# ideaForge share price today (Ideaforge Technology Ltd, NSE: IDEAFORGE)

> ideaForge share price today: ₹661.65 at the NSE close on 3 November 2026, up 37.1% in a year. Ideaforge Technology (NSE: IDEAFORGE) is worth ₹3,292 crore, trades at a P/E of 837.6 and has closed between ₹385.25 and ₹964.90 over the past 52 weeks. > Ideaforge Technology Ltd's results are improving, and its P/E is near the top of its own history, higher than 100% of past readings. IDEAFORGE · Aerospace & Defence - Equipments · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/ideaforge-technology-ltd

Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Price: ₹661.65 (+37.1% in a year)
- P/E: 837.6× (higher than 100% of the last 3.3 years)
- Revenue (Jun 2026): ₹68.6 Cr (+436.7% on a year ago)
- Profit (Jun 2026): −₹2.6 Cr
- Operating margin: 3.4% (+152.7 points on a year ago)
- ROCE: −3%, FY26
- ROIC: −3.7%, against a 12.0% cost of capital: −15.7 points
- Profit that came in as cash: 74%, last 3 years

The main question: results are strong, and the P/E is higher than 100% of its own history. ## What is the ideaForge share price today? Ideaforge Technology Ltd's share price was ₹661.65 at the close on 3 November 2026. It has been rising for 26 weeks. That is 4.7% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹385 and ₹965, and at that close it sat 48% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 17 weeks running. Over the last 3.3 years the share price moved −49% while the NIFTY 500 moved +32%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 10 July 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at ideaForge this quarter? 7 points on a year earlier, indian funds and insurers (DIIs) raised their stake for 4 quarters in a row and promoters cut their stake for 3 quarters in a row. 1. Operating margin up 152.7 points on a year earlier 3.4% in the June 2026 quarter, from -149.3%. Why: The company converted more of its opening order book into sales, which lifted revenue enough to turn a loss into a small operating profit. Next results: check whether product mix and thermal camera and electronic component supplies keep the margin positive. From the earnings call on 11 Aug 2026. 2. Indian funds and insurers (DIIs) raised their stake for 4 quarters in a row From 1.5% to 13.6% of the company by the September 2026 quarter. 3. Promoters cut their stake for 3 quarters in a row From 29% to 25.3% of the company by the September 2026 quarter. ## What are ideaForge's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), ideaForge reported revenue of ₹68.6 crore, up 436.7% from ₹12.8 crore a year earlier, and a loss of ₹2.59 crore. ### ideaForge results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹68.6 crore | ₹12.8 crore | +436.7% |
| Profit | loss of ₹2.59 crore | loss of ₹23.6 crore | n/a |
| Earnings per share | ₹−0.60 | ₹−5.45 | n/a |
| Operating margin | 3.4% | −149.3% | +152.7 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). ideaForge's management discussed these results on a call held on 11 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the ideaForge share price history? ideaForge closed at ₹661.65 on 3 November 2026, up 37.1% from ₹482.70 a year earlier (31 October 2025) and down 16.3% over three years. Its highest weekly close since July 2023 was ₹1,294.95 on 7 July 2023. ### ideaForge share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹646.55 | +2.3% |
| 1 month ago · 1 Oct 2026 | ₹735.00 | −10.0% |
| 6 months ago · 30 Apr 2026 | ₹609.20 | +8.6% |
| 1 year ago · 31 Oct 2025 | ₹482.70 | +37.1% |
| 3 years ago · 3 Nov 2023 | ₹790.40 | −16.3% |
| Earliest and highest weekly close in our records · 7 Jul 2023 | ₹1,294.95 | −48.9% |
| Lowest weekly close since July 2023 · 13 Mar 2025 | ₹333.60 | +98.3% |
| 52-week high (weekly close) · 9 Jun 2026 | ₹964.90 | −31.4% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹385.25 | +71.7% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (181 weekly closes from 7 July 2023 to 3 November 2026.)

## What is the latest news on ideaForge? 3 Nov 2026: ideaForge closed at ₹661.65, up 2.3% on the week and down 10.0% on the month. 11 Aug 2026: ideaForge held its results call for April to June 2026. Management guided: Approximately ₹257 crore of remaining opening order book planned for delivery by October to December 2026 as per customer timelines. ### Earlier

- Results for April to June 2026: Revenue up 436.7% on a year earlier. ## What dividend does ideaForge pay? ideaForge has paid no dividend on the NSE since its first NSE close in our records (7 July 2023), the start of the period we checked. No. Ideaforge Technology Ltd paid out 0% of its profit as dividends in each of its last 8 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate. (From the NSE corporate-actions record, read 4 November 2026.)

