MoD Deal Lifts Off—ideaForge Hits Upper Circuit with UAV Win

Image Source: HDFC Sky

ideaForge Technology Ltd (NSE: IDEF.NS) rose 10% on June 23, 2025, after receiving a ₹137 crore order from the Ministry of Defence (MoD) for the delivery of Mini Unmanned Aerial Vehicles (UAVs) and accessories. The stock hit its upper circuit of ₹631.65, approaching its IPO price for the first time in eight months.

1. Order Details & Strategic Importance

The agreement, part of India's Make in India initiative, involves the delivery of locally produced mini UAVs within 12 months.
ideaForge has ensured that the deal is not a related party transaction, and there is no interest of the promoter in the awarding company.
The deal also creates the government's growing trust in homegrown drone technology to be used for surveillance and defense.

2. Market Reaction & Stock Performance

ideaForge stock has nearly doubled from a March 2025 low of ₹324 on expectations of defense orders and domestic tech.
Despite a 48.6% decline in FY25 revenues and a net loss of ₹26 crore in Q4, the stock has gained ~20% in the past month.
Analysts remain wary, with a consensus 'Sell' recommendation and a price objective of ₹388, driven by valuation worries.

3. About ideaForge

A market leader in India's drone sector, ideaForge specializes in vertical take-off and landing (VTOL) defense, mining, and infrastructure UAVs.
The firm has the biggest indigenous drone deployment operations in India, with a single drone launching every five minutes, reports say.

Sources: CNBC TV18, Economic Times, Financial Express, Business Today