ideaForge Shares Hit 20% Upper Circuit Despite Poor Q4 Show

ideaForge's shares surged 20% to hit the upper circuit despite reporting weak Q4 FY25 results with a 58% YoY profit decline. The drone manufacturer's stock rally was driven by investor optimism around its INR 140 crore defense order backlog and anticipated growth in civilian drone applications. While Q4 revenue fell 22% to INR 78 crore due to delayed government orders, analysts remain bullish on long-term prospects from India's expanding drone ecosystem. The company maintains guidance of 35-40% revenue growth in FY26 as defense deliveries accelerate. ideaForge is also expanding into logistics and agricultural drone segments, with pilot projects underway with e-commerce and FMCG companies. Market sentiment reflects confidence in its first-mover advantage and technological edge in India's strategic drone manufacturing sector.