Ideaforge Technology shares hit 10% upper circuit after bagging Rs 137 crores order to supply mini UAVs to MoD

Shares of Ideaforge Technology surged 10% to hit the upper circuit at Rs 631.6 on the BSE on Monday, following a major order win from the Ministry of Defence (MoD).

The company announced in a stock exchange filing that it has secured an order worth approximately Rs 137 crore (all-inclusive) to supply Mini Unmanned Aerial Vehicles (UAVs) along with accessories to the MoD. The delivery is expected to be completed within 12 months.

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Ideaforge Technology share price target

According to Trendlyne, the average analyst target price for Ideaforge Technology is Rs 388, implying a potential downside of around 39% from current levels. Of the two analysts tracking the stock, the consensus rating is ‘Sell’.

On the technical front, the stock’s Relative Strength Index (RSI) stands at 56.6, indicating neutral momentum. It continues to trade above its 20-day, 50-day, 100-day, and 200-day simple moving averages (SMAs).

Year-to-date, shares have risen around 64%, though the stock is still down about 18% over the past 12 months. The company’s current market capitalisation is approximately Rs 2,727 crore.

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About Ideaforge Technology

Ideaforge is one of India’s leading manufacturers of Unmanned Aircraft Systems (UAS), catering to mapping, surveillance, and security needs across sectors such as defence, mining, and infrastructure.

The company boasts the largest operational deployment of indigenous UAVs in the country, with one drone reportedly taking off every five minutes. It has in-house capabilities for designing, engineering, and manufacturing UAVs, ensuring high performance and reliability.

A pioneer in India's drone space, Ideaforge developed vertical take-off and landing (VTOL) UAVs as early as 2009, setting the stage for its strong presence in both government and commercial drone applications.

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