## What did ideaForge management say on the latest results call? On the call for April to June 2026, held on 11 August 2026, ideaForge's management guided: Approximately ₹257 crore of remaining opening order book planned for delivery by October to December 2026 as per customer timelines. > “We own the consequential parts of what goes inside a drone.”
> Ankit Mehta, on the call for April to June 2026

### What management guided

- Blended gross margin to remain 50-55% for FY27. - Run-rate and command-level procurement activity expected to fructify in Q3-January to March 2027. - At least a couple of FTP opportunities expected to produce outcomes within FY27; some may slip into FY28. - Publicly cited FTP drone opportunities of ₹20,000 crore and DAC-cleared capital proposals of ₹52,000 crore support a larger FY27-and-beyond pipeline. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/53334/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 11 August 2026.)

## What to watch in ideaForge's next results? When ideaForge reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Remaining opening-book execution - check shipment, inspection and customer acceptance against the delivery timetable. - What to check (from the call)
- Remaining opening-book execution - check shipment, inspection and customer acceptance against the delivery timetable. - Blended gross-margin framework - check mix, thermal-camera availability and electronic-component timing in the next reported quarter. - FTP pipeline progression - check approvals, RFP issuance and first-order conversions as the procurement cycle advances. - YETI and combat development - check next demonstrator progress, RFI response and evidence of customer trials. ## Which stock lists is ideaForge on? ideaForge is on one of our India lists: Defence stocks. [Defence stocks Group on the list: Defence equipment and electronics](https://www.sectoralpha.in/sectors/aerospace-defence-equipments)

