Shares of dronetech company ideaForge soared 5% to touch a new 52-week high of ₹898.60 apiece on the BSE during intraday trade today.
The stock opened at ₹898.60 per share this morning and has been locked in upper circuit since.
Market capitalisation of the company stood at ₹3,898.81 Cr ($407.2 Mn).
The stock’s upward movement comes a day after the dronetech company’s board approved a proposal to raise up to ₹500 Cr in its meeting held yesterday.
The proposed capital raise is subject to shareholder approval and other necessary regulatory clearances.
Shares have reached this high since October 3, 2023, where the stock rose to a high of ₹906.95 apiece back then.
The stock has gained 82.6% year to date.
On the financial front, ideaForge reported a net profit of ₹59.9 Cr in Q4 FY26 against a net loss of ₹25.7 Cr in the year-ago quarter. Operating revenue skyrocketed 6X YoY and 3.5X QoQ to ₹141 Cr.
For the full fiscal year FY26, ideaForge managed to trim its net loss by 73% YoY to ₹17 Cr. Its operating revenue for the fiscal surged 40% YoY to ₹226.1 Cr. The company said that its drones completed 2.5 Lakh end-customer flights throughout the fiscal year, which marks 26% of the total deployments since 2007.
ideaforge, founded in 2007 by IIT Bombay graduates Ashish Bhat, Ankit Mehta, Rahul Singh, Vipul Joshi, and Amardeep Singh, made a mega debut on the Indian stock exchanges in July 2023, listing at ₹1,305.10 apiece on the BSE, a 94% premium to the issue price.
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