47 | 76 | -77 | -63 | |
| Cash from Investing | 5 | -7 | -31 | -149 | -102 | -68 | 15 |
| Cash from Financing | 1 | 43 | -11 | 176 | 189 | -8 | 61 |
| -11 | 5 | 25 | -26 | 164 | -152 | 13 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-18 - Ideaforge Technology Limited has informed the Exchange about Transcript
2026-08-14 - Ideaforge Technology Limited has informed the Exchange regarding allotment of 14135 securities pursuant to ESOP/ESPS at its meeting held on August 14, 2026
2026-08-11 - Ideaforge Technology Limited has informed the Exchange about Link of Recording
2026-08-10 - Ideaforge Technology Limited has informed the Exchange regarding a press release dated August 10, 2026, titled "Press release for the financial results for the quarter ended June 30, 2026".
2026-08-10 - Ideaforge Technology Limited has informed the Exchange about Investor Presentation
2026-08-10 - Ideaforge Technology Limited has submitted to the Exchange, the financial results for the period ended June 30, 2026.
2026-08-05 - Ideaforge Technology Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 05, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-05 - Ideaforge Technology Limited has informed the Exchange regarding Proceedings of 19th Annual General Meeting held on August 05, 2026
2026-08-04 - Ideaforge Technology Limited has informed the Exchange about Schedule of meet
News
Recent coverage and analyst commentary for IDEAFORGE
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Ideaforge Technology Ltd.
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