## Is ideaForge profitable? Ideaforge Technology Ltd posted a net loss of ₹2.6 Cr in the Jun 2026 quarter. The full FY26 year was a loss of ₹17.0 Cr. That loss is 3.8% of the quarter's revenue. The same quarter a year earlier lost ₹23.6 Cr. 7 of the last 12 reported quarters were loss-making. ## How much revenue does ideaForge make, and is it growing? Ideaforge Technology Ltd reported ₹68.6 Cr of revenue in the Jun 2026 quarter, +436.7% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 7 years it has grown 43.5% a year on average. The last full year, FY26, came in at ₹226 Cr. The last four reported quarters add to ₹282 Cr. FY26 revenue was ₹226 Cr, +40.4% on the year before. Recent pace: the last four quarters grew +280.1% on average, against 43.5% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +221.1%, against −3.6% a year over the last 8 quarters (accelerating). ## How much of every ₹100 of sales does ideaForge keep? Ideaforge Technology Ltd's operating margin was 3.4% in the Jun 2026 quarter, 152.7 percentage points higher than the same quarter a year ago. Across 8 years it has been between −88.0% and 47.0%. The latest quarter is within that range. Why the margin moved: operating margin changed +152.7 percentage points on the year while gross margin changed −12.7 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. ## Is ideaForge's profit turning into cash? Over the last 3 years, 74% of Ideaforge Technology Ltd's reported profit came in as cash from its operations, so most of the profit is real cash. In FY26 its operations used ₹63.0 Cr of cash, against −₹17.0 Cr of profit. After ₹94.0 Cr of spending on assets, free cash was −₹157 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 74% of profit came in as cash: the cash cycle got 22 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. What to look at next: the bigger use of cash is spending on new assets, at 2.9× depreciation over three years. The next section checks what that spending is building. ## Where does ideaForge's cash go? Ideaforge Technology Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 587 days in FY26, down from 609 days in FY21. It spent ₹267 Cr on assets over the last 3 years. Customers take 204 days to pay, and stock sits for 536 days on average. At FY26 sales of ₹226 Cr, each day of that cycle ties up about ₹0.6 Cr, so roughly ₹363 Cr is tied up in the business at any time. FY26: customers took 204 days to pay and stock sat for 536 days, about 17.6 months of sales sitting as stock, for a full cycle of 587 days, shorter than FY21's 609. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 536 days. Customers pay about 204 days after that. Suppliers are paid at 153 days. Together that makes the 587-day cycle. Spending on assets: ₹267 Cr over the last 3 years, against ₹93.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹110 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is ideaForge's P/E ratio, and how does it compare with its own history? Ideaforge Technology Ltd's P/E is 837.6×, about the highest it has ever been. Its usual P/E (the middle reading) is 111.4×, over 3.3 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹0.89. Where the price move came from: over 3 years the price moved −5.8% a year; about −52.2% a year came from earnings growth and about +46.4 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the ideaForge business getting better or worse? Ideaforge Technology Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 10 quarters of 2 measures, with some gaps. Why it matters: with too little history, we say so rather than guess a direction. There are fewer than eight usable quarters, so this page does not guess a direction from so little history. ## How much does ideaForge earn on its capital? Ideaforge Technology Ltd earned a ROCE of −3% in FY26. That is up from a low of −17% in FY20. Its return on capital used (ROIC) is 15.7 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a −7.5% net margin and 0.28× asset turnover (sales divided by assets). Why the return is what it is (FY26): a −7.5% net margin × 0.28× asset turnover × 1.33× leverage (assets divided by equity) ≈ −2.8% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: −3.7% − 12.0% = −15.7 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The −3.7% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at −7.5%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does ideaForge have too much debt? Ideaforge Technology Ltd has total debt of ₹84.0 Cr against shareholder equity of ₹599 Cr as of Jun 2026, so its debt is 0.14× its equity, which is very little. Year by year, that ratio went from 0.10 in FY22 to 0.14 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the ideaForge shareholding pattern? Domestic institutions raised their stake in Ideaforge Technology Ltd by 11.1 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 13.6% of the company. Foreign institutions moved +5.9 points over the same period, to 7.3%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +11.1 points over 8 quarters, to 13.6%; Foreign institutions: +5.9 points over 8 quarters, to 7.3%; Promoters: −4.0 points over 8 quarters, to 25.3%. Why the owners changed: domestic institutions drove it (+11.1 points), together with foreign institutions (+5.9 points). They raised their stake step by step. ## How far is ideaForge from balance-sheet trouble? For Ideaforge Technology Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does ideaForge rank in its industry? 