ideaForge Technology had a dynamic Q3 FY26 and nine-month period. **Business Performance:** The company secured an impressive ~INR 440 Cr in new orders year-to-date FY26, its highest ever.

Q3 FY26 alone added ~INR 102 Cr from large opportunities and ~INR 115 Cr from other orders.

Q3 revenue was ~31.5 Cr, with a 23.7% gross margin and negative EBITDA of ~23.9 Cr.

For the nine months, revenue reached ~85.1 Cr, with a 42% gross margin, though EBITDA was negative ~47 Cr.

Notably, the 9M FY26 revenue mix showed 42% from Defence, a significant shift. **Growth Drivers or Strategy:** Focus areas include R&D, indigenous tech, and expanding beyond ISR.

A JV with First Breach Inc. is underway for US market access.

Collaborations with DPSUs/DRDO for combat capabilities and C-DAC for emergency response integration are key.

Industry tailwinds include a reported ~INR 20,000 Cr MoD procurement outlay for FY27 and potential PLI 2.0/R&D incentives. **Recent Developments:** ZOLT and SWITCH UAVs were featured at the Republic Day Parade.

The company secured substantial Emergency Procurement Cycle 6 orders, including ~INR 100 Cr for ZOLT and SWITCH V2 with EW Resilience. **Management Commentary / Outlook:** Management expects to execute 40-45% of open orders in Q4 FY26, aiming for improved gross margin and positive EBITDA for the full year.

They foresee strong multi-year demand driven by government procurement.