Ideaforge Technology Limited — Investor Meet, 29-01-2026: Analysts/Institutional Investor Meet/Con. Call Updates

ideaForge reported muted Q3 numbers, but demand translated into a record ~INR440 crore year-to-date order booking, with ~INR368 crore open order book. Management aims to execute 40-45% of this in Q4, projecting profitability and 50%+ gross margins for FY26. Recent wins include >INR100 crore Indian Army orders for ZOLT and SWITCH, showcasing their EW-resilient capabilities. The company is strategically shifting to a modular approach, expanding beyond ISR into diverse defense applications, leveraging indigenous tech, and entering the US market via a JV. Expects continued baseline business growth and significant opportunities from government procurement plans. Confident in execution and strategic positioning.