39.8 out of 100, rank 19 of 25 in Aerospace & Defence - Equipments, with 71% of the evidence available. Ideaforge Technology Ltd scores 39.8 out of 100 against the 25 companies it is compared with in Aerospace & Defence - Equipments, ranking 19. Earnings are strong; relative strength in its sector is -10.9% and the one-year return is 30.2%. The four parts add up to the total exactly: 25.6 + 1.3 + 8.5 + 4.4 = 39.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is ideaForge compared with? ideaForge ranks 19 of 25 Aerospace & Defence - Equipments companies on the 4-Factor Sector Score, with 39.8 out of 100. 1. [Apollo Micro Systems Ltd](https://www.sectoralpha.in/stocks/apollo-micro-systems-ltd) APOLLO · turning · Most evidence points up · 100% evidence 70.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.9/35 · Revenue 77% · Profit 63.8% · Operating margin change 3 points · 100% evidence Capital efficiency 15.8/25 · ROCE 14.5% · Operating margin 29% · 100% evidence Valuation 9.2/20 · P/E 107× · PEG 1.7 · 100% evidence Relative strength 16.4/20 · Lead over its industry 10% · Lead over NIFTY 500 31% · 1 year 44.1% · 100% evidence · 4 of 12 weeks ahead Exact sum: 28.9 + 15.8 + 9.2 + 16.4 = 70.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [MTAR Technologies Ltd](https://www.sectoralpha.in/stocks/mtar-technologies-ltd) MTARTECH · breaking out · Most evidence points up · 90% evidence 70.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.3/35 · Revenue 53.5% · Profit 100% · Operating margin change 10.2 points · 100% evidence Capital efficiency 15.6/25 · ROCE 15.1% · Operating margin 23.2% · 100% evidence Valuation 7.4/20 · P/E 155× · PEG n/a · 50% evidence Relative strength 14.9/20 · Lead over its industry 18.6% · Lead over NIFTY 500 37.1% · 1 year 168.4% · 100% evidence · 5 of 12 weeks ahead Exact sum: 32.3 + 15.6 + 7.4 + 14.9 = 70.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Rossell Techsys Ltd](https://www.sectoralpha.in/stocks/rossell-techsys-ltd) ROSSTECH · leader · Evidence leans up · 79% evidence 64.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.5/35 · Revenue 82.9% · Profit 68.8% · Operating margin change 1.8 points · 88% evidence Capital efficiency 8.2/25 · ROCE 11.5% · Operating margin 14.4% · 100% evidence Valuation 8.8/20 · P/E 194× · PEG n/a · 15% evidence Relative strength 19.5/20 · Lead over its industry 28.7% · Lead over NIFTY 500 52.7% · 1 year 107.2% · 100% evidence · 11 of 12 weeks ahead Exact sum: 27.5 + 8.2 + 8.8 + 19.5 = 64 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Paras Defence and Space Technologies Ltd](https://www.sectoralpha.in/stocks/paras-defence-and-space-technologies-ltd) PARAS · breaking out · Evidence leans up · 82% evidence 63.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.4/35 · Revenue 41.5% · Profit 58.8% · Operating margin change 1 points · 95% evidence Capital efficiency 17.5/25 · ROCE 17.2% · Operating margin 29% · 76% evidence Valuation 8.7/20 · P/E 98.6× · PEG n/a · 50% evidence Relative strength 13.3/20 · Lead over its industry 17.1% · Lead over NIFTY 500 37.9% · 1 year 76.3% · 100% evidence · 10 of 12 weeks ahead Exact sum: 24.4 + 17.5 + 8.7 + 13.3 = 63.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 5. [Sigma Advanced System Ltd](https://www.sectoralpha.in/stocks/sigma-advanced-system-ltd) SIGMAADV · leader · Evidence leans up · 78% evidence 58.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.4/35 · Revenue 100% · Profit 20.3% · Operating margin change 307 points · 83% evidence Capital efficiency 9.8/25 · ROCE 11.7% · Operating margin 16% · 76% evidence Valuation 6.9/20 · P/E 102× · PEG n/a · 50% evidence Relative strength 15.0/20 · Lead over its industry 96.2% · Lead over NIFTY 500 116.7% · 1 year 318.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 26.4 + 9.8 + 6.9 + 15 = 58.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Azad Engineering Ltd](https://www.sectoralpha.in/stocks/azad-engineering-ltd) AZAD · leader · Evidence leans up · 89% evidence 57.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.0/35 · Revenue 29% · Profit 41.4% · Operating margin change 1 points · 88% evidence Capital efficiency 12.6/25 · ROCE 11.9% · Operating margin 37% · 100% evidence Valuation 9.0/20 · P/E 114× · PEG 1.94 · 65% evidence Relative strength 14.9/20 · Lead over its industry 4.2% · Lead over NIFTY 500 24.6% · 1 year 44.1% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21 + 12.6 + 9 + 14.9 = 57.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Jaykay Enterprises Ltd](https://www.sectoralpha.in/stocks/jaykay-enterprises-ltd) JAYKAY · breaking out · Too little evidence to rank firmly · 51% evidence 56.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 34.3/43.75 · Revenue 100% · Profit 100% · Operating margin change 1.8 points · 83% evidence Capital efficiency 9.2/31.25 · ROCE 4.8% · Operating margin 14.2% · 76% evidence Valuation 12.9/25 · P/E 72.3× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 34.3 + 9.2 + 12.9 = 56.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 8. [Sika Interplant Systems Ltd](https://www.sectoralpha.in/stocks/sika-interplant-systems-ltd) SIKA · quiet · Evidence leans up · 81% evidence 55.