Ideaforge Technology Ltd.

•

ideaforgetech.comBSE: 543932NSE: IDEAFORGE

Market Cap₹ 3,703 Cr.

Current Price

High / Low₹ 992 / 366

Stock P/E941.7

Book Value₹ 217

Price to Book2.77

Dividend Yield0.00 %

ROCE-2.4 %

ROE-2.9 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence

72%

View full sector analysis →

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

Capital GoodsCapital GoodsAerospace & Defense

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	HAL	4955.00	35.55	331378.01	0.91	1589.66	14.88	5515.17	14.45	31.99	27.89
2.	BEL	403.00	47.93	294584.09	0.62	1054.53	8.82	5546.98	24.94	36.68	25.22
3.	BDL	1191.00	83.83	43657.59	0.41	118.79	547.36	572.24	147.63	13.91	14.52
4.	DATAPATTNS	4774.10	3475.01	26727.31	0.21	220.60	765.10	1160.30	1068.13	23.18	27.04
5.	ASTRAMICRO	1694.95	85.13	16092.70	0.14	12.35	-24.12	176.66	-11.55	20.29	20.40
6.	ZENTEC	1749.35	87.67	15795.39	0.06	31.85	-39.99	141.64	-10.48	16.83	27.13
7.	AEQUS	230.10	309.89	15432.02	0.00	-532.28	-6067.26	3955.45	1486.69	1.50	4.47
8.	APOLLO	412.90	126.47	15343.34	0.06	25.22	42.58	251.29	88.12	14.52	21.38
9.	PARAS	1451.10	123.81	11694.03	0.07	20.74	45.34	127.91	37.26	18.68	24.95
10.	UNIMECH	1570.20	110.97	7992.63	0.00	27.86	45.70	107.62	70.85	12.10	36.35
11.	AXISCADES	1868.35	218.70	7946.74	0.00	-14.76	-170.76	183.35	-24.77	14.56	4.73
12.	IDEAFORGE	744.90	941.71	3702.79	0.00	-2.59	89.01	68.59	436.68	-2.38	3.40

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	29.23	29.23	29.17	29.10	28.97	28.97	29.04	28.96
	3.50	1.36	1.56	0.60	0.25	0.20	0.73	4.89
	2.34	2.48	1.52	1.51	1.49	1.49	1.50	2.69
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	64.92	66.92	67.75	68.80	69.30	69.36	68.73	63.46

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-18

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-18 - Ideaforge Technology Limited has informed the Exchange about Transcript

2026-08-14

Allotment of Securities

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-11 - Ideaforge Technology Limited has informed the Exchange about Link of Recording

2026-08-10

Press Release

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

Investor Presentation

2026-08-10 - Ideaforge Technology Limited has informed the Exchange about Investor Presentation

2026-08-10

Outcome of Board Meeting

2026-08-10 - Ideaforge Technology Limited has submitted to the Exchange, the financial results for the period ended June 30, 2026.

2026-08-05

Shareholders meeting

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

Shareholders meeting

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

Analysts/Institutional Investor Meet/Con. Call Updates

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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Free 5nance Account

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

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

102

141

Operating Profit

-8

-16

-17

-22

-19

-11

-27

-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%

Interest

Depreciation

Profit before Tax

-18

-20

-26

-25

-19

-36

-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

-14

-24

-26

-24

-20

-34

-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

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

159

186

314

161

226

282

138

257

213

221

272

Operating Profit

-12

-11

-52

OPM %

-88.43%

-30.56%

46.76%

25.84%

18.00%

-32.25%

2.45%

3.54%

Interest

Depreciation

Profit before Tax

-13

-15

-62

-20

-7

Tax %

-0.05%

-0.84%

12.30%

21.59%

25.87%

0.19%

14.58%

159.68%

Net Profit

-13

-15

-62

-17

EPS

-4.68

-5.03

13.84

8.12

10.56

-14.46

-3.94

—

Dividend Payout %

0.00%

—

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

149

273

608

549

538

Trade Payables

Total Liabilities

124

222

483

733

671

796

138

Capital Work in Progress

125

120

105

143

126

Cash & Bank

274

101

194

155

203

244

Total Assets

124

222

483

733

671

796

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-16

-31

-47

-77

-63

Cash from Investing

-7

-31

-149

-102

-68

Cash from Financing

-11

176

189

-8

-11

-26

164

-152

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

29.23

29.17

29.10

28.97

29.04

28.96

3.50

1.36

1.56

0.60

0.25

0.20

0.73

4.89

2.34

2.48

1.52

1.51

1.49

1.50

2.69

Government

0.00

64.92

66.92

67.75

68.80

69.30

69.36

68.73

63.46

Ideaforge Technology Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Ideaforge Technology Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI