ideaForge Technology Limited reported revenue from operations of Rs 68.6 crore in Q1 FY27, while executing more than 20% of its opening order book for the financial year. The company also reported positive EBITDA during the quarter.

ideaForge entered FY27 with an order book of over Rs 300 crore and is targeting delivery of the opening order book by Q3, in line with customer timelines. The company said global supply chain disruptions and component availability continue to pose challenges.

During the quarter, ideaForge completed a Rs 500 crore Qualified Institutional Placement (QIP), with participation from domestic and international institutional investors. The fundraise is expected to support execution of its order pipeline and accelerate product and technology development.

The company also received a Letter of Intent from the Government of India under the Research, Development and Innovation Scheme for financial assistance of up to Rs 151 crore for developing its YETI middle-mile logistics platform. YETI is being developed to carry payloads of up to 200 kg over distances of up to 200 km, depending on the load.

ideaForge also made progress in developing combat drone capabilities, including air-launched effects and fuel-hybrid long-endurance capability for its ZOLT platform. It is also working on long-range strike platforms, loitering munitions and collaborative multi-UAV capabilities for operations in electronic warfare environments.

The company secured DGCA Type Certification for its Q6 V2 GEO UAV, expanding its opportunities in GIS and enterprise mapping applications in India.

Its indigenous UAV fleet also crossed one million customer flights during the quarter. According to the company, an ideaForge drone now takes off on average every two minutes for customer missions.

Co-Founder and CEO Ankit Mehta said the company expects higher defence procurement activity during Q3 and Q4, supported by procurement opportunities from the Indian defence forces, while civil business demand is also expected to remain weighted towards the second half of the financial year.