Ideaforge slips into Rs 2.59 cr loss as depreciation overwhelms operations
A Rs 9.38 cr tax credit reduced the reported loss, while operating margin remained well below the Industrials peer median.
Filed 10 Aug 2026, 19:51 IST · after market close · Ideaforge Technology Ltd (IDEAFORGE)
Key takeaways
- Ideaforge reported a consolidated net loss of Rs -2.59 cr despite Rs 2.33 cr of operating profit.
- Depreciation of Rs 14.21 cr and interest of Rs 2.04 cr pushed profit before tax to Rs -11.96 cr.
- Its 3.40% operating margin was 11.10 percentage points below the Industrials median across 92 reported peers.
Price around the results
Depreciation erased the operating profit
Ideaforge generated Rs 2.33 cr of operating profit on Rs 68.59 cr of revenue, but depreciation of Rs 14.21 cr and interest of Rs 2.04 cr drove profit before tax to a loss of Rs 11.96 cr. A Rs 9.38 cr tax credit reduced the reported net loss to Rs 2.59 cr, so the tax line materially softened the loss after tax rather than reflecting tax paid on profits. Consolidated EPS was Rs -0.59.
Operating margin trails most Industrials peers
The 3.40% operating margin was 11.10 percentage points below the 14.50% median for 92 Industrials companies that had reported the same quarter. Ideaforge ranked fourth from the bottom on this measure, indicating that the pressure was visible at the operating level even before depreciation and interest were accounted for.
Management highlights a wider technology pipeline
Management said it was advancing hybrid propulsion, the YETI logistics platform, electronic-warfare resilience, autonomous multi-UAV operations, edge AI and FLYGHT CLOUD. The company also reported progress on ZOLT and a hybrid-propulsion configuration aimed at longer range and higher endurance. The results were filed after market close on 10 August 2026.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹69 cr |
| Other income | ₹2 cr |
| Expenses | ₹66 cr |
| Operating profit | ₹2 cr |
| Operating margin (%) | 3.40% |
| Interest | ₹2 cr |
| Depreciation | ₹14 cr |
| Profit before tax | ₹-12 cr |
| Tax | ₹-9 cr |
| Net profit | ₹-3 cr |
| EPS (₹) | ₹-0.59 |
Operating margin of 3.40% compares with a Industrials sector median of 14.50% across 92 peers that have reported Q1FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
New initiatives
- The company is advancing hybrid propulsion, YETI, EW resilience, autonomous multi-UAV operations, edge AI and FLYGHT CLOUD.
What to watch
- Whether operating margin improves from 3.40%.
- Whether operating profit of Rs 2.33 cr narrows the gap with depreciation of Rs 14.21 cr.
- Whether the tax credit of Rs 9.38 cr recurs or reported profit remains dependent on it.