Shares of drone technology company ideaForge surged 5% to a 52-week high of ₹898.60 on the BSE, locking in the upper circuit during intraday trade. This follows the company’s board approval to raise up to ₹500 crore in capital, subject to shareholder and regulatory approvals, according to inc42.com. The stock’s market capitalization reached ₹3,898.81 crore ($407.2 million).
The board meeting approving the capital raise took place yesterday, with the proposal now awaiting shareholder consent and other regulatory clearances. ideaForge’s shares have gained 82.6% year to date, reaching levels not seen since October 2023 when the stock hit ₹906.95. The company’s strong financial performance includes a net profit of ₹59.9 crore in Q4 FY26, reversing a net loss of ₹25.7 crore in the same quarter last year, inc42.com reported.
ideaForge’s operating revenue grew sixfold year-on-year and 3.5 times quarter-on-quarter to ₹141 crore in Q4 FY26, while full-year revenue rose 40% to ₹226.1 crore. The company reduced its net loss by 73% year-on-year to ₹17 crore in FY26. Its drones completed 2.5 lakh end-customer flights during the fiscal year, representing 26% of total deployments since 2007. Founded by IIT Bombay graduates, ideaForge debuted on Indian stock exchanges in July 2023 with a listing price of ₹1,305.10 per share, a 94% premium to the issue price.
ideaForge’s next steps depend on shareholder approval and regulatory clearances for the ₹500 crore capital raise. The company’s shares have been locked at the upper circuit since the announcement, reflecting strong investor interest. The stock’s performance and fundraise approval highlight the growing market confidence in India’s drone technology sector, as reported by inc42.com.