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.1/35 · Revenue 0.5% · Profit 9.8% · Operating margin change 1.1 points · 88% evidence Capital efficiency 21.7/25 · ROCE 34.6% · Operating margin 19.5% · 100% evidence Valuation 12.9/20 · P/E 51.9× · PEG 1.01 · 100% evidence Relative strength 7.8/20 · Lead over its industry n/a · Lead over NIFTY 500 -9.8% · 1 year -27.7% · 25% evidence · 5 of 12 weeks ahead Exact sum: 13.1 + 21.7 + 12.9 + 7.8 = 55.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Data Patterns (India) Ltd](https://www.sectoralpha.in/stocks/data-patterns-indialtd) DATAPATTNS · quiet · Evidence leans up · 96% evidence 55.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.8/35 · Revenue 33.9% · Profit 24.2% · Operating margin change -5 points · 88% evidence Capital efficiency 21.3/25 · ROCE 21.9% · Operating margin 27% · 100% evidence Valuation 7.4/20 · P/E 78.7× · PEG 3.94 · 100% evidence Relative strength 5.5/20 · Lead over its industry -9.4% · Lead over NIFTY 500 8.8% · 1 year 38.5% · 100% evidence · 5 of 12 weeks ahead Exact sum: 20.8 + 21.3 + 7.4 + 5.5 = 55 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [High Energy Batteries (India) Ltd](https://www.sectoralpha.in/stocks/high-energy-batteries-indialtd) losing its lead · Evidence leans up · 72% evidence 53.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.9/35 · Revenue 1.5% · Profit -3.5% · Operating margin change 32.4 points · 95% evidence Capital efficiency 19.5/25 · ROCE 20.4% · Operating margin 28.1% · 95% evidence Valuation 11.8/20 · P/E 27.3× · PEG n/a · 50% evidence Relative strength 8.9/20 · Lead over its industry n/a · Lead over NIFTY 500 -2% · 1 year n/a · 25% evidence · 7 of 11 weeks ahead Exact sum: 12.9 + 19.5 + 11.8 + 8.9 = 53.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Hindustan Aeronautics Ltd](https://www.sectoralpha.in/stocks/hindustan-aeronautics-ltd) HAL · breaking out · Evidence leans up · 96% evidence 52.4 out of 100 Growth Capital Valuation Relative
12. [Dynamatic Technologies Ltd](https://www.sectoralpha.in/stocks/dynamatic-technologies-ltd) DYNAMATECH · breaking out · Evidence leans up · 79% evidence 50.9 out of 100 Growth Capital Valuation Relative
13. [Bharat Electronics Ltd](https://www.sectoralpha.in/stocks/bharat-electronics-ltd) BEL · turning · Evidence leans up · 100% evidence 50.8 out of 100 Growth Capital Valuation Relative
14. [Astra Microwave Products Ltd](https://www.sectoralpha.in/stocks/astra-microwave-products-ltd) ASTRAMICRO · quiet · Evidence leans down · 96% evidence 47.8 out of 100 Growth Capital Valuation Relative
15. [Zen Technologies Ltd](https://www.sectoralpha.in/stocks/zen-technologies-ltd) ZENTEC · turning · Evidence leans down · 60% evidence 47.6 out of 100 Growth Capital Valuation Relative
16. [Mishra Dhatu Nigam Ltd](https://www.sectoralpha.in/stocks/mishra-dhatu-nigam-ltd) MIDHANI · losing its lead · Evidence leans down · 96% evidence 42.5 out of 100 Growth Capital Valuation Relative
17. [AXISCADES Technologies Ltd](https://www.sectoralpha.in/stocks/axiscades-technologies-ltd) AXISCADES · breaking out · Evidence leans down · 89% evidence 41.6 out of 100 Growth Capital Valuation Relative
18. [BEML Ltd](https://www.sectoralpha.in/stocks/beml-ltd) BEML · breaking out · Evidence leans down · 88% evidence 40.9 out of 100 Growth Capital Valuation Relative
19. Ideaforge Technology Ltd this page IDEAFORGE · quiet · Evidence leans down · 71% evidence 39.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.6/35 · Revenue 100% · Profit 100% · Operating margin change 152.7 points · 65% evidence Capital efficiency 1.3/25 · ROCE -2.8% · Operating margin 3.4% · 100% evidence Valuation 8.5/20 · P/E 795× · PEG n/a · 15% evidence Relative strength 4.4/20 · Lead over its industry -10.9% · Lead over NIFTY 500 5.4% · 1 year 30.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 25.6 + 1.3 + 8.5 + 4.4 = 39.8 · What this means: Earnings are strong; relative strength in its sector is -10.9% and the one-year return is 30.2%. 20. [Bharat Dynamics Ltd](https://www.sectoralpha.in/stocks/bharat-dynamics-ltd) BDL · basing · Evidence leans down · 96% evidence 35.6 out of 100 Growth Capital Valuation Relative
21. [Avantel Ltd](https://www.sectoralpha.in/stocks/avantel-ltd) AVANTEL · basing · Most evidence points down · 83% evidence 34.7 out of 100 Growth Capital Valuation Relative
22. [Aequs Ltd](https://www.sectoralpha.in/stocks/aequs-ltd) AEQUS · losing its lead · Too little evidence to rank firmly · 51% evidence 28.8 out of 100 Growth Capital Valuation Relative
23. [NIBE Ltd](https://www.sectoralpha.in/stocks/nibe-ltd) NIBE · quiet · Too little evidence to rank firmly · 53% evidence 27.8 out of 100 Growth Capital Valuation Relative
24. [DCX Systems Ltd](https://www.sectoralpha.in/stocks/dcx-systems-ltd) DCXINDIA · quiet · Most evidence points down · 61% evidence 23.8 out of 100 Growth Capital Valuation Relative
25. [Vinyas Innovative Technologies Ltd](https://www.sectoralpha.in/stocks/vinyas-innovative-technologies-ltd) VINYAS · turning · Too little evidence to rank firmly · 44% evidence 62.0 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Aerospace & Defence - Equipments](https://www.sectoralpha.in/sectors/aerospace-defence-equipments), all 25 compared on one page. ## Which companies are close to ideaForge in size? ideaForge is the 19th largest of 25 Aerospace & Defence - Equipments companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Mishra Dhatu Nigam, Rossell Techsys and Avantel. Just below it: Jaykay Enterprises, Vinyas Innovative Technologies and Sika Interplant Systems. ### Aerospace & Defence - Equipments companies close in size

1. [Mishra Dhatu Nigam Ltd](https://www.sectoralpha.in/stocks/mishra-dhatu-nigam-ltd) ₹6,758 crore
2. [Rossell Techsys Ltd](https://www.sectoralpha.in/stocks/rossell-techsys-ltd) ₹5,128 crore
3. [Avantel Ltd](https://www.sectoralpha.in/stocks/avantel-ltd) ₹3,583 crore
4. Ideaforge Technology Ltd ₹3,125 crore
5. [Jaykay Enterprises Ltd](https://www.sectoralpha.in/stocks/jaykay-enterprises-ltd) ₹2,947 crore
6. [Vinyas Innovative Technologies Ltd](https://www.sectoralpha.in/stocks/vinyas-innovative-technologies-ltd) ₹1,866 crore
7. [Sika Interplant Systems Ltd](https://www.sectoralpha.in/stocks/sika-interplant-systems-ltd) ₹1,799 crore

[All 25 Aerospace & Defence - Equipments companies, largest first](https://www.sectoralpha.in/sectors/aerospace-defence-equipments#all-companies)

### Companies close in size in other industries

1. [SBC Exports Ltd](https://www.sectoralpha.in/stocks/sbc-exports-ltd) ₹3,150 crore · Textiles - Readymade Apparel
2. [TVS Srichakra Ltd](https://www.sectoralpha.in/stocks/tvs-srichakra-ltd) ₹3,139 crore · Tyres & Tubes
3. Ideaforge Technology Ltd ₹3,125 crore
4. [Wonderla Holidays Ltd](https://www.sectoralpha.in/stocks/wonderla-holidays-ltd) ₹3,118 crore · Amusement Parks
5. [Mayur Uniquoters Ltd](https://www.sectoralpha.in/stocks/mayur-uniquoters-ltd) ₹3,109 crore · Plastics - Plastic & Plastic Products

## What else do people ask about ideaForge? ### What is ideaForge's share price today? Ideaforge Technology Ltd's share price is ₹661.65, +37.1% over the past year. The whole company is worth ₹3,292 Cr on the market. In the last 52 weeks it traded between ₹385 to ₹965; today it is 48% of the way up from the low, 4.7% below its 200-day average (as of 3 November 2026). ### What were ideaForge's latest quarterly results? Ideaforge Technology Ltd reported revenue of ₹68.6 Cr and a net loss of ₹2.6 Cr for the Jun 2026 quarter. Earnings per share were −₹0.60. The operating margin was 3.4%, 152.7 percentage points higher than a year earlier (as of 3 November 2026). ### What is ideaForge's market cap? Ideaforge Technology Ltd's market capitalisation is ₹3,292 Cr at a share price of ₹661.65. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is ideaForge performing? Ideaforge Technology Ltd's share price has been rising for 26 weeks. Over the past 13 weeks it has done worse than the NIFTY 500, for 17 weeks running. This describes what the data did, not a rating (as of 3 November 2026). ### Will ideaForge's share price go up? This page does not forecast Ideaforge Technology Ltd's share price. What it shows instead: the share price is ₹661.65, and it has been rising for 26 weeks. Its P/E of 837.6× is higher than 100% of its own last 3 years (as of 3 November 2026). ### Where is ideaForge in its business cycle? Ideaforge Technology Ltd's FY26 operating margin was 2.6%, against a 8-year range of −88.0% to 47.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 3.4%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the ideaForge story? The main question: results are strong, and the P/E is higher than 100% of its own history. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is ideaForge a stock worth studying right now? What the numbers show: Ideaforge Technology Ltd's results are improving, and its P/E is near the top of its own history, higher than 100% of past readings. The main open question: whether earnings grow enough to match the multiple. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a ideaForge share price forecast for 2026? What management itself guided: Approximately ₹257 crore of remaining opening order book planned for delivery by October to December 2026 as per customer timelines. ## Lists

- Defence stocks: https://www.sectoralpha.in/sectors/aerospace-defence-equipments

This is research, not advice. We’re not SEBI